Barrick Reports Fourth Quarter and Full Year 2013 Results

 NEWS RELEASE TRANSMITTED BY Marketwired  FOR: Barrick Gold Corporation  NYSE SYMBOL:  ABX TSX SYMBOL:  ABX  FEBRUARY 13, 2014  Barrick Reports Fourth Quarter and Full Year 2013 Results  TORONTO, ONTARIO--(Marketwired - Feb. 13, 2014) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today reported a fourth quarter net loss of $2.83 billion ($2.61 per share), including after-tax impairment charges of $2.82 billion. Adjusted net earnings were $0.41 billion ($0.37 per share). Operating cash flow was $1.02 billion and adjusted operating cash flow was $1.09 billion.  For the full year 2013, Barrick reported a net loss of $10.37 billion ($10.14 per share), including after-tax impairment charges of $11.54 billion. Adjusted net earnings were $2.57 billion ($2.51 per share). Operating cash flow of $4.24 billion and adjusted operating cash flow of $4.36 billion reflect the underlying strength of the company's high-quality mining operations.  /T/  ---------------------------------------------------------------------------- OPERATING HIGHLIGHTS AND GUIDANCE                                             2013 Actuals                    --------------------                Fourth      Full          2014 Gold                                         Quarter      Year      Guidance ---------------------------------------------------------------------------- Production (000s of ounces)                    1,713     7,166   6,000-6,500 All-in sustaining costs ($ per ounce)            899       915       920-980  Copper                                                                       ---------------------------------------------------------------------------- Production (millions of pounds)                  139       539       470-500 C1 cash costs ($ per pound)                     1.81      1.92     1.90-2.10  ---------------------------------------------------------------------------- TOTAL CAPITAL EXPENDITURES ($ millions)        1,294     5,000   2,400-2,700 ----------------------------------------------------------------------------  /T/  "The disciplined capital allocation framework that we adopted in mid-2012 has been at the core of every decision we've made in the last year and half, and has put us in a much stronger position to deal with the challenging gold price environment our industry is facing today. Under a comprehensive plan to strengthen the company, we have become a leaner, more agile organization, better protected against further downside price risk and well positioned to take advantage of attractive investment opportunities going forward," said Jamie Sokalsky, Barrick's President and CEO. "We have increased our focus on free cash flow and risk-adjusted returns, and successfully executed on our key priorities, which include operational excellence, a stronger balance sheet and the ongoing optimization of our asset portfolio. This required decisive action, including the temporary suspension of Pascua-Lama, and an even greater focus on generating higher returns even if that means producing fewer ounces. These were the right decisions for our shareholders and for the company, and we are now seeing the tangible benefits of our efforts."   Operational Excellence is a Top Priority   /T/  --  Met improved gold and copper operating guidance for 2013  --  Maintained the lowest all-in sustaining costs (AISC)(1) of our peer  group in 2013 and expect to retain this position in 2014  --  Significantly improved Lumwana's performance in 2013 and expect to  reduce costs further in 2014  --  Five core mines met expectations in 2013, producing about 4.0 million  ounces or 55 percent of total production at AISC of $668 per ounce;  these mines are expected to produce about 60 percent of total production  in 2014 at AISC of $750-$800 per ounce  --  Implemented a flatter, more streamlined organizational model that  supports operational excellence; appointed Jim Gowans as Chief Operating  Officer in December 2013, an experienced executive who brings four  decades of global mining operations experience to Barrick  --  Reduced 2013 general and administrative costs  --  Targeting $500 million in annual cost savings from the new operating  model, reduced procurement costs and other initiatives   /T/  Strengthened Balance Sheet and Financial Flexibility  /T/  --  Termed out $3.0 billion in debt in the second quarter of 2013  --  Reduced 2013 capital and operating costs by about $2.0 billion  --  Improved near-term cash flow through temporary suspension of Pascua-Lama --  Raised $3.0 billion in a bought equity deal in the fourth quarter of  2013 to repay debt, reducing maturities over the next four years to $1.0  billion   /T/  Continued Progress on Portfolio Optimization  /T/  --  In the last six months, announced agreements to divest Barrick Energy,  six high-cost, non-core mines and other assets for a total consideration  of almost $1.0 billion  --  Completed mine plans and reserve estimates using a conservative gold  price assumption of $1,100 per ounce in order to prioritize profitable  production and returns, while retaining the option to access the metal  in the future when prices and returns improve   /T/  "2013 was a tough year for Barrick by any measure, but with a renewed focus on capital discipline and operational excellence across the board, we have reset our focus and revitalized the company's prospects," Mr. Sokalsky said. "We will not veer from this course, which has delivered solid results, reduced costs and improved financial flexibility."  FINANCIAL DISCUSSION  Fourth quarter 2013 adjusted net earnings were $0.41 billion ($0.37 per share)(1) compared to $1.16 billion ($1.16 per share) in the prior-year period. The decrease reflects lower realized gold and copper prices and a decline in gold and copper sales volumes. The net loss for the fourth quarter was $2.83 billion ($2.61 per share) compared to a net loss of $3.01 billion ($3.01 per share) in the prior-year quarter. Significant adjusting items for the quarter include:  /T/  --  $2.82 billion in impairment charges, primarily related to Pascua-Lama,  Porgera, Veladero and the Australia Pacific gold segment; and  --  $176 million in suspension-related costs at Pascua-Lama.   /T/  The company recorded an impairment charge for the Pascua-Lama project of $896 million(2) due to the decision to temporarily suspend construction in the fourth quarter. At the Porgera mine, the company recorded an impairment charge of $595 million based on changes to the mine plan to focus primarily on higher grade underground ore. As a result, Porgera's estimated mine life has decreased from 13 years to nine years. Lower gold price assumptions and the impact of sustained inflationary pressures on operating and capital costs led to a reduction of reserves and life-of-mine production at the Veladero mine in Argentina, resulting in an impairment charge of $300 million. At Jabal Sayid, the annual update to the life-of-mine plan showed a decrease in net present value. In addition, the project's fair value was impacted by a delay in first production. As a result, the company recorded an impairment charge of $303 million. As part of its annual goodwill impairment test, the company recognized a goodwill impairment charge of $551 million for its Australia Pacific gold segment, primarily related to the lower estimated fair value of Porgera.   Fourth quarter operating cash flow of $1.02 billion compares to $1.85 billion in the prior-year period. The decline reflects lower realized gold and copper prices and increased income tax payments. Adjusted operating cash flow of $1.09 billion(3) compares to $1.93 billion in the prior-year period and removes the impact of foreign currency and commodity derivative contract settlements.   RESERVES AND RESOURCES  Barrick calculated its reserves for 2013 using a conservative gold price assumption of $1,100 per ounce, compared to $1,500 per ounce in 2012. While this is well below the company's outlook for the gold price and below current spot prices, it reflects Barrick's focus on producing profitable ounces with a solid rate of return and the ability to generate free cash flow. Gold reserves declined to 104.1 million ounces(4) at the end of 2013 from 140.2 million ounces at the end of 2012. Excluding ounces mined and processed in 2013 and divestitures, all of these ounces have transferred to resources, preserving the option to access them in the future at higher gold prices.   The 26 percent decline in reserves breaks down as follows (approximations):  /T/  Percentage                                                                   ---------------------------------------------------------------------------- 13         - conservative gold price assumption of $1,100 per ounce          6          - ounces mined and processed in 2013                              4          - ounces that are economic at $1,100 per ounce, but do not meet    hurdle rates of return on invested capital                        2          - ounces no longer economic due to increased costs                2          - divestitures of non-core, high-cost mines as part of the         company's portfolio optimization strategy                         (1)        - additions                                                        /T/  Measured and indicated gold resources increased to 99.4 million ounces at the end of 2013 from 83.0 million ounces at the end of 2012. Resources were calculated based on a gold price assumption of $1,500 per ounce compared to $1,650 per ounce for 2012. Inferred gold resources decreased to 31.9 million ounces at the end of 2013 from 35.6 million ounces at the end of 2012.  Copper reserves increased slightly to 14.0 billion pounds based on a copper price assumption of $3.00 per pound. Measured and indicated copper resources decreased to 6.9 billion pounds from 10.3 billion pounds at the end of 2012 based on a copper price assumption of $3.50 per pound, primarily as a result of further optimization of the Lumwana mine plan. Inferred copper resources decreased to 0.2 billion pounds from 0.5 billion pounds at the end of 2012.   2014 OUTLOOK   Barrick's 2014 gold cost guidance is the lowest among senior producers, with AISC expected to be $920-$980 per ounce and adjusted operating costs projected to be $590-$640 per ounce.   The company anticipates 2014 gold production of 6.0-6.5 million ounces. Lower production in 2014 reflects the company's strategy to maximize free cash flow and returns over ounces, the divestment of high-cost, short-life mines, lower production from Cortez, and the decision to close Pierina. These declines will be partially offset by an increase in production at Pueblo Viejo.   Detailed 2014 operating guidance, based on the company's new operating model, and capital expenditure guidance is as follows:  /T/  ---------------------------------------------------------------------------- GOLD PRODUCTION AND COSTS                                                     Production                      Adj. Operating  (millions of              AISC             Costs  ounces)     ($ per ounce)     ($ per ounce) ---------------------------------------------------------------------------- Cortez                       0.925-0.975           750-780           350-380 Goldstrike                   0.865-0.915           920-950           600-640 Pueblo Viejo                 0.600-0.700           510-610           385-445 Lagunas Norte                0.570-0.610           640-680           390-430 Veladero                     0.650-0.700           940-990           620-670 ---------------------------------------------------------------------------- Sub-total                    3.800-4.000           750-800           450-500 ---------------------------------------------------------------------------- North America - Other        