Barrick Receives Record of Decision on Cortez Hills
March 16 2011 - 8:17AM
Marketwired
All amounts expressed in US dollars unless otherwise indicated
Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) announced today
that the federal Bureau of Land Management (BLM) has issued a
Record of Decision (ROD) approving the Supplemental Environmental
Impact Statement (SEIS) for the Cortez Hills mine in Nevada. The
Record of Decision is effective as of March 15, 2011.
"We are pleased to have the Record of Decision in hand and would
like to thank the regulatory agencies for their thorough and
detailed work," said Aaron Regent, President and CEO of Barrick.
"Cortez Hills is a key asset for Barrick and one that will provide
significant low cost ounces to the Company for many years to come.
This mine is an important contributor to economic development and
job opportunities in rural Nevada."
Cortez Hills has been operating under a tailored injunction
granted by the U.S. District Court since April 2010. The injunction
allowed mining to continue subject to certain restrictions on ore
transportation and dewatering pending completion of the SEIS, which
was finalized in January. The Record of Decision removes these
restrictions and enables the operation to immediately revert to its
original scope.
The entire Cortez property is expected to produce 1.30-1.45
million ounces in 2011 at total cash costs of $235-$265 per ounce.
The property includes the Pipeline Open Pit, the Cortez Hills Open
Pit and the Cortez Hills Underground mines.
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.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, 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 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: changes in the worldwide price of
gold or certain other commodities (such as fuel and electricity);
legislative, political or economic developments in the United
States; operating or technical difficulties in connection with
mining or development activities; employee relations; availability
and costs associated with mining inputs and labor; 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, further events or otherwise, except as required by
applicable law.
Contacts: INVESTOR CONTACT: Deni Nicoski Vice President,
Investor Relations (416) 307-7410 dnicoski@barrick.com MEDIA
CONTACTS: Andy Lloyd Manager, Communications (416) 307-7414
alloyd@barrick.com Louis Schack Director, Communications and
Community Affairs (775) 748-1112 lschack@barrick.com
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