VELADERO PROJECT UPDATE – OCTOBER 2, 2002
VELADERO PROJECT UPDATEMining Investment Forum – Denver, Colorado – October 2, 2002
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VELADERO PROJECT UPDATEVELADERO PROJECT UPDATEVELADERO PROJECT UPDATE
Alan R. HillExecutive Vice President Development
Ray ThrelkeldVice President Project Development
Mining Investment Forum – Denver, Colorado – October 2, 2002
PARAGU
A
CHILE ARGENTINA
! 375 km. NNW. of San Juan, Argentina
! 600 km. N. of Santiago, Chile
Veladero
San Juan
Santiago
PROJECT LOCATION
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! 120 km. access road from Tudcum
! $23 million construction
! Complete by June 03
Despoblados Pass (4,500 m)
Potrerillo Pass(4,500 m)
Conconta Pass (4,850 m)
El Indio Mine
Pascua-LamaVeladero
Tudcum
ACCESS ROAD
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
VELADERO
kilometers
0 1 2 3 4 5
PASCUA-LAMA
CHILE ARGENTINA
area enlargedPROPERTY PLAN
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
PROJECT OVERVIEW
! Recoverable ounces: 6.8 million ounces
! Mine life: 13 years
! Average annual production: 530,000 oz
! Average cost per ounce: $155
! Initial capital: $425 million
! IRR: 14%
NW
NW
NE
NE
ENE
NE
GRADECONTOURS
Amable
Filo Federico
CuatroEsquinas
> 400> 200> 100> 50> 20
Grade X thickness
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
FILO FEDERICO SCHEMATIC ALTERATION CROSS SECTION, LOOKING EAST
Filo FedericoBx Mario
The RidgelineNorth South
Proposed pit outline
Silica Altera tion
Colluvium Steam Heated Silic a Alteration Alunite Silica Alteration
Illite Silica Altera tionSilica Alunite Alteration
Prop yllitic Altera tion
0 10 00 20 00M ete rs
Proposed pit outline
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
Amable
Zone 203
Cerro Pelado
West
Proposed pit 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
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VELADERO PROJECT UPDATE – OCTOBER 2, 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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
DRILL HOLEAND TUNNELLOCATIONS
CuatroEsquinas
FiloFederico
Amable
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VELADERO PROJECT UPDATE – OCTOBER 2, 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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
LONGITUDINAL SECTION
! 15.13 million ounce gold resource
AmableFilo Federico Cuatro Esquinas
Proposed pit outline
Proposed pit outline
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
938666781552551Contained Au Ounces (x 1000)
1.2651.1041.2822.049Contained Au Grade (g/t)
230707188217376838722Total Tonnes (kt)
Total Ore
584535841Contained Au Ounces (x 1000)
0.4170.4180.4300.392Contained Au Grade (g/t)
43604397865843223Total Tonnes (kt)
ROM
880061431472510Contained Au Ounces (x 1000)
1.4631.2871.4382.200Contained Au Grade (g/t)
187103148430318435489Total Tonnes (kt)
Crush Feed
9333476877859360236202Total Tonnes (kt)
TotalFilo Federico
Filo MarioAmableOPEN PIT RESERVES
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
RESERVE INFORMATIONthousands of ounces
Sep 02* Dec 01
8,4169,386
* Date of Homestake-Barrick Merger
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VELADERO PROJECT UPDATE – OCTOBER 2, 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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
GOLD RECOVERIES
Amable Filo Federico
Type I 75% 80%
Type II 49% 49%
Crushed ore 73%
Run of mine 36%
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VELADERO PROJECT UPDATE – OCTOBER 2, 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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
VELADERO PROJECT
Pascua-LamaPenelope
VELADEROAmableAmableFilo
FedericoFilo
Federico
CHILE
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
VELADERO PROJECT
AmableOpen Pit
FiloFedericoOpen Pit
PotrerillosHeap Leach
Area
Plant Site Area
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
VELADERO
kilometers
0 1 2 3 4 5
PASCUA-LAMA
CHILE ARGENTINA
area enlargedPROPERTY PLAN
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
Valley-FillHeap Leach
Merrill CroweProcess Plant
AmableOpen Pit
Filo Federico Open Pit
Crushing
Administrationand Camp
Waste
Waste
kilometers
0 1 2 3 4 5
MINESITE PLAN ! 2 Open Pits
! Truck Shop and Crushinglocated next to Filo Federico Open Pit
! Merrill-Crowe RecoveryPlant adjacent to heapleach pad
VELADERO PROJECT UPDATE – OCTOBER 2, 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
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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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
PRODUCTION STATISTICS
! Mining capacity: 80 million tonnes/year
! Crushing: 12.6 million tonnes/year
! Run of mine: 3.5 million tonnes/year
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002kilometers
0 1 2 3 4 5
Open Pitoperations
Open Pitoperations
240-ton haultrucks and 37 cubic meter shovels
DM-M2Production Drills
VELADERO PROJECT UPDATE – OCTOBER 2, 2002kilometers
0 1 2 3 4
Primary Crusher at Pierina
Crushing
Secondary Crusher at Pierina
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002kilometers
0 1 2 3 4 5
Haultruck and Truck Loadout Bin at Pierina
TruckLoadoutBin
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
Valley-FillHeap Leach
Valley-fill heap leach at Pierina
kilometers
0 1 2 3 4 5
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002kilometers
0 1 2 3 4 5
Merrill Crowe process plant at Pierina
Merrill CroweProcess Plant
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
EQUIPMENT SPECIFICATIONSStart up Maximum
240-ton haultrucks 8 22
37 cubic meter shovels 2 3
23 cubic meter loaders 1 2
Production drills 2 5
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VELADERO PROJECT UPDATE – OCTOBER 2, 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
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
CAPITAL COST OF CONSTRUCTIONUS$ millions
Mining $ 155Process plant and heap leach 59Infrastructure 44Indirect cost 91Contingency 41Owners cost 35
Total capital cost $ 425
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
OPERATING COSTSUS$ per ounce
Mining $84Processing 33G&A 30Refining 3Royalties and taxes 5
Total $155
VELADERO PROJECT UPDATE – OCTOBER 2, 2002
14%
12%
PROJECT ECONOMICSrate of return as percent
at $325 gold
at $300 gold
8% cost of capital
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VELADERO PROJECT UPDATE – OCTOBER 2, 2002
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.