0.795-0.845       1,075-1,100           780-805 Australia Pacific            1.000-1.080       1,050-1,100           825-875 African Barrick Gold         0.480-0.510       1,100-1,175           740-790 ---------------------------------------------------------------------------- Total Gold                6.000-6.500(5)           920-980           590-640 ----------------------------------------------------------------------------  ---------------------------------------------------------------------------- COPPER PRODUCTION AND COSTS                                                   Production                              C3 fully  (millions of  C1 cash costs(6)  allocated costs(6)  pounds)     ($ per pound)       ($ per pound) ---------------------------------------------------------------------------- Total Copper                   470-500         1.90-2.10           2.50-2.75 ----------------------------------------------------------------------------  ---------------------------------------------------------------------------- CAPITAL EXPENDITURES                                                          ($ millions)                                       ---------------------------------------------------------------------------- Mine site sustaining       2,000-2,200                                       Mine site expansion            300-375                                       Projects                       100-125                                       ---------------------------------------------------------------------------- Total                      2,400-2,700                                       ----------------------------------------------------------------------------  /T/  Total capital expenditures are expected to decrease by approximately 50 percent in 2014 to $2.40-$2.70 billion, a reduction of approximately $2.5 billion compared to 2013. The lower expenditures reflect the temporary suspension of construction at Pascua-Lama and lower mine site sustaining and expansion capital requirements. The 2014 exploration budget of $200-$240 million(7) remains focused on high quality, priority projects. About 50 percent of the budget is allocated to Nevada, the majority of which is targeted for the Goldrush project, where measured and indicated resources increased by 1.6 million ounces to 10.0 million ounces at the end of 2013. Inferred resources at Goldrush were 5.6 million ounces at the end of 2013.  The company anticipates higher finance costs of $800-$825 million in 2014 as a result of the decision to temporarily suspend Pascua-Lama, where interest will no longer be capitalized.   Barrick's effective income tax rate in 2014 is expected to be about 50 percent based on an average gold price of $1,300 per ounce. Please refer to the Management Discussion and Analysis for a full description of factors impacting the company's 2014 income tax rate.  PASCUA-LAMA UPDATE  During the fourth quarter of 2013, Barrick announced the temporary suspension of construction at its Pascua-Lama project, except for those activities required for environmental and regulatory compliance. The ramp-down is on schedule for completion by mid-2014. The company expects to incur costs of about $300 million(8) this year for the ramp-down and environmental and social obligations. A decision to restart development will depend on improved economics and reduced uncertainty related to legal and regulatory requirements. Remaining development will take place in distinct stages with specific work programs and budgets. This approach will facilitate more efficient planning and execution and improved cost control. In the interim, Barrick will explore opportunities to improve the project's risk-adjusted returns, including strategic partnerships or royalty and other income streaming agreements. The company will preserve the option to resume development of this asset, which has a mine life of 25 years.   CORPORATE GOVERNANCE AND EXECUTIVE COMPENSATION  In December, 2013, Barrick announced that its Founder and Chairman, Peter Munk, would retire as Chairman and step down from the Board of Directors at the company's 2014 Annual General Meeting (AGM). John Thornton, currently Co-Chairman, will become Chairman following the 2014 AGM.   In addition, Howard Beck and Brian Mulroney will not stand for re-election as Directors at the 2014 AGM. The Board has nominated four new Independent Directors to stand for election at the company's upcoming AGM: Ned Goodman, Nancy Lockhart, David Naylor and Ernie Thrasher.   Barrick also announced it will implement a new executive compensation plan in 2014 that is fully aligned with the principle of pay-for-performance, and further links compensation with the long-term interests of shareholders. The company has consulted extensively with shareholders in the development of this plan and continues to do so. Details will be announced in the management proxy circular prior to the AGM.  OPERATING RESULTS DISCUSSION  Cortez  The Cortez mine produced 0.24 million ounces at AISC of $498 per ounce in the fourth quarter. Even with lower production anticipated in 2014, Cortez remains one of the largest and most attractive gold assets in the world, and a cornerstone operation for Barrick. As anticipated in the mine plan, production this year is expected to be 0.925-0.975 million ounces, primarily due to a decrease in ore grades. AISC are expected to increase to $750-$780 per ounce in 2014 as a result of lower production and higher sustaining capital related to waste stripping for the Cortez Hills open pit.   