BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Exploration UpdateInvestor Day - September 7, 2011
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Certain information contained in this presentation, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute"forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “believe”, "expect", "will", “anticipate”, “contemplate”, “target”, “plan”, “continue”, “budget”, “may”, “intend”, “estimate” and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies The Company cautions the reader that such forward-looking statements involve known and unknown risks uncertainties
CAUTIONARY STATEMENT ON FORWARD‐LOOKING INFORMATION
contingencies. The Company cautions the reader that such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and theforward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); the ability of the Company to complete or successfully integrate an announced acquisition proposal; legislative, political or economic developments in the jurisdictions in which the Company carries on business, including Zambia and Saudi Arabia; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company’s most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
Th C di l i i t ti bli ti t d t i f d l ki t t t h th lt f
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The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Barrick Exploration System (BXS)
Developing great explorers to find large deposits faster
Common language and systematic approach to manage j t i liproject pipeline
Pipeline PeopleEmpowering & developing. Discovery-
Better/ faster decisions
Exploration (inter‐regional collaboration)
DISCOVERY
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Discoverydriven
KnowledgeSharing and efficiency
Corporate Development
and Evaluations
Regional Business Units
Barrick Exploration ‐ Strategy
Exploration strategy that is aligned with Barrick’s business objectives
Looking for the next flagship deposit
Replacing and adding resources at existing operations and development projects
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Working closely with Corporate Development to help identify best assets (early opportunity and upside)
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
2011 Exploration Program(1)
$370-$390M
North AmericaAfricanBarrick
$210M
38%
13%11%
~80%
5
AustraliaPacific
South America
(1) See final slide #1
20112010
38%
OperationDevelopment Project
THROUGH ACQUISITION AND EXPLORATION Proven and Probable – millions of ounces of gold
History of Gold Reserve Growth
140~140(1)
20
140TOTALEXP’N
21Moz
Spent $2.2B on explorationOverall finding cost ~$16/oz
6(1) See final slide #2
1990 2010109TOTALMINED
110TOTALACQ’D
21MozDivestitures
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
0 5 10 15 20 25
Goldstrike 52Moz
Reserve/resource ounces added (millions)
History of Reserve/Resource Growth
Cortez
Pascua-Lama
Donlin Creek
Pueblo Viejo
Turquoise Ridge
Veladero
Bulyanhulu
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Reko Diq
Lagunas Norte
Pierina
Bald Mtn
Ruby Hill
S. Arturo ACQUIRED ADDED GRASSROOTS
South America
COLOMBIA
P E R U
Zaldívar
PierinaLagunas Norte
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C H I L EA R G E N T I N A
Zaldívar
Operations /Development
Exploration
Cerro Casale
Pascua-LamaVeladeroEl Indio
Casale
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
El Indio
MioceneCollahuasi
Abra
Chuquicamata
Eocene-Oligocene
Under-explored region of two overlapping giant porphyry belts
Focused on overlap of world class porphyry Cu‐Au belts
N
Zaldivar
Escondida
Salvador
El Morro Argentina
Chile
Cerro Casale
Pascua-Lama
p p y y
Barrick has a dominant land position in this highly prospective area
33 priority areas for Cu-Au porphyry systems identified and ranked, 11 with detailed follow up
Pascua-Lama
Veladero
El Indio
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PelambresPachon
Los BroncesAndina
Teniente
200 km
Veladerowith detailed follow up
El Tranque drilling in progress
Carmen - Pascua and Veladero type target
El Tranque
Carmen
20 kmFollow up areasBarrick claims
Carmen New HS oxide system in El Indio Belt
High sulfidation system related to multiple hydrothermal breccias similar to Pascua - Lama
1.7 g/t Au
Highest grade Au - Ag mineralization is exposed over an area >2.5 km by at least 300m
Drill testing in Q4
3.2 g/t Au
2.1 g/t Au
1.6 g/t Au
1.7 g/t Au
2.0 g/t Au
Argentina
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Favorable Host Rocks
Mapped Hydrothermal Breccia Zones
Basement Rocks
Au Rock > 0.5 g/t
Legend
Extent of Exposed Mineralization & Alteration
500m
?
