exploration & development projects update€¦ · lima exploration team! 100 geoscientists!...
TRANSCRIPT
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
November 2002
Barrick Gold CorporationExploration and Development Projects Update – November 2002
1
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
Alan R. HillExecutive Vice President, Development
Alex J. DavidsonSenior Vice President, Exploration
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY
! Target: Gold - Potential for >2 million oz. deposits
! Types: - Carlin Type- High/Low Sulphidation- Greenstone Hosted
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY
! Countries with the best potential for:- >2 million ounce deposits- Low-cost orebodies
! Primary: Peru, Tanzania, Australia, USA
! Secondary: Canada, Chile, Argentina, Russia
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY
! Geographical mix of projects at variousstages
! Maximize chances of near term discovery
! Advance the best projects
! Ready for third party discoveries
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION PHILOSOPHY
! Reinvigorated grassroots exploration:- Peru- Tanzania- Australia- Chile / Argentina
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Toronto Elko
Moscow
Dar es Salaam
Perth La Serena
Lima
EXPLORATION TEAM
! 100 Geoscientists
! Chief Geologist, Chief Geophysicist, Chief Geochemist
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
2002 BUDGET $100M BY REGION(millions of dollars)
Nevada11
Peru 35
3Canada
7 Australia
9 Tanzania
Chile/Argentina
22
3 Former S.U. & other10
Corporate Development and other
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
2002 BUDGET $100M BY WORK TYPE(as percentage)
Target Delineation7
ReserveDevelopment 60
8Grassroots
10 Drill Testing
15 Advanced Exploration
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
REPLACING RESERVES 1990 – 2002 (millions of ounces)
! Mined 37 million ounces
1990P&P Reserves
TotalMined
Acquisitions Divestitures ReserveAdditions(net of majoracquisitions/divestitures)
82
60
4637
20 4
! Acquired 46 million ounces
! Discovered 60 million ounces
12/31/01P&P Reserves
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
TECHNOLOGY IN EXPLORATION
Titan System (minesite exploration)
! Magnetotelluric (MT) + I.P.
! Completed over Goldstrike, Rossi and Deeproperties
! Allows deeper penetration + able to mapunits at depth
! Higher signal to noise ratio
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
TECHNOLOGY IN EXPLORATION
BLEG
! Regional geochemical sampling technique
! Works in most terrains
! Covers large areas efficiently
! Other geochemical methods
! Identified Alto Chicama
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
TECHNOLOGY IN EXPLORATION
Hyperspectral Imaging! Regional remote sensing! Aster from space! Airborne regional surveys! Identifies and maps
alteration! Interpretation is critical! Ground follow-up
SilicaAluniteKaolinite
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
BALANCED EXPLORATION PIPELINE
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Patagonia
and 6 others
Tanami
and 15 others
Kirondatal
Buly Area
and 15 others
Eskay Creek
and 4 others
Lagunas N.
Rossi
and 2 others
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
P A T A G O N I A P A T A G O N I A Puerto Madryn
Rio Negro
Viedma
ComodoroRivadavia
Valdivia
PuertoMontt
Chubut
Santa Cruz
COSTA
LOSMENUCOS
ANGELA
DESEADOCORDILLERA
! Large areas selectedon basis of favourablegeology and knownshowings
! Data searches ongoing
! Then apply “Weights of Evidence technique”
Esquel
Vanguardia
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Weights of Evidence
Assemble data fromall sources, landsat, govt. maps, etc.