Goldstrike  In the fourth quarter, Goldstrike produced 0.24 million ounces at AISC of $770 per ounce. The autoclave facility is undergoing modifications that will enable Goldstrike to bring forward about 4.0 million ounces of production. The total construction cost for this project is $585 million. Expansion capital expenditures related to the project are expected to be $245 million in 2014. First production from the modified autoclaves is anticipated in the fourth quarter of 2014. The modified autoclaves are expected to contribute about 0.350-0.450 million ounces of annual production in their first full five years of operation. Goldstrike is expected to produce 0.865-0.915 million ounces in 2014 at AISC of $920-$950 per ounce. Production is anticipated to increase to above 1.0 million ounces in 2015 with a full year of operations from the modified autoclaves(9).  Pueblo Viejo   Barrick's 60 percent share of production from Pueblo Viejo in the fourth quarter was 0.16 million ounces at AISC of $720 per ounce. The mine is expected to reach full capacity in the first half of 2014 following completion of modifications to the lime circuit. Barrick's share of production in 2014 is expected to be 0.600-0.700 million ounces at AISC of $510-$610 per ounce. The lower anticipated AISC are based on higher production, higher by-product credits and lower power costs following the commissioning of the 215 megawatt power plant in the third quarter of 2013.  Lagunas Norte   Lagunas Norte produced 0.20 million ounces at AISC of $613 per ounce in the fourth quarter. In 2014, the mine is expected to produce 0.570-0.610 million ounces, processing more ore tons at lower grades compared to 2013. The increase in ore tons is mainly due to higher fleet availability following the transfer of equipment from the Pierina mine. Anticipated AISC of $640-$680 per ounce in 2014 primarily reflect higher fuel and labor costs related to the increase in tonnage, and an increase in power costs due to a full year of operations at the carbon-in-column plant.  Veladero  Veladero produced 0.14 million ounces at AISC of $969 per ounce in the fourth quarter. Veladero is anticipated to produce 0.650-0.700 million ounces in 2014, reflecting increased recovery of leached ounces and higher grades from the Argenta and Filo Federico pits(10). Higher expected AISC of $940-$990 per ounce in 2014 are primarily impacted by lower silver by-product credits, local inflation and the foreign exchange rate of the Argentine peso.  North America - Other  Barrick's other North American mines consist of Bald Mountain, Round Mountain, Turquoise Ridge, Golden Sunlight, Ruby Hill and Hemlo. This segment produced 0.23 million ounces in the fourth quarter at AISC of $1,195 per ounce and is anticipated to produce 0.795-0.845 million ounces in 2014 at AISC of $1,075-$1,100 per ounce.  Australia Pacific   Australia Pacific produced 0.36 million ounces at AISC of $966 per ounce in the fourth quarter. Porgera contributed 0.13 million ounces at AISC of $1,350 per ounce. Due to the sale of four mines and the announced divestiture of Kanowna, 2014 production is expected to decline to 1.000-1.080 million ounces in 2014. AISC in 2014 are expected to increase to $1,050-$1,100 per ounce, primarily due to expensing of waste removal costs at Porgera, and higher open pit mining costs at Cowal and Kalgoorlie.   African Barrick Gold (ABG)  Fourth quarter attributable production from ABG was 0.12 million ounces at AISC of $1,171 per ounce. Full year attributable production for 2014 is expected to be 0.480-0.510 million ounces at AISC of $1,100-$1,175 per ounce. Production in 2014 is anticipated to be higher than 2013 due to higher grades at Bulyanhulu and Buzwagi, as well as the commissioning of the new carbon-in-leach plant at Bulyanhulu, which is scheduled to commence production in May. The improved cost outlook reflects the impact of ABG's operational review, lower sustaining capital costs and reduced corporate overhead costs.  Global Copper  Copper production in the fourth quarter was 139 million pounds at C1 cash costs of $1.81 per pound and C3 fully allocated costs of $2.33 per pound. Lumwana contributed 67 million pounds at C1 cash costs of $2.04 per pound. Production at Lumwana in 2014 is expected to be similar to 2013 at slightly lower C1 cash costs. The mine is pursuing a number of initiatives to further improve on cost reductions achieved to date.  The Zaldivar mine produced 72 million pounds in the fourth quarter at C1 cash costs of $1.62 per pound. Production at Zaldivar is anticipated to decrease in 2014 with fewer ore tons mined and processed in line with the mine plan. Production will also be impacted by lower recoveries as the mine processes a higher percentage of secondary sulfide material. C1 cash costs are expected to increase as a result of the impact of lower production on unit costs.  /T/  (1)  All-in sustaining costs per ounce, adjusted net earnings and adjusted    net earnings per share are non-GAAP financial performance measures. See  pages 63-72 of Barrick's Fourth Quarter 2013 Report.                    (2)  $5.1 billion in after-tax impairment charges for Pascua-Lama were        recorded in the second quarter of 2013, mainly driven by declining       metal prices.                                                           (3)  Adjusted operating cash flow is a non-GAAP financial performance         measure.  See pages 63-72 of Barrick's Fourth Quarter 2013 report.      (4)  Calculated in accordance with National Instrument 43-101 as required by  Canadian securities regulatory authorities. For a breakdown, see pages   155-160 of Barrick's Fourth Quarter 2013 Report.                        (5)  Operating unit guidance ranges reflect expectations at each individual   operating unit, but do not add up to corporate-wide guidance range       total.                                                                  (6)  C1 cash costs per pound and C3 fully allocated costs per pound are non-     GAAP financial performance measures. See pages 63-72 of Barrick's        Fourth Quarter 2013 Report.                                             (7)  15% expected to be capitalized. Barrick's exploration programs are       designed and conducted under the supervision of Robert Krcmarov, Senior  Vice President, Global Exploration of Barrick.                          (8)  About 25% is expected to be capitalized. Actual expenditures will be     dependent on a number of factors, including environmental and            regulatory requirements.                                                (9)  Actual results will vary depending on how the ramp-up progresses.       (10) Guidance for Veladero in 2014 assumes the receipt of necessary permit    amendments. See page 26 of the MD&A.                                     Key Statistics                                                               Barrick Gold Corporation                                                     (in United States           Three months ended          Twelve months ended   dollars)                         December 31,                 December 31,   -------------------------------------------------------  2012                         2012  (Unaudited)               2013   (restated)(8)         2013   (restated)(8)  ---------------------------------------------------------------------------- Operating Results                                                            Gold production                                                               (thousands of                                                                ounces)(1)              1,713           2,019        7,166           7,421  Gold sold (thousands                                                          of ounces)(1)           1,829           2,027        7,174           7,292  Per ounce data                                                                 Average spot gold                                                           price             $   1,276  $        1,722  $     1,411  $        1,669    Average realized                                                            gold price(2)         1,272           1,714        1,407           1,669    Adjusted operating                                                          costs(2)                573             547          566             563    All-in sustaining                                                           costs(2)                899           1,048          915           1,014    All-in costs(2)        1,317           1,433        1,282           1,404    Adjusted operating                                                          costs (on a co-                                                            product basis)(2)       592             564          589             580    All-in sustaining                                                           costs (on a co-                                                            product basis)(2)       918           1,065          938           1,031    All-in costs (on a                                                          co-product                                                                 basis)(2)             1,336           1,450        1,305           1,421  Copper production                                                             (millions of pounds)      139             130          539             468  Copper sold (millions                                                         of pounds)                134             154          519             472  Per pound data                                                                 Average spot copper                                                         price             $    3.24  $         3.59  $      3.32  $         3.61    Average realized                                                            copper price(2)        3.34            3.54         3.39            3.57    C1 cash costs(2)        1.81            1.93         1.92            2.05    Depreciation(3)         0.37            0.48         0.35            0.54    Other(4)                0.15            0.52         0.15            0.26    C3 fully allocated                                                          costs(2)               2.33            2.93         2.42            2.85  ---------------------------------------------------------------------------- Financial Results                                                             (millions)                                                                  Revenues             $   2,926  $        4,149  $    12,511  $       14,394  Net loss(5)             (2,830)         (3,013)     (10,366)           (538) Adjusted net                                                                  earnings(2)               406           1,157        2,569           3,954  Operating cash flow      1,016           1,845        4,239           5,983  Adjusted operating                                                            cash flow(2)            1,085           1,925        4,359           5,700  Per Share Data                                                                (dollars)                                                                     Net loss (basic)       (2.61)          (3.01)      (10.14)          (0.54)   Adjusted net                                                                earnings                                                                   (basic)(2)             0.37            1.16         2.51            3.95    Net loss (diluted)     (2.61)          (3.01)      (10.14)          (0.54) Weighted average                                                              basic common shares                                                          (millions)(6)           1,085           1,001        1,022           1,001  Weighted average                                                              diluted common                                                               shares                                                                       (millions)(6,7)         1,085           1,001        1,022           1,001  ----------------------------------------------------------------------------  As at           As at   December 31,    December 31,   -----------------------------  2012   2013   (restated)(8)  ---------------------------------------------------------------------------- Financial Position                                                            (millions)                                                                  Cash and equivalents                            $     2,404  $        2,097  Non-cash working                                                              capital                                              3,060           2,884  ---------------------------------------------------------------------------- (1) Production includes our equity share of gold production at Highland Gold  up to April 26, 2012, the effective date of our sale of Highland Gold.    