BGD Barrick Gold

    FOR:  BARRICK GOLD CORPORATION

PARIS, NYSE, TSX, Swiss SYMBOL:  ABX
LSE SYMBOL:  BGD

August 4, 2006

Barrick Commences All-Cash Offers for NovaGold and Pioneer

TORONTO, ONTARIO--(CCNMatthews - Aug. 4, 2006) - Barrick Gold Corporation
(NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX)(EURONEXT PARIS:ABX) - announced today that it has commenced its
formal offer for NovaGold Resources Inc. (TSX:NG)(AMEX:NG) and completed the necessary filings with
regulatory authorities in order to acquire all the outstanding shares of NovaGold.

Barrick is making the offer to acquire NovaGold in order to consolidate its interest in the Donlin
Creek project in Alaska, USA, and acquire 100 per cent of the Galore Creek project in British
Columbia, Canada. The proposed transaction is valued at approximately US$1.3 billion (or approximately
US$1.5 billion on a fully diluted basis). The all-cash offer of US$14.50 per share represents a
premium of 24 per cent over the July 21, 2006 closing price of NovaGold's shares on the AMEX, and a
premium of 23 per cent over the equity offering of US$11.75 completed by NovaGold in February 2006.

Barrick has also commenced its offer to acquire Pioneer Metals Corporation which owns the Grace
property adjacent to NovaGold's Galore Creek project in British Columbia, Canada. The Pioneer Board of
Directors is recommending that its shareholders accept Barrick's cash offer of C$1.00 per Pioneer
share. Shareholders holding approximately 45 per cent of the outstanding shares of Pioneer on a fully
diluted basis have committed to tender to the Barrick offer. "The Grace property is key to the timely
development of the Galore Creek project," said Barrick President and CEO Greg Wilkins. "Our agreement
with Pioneer will allow Barrick to consolidate the land position and advance the Galore Creek project
on an effective and efficient basis."

In the formal offer to acquire NovaGold's outstanding common shares, Barrick set out its acceptance
condition at 50.1 per cent of NovaGold's shares on a fully-diluted basis. Mr. Wilkins said: "While we
are intent on acquiring all of the outstanding shares of NovaGold, Barrick is content to take up a
controlling position in the company and proceed with the development of the projects. Being the
operator at Donlin Creek, where we are earning a 70 per cent interest, and having a consolidated land
position around the Galore Creek district through our agreement with Pioneer, we believe that Barrick
is the logical buyer for NovaGold. We have the gold industry's best track record and credentials to
develop large-scale projects such as Donlin Creek and Galore Creek - which are currently estimated to
have a combined capital cost of over US$2 billion."

The NovaGold offer is open for acceptance until 6:00 p.m. (Toronto time) on September 15, 2006, unless
extended or withdrawn. In addition to the 50.1 per cent minimum tender condition, the Offer is subject
to a number of customary conditions, including the termination or removal of the effect of NovaGold's
shareholder rights plan. The Pioneer offer is open for acceptance until 6:00 pm (Vancouver time) on
September 11, 2006, unless extended or withdrawn. The Pioneer offer also is subject to a number of
customary conditions, including a 66 2/3rds per cent minimum acceptance condition on a fully diluted
basis.

Copies of the Circulars are available on Barrick's website at
www.barrick.com/OfferToNovaGoldAndPioneer, from the Canadian System for Electronic Document Analysis
and Retrieval at www.sedar.com or the SEC's website at www.sec.gov.

Barrick's financial advisor is CIBC World Markets Inc. and its legal advisors are Davies Ward Phillips
& Vineberg LLP and Lawson Lundell LLP in Canada and Cravath, Swaine & Moore LLP in the US.

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, New York, London, Euronext-Paris and Swiss stock exchanges.

Additional Information

On August 4, 2006, Barrick Gold Corporation filed a tender offer statement related to its tender offer
for the outstanding common shares of NovaGold Resources Inc. Investors and security holders of
NovaGold are urged to read the tender offer statement, because it contains important information.
Investors and security holders of NovaGold may obtain a free copy of the tender offer statement and
other documents filed by Barrick Gold Corporation with the SEC at the SEC's website at www.sec.gov.
The tender offer statement may also be obtained for free from Barrick Gold Corporation on its website
or by directing a request to Barrick Gold Corporation's investor relations department.

Forward-Looking Statements

Certain information included in this press release, including any information as to our future
financial or operating performance and other statements that express management's expectations or
estimates of future performance, constitute "forward-looking statements." The words "expect", "will",
"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 copper, silver, fuel and electricity) and currencies;
changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative
instruments; ability to successfully 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; the speculative
nature of gold exploration and development, including the risks of diminishing quantities or grades of
reserves; adverse changes in our credit rating; contests over title to properties, particularly title
to undeveloped properties; and the risks involved in the exploration, development and mining business.
These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual
Information Form on file with the US 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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

INVESTOR CONTACTS:
Barrick Gold Corporation
James Mavor
Vice President, Investor Relations
(416) 307-7463
jmavor@barrick.com

OR

Barrick Gold Corporation
Mary Ellen Thorburn
Director, Investor Relations
(416) 307-7363
mthorburn@barrick.com

OR

MEDIA CONTACT:
Barrick Gold Corporation
Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
vborg@barrick.com

                                                                
Barrick Gold Corporation



                                                                

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