Assign favourablecriteria a “score”
TARGET SELECTION
1
2
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Weights of Evidence
Layer the variousdata and highlightthe higher scoringareas
Field visit/ map/ sample – then stake
TARGET SELECTION
3
4
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
P A T A G O N I A P A T A G O N I A Puerto Madryn
Rio Negro
Viedma
ComodoroRivadavia
Valdivia
PuertoMontt
Chubut
Santa Cruz
COSTA
LOSMENUCOS
ANGELA
DESEADOCORDILLERA
! Field visits to areas
! Acquire areas
! Develop targets
Esquel
Vanguardia
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Tanami
Balgo
Billiluna
SupplejackDowns
Birrindudu
Timor Sea
A U S T R A L I A A U S T R A L I A
Tanami
Mount Isa
Gulf ofCarpentaria
QueenslandNorthern TerritoryWestern Australia
Groundrush
Tanami Mine
Callie Mine
Coyote
Tent Hill/Slatey Creek
Larranganni
SW Pargee
Bloodwood
Billiluna
Supplejack
BirrinduduTanamiExploration
Fort Hill
0 km 20 40
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
! Largeunexploredland position
! 50km long gold trend
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
MWANZA
Lake Victoria
Kahama
Shinyanga
TABORA
KabangaGEITA
BULYANHULUTULAWAKA
GOLDEN PRIDE SEKENKE
MUSOMA-TARIME
Tulawaka
T A N Z A N I AT A N Z A N I A
Lake Victoria Greenstone Belt
Bulyanhulu
Geita
Golden Ridge
0 km 20 40
Kirondatal
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
! Dominant landposition
! Underexplored belts
! Numerous gold prospects
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
! New 9km long mineralized horizon! Economic intersections in several places! Plan is to continue drilling to establish continuity
KIRONDATAL - SEKENKE DISTRICT
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
7KM! Consolidated land position around Buly
! New strong and long anomalies parallel to and extending south from Buly deposit
! Previous ore grade/width intersections
5KM
BULYANHULU DISTRICT
8KM
Bulyanhulu Golden Horseshoe
REEF 1
Significant RC drill intersections
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002Pacific Ocean
C A N A D AC A N A D A
Banff
B R I T I S H C O L U M B I A
Vancouver
Smithers
Eskay Creek
Stewart
A L B E R T A
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
8
6
∗
metres150 3000
C02-1151
C02-1147/1149
C02-1150
C02-1158/1160/X
C02-1152
C02-1154/55/56
C02-1157C02-1148
C02-1153
C02-1159/975XC02-1146
C02-1161/1162
C02-1163
C02-1103W
24.9 gpt/9.7m
EastLimb
WestLimb
DeepAdrian
Water Tower
21B
109
HW/NEX
44 Zone
14.9 gpt/1.5m
15.5 gpt/1.0m
NWNEX
EskayCreek
Minesite13.6 gpt/2.2m
16.9 gpt/2.0m
2002 Results - North Eskay! Good evidence for
continuation ofmineralization to depth
! Drilling from surfaceand underground
9.5 gpt/2.0m
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002 400
metres
8000
∗C02-1168/1169/1178/920X
C02-1177MP02-11
C02-1175
C02-1172/73
C02-1
C02-1171
AirMagneticAnomaly
MackayAdit
22Zone
21A
18.3gpt/1.8m
32.8 gpt/4.7m
Assays Pending
Pote
ntial
Bas
in-Bo
undin
g S
tructu
re
2002 Results - South Eskay! New zone southwest of Eskay
! High grade / economic widths
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
LIMA
Trujillo
Pacific Ocean
P E R U P E R U Cajamarca
Arequipa
Huamachuco
HuarazPierina
Alto Chicama
Trujillo
Huamachuco
Huaraz
Pierina
La Libertad
Cajamarca
Ancash
Alto Chicama
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
! Started as a grassroots project
! Progressed all theway up the pipeline
! BLEG and B+H technologies
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Lagunas Norte – Diamond Drill Holes(50-meter radius of influence)
MINERALIZED
INFILL PROGRAM
BARREN
1 km.
Volcanics and Sediments
100m. drill patte
rn
OPEN
OPE
N
OPEN
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 20021 km.