Chile
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
New Porphyry Targets
Known ProspectsN
At least 8 new porphyry targets identified
Casale District Exploration
Luciano
Román
Eva
Casale
Anfiteatro
identified
Follow-up work identified a new porphyry system (Luciano)
Surface grades at Lucianosuggest
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Casale ggpotential to become a stand-alone deposit
Casale Resources Pit(Au $1,200 oz & Cu $2.50 Lb)
Luciano Au‐Cu Porphyry
Au Au 2.04 g/t2.04 g/tC 0 19%C 0 19%AuAu 2.09 g/t2.09 g/t
LookingLooking NorthNorth
Au Au 1.81 g/t 1.81 g/t Cu 0.24%Cu 0.24%
Au Au 3.25 g/t3.25 g/tCu Cu 0.1%0.1%
Au Au 1.57 g/t1.57 g/tCu Cu 2.06%2.06%
Cu 0.19%Cu 0.19%
Au Au 0.93 g/t 0.93 g/t Cu 0.18%Cu 0.18%
Au Au 2.09 g/t2.09 g/tCu Cu 0.21%0.21%
Au Au 1.65 g/t 1.65 g/t Cu 0.17%Cu 0.17%
Au Au 1.05 g/t 1.05 g/t Cu 0.24%Cu 0.24%
Au Au 1.32 g/t1.32 g/tCu Cu 0.10.1%%
MineralizedMineralized ZoneZone
Au Au 0.25 g/t0.25 g/tCu Cu >>1% 1% (OL(OL))((bottombottom of of thethe creekcreek))
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Au-Cu mineralization exposed at surface
Mineralization is open to the north, west and south
Drill program initiated
700 m700 m
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Australia PacificP A P U A
N E W G U I N E ASAUDI ARABIA
Jabal Sayid
Porgera
PlutonicDarlot
Kalgoorlie
Lawlers
KanownaGranny Smith
A U S T R A L I A
Three regional centersRobust, multi-stage pipeline
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Kalgoorlie
Cowal
Operations / Development Exploration
ZAMBIA
Lumwana
Central African Copperbelt
DEMOCRATIC REPUBLICOF CONGO
ANGOLA
Kabompo
MwombezhiDome
NgalaHistoricalDevelopmentOperating
Project Status
LUMWANALUMWANA
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ZAMBIA
Roan Group (Cu)Post-Kundelungu
Basement
Muva SedimentsKaroo Sediments
Mufapanda
ANGOLIA
10 - 20 Mt
5 - 10 Mt1 - 5 Mt0 - 1 Mt
Cu Endowment
100km
BarrickProjectCu belt trends
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Lumwana ‐ Plan View
Series of old thrust sheets host mineralizationmineralization
Coarse Cu minerals result in favourablemetallurgy
Additional prospects
Odile
Malundwe
Lubwe
Chimiwungo
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p pgrading +1% Cu over 10 meters
Mutoma
10km Basement
Rimming QuartziteKatangan
FaultThrust Sheets
Chimiwungo ‐ Plan View
$1.20/lb Cu Pit Shell
$2.50/lb Cu Pit Shell
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$3.50/lb Cu Pit Shell
2km
Chimiwungo Sheet
Rimming QuartziteFault
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
ng S
ectio
nng
Sec
tion Select Drill Results:
66m @ 1.23% Cu61m @ 1.11% Cu95m @ 1.01% Cu
Chimiwungo ‐ Potential
Lon
Lon 95m @ 1.01% Cu
77m @ 0.84% Cu18m @ 1.52% Cu30m @ 1.31% Cu25m @ 1.78% Cu46m @ 1.27% Cu17m @ 1.54% Cu30m @ 1.27% Cu
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$3.50/lb Cu Pit Shell
2km
Chimiwungo Sheet
Rimming Quartzite
7m @ 1.75% Cu 9m @ 0.95% Cu
Mutoma
X SectionX Section
S (Looking West)1500RL
N$1.20/lb Cu Pit Shell
Chimiwungo ‐ Sections
1500RLW (Looking North) E
$1.20/lb Cu Pit Shell
500mCHIMIWUNGO LONG SECTION
Fault
1000RL Leached overburdenHangingwall gneissOxide oreOre schistsMiddle gneissLower gneissFootwall schistDrill hole
$3.50/lb CuPit Shell
$2.50/lb CuPit Shell
$2.50/lb Cu Pit Shell
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1000RL
500RL CHIMIWUNGO CROSS SECTION500m$3.50/lb Cu Pit Shell
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Zambia ‐ Ngala Project
Recent major discoveries in unconventional
DemocraticRepublic of Congo
KonkolaKonkola
Post-KundelunguLower Roan (Cu)Basement
Barrick Prospects
KinsendaKinsenda
17 Mt
1 Mt
unconventional rocks
