Cash Flow Rises to a Record $2.2 Billion in 2008 Reserves Grow 13.9 Million Ounces to Million Ounces

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1 FOURTH QUARTER AND YEAR-END REPORT 2008 FEBRUARY Based on US GAAP and expressed in US dollars For a full explanation of results the Financial Statements and Management Discussion & Analysis 2009 Outlook mine statistics and gold reserves and resources please see the Company s website Cash Flow Rises to a Record 2.2 Billion in 2008 Reserves Grow 13.9 Million Ounces to Million Ounces Highlights Barrick reported record operating cash flow of 2.21 billion for 2008 a 27% increase over 1.73 billion in the prior year. Net income was 0.79 billion 0.90 per share) compared to 1.12 billion 1.29 per share) in the prior year. Adjusted net income rose 60% to 1.66 billion 1.90 per share) 1 compared to 1.04 billion 1.19 per share) in the prior year period. Adjusted Q4 net income of 277 million 0.32 per share) compares to adjusted net income of 597 million 0.69 per share) in Q A net loss of 468 million 0.54 per share) in the fourth quarter largely reflects non-cash impairment charges of 773 million 0.89 per share) mainly related to goodwill. Full year production of 7.66 million ounces met original guidance while total cash costs of 443 per ounce 2 were within the recent estimate. Applying a full credit for non-gold sales total cash costs were 337 per ounce 3. Q4 gold production of 2.11 million ounces at total cash costs of 471 per ounce reflected anticipated stronger contributions from Goldstrike and Cortez which had their highest production quarters of the year. On a full credit for non-gold sales basis Q4 total cash costs were 382 per ounce. Three of our advanced projects remain on schedule and in line with their pre-production capital budgets. Cortez Hills is in full construction and expected to enter production in Q Including Cortez Hills the expanded Cortez operation is expected to produce an average of about 1.0 million ounces a year in its first full five years. Initial production from the Pueblo Viejo project is expected in Q and first gold is anticipated from Buzwagi in Q Year-end 2008 gold reserves increased 11% to million ounces 4 and continue to be the highest in the industry while measured and indicated gold resources grew 29% to 65.0 million ounces and inferred resources increased 9% to 34.8 million ounces. Together with the industry s highest gold production Barrick continues to offer investors exceptional leverage to gold. Barrick has agreed to purchase Teck Cominco's 50% interest in the Hemlo operation thereby consolidating 100% ownership for a cash consideration of 65 million. The Company ended the year in a strong financial position with a cash balance of 1.4 billion a 1.5 billion undrawn credit facility and the industry s highest rated balance sheet. Barrick Gold Corporation reported Q4 production of 2.11 million ounces of gold at total cash costs of 471 per ounce compared to 2.14 million ounces produced at total cash costs of 369 per ounce for the prior year period. Applying a full credit for nongold sales total cash costs were 382 per ounce compared to 265 per ounce in the prior year period. The realized gold price for the quarter was 807 per ounce 5 compared to the average spot price of 794 per ounce. 1 Adjusted net income is a non-gaap financial measure. See page 48 of the Company s MD&A. 2 Total cash costs is a non-gaap financial measure. See page 49 of the Company s MD&A. 3 Total cash costs on a full credit for non-gold sales basis is a non-gaap financial measure and is defined as total cash costs less the net contribution from non-gold revenue streams. See page 49 of the Company s MD&A. 4 Calculated in accordance with National Instrument as required by Canadian securities regulatory authorities. For United States reporting purposes Industry Guide 7 under the Securities Exchange Act of 1934) as interpreted by the Staff of the SEC applies different standards in order to classify mineralization as a reserve. Accordingly for U.S. reporting purposes Cerro Casale is classified as mineralized material and approximately ounces of reserves for Pueblo Viejo Barrick s 60% interest) are classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources see page 110 of Barrick s 2008 Year-End Results. 5 Realized price is a non-gaap financial measure. See page 51 of the Company s MD&A. BARRICK FOURTH QUARTER AND YEAR-END 2008 PRESS RELEASE