100m. drill patte
rn
Lagunas Norte – Grade Thickness(grams x metres)
vertica
l sectio
n
on 4200NE
GRADE THICKNESS(grams x metres)
> 500
225 – 500
125 – 225
75 – 125
35 – 75
0 – 35
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
OPEN
OPE
N
OPEN
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Lagunas Norte(vertical section along 4200NE)
LEGENDOxide mineralization Sulfide mineralization FaultsDiamond drill holes
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
N E V A D AN E V A D A
PacificOcean
Elko
O R E G O N
C A L I F O R N I A
Reno
Goldstrike
Las Vegas
San Francisco
Rossi
Grassroots TargetDelineation
DrillTesting
AdvancedExploration
ReserveDevelopment
2676
00
291600
291800 291800
292000 292000
292200 292200
2668
00
2670
00
2672
00
2674
00
2676
00
291600
291400
291200 291200
291400
2674
00
2670
00
2672
00
49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE49er ZONE
PROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANSPROPOSED DRILL FANS
GLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGSGLAMIS WORKINGS
DEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEEP NORTHDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSITDEPOSIT
NNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNNN
10/04/02 JTK/mgr2003 drillfans w
STORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMSTORMDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINEDECLINE
FEET
2000 100PROPOSED STORM UNDERGROUNDDEVELOPMENT DRILLING PROGRAMRossi Exploration
! Testing CEM targets on Dee and Rossi
! Underground program to convert Rossi resource to reserve
2003 PROGRAM
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
BARRICK GOLD EXPLORATION
! >2 million ounce gold deposits
! High priority countries
! Robust project pipeline
! Sustained exploration budget
! Low-cost reserve replacement and growth
! Latest technology + old fashioned geology
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
EXPLORATION & DEVELOPMENT PROJECTS UPDATE
Alan R. HillExecutive Vice President, Development
Alex J. DavidsonSenior Vice President, Exploration
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GROWTH PIPELINE(thousands of ounces @ cost per ounce)
Alto Chicama
500@
$130
270@
$170
530@
$155
800@
$85
Cowal
Veladero
Pascua-Lama
2008200620052005
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GROWTH PIPELINE(millions of dollars)
Alto Chicama$300-350
Cowal
Veladero
Pascua-Lama$180
$425$1,175
! Initial capital cost: $2 billion
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
LIMA
Trujillo
Pacific Ocean
P E R U P E R U Cajamarca
Arequipa
Huamachuco
HuarazPierina
Alto Chicama
Trujillo
Huamachuco
Huaraz
Pierina
La Libertad
Cajamarca
Ancash
Alto Chicama
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
ALTO CHICAMA PROJECT
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
ALTO CHICAMA PROJECT OVERVIEW
! Project status: pre-feasibility
! 136 million tons grading 0.054 oz/ton
! Resource: 7.3 million ounces
! Average annual production: 500,000 oz
! Average cost per ounce: $130
! Initial capital: $300-350 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
ALTO CHICAMA NEXT 12 MONTHS
! Resource extensions & condemnation drilling! Column testing! Bulk sample program! EIS preparation! Archeological clearing! Feasibility study
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Lagunas Norte – Diamond Drill Holes(50-meter radius of influence)
MINERALIZED
INFILL PROGRAM
BARREN
1 km.
Volcanics and Sediments
100m. drill patte
rn
OPEN
OPE
N
OPEN
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Open Pit
WasteDump
WasteDump
WasteDump
TopsoilStockpile
SulphideStockpile
CrushingCrushing
ShopShop
Office/CampOffice/Camp
HeapLeachProcessingProcessing
Lagunas NorteDraft MinesitePlan
TopsoilStockpile
Topsoil Stockpile
Pow
erlin
e
Pow
erlin
e
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
SYDNEYWest Wyalong
Pacific Ocean
A U S T R A L I A A U S T R A L I A
CANBERRA
OrangeBathurst
WaggaWagga
Goulburn
Cowal Project
New South Wales
Cowal
West Wyalong
Orange
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWAL PROJECT
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWAL PROJECT OVERVIEW
! Project status: optimization of feasibility
! 56 million tons grading 0.049 oz/ton