Large and high grade Cu deposits flanking targets
NchangaNchanga
ChambishiChambishi
MufuliraMufulira
LubembeLubembe
NgalaNgalaOperatingDevelopmentHistorical
Project Status /Cu Endowment
ProspectsZambia - DRCBorder
FrontierFrontier
17 Mt
5 Mt
4 Mt
2 Mt
13 Mt 10 Mt
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Unlocking potential in prospective ground
20km
ZambiaLuanshyaLuanshya
NkanaNkana7 Mt
5 Mt
Nevada Land Holdings / Projects
GoldstrikeTurquoiseRidge
I D A H OO R E G O N
CortezBaldMountain
N E V A D A
GoldstrikeCarlin ElkoMarigold
Turquoise Ridge
Cortez Bald Mtn
I D A H OO R E G O N
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0 miles 50 100
Ruby Hill
MountainRuby Hill
Round Mtn
0 miles 100 200
NNNNNNNNNNNNNNNNNNNNNNNNN
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Turquoise Ridge Concealed TargetsPlanned Getchell Open Pit andTurquoise Ridge Underground
Twin Creeks Mine Well endowed district +40 M oz Au
Limited historical drillingPediment Cover1,500 ft. depth
under pediment cover
3D Seismic Survey RegionPlanned Getchell Open PitGold Deposits
Drill Hole Depth to Bedrock0 – 400 ft
401 – 800 ft801 – 1200 ft
MAP LEGEND
Cortez Project Location
GoldstrikeTurquoiseRidge
I D A H OO R E G O N
CortezBaldMountain
N E V A D A
GoldstrikeCarlin ElkoMarigold
Turquoise Ridge
Cortez Bald Mt.
I D A H OO R E G O N
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0 miles 50 100
Ruby Hill
MountainRuby Hill
Round Mt.
0 miles 100 200
NNNNNNNNNNNNNNNNNNNNNNNNN
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Cortez Camp ‐ Long Discovery History
NNNNNNNNNNNNNNNNNNNNNNNNNHilltop
High camp endowment of 39 M oz
W ld l i d
Gold Acres
Pipeline
World-class mines and long discovery history
2 new discoveriesPotential for additional discoveries below cover
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Cortez
CortezHills
RedHill
Goldrush
Buckhorn
HorseCanyon
DiscoveryGold Mine - >10Moz EndowmentGold Mine - Significant Past ProductionOverburden / AlluviumVolcanic RocksIntrusive RocksCarbonate RocksSiliciclastic Rocks 8 miles
Red Hill / Goldrush Corridor
Pipeline
Cortez
HorseCanyon
CortezHills
RedHill
24Oblique aerial photo looking to the northwest
Goldrush
ET North
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Result Highlights
Less than 5 oz-ft5 to 10 oz-ft
10 to 20 oz-ft
Drill HoleGrade x Thickness194ft @ 0.90 opt
20ft @ 1.18 opt
REDHILLRobertsMountains
Thrust
20 to 50 oz-ftGreater than 50 oz-ft
80ft @ 0.25 opt
120ft @ 0.14 opt
135ft @ 0.43 opt
116ft @ 0.35 opt
Section Location Inset Map
35ft @ 0.40 opt65ft @ 0.15 opt25ft @ 0.18 opt
(opt = ounces per ton Au)
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Overburden / Alluvial CoverVolcanic Cover Rocks
Prospective Lower Plate RocksNon-prospective Upper Plate Rocks
Geology
0 feet 2,000 4,000
NNNNNNNNNNNNNNNNNNNNNNNNN
165ft @ 0.372 opt
66.5ft @ 0.21 opt 186ft @ 0.17 opt
GOLDRUSH30ft @ 0.08 opt
67.2ft @ 0.89 opt
8,000 feet
RedHill
Goldrush
Areas ofFocusedDrilling
NNNNNNNNNNNNNNNNNNNNNNNNN
Red Hill / Goldrush ‐ Long Section
~2 miles
RED HILL GOLDRUSHAA’
Section B
Limestone
AAlluvial CoverOPEN
OPEN
40ft @ 0.28 opt
30ft @ 0 21 opt
92.5ft @ 0.31 opt
80ft @ 0.25 opt
87ft @ 0.16 opt100.5ft @ 0.25 opt
29ft @ 0.18 opt120ft @ 0.14 opt
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Section Location Inset Map
RedHill
Goldrush
Areas ofFocusedDrilling
30ft @ 0.21 opt
135ft @ 0.43 opt
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Red Hill ‐ Cross Section
Alluvial Cover
B’
92.5ft @ 0.31 opt
62ft @ 0.36 opt
35ft @ 0.15 opt35ft @ 0.07 opt68ft @ 0.14 opt
60ft @ 0.26 opt
70ft @ 0.09 opt119.8ft @ 0.34 opt
B
Mudstone
MineralizedHorizon
40ft @ 0.10 opt30ft @ 0.14 opt40ft @ 0.10 opt
