BARRICK STRONGLY DENOUNCES ALLEGATIONS OF PULLING OUT

Barrick Tanzania wishes to clarify a story that was published in The Guardian, issue number 4375, on Friday December 5th 2008.

The front page story had a misleading headline ‘Barrick considering pulling out’, In point of fact, Barrick Africa Vice President, Gareth Taylor, did not say this.

Barrick has been and will remain committed to Tanzania. We have no intention of pulling out of Tanzania. Barrick Gold has invested over USD$ 1.5 billion in Tanzania. In fact, we have reached advanced construction stages of a new mine in Kahama.

Mr. Taylor and Barrick Gold Corporation believe that the current international economic turmoil forces it, like every other responsible business concern, to carefully examine its operations that are subject to high costs, operating challenges and intensive capital requirements, regardless of their jurisdiction.

Moreover, we are committed to working constructively with the Government of Tanzania to ensure that its mining laws and investment climate remain competitive with other jurisdictions so that Tanzanians can continue to benefit from mining.

Barrick Tanzania has communicated with the newspaper and requested a retraction of the article with equal prominence in the next publication.