2 Adjusted net income of 277 million 0.32 per share) reflects lower gold and copper margins and compares to adjusted net income of 597 million 0.69 per share) in Q Post-tax non-cash charges of 773 million 0.89 per share) largely relate to goodwill impairment at Kanowna North Mara Osborne and Barrick Energy. The resulting net loss of 468 million 0.54 per share) compares to net income of 537 million 0.62 per share) in Q Fourth quarter operating cash flow of 439 million compares to operating cash flow of 676 million in the prior year period. Barrick generated record operating cash flow in 2008 grew reserves and resources and significantly advanced its projects said Aaron Regent President and CEO. The Company is now poised to open three lower cost mines over the next three years which are expected to lift Barrick s production in 2010 once Cortez Hills is commissioned. The Company is positioned to provide investors with exceptional leverage to the gold price with the industry s largest production and reserves. PRODUCTION AND COSTS Barrick produced 2.11 million ounces of gold at total cash costs of 471 per ounce for the quarter. Full year production of 7.66 million ounces met original guidance and total cash costs of 443 per ounce were within the recent estimate. The South American business unit produced 0.51 million ounces in Q4 at total cash costs of 275 per ounce. The Lagunas Norte mine delivered another quarter of outstanding results as production increased 16% over the prior year period to 0.33 million ounces at total cash costs of 124 per ounce. Full year production totaled 1.18 million ounces and Lagunas Norte is on track to deliver one million ounces again in 2009 for the fourth straight year as higher grades are expected to continue. The Veladero mine produced 0.09 million ounces in the quarter for full year production of 0.54 million ounces up 13% from 2007 at total cash costs of 496 per ounce. The higher production reflects improved productivity and equipment utilization. Further increases in production at Veladero are expected following the completion of a crusher expansion targeted for the second half of BARRICK FOURTH QUARTER AND YEAR-END As expected the North America region had its highest quarterly production of the year at 0.95 million ounces and total cash costs of 483 per ounce. Goldstrike produced 0.58 million ounces at total cash costs of 416 per ounce as the operation benefited from the completion of an extended waste stripping phase in the Betze-Post open pit that provided access to higher grade ore. Cortez produced 0.14 million ounces and the property is expected to become a million ounce per year producer 6 once Cortez Hills enters production. The Australia Pacific business unit also had its highest quarterly production for the year at 0.53 million ounces at total cash costs of 610 per ounce. Porgera continued to be the region s largest contributor with production of 0.17 million ounces at 504 per ounce. East wall remediation work at Cowal was completed on schedule in Q4 allowing access to higher grade ore and resulting in increased production which is expected to continue in Production from the African business unit was 0.12 million ounces in Q4 at total cash costs of 656 per ounce. The fourth quarter was impacted by civil disturbances at North Mara and lower than planned mining rates at Bulyanhulu where an anticipated ramp-up of underground development is expected to result in improved performance in Copper production in Q4 increased to 109 million pounds at total cash costs of 1.16 per pound driven by a strong performance from Zaldívar as acid levels on the leach pad returned to normal following acid supply shortages earlier in the year. The Company benefited from its copper hedge position realizing 3.06 per pound 1.27 per pound higher than the average spot price. PROJECTS UPDATE Three advanced projects remain on schedule and in line with their respective pre-production capital budgets. Collectively they are expected to contribute almost 2.0 million ounces of lower cost annual production 7. The Buzwagi project in Tanzania was 90% complete at year end and first ore has been fed to the crusher. Buzwagi is on schedule to pour first 6 Average annual production in first full five years. 7 Based on estimated average annual production for each project. PRESS RELEASE