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Siltstone
Upper LimestoneLower Limestone0 feet 500 1,000
Section Location Inset MapRedHill
Goldrush
Areas ofFocusedDrilling
Goldrush ‐ Long Section
120ft @ 0 14 opt
Alluvial Cover
C
C’120ft @ 0.14 opt
210ft @ 0 10 t
MineralizedHorizon
Limestone
135ft @ 0.43 opt
20ft @ 0.21 opt 59ft @ 0.49 opt
63ft @ 0.19 opt
66.5ft @ 0.21 opt 186ft @ 0.17 opt
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0 feet 1,000 2,000
30ft @ 0.08 opt67.2ft @ 0.89 opt
35.5ft @ 0.41 opt30ft @ 0.19 opt
210ft @ 0.10 opt
30ft @ 0.121 opt36ft @ 0.59 opt75ft @ 0.14 opt
118ft @ 0.16 opt
Section Location Inset MapRedHill
Goldrush
Areas ofFocusedDrilling
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Goldrush / Red Hill Drill Core
Example of replacement-style mineralization at Goldrush
High grade gold from KB
Goldrush
Discovery drill hole HCD09-01 intersected 67.2 ft grading 0.89 opt
5 ft @ 0.71 opt
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4 ft @ 5.96 opt
High grade gold from KB zone at Red Hill
Drill hole RHD08-06 intersected 194 ft grading 0.90 opt Au
Cortez ‐ Continuous Organic Growth
Large growth opportunity in well endowed Cortez Camp
Strong and continuous Carlin-style mineralization
Tabular mineralized horizon extends 4 miles from Red Hillto ET Blue
+3.5 M oz inferred resource outlined at Red Hill and openin all directions
Discovery at Goldrush, 6,000ft south of Red Hill and openin all directions
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Drilling to find extent of system as well as in-fill drilling to confirm continuity and grade
Other significant opportunities throughout the Cortez camp continue to be advanced – Lower Zone, Hilltop, CTI, Buckhorn
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
0 5 10 15 20 25
Reserve/resource ounces added (millions)
History of Reserve/Resource Growth
Goldstrike 52Moz Cortez
Pascua-Lama
Donlin Creek
Pueblo Viejo
Turquoise Ridge
Veladero
Bulyanhulu
Reko Diq
Lagunas Norte
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Pierina
Bald Mtn
Ruby Hill
S.Arturo
ACQUIRED ADDED GRASSROOTSGoldrush
Red Hill
Summary
Successful approach to resource growth through a balance of exploration and acquisitions:
2 j di i ! ibl l– 2 major new discoveries! – possibly several more emerging
– Consistent resource growth following acquisitions
Best exploration pipeline in the business
Exploration group clearly focused on business t
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outcomes
Exploration success is sustainable
Exploration a great engine for value creation at Barrick
BARRICK GOLD CORPORATIONInvestor Day – September 7, 2011
Footnotes1. Barrick’s exploration programs are designed and conducted under the supervision of Robert Krcmarov, Senior Vice President, Global Exploration of Barrick.
For information on the geology, exploration activities generally, and drilling and analysis procedures on Barrick’s material properties, see Barrick’s most recent Annual Information Form/Form 40-F on file with Canadian provincial securities regulatory authorities and the U.S. Securities and Exchange Commission.
2. Barrick’s mineral reserves (“reserves”) and mineral resources (“resources”) have been calculated as at December 31, 2010 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7, (under the Securities and Exchange Act of 1934), as interpreted by Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U S ti C C l i l ifi d i li d t i l F b kd f d b t d dditi lU.S. reporting purposes, Cerro Casale is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 24 to 34 of Barrick’s 2010 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.
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