Production also includes African Barrick Gold ("ABG") on a 73.9% basis    and Pueblo Viejo on a 60% basis, both of which reflect our equity share   of production. Also includes production from Yilgarn South up to          September 30, 2013, the effective date of sale of Yilgarn South assets.   Sales includes our equity share of gold sales from ABG and Pueblo Viejo. (2) Realized price, adjusted operating costs, all-in sustaining costs, all-   in costs, adjusted operating costs (on a co-product basis), all-in        sustaining costs (on a co-product basis), all-in costs (on a co-product   basis), C1 cash costs, C3 fully allocated costs, adjusted net earnings    and adjusted operating cash flow are non-gaap financial performance       measures with no standard definition under IFRS. Refer to the Non-Gaap    Financial Performance Measures section of the Company's MD&A.            (3) Represents equity depreciation expense divided by equity ounces of gold   sold or pounds of copper sold.                                           (4) For a breakdown, see reconciliation of cost of sales to C1 cash costs     and C3 fully allocated costs per pound in the Non-Gaap Financial          Performance Measures section of the Company's MD&A.                      (5) Net loss represents net loss attributable to the equity holders of the    Company.                                                                 (6) Reflects 163.5 million shares issued on November 14, 2013.               (7) Fully diluted includes dilutive effect of stock options.                 (8) Balances related to 2012 have been restated to reflect the impact of the  adoption of new accounting pronouncements. See note 2y of the             consolidated financial statements.                                        /T/  Production and Cost Summary  /T/  Gold Production (attributable ounces) (000's)   ---------------------------------------------   Three months ended    Twelve months ended   December 31,           December 31,   ---------------------- ----------------------  (Unaudited)                2013          2012     2013          2012  --------------------------------------------- ----------------------  Gold                                                                    Goldstrike                242           330      892         1,174    Cortez                    244           346    1,337         1,370    Pueblo Viejo(1)           157            65      488            67    Lagunas Norte             195           214      606           754    Veladero                  142           222      641           766    North America - Other     231           215      858           883    Australia Pacific(2)      364           470    1,773         1,822    African Barrick                                                      Gold(3)                  122           134      474           463    Other(4)                   16            23       97           122  --------------------------------------------------------------------- Total                     1,713         2,019    7,166         7,421  ---------------------------------------------------------------------  All-in sustaining costs(5) ($/oz)            -----------------------------------------------------  Three months ended        Twelve months ended  December 31,               December 31,  -------------------------- -------------------------- (Unaudited)                  2013            2012       2013            2012 ------------------------------------------------- -------------------------- Gold                                                                           Goldstrike            $     770 $           708  $     901 $           802   Cortez                      498             649        433             608   Pueblo Viejo(1)             720               -        735               -   Lagunas Norte               613             557        627             565   Veladero                    969             811        833             760   North America - Other     1,195           1,273      1,235           1,181   Australia Pacific(2)        966           1,217        994           1,128   African Barrick                                                             Gold(3)                  1,171           1,675      1,362           1,585   Other(4)                     57             133         65             112 ---------------------------------------------------------------------------- Total                   $     899 $         1,048  $     915 $         1,014 ----------------------------------------------------------------------------  /T/  /T/  Copper Production (attributable pounds)   (millions)   -------------------------------------------------   Three months ended      Twelve months ended   December 31,             December 31,   ------------------------ ------------------------  (Unaudited)                  2013          2012       2013          2012  ------------------------------------------------------------------------- Total                         139           130        539           468  -------------------------------------------------------------------------  