3 gold in Q in line with its pre-production capital budget of about 400 million contributing about ounces in 2009 at total cash costs of about 320 to 335 per ounce 8. In Nevada the Cortez Hills project is expected to become a key long life asset for the Company. With the receipt of the Record of Decision in November 2008 Cortez Hills is now in full construction and is expected to enter production in the first quarter of 2010 assuming the satisfactory resolution of pending litigation regarding the project 9. Cortez Hills is in line with its 500 million capital budget and the expanded Cortez operation is expected to produce about 1.0 million ounces a year in its first full five years at total cash costs of approximately 350 to 400 per ounce 8. Total cash costs in the current plan reflect the inclusion of incremental lower grade heap leach ore from the Pipeline area due to a higher gold price assumption and the associated costs for labor consumables and stripping. This has the effect of extending the mine life. Higher proven and probable reserves of 13.4 million ounces at year-end 2008 for Cortez reflect the 40% interest acquired earlier in the year plus an additional 2.4 million ounces in the Crossroads area. Measured and indicated resources in the Cortez Hills underground increased from 0.7 million ounces to 2.0 million ounces. The Cortez property continues to demonstrate significant exploration potential. As a follow up to the successful 2008 work program the Company plans to spend 18 million on exploration at Cortez with a total of seven rigs being committed to this extensive underexplored property in The Pueblo Viejo project in the Dominican Republic is advancing on schedule and in line with its pre-production capital budget of approximately 2.7 billion 100% basis) 10 with initial production anticipated in the fourth quarter of Barrick s 60% share of annual gold production in the first full five years of operation is expected to be to ounces per year at total cash costs of about 275 to 300 per ounce 8. Pueblo Viejo is a long life asset with an expected mine life of over 25 years and we continue to find new reserves with 1.2 million ounces added in RESERVES AND RESOURCES At year-end 2008 the Company increased the industry s largest proven and probable reserve base by 13.9 million ounces after depletion) or 11% to million ounces based on a 725 per ounce gold price. The increase reflects 10.8 million new ounces from the Cerro Casale project in Chile acquired in 2007; 6.5 million ounces at Cortez from Barrick s increased ownership and exploration success in the Crossroads area; and 1.2 million ounces at Pueblo Viejo. Measured and indicated resources grew 29% or 14.4 million ounces to 65.0 million ounces and inferred resources increased 9% to 34.8 million ounces based on an 850 per ounce gold price. Measured and indicated resources increased with exploration success at Cortez Hills Pueblo Viejo Donlin Creek and Reko Diq and the addition of ounces from Cerro Casale as well as increased ownership in Cortez. Copper reserves increased to 6.4 billion pounds and measured and indicated resources increased by 7.1 billion pounds to 12.5 billion pounds. Contained silver within reported gold reserves is over one billion ounces. The 150 to 160 million exploration 11 budget for 2009 is weighted towards near mine resource additions and reserve conversion with approximately 40% of the total targeted for Nevada. The remainder of the budget will be divided between South America and Australia Pacific to further evaluate near mine targets at Porgera Lagunas Norte Veladero and Zaldívar and early stage targets in Papua New Guinea and Peru. The lower budget for 2009 reflects a focus on targets that have the potential to make near term contributions to the Company s earnings and cash flow. In addition the Company expects 250 to 270 million in project related expense which includes the cost of preparing feasibility studies for Cerro Casale Donlin Creek and Reko Diq and the 8 Based on an oil price of 75 per barrel. 9 In Q a number of opponents of the Cortez Hills expansion filed suit in the U.S. District Court for the District of Nevada seeking to overturn the Bureau of Land Management s approval of the Cortez Hills project on environmental and religious grounds. The plaintiffs unsuccessfully sought to enjoin construction of the project pending consideration of their claims. The District Court s denial of the requested injunction is currently being appealed. 10 Pre-production followed by 0.3b to complete phased expansion to tpd. BARRICK FOURTH QUARTER AND YEAR-END 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. PRESS RELEASE

