An intensive strategic review by executive teams from Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX) and Nevada Gold Mines (NGM) has
confirmed the enormous geological prospectivity of the NGM
properties and outlined the key development projects.
Established in July 2019, the Barrick-operated
joint venture is already the world’s single largest gold mining
complex, hosting three of Barrick’s Tier One mines1 and targeting
production of between 3.4 and 3.7 million ounces this year2.
Barrick president and chief executive Mark Bristow
said unlocking the full potential of the Nevada gold fields, one of
the world’s largest and most prospective gold endowments, had been
one of the key drivers behind the formation of NGM. With the newly
integrated operation having met all its key performance indicators
last year, the focus was now shifting to the hunt for new
discoveries and resource additions.
“Barrick’s emphasis on agile management and
exploration and orebody knowledge was implanted at NGM and is
already delivering results. There are exciting opportunities for
major new discoveries in the area between Turquoise Ridge and Twin
Creeks, between Pipeline and Robertson in the Cortez complex, and
in the Carlin Basin south of Gold Quarry. There are also good
prospects of near to medium-term Life of Mine resource additions at
North Leeville, Fourmile3 and Goldrush, as well as at the Ren
project at the Carlin complex,” he said.
Bristow said in addition to building a solid
foundation for its 10-year business plan, NGM had also established
itself as a valued partner to its communities, the state of Nevada
and its other local stakeholders, as evidenced by the Covid-19
support it provided.
“NGM is now driving online learning initiatives
through partnerships with Nevada’s Department of Education and
Discovery Education, and continues its long-term backing of the
Western Shoshone Scholarship Foundation. As a further demonstration
of our commitment to deliver long-lasting economic benefits to our
stakeholders, we have approved an investment in broadband
infrastructure for our surrounding communities. This will
complement our support for remote learning, which relies on fast
and reliable internet access, while giving our neighbours a tool
that has become essential for almost every part of their daily
lives,” Bristow said.
Enquiries:
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
COO North America Catherine Raw+1 416 307 5157
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.comEndnote 1A Tier
One mine is an asset with a reserve potential to deliver a minimum
10-year life, annual production of at least 500,000 ounces of gold
and total cash costs per ounce over the mine life that are in the
lower half of the industry cost curve.
Endnote 2On a 100% basis.
Endnote 3Fourmile is a 100%-owned
Barrick asset with potential to be contributed to Nevada Gold Mines
upon satisfaction of certain criteria.
Cautionary Statement on Forward-Looking
InformationCertain information contained or incorporated
by reference in this press release, including any information as to
our strategy, projects, plans or future financial or operating
performance, constitutes “forward-looking statements”. All
statements, other than statements of historical fact, are
forward-looking statements. The words “opportunity”, “build”,
“believe”, “expect”, “anticipate”, “vision”, “potential”,
“strategy”, “prospective”, “may”, “will”, “can”, “could”, “would”
and similar expressions identify forward-looking statements. In
particular, this press release contains forward-looking statements
including, without limitation, with respect to: the geological
prospectivity of the NGM properties and Fourmile Project in Nevada;
Barrick’s forward-looking production guidance; mine life and
production rates and potential Life of Mine extensions at NGM;
Barrick’s engagement with Nevada’s Department of Education and
Discovery Education to support remote learning through broadband
initiatives; our plans and expected benefits of our growth
projects; our support for the Western Shoshone Scholarship
Foundation and economic and social development priorities within
our host communities in Nevada, including local hiring,
procurement, training and community development initiatives; and
expectations regarding future price assumptions, financial
performance and other outlook or guidance.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions including material
estimates and assumptions related to the factors set forth below
that, while considered reasonable by the Company as at the date of
this press release in light of management’s experience and
perception of current conditions and expected developments, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies. Known and unknown
factors could cause actual results to differ materially from those
projected in the forward-looking statements and undue reliance
should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot
and forward price of gold, copper or certain other commodities
(such as silver, diesel fuel, natural gas and electricity); the
speculative nature of mineral exploration and development; changes
in mineral production performance, exploitation and exploration
successes; risks associated with projects in the early stages of
evaluation and for which additional engineering and other analysis
is required; disruption of supply routes which may cause delays in
construction and mining activities at Barrick’s more remote
properties; diminishing quantities or grades of reserves; increased
costs, delays, suspensions and technical challenges associated with
the construction of capital projects; operating or technical
difficulties in connection with mining or development activities,
including geotechnical challenges and disruptions in the
maintenance or provision of required infrastructure and information
technology systems; failure to comply with environmental and health
and safety laws and regulations; changes in national and local
government legislation, taxation, controls or regulations and/or
changes in the administration of laws, policies and practices;
expropriation or nationalization of property and political or
economic developments in Nevada, the United States and other
jurisdictions in which the Company or its affiliates do or may
carry on business in the future; timing of receipt of, or failure
to comply with, necessary permits and approvals; uncertainty
whether some or targeted investments and projects will meet the
Company’s capital allocation objectives and internal hurdle rate;
risks associated with new diseases, epidemics and pandemics,
including the effects and potential effects of the global Covid-19
pandemic; damage to the Company’s reputation due to the actual or
perceived occurrence of any number of events, including negative
publicity with respect to the Company’s handling of environmental
matters or dealings with community groups, whether true or not; the
possibility that future exploration results will not be consistent
with the Company’s expectations; risks that exploration data may be
incomplete and considerable additional work may be required to
complete further evaluation, including but not limited to drilling,
engineering and socioeconomic studies and investment; risk of loss
due to acts of war, terrorism, sabotage and civil disturbances;
litigation; contests over title to properties, particularly title
to undeveloped properties, or over access to water, power and other
required infrastructure; business opportunities that may be
presented to, or pursued by, the Company; risks associated with the
fact that certain of the initiatives described in this press
release are still in the early stages and may not materialize;
whether benefits expected from recent transactions are realized;
our ability to successfully integrate acquisitions or complete
divestitures; risks associated with working with partners in
jointly controlled assets; employee relations including loss of key
employees; increased costs and physical risks, including extreme
weather events and resource shortages, related to climate change;
and availability and increased costs associated with mining inputs
and labor. Barrick also cautions that its 2021 guidance may be
impacted by the unprecedented business and social disruption caused
by the spread of Covid-19. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion, copper cathode or gold or copper concentrate losses
(and the risk of inadequate insurance, or inability to obtain
insurance, to cover these risks).
Many of these uncertainties and contingencies can
affect our actual results and could cause actual results to differ
materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future
performance. All of the forward-looking statements made in this
press release are qualified by these cautionary statements.
Specific reference is made to the most recent Form 40-F/Annual
Information Form on file with the SEC and Canadian provincial
securities regulatory authorities for a more detailed discussion of
some of the factors underlying forward-looking statements and the
risks that may affect Barrick’s ability to achieve the expectations
set forth in the forward-looking statements contained in this press
release. We disclaim 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.
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