! Reserves: 2.77 million ounces
! Average annual production: 270,000 oz
! Average cost per ounce: $170
! Initial capital: $180 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWALPROPERTY PLAN
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
COWALPROPERTY PLAN
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
SANTIAGO
La Serena
Pacific Ocean
CordobaSan Juan
BUENOS AIRES
Rosario
Veladero ProjectPascua-Lama Project
C H I L E / A R G E N T I N A C H I L E / A R G E N T I N A
! 375 km. NNW. of San Juan, Argentina
! 600 km. N. of Santiago, Chile
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
SANTIAGO
La Serena
Pacific Ocean
CordobaSan Juan
BUENOS AIRES
Rosario
Veladero ProjectPascua-Lama Project
C H I L E / A R G E N T I N A C H I L E / A R G E N T I N A
Despoblados Pass (4,500 m)
Potrerillo Pass(4,500 m)
Conconta Pass (4,850 m)
El Indio Mine
Pascua-LamaVeladero
Tudcum
San JuanAtacama
Coquimbo
! 120 km. access road from Tudcum
! $23 million construction
! Complete by June ‘03
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO
kilometers
0 1 2 3 4 5
PASCUA-LAMA
CHILE ARGENTINA
PROPERTY PLANarea enlarged
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO PROJECT OVERVIEW
! Project status: feasibility completed
! 254 million tons grading 0.037 oz/ton
! Reserves: 9.4 million ounces
! Average annual production: 530,000 oz
! Average cost per ounce: $155
! Initial capital: $425 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
LONGITUDINAL SECTION
! 15.13 million ounce gold resource
AmableFilo Federico Cuatro Esquinas
Proposed pit outline
Proposed pit outline
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Amable
Zone 203
Cerro Pelado
West
Proposedpit outline
East
West Silica
Colluviu
Steam Heated Silica
Alunite Silica
Illite Silica
Silica Alunite
Propyllitic 0 1000 2000 Meters
AMABLE SCHEMATIC ALTERATION CROSS SECTION, LOOKING NORTH
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GEOLOGICAL DATA BASE
! 110 diamond drill holes
! 747 reverse circulation drill holes
! 509 meters of tunnel in Amable
! 638 meters of tunnel in Filo Federico
! 227,664 samples in total
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
DRILL HOLEAND TUNNELLOCATIONS
CuatroEsquinas
FiloFederico
Amable
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
CuatroEsquinas
FiloFederico
Amable
CuatroEsquinas
FiloFederico
Amable
EXPLORATION DRIFT
Filo Federico Decline Plan View
Assays from Channel Samples(~1 meter, in grams per tonne)
55m @2.75 g/t
187m @5.91 g/t
48m @ 4.4 g/t
N
kilometers
0 1 2
area enlargedarea enlarged
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
9,3866,6781552,551Contained Au Ounces (x 1000)
1.2651.1041.2822.049Contained Au Grade (g/t)
230,707188,2173,76838,722Total Tonnes (kt)
Total Ore
584535841Contained Au Ounces (x 1000)
0.4170.4180.4300.392Contained Au Grade (g/t)
43,60439,7865843,223Total Tonnes (kt)
ROM
8,8006,1431472,510Contained Au Ounces (x 1000)
1.4631.2871.4382.200Contained Au Grade (g/t)
187,103148,4303,18435,489Total Tonnes (kt)
Crush Feed
933,347687,7859,360236,202Total Tonnes (kt)
TotalFilo Federico
Filo MarioAmableOPEN PIT RESERVES
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PROBABLE RESERVE SUMMARY
Ore tonnes (million) 231
Gold (g/t) 1.265
Silver (g/t) 15.05
Contained Gold (million oz) 9.386
Total tonnes mined in-pit (million) 934
Stripping ratio 3.051
Tonnes mined/contained oz Au 99.5
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
GOLD RECOVERIES
Amable Filo Federico
Type I 75% 80%
Type II 49% 49%
Crushed ore 81%
Run of mine 19%
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
RESERVES BY DEPOSIT
Deposit Tonnes Grade Ouncesmillions g/t millions
Filo Type I 173.9 1.102 6.18
Filo Type II 17.9 1.152 0.66
Amable Type I 29.1 1.811 1.69
Amable Type II 9.7 2.762 0.86
Total 9.39
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO PROJECT
Pascua-LamaPenelope
VELADEROAmableAmableFilo
FedericoFilo
Federico
CHILE
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO PROJECT
AmableOpen Pit
FiloFedericoOpen Pit
PotrerillosHeap Leach
Area
Plant Site Area
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
4 5
Merrill CroweProcess Plant
Valley Fill Heap Leach
Truck Loadout
Truckshop & Admin.
