Barrick Gold (ABX) Reports Q4 Gold Production of 1.62M Ounces

Barrick Gold Corporation (NYSE: ABX) today announced preliminary 2015 full-year production of 6.12 million ounces of gold, in line with the company's updated guidance of 6.0-6.15 million ounces. Preliminary full-year copper production of 511 million pounds also met guidance of 480-520 million pounds.

"We are pleased with the solid performance of our portfolio in 2015," said Barrick President Kelvin Dushnisky. "In addition, we significantly improved our liquidity and strengthened our balance sheet, meeting our $3 billion debt reduction target through disciplined non-core asset sales, partnerships and free cash flow. As a result, we reduced our total debt by 24 percent last year."

Preliminary fourth quarter and 2015 highlights include:

--  Gold production of 1.62 million ounces and copper production of 138

    million pounds in the fourth quarter.

--  The realized average gold price(1) is expected to be $1,105 per ounce in

    the fourth quarter and $1,157 per ounce for the full year. The realized

    average copper price(1) is expected to be $2.16 per pound in the fourth

    quarter and $2.37 per pound for the full year.

(1) Realized average gold price and realized average copper price are non-GAAP financial performance measures with no standardized definition under IFRS. See "Cautionary Statement Regarding Non-GAAP Measures" for additional information.

Barrick is in the process of carrying out its annual accounting impairment review. Preliminary analysis indicates potential goodwill impairment charges of approximately $1.8 billion, and asset impairment charges in the range of $1.0-$1.2 billion primarily related to Pascua-Lama and Pueblo Viejo. For impairment testing purposes, the company will use a gold price assumption of $1,000 per ounce for 2016 and a long-term gold price assumption of $1,200 per ounce.

"In line with our objective of generating positive returns in virtually any foreseeable gold price environment, we have decided to use pricing for our impairment testing that is prudent in current market conditions," said Mr. Dushnisky.

Barrick will report detailed financial and operating results, including final impairment test results, on February 17, 2016, along with a reserve and resource update. Updates on project studies for Goldrush, the Cortez underground expansion, the Lagunas Norte mine life extension and the second shaft option at Turquoise Ridge, will be released in conjunction with Barrick's Investor Day in New York on February 22, 2016.

Conference Call and Webcast

A conference call to discuss the company's financial results will be held on Thursday, February 18 at 11 a.m. ET.

North American callers dial:     877-648-7976

International callers dial:   +1 617-826-1698

Participant pass code:               22861420

A live webcast and replay of the conference call will be available on Barrick's website at www.barrick.com.

The conference call will be available for replay by phone until March 3 by calling 855-859-2056 for North American callers and +1 404-537-3406 for International callers. The pass code is 22861420.

PRELIMINARY FOURTH QUARTER AND FULL YEAR PRODUCTION AND REALIZED PRICES

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                                    Q4          Q4   Full Year   Full Year

GOLD (millions of oz)             2015        2014        2015        2014

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Cortez                           0.352       0.185       0.999       0.902

Goldstrike                       0.312       0.187       1.053       0.902

Pueblo Viejo (60%)               0.134       0.177       0.572       0.665

Lagunas Norte                    0.119       0.176       0.560       0.582

Veladero                         0.159       0.197       0.602       0.722

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Sub-total                        1.076       0.922       3.786       3.773

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Porgera (95%)(2)                 0.066       0.126       0.436       0.493

Acacia (63.9%)(3)                0.129       0.116       0.468       0.470

KCGM (50%)                       0.083       0.081       0.320       0.326

Cowal(2)                             -       0.061       0.156       0.268

Hemlo                            0.074       0.056       0.219       0.206

Turquoise Ridge (75%)            0.061       0.039       0.217       0.195

Round Mountain (50%)             0.049       0.036       0.192       0.164

Bald Mountain                    0.040       0.055       0.191       0.161

Golden Sunlight                  0.009       0.025       0.068       0.086

Pierina                          0.030       0.006       0.054       0.017

Ruby Hill(2)                     0.002       0.004       0.010       0.033

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Total Gold(4)                    1.619       1.527       6.117       6.249

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Realized Price ($/oz)            1,105       1,204       1,157       1,265

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COPPER (millions of lbs)

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Zaldivar(2)                         51          58         218         222

Lumwana                             81          76         287         214

Jabal Sayid (50%)                    6           -           6           -

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Total Copper                       138         134         511         436

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Realized Price ($/lb)             2.16        2.91        2.37        3.03

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(2) Porgera figures reflect 47.5% ownership after August 31, 2015; Cowal and Ruby Hill figures reflect production to July 23, 2015 and December 17, 2015, respectively; and Zaldivar figures reflect 50% ownership after December 1, 2015.

(3) Barrick's equity interest in Acacia was reduced to 63.9% from 73.9% following the partial divestment of shares completed on March 11, 2014.

(4) Total 2014 gold mine production includes production from the Plutonic, Kanowna and Marigold mines, which were divested during 2014. Sum of gold mine production figures may not equal total production figures due to rounding.

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