Barrick Comments on Proposed Framework for Acacia Mining plc Operations in Tanzania

TORONTO, ONTARIO--(Marketwired - Oct. 19, 2017) -

All amounts expressed in U.S. dollars

Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) ("Barrick") would like to provide the following details concerning the proposal for a new, 21^st century partnership with the Government of Tanzania.

Key terms of the proposal announced earlier today are as follows:

• A new Tanzanian operating company will be created to manage Bulyanhulu, Buzwagi and North Mara and all future operations in the country. The principle of total transparency between partners will define how this company operates. For instance, the Government of Tanzania will participate in decisions related to operations, investment, planning, procurement and marketing.
• This company will maximize employment of Tanzanians, building local capacity at all levels of the business, from board membership to operations. It will also increase procurement of goods and services within Tanzania. Barrick has also committed to work with the Government of Tanzania to advance concepts for increasing in-country beneficiation of gold.
• Economic benefits from Bulyanhulu, Buzwagi and North Mara will be distributed on a 50/50 basis between the new operating company and the Government of Tanzania. The Government's share of economic benefits would be delivered in the form of royalties, taxes, and a 16 percent free carry interest in the Tanzanian operations.
• In support of the working group's ongoing efforts to resolve outstanding tax claims, Acacia will make a payment of $300 million to the Government of Tanzania, on terms to be settled by the working group.
• Barrick and the Government of Tanzania are also reviewing conditions for the lifting of the country's concentrate export ban.
• The proposal is subject to review and approval by the Independent Committee of Acacia's Board of Directors and Acacia shareholders.

Barrick holds a 63.9 percent equity interest in Acacia, a publicly traded company listed on the London Stock Exchange that is operated independently of Barrick.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any information as to Barrick's strategy, 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 "should", "would", "intends", "will" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to Barrick's expectations regarding the potential benefits resulting from a new partnership between Acacia and the Government of Tanzania, the potential resolution of outstanding tax claims, and the potential lifting of the concentrate ban impacting Acacia's operations. 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 Barrick 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.