Merrill CroweProcess Plant
Pond
Pond
Pond
Dam
Dam
Dam
Dam
PIERINA MINE
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PROCESS FLOWSHEET
GyratoryCrusher
2000 tonneSurge Stockpile
PRIMARY CRUSHINGScreens (2)
ConeCrushers(2)
Lime
SECONDARY CRUSHING
LEACHING CIRCUIT
Dam
Pregnant Solution
Valley-Fill Heap Leach
Emitters
PREGNANT SOLUTION CLARIFICATION
UnclarifiedPregnantSolution
Tank
ClarifiedPregnantSolution
Tank
PressureLeaf Filters
(5)
DeaerationTower
ZincDust
REFINING CIRCUIT
FilterPresses (5)
MercuryRetorts (2)
Induction RefiningFurnace
GoldBullion
BarrenSolutionRecirc.
NaCN
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PRODUCTION STATISTICS
! Mining capacity: 80 million tonnes/year
! Crushing: 12.6 million tonnes/year
! Run of mine: 3.5 million tonnes/year
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002kilometers
0 1 2 3 4 5
Open Pitoperations
Open Pitoperations
240-ton haultrucks and 37 cubic meter shovels
DM-M2Production Drills
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002kilometers
0 1 2 3 4
Primary Crusher at Pierina
Crushing
Secondary Crusher at Pierina
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002kilometers
0 1 2 3 4 5
Haultruck and Truck Loadout Bin at Pierina
TruckLoadoutBin
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
Valley-FillHeap Leach
Valley-fill heap leach at Pierina
kilometers
0 1 2 3 4 5
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002kilometers
0 1 2 3 4 5
Merrill Crowe process plant at Pierina
Merrill CroweProcess Plant
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
SCHEDULE TO COMMISSIONING
! Nov. 2002: Access Road Construction
! May 2003: Environmental Impact Approval
! July 2003: Barrick Board Approval
! Oct. 2003: Mine Prestrip Begins
! Sep. 2005: Pad Loading
! Mar. 2006: Process commissioning
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
CAPITAL COST OF CONSTRUCTIONUS$ millions
Mining $ 155Process plant and heap leach 59Infrastructure 44Indirect cost 91Contingency 41Owners cost 35
Total capital cost $ 425
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
OPERATING COSTSUS$ per ounce
Mining $84Processing 33G&A 30Refining 3Royalties and taxes 5
Total $155
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
14%
12%
VELADERO PROJECT ECONOMICSrate of return as percent
at $325 gold
at $300 gold
8% cost of capital
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
VELADERO
kilometers
0 1 2 3 4 5
PASCUA-LAMA
CHILE ARGENTINA
PASCUA-LAMAPROJECT LOCATION area enlarged
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PASCUA-LAMA PROJECT
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EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PASCUA-LAMA PROJECT OVERVIEW
! Project status: feasibilty
! 296 million tons grading 0.057 oz/ton
! Reserves: 16.9 million ounces
! Average annual production: 800,000 oz
! Average cost per ounce: $85
! Initial capital: $1,175 million
EXPLORATION & DEVELOPMENT UPDATE – NOVEMBER 2002
PASCUA PROJECT ECONOMICS
! Synergies with Veladero- Administration- Mine camp- Access road
! Peso devaluation
! Optimization
Barrick Gold CorporationExploration and Development Projects Update – November 2002
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FORWARD LOOKING STATEMENT
Certain statements included herein regarding realized gold prices, gold lease rates and contango constitute "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Barrick or of the gold mining industry to be materially different from future results, performance of achievements expressed or implied by those forward looking statements. Barrick is subject to the effects of changes in the worldwide price of gold and the risks involved in mining operations. These factors are discussed in greater detail in Barrick's most recent Annual Information Form and Management's Discussion and Analysison file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.