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Barrick Denies Rumours About Quitting Tanzania

On December 09 2008

Re: Chairman's Corner - Friday, December 05, 2008
Title: Barrick Denies Rumours About Quitting Tanzania

Dear Friends,

This will clarify the unfounded rumours that Barrick was set to quit Tanzania because of high operating costs.

Respectfully,

Jim Sinclair

Barrick Denies Report It Will Quit Tanzania Amid High Costs
By Stewart Bailey

Dec. 5 (Bloomberg) -- Barrick Gold Corp., the world's biggest gold producer, denied a news report that it is considering withdrawing from Tanzania because of high operating costs.

The company has invested $1.5 billion in the African country, is in the final phases of building its Buzwagi mine and "has no intention of pulling out of Tanzania," Vince Borg, a Barrick spokesman, said today in a telephone interview from Toronto, where the company is based.

Earlier today, Dar es Salaam-based IPP Media cited Gareth Taylor, Barrick's vice president for Africa, as saying that poor infrastructure in Tanzania made operations in the country unprofitable and could force the company to cease doing business there.

"Barrick has been and will remain committed to Tanzania," Borg said. The company will work with the government to ensure the country's legislation remains "competitive with other jurisdictions so that Tanzanians can continue to benefit from mining."

Barrick fell C$2.51, or 7.6 percent, to C$30.59 as of 10:07 a.m. in Toronto Stock Exchange trading. The shares dropped 21 percent this year through yesterday.

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Message sent on Fri Dec 5, 2008 at 11:52:17 AM Pacific Time

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