4 development costs associated with the extension of the mine life at Golden Sunlight. CORPORATE DEVELOPMENT Subsequent to quarter end the Company entered into a definitive purchase and sale agreement with Teck Cominco Limited to acquire its 50% interest in the Hemlo operation consolidating 100% ownership for a total cash consideration of 65 million. Closing is expected in Q2 following receipt of customary regulatory approvals. FINANCIAL POSITION At December Barrick had the gold industry s highest credit rating a cash balance of 1.4 billion a 1.5 billion undrawn credit facility and net debt of 2.9 billion with scheduled repayments of less than 300 million over the next four years. While the Company is in a strong financial position and is generating robust cash flows it is applying a disciplined approach to capital allocation decisions and other expenditures in the current economic environment. OUTLOOK AND GUIDANCE The Company expects 2009 gold production to be about 7.2 to 7.6 million ounces. The production guidance for 2009 primarily reflects lower production from North America largely due to lower production from the Goldstrike operation as a result of lower grades in the current mine sequence and at Golden Sunlight which will be waste stripping throughout the year. Production from the South American and Australia Pacific regions is expected to be similar to 2008 levels while production from Africa is forecast to increase reflecting new production from the Buzwagi mine. For 2010 the Company expects production to increase to approximately 7.7 to 8.1 million ounces at expected lower cash costs with new production from Cortez Hills. Total cash costs for gold in 2009 are anticipated to be in the range of 450 to 475 per ounce or 360 to 385 per ounce applying full credit for non-gold sales. Removing the effects of the Company s foreign exchange and oil hedges total cash costs would be approximately 30 per ounce lower at an assumed WTI oil price of 50 per barrel and an Australian dollar exchange rate of Production and cash costs during the year are expected to vary due to mine sequencing. As a result first quarter operating performance is anticipated to be weaker with expected improvement throughout the remainder of the year reflecting the ramp up at Buzwagi the crusher expansion at Veladero and higher expected grades from both Veladero and Lagunas Norte. Copper production for 2009 is expected to be 375 to 400 million pounds at total cash costs of 1.25 to 1.35 per pound. Project capital expenditures for 2009 are anticipated to be in the range of 1.3 to 1.5 billion and sustaining capital is expected to be in the range of 750 to 850 million. * * * * * Barrick s vision is to be the world s best gold company by finding acquiring developing and producing quality reserves in a safe profitable and socially responsible manner. Barrick s shares are traded on the Toronto and New York stock exchanges. BARRICK FOURTH QUARTER AND YEAR-END PRESS RELEASE

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11 CORPORATE OFFICE Barrick Gold Corporation Brookfield Place TD Canada Trust Tower Suite Bay Street P.O. Box 212 Toronto Canada M5J 2S1 Tel: 416) Fax: 416) Toll-free within Canada and United States: Website: SHARES LISTED ABX - The Toronto Stock Exchange The New York Stock Exchange TRANSFER AGENTS AND REGISTRARS CIBC Mellon Trust Company P.O. Box 7010 Adelaide Street Postal Station Toronto Ontario M5C 2W9 Tel: 416) Toll-free throughout North America: Fax: 416) inquiries@cibcmellon.com Website: BNY MELLON SHAREOWNER SERVICES 480 Washington Blvd. 27th Floor Jersey City NJ Tel: Fax: 201) shrrelations@mellon.com Website: INVESTOR CONTACT Deni Nicoski Vice President Investor Relations Tel: 416) dnicoski@barrick.com MEDIA CONTACT Vincent Borg Executive Vice President Corporate Communications Tel: 416) vborg@barrick.com CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION Certain information contained in this Fourth Quarter and Year-End Report 2008 including any information as to our strategy 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 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 the forward-looking statements are not guarantees of future performance. These risks uncertainties and other factors include but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold copper or certain other commodities such as silver fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increasing 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; adverse changes in our credit rating; level of indebtedness and liquidity; contests over title to properties particularly title to undeveloped properties; and 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. 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.