C1 Cash Costs(5)($/lb)                -----------------------------------------------------  Three months ended        Twelve months ended  December 31,               December 31,  -------------------------- --------------------------  2012                       2012 (Unaudited)                  2013   (restated)(8)       2013   (restated)(8) ---------------------------------------------------------------------------- Total                   $    1.81 $          1.93  $    1.92 $          2.05 ----------------------------------------------------------------------------  Total Gold Production Costs ($/oz)            -------------------------------------------------------  Three months ended         Twelve months ended   December 31,                December 31,   --------------------------- ---------------------------  2012                        2012  (Unaudited)               2013    (restated)(8)       2013    (restated)(8)  ------------------------------------------------ ---------------------------   Direct mining costs                                                         before impact of                                                           hedges at market                                                           foreign exchange                                                           rates              $    597  $           586   $    604  $           599    Gains realized on                                                           currency hedge and                                                         commodity                                                                  hedge/economic                                                             hedge contracts         (34)             (58)       (41)             (51)   Other(6)                   -              (12)        (8)             (12)   By-product credits       (19)             (17)       (23)             (17)   Royalties                 29               48         34               44  ---------------------------------------------------------------------------- Adjusted operating                                                            costs(5)                  573              547        566              563    Depreciation             146              207        190              192    Other(6)                   -               12          8               12  ---------------------------------------------------------------------------- Total production                                                              costs                $    719  $           766   $    764  $           767  ---------------------------------------------------------------------------- Adjusted operating                                                            costs(5)             $    573  $           547   $    566  $           563    General &                                                                   administrative                                                             costs                    34               61         42               60    Rehabilitation -                                                            accretion and                                                              amortization             17               17         19               18    Mine on-site                                                                exploration and                                                            evaluation costs          9               17          8               16    Mine development                                                            expenditures            129              174        154              168    Sustaining capital                                                          expenditures            137              232        126              189  ---------------------------------------------------------------------------- All-in sustaining                                                             costs(5)             $    899  $         1,048   $    915  $         1,014  ---------------------------------------------------------------------------- All-in costs(5)       $  1,317  $         1,433   $  1,282  $         1,404  ----------------------------------------------------------------------------  Total Copper Production Costs ($/lb)           -------------------------------------------------------  Three months ended         Twelve months ended   December 31,                December 31,   --------------------------- ---------------------------  2012                        2012  (Unaudited)               2013    (restated)(8)       2013    (restated)(8)  ------------------------------------------------ --------------------------- C1 cash costs(5)      $   1.81  $          1.93   $   1.92  $          2.05  Depreciation              0.37             0.48       0.35             0.54  Other(7)                  0.15             0.52       0.15             0.26  ---------------------------------------------------------------------------- C3 fully allocated                                                            costs(5)             $   2.33  $          2.93   $   2.42  $          2.85  ---------------------------------------------------------------------------- (1) All-in sustaining costs for 2012 for Pueblo Viejo is nil as commercial    production was not achieved until January 2013.                          (2) Reflects Yilgarn South up to September 30, 2013, the effective date of    sale of Yilgarn South assets.                                            (3) Figures relating to African Barrick Gold are presented on a 73.9% basis,  which reflects our equity share of production.                           (4) Production figures include Pierina and our equity share of gold           production at Highland Gold up to April 26, 2012, the effective date of   our sale of Highland Gold. All-in sustaining costs include Pierina and    other general and administrative costs divided by equity ounces of gold   sold.                                                                    (5) Adjusted operating costs, all-in sustaining costs, all-in costs, C1 cash  costs and C3 fully allocated costs are non-gaap financial performance     measures with no standard meaning under IFRS. Refer to the Non-Gaap       Financial Performance Measures section of the Company's MD&A.            (6) Represents the Barrick Energy gross margin divided by equity ounces of    gold sold.                                                               (7) For a breakdown, see reconciliation of cost of sales to C1 cash costs     and C3 fully allocated costs per pound in the Non-Gaap Financial          Performance Measures section of the Company's MD&A.                      (8) Balances related to 2012 have been restated to reflect the impact of the  adoption of new accounting pronouncements. See note 2y of the             consolidated financial statements.                                        /T/  Consolidated Statements of Income  /T/  Barrick Gold Corporation                                                      For the years ended December 31 (in millions            2013           2012   of United States dollars, except per share                     (restated -   data)                                                             note 2y)  ---------------------------------------------------------------------------- Revenue (notes 5 and 6)                        $      12,511  $      14,394  ---------------------------------------------------------------------------- Costs and expenses                                                           Cost of sales (notes 5 and 7)                          7,243          7,257  General and administrative expenses (note 10)            390            503  Exploration and evaluation (notes 5 and 8)               208            359  Other expense (income) (note 9a)                         878            303  Impairment charges (note 9b)                          12,687          6,294  Loss from equity investees (note 15a)                      -             12  Gain on non-hedge derivatives (note 24e)                 (76)           (31) ---------------------------------------------------------------------------- Loss before finance items and income taxes            (8,819)          (303) Finance items                                                                Finance income                                             9             11  Finance costs (note 13)                                 (657)          (174) ---------------------------------------------------------------------------- Loss before income taxes                              (9,467)          (466) Income tax (expense) recovery (note 11)                 (630)           102  ---------------------------------------------------------------------------- Loss from continuing operations                      (10,097)          (364) Loss from discontinued operations (note 4b)             (506)          (185) ---------------------------------------------------------------------------- Net loss                                       $     (10,603) $        (549) ---------------------------------------------------------------------------- Attributable to:                                                             Equity holders of Barrick Gold Corporation     $    (10,366)  $        (538) Non-controlling interests (note 31)            $       (237)  $         (11) ----------------------------------------------------------------------------  Earnings per share data attributable to the                                   equity holders of Barrick Gold Corporation                                   (note 12)                                                                   Loss from continuing operations                                                Basic                                        $       (9.65) $       (0.35)   Diluted                                      $       (9.65) $       (0.35) ---------------------------------------------------------------------------- Loss from discontinued operations                                              Basic                                        $       (0.49) $       (0.19)   Diluted                                      $       (0.49) $       (0.19) ---------------------------------------------------------------------------- Net loss                                                                       Basic                                        $      (10.14) $       (0.54)   Diluted                                      $      (10.14) $       (0.54) ----------------------------------------------------------------------------  /T/  The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.  Consolidated Statements of Comprehensive Income  /T/  Barrick Gold Corporation                                                      2013           2012  For the years ended December 31 (in millions                    (restated -   of United States dollars)                                         note 2y)  ---------------------------------------------------------------------------- Net loss                                       $     (10,603) $        (549) Other comprehensive income (loss), net of                                     taxes                                                                       Items that may be reclassified subsequently to                                profit or loss:                                                               Unrealized gains (losses) on available-for-                                 sale ("AFS") financial securities, net of                                  tax $6, $6                                            (68)           (37)   Realized (gains) losses and impairments on                                  AFS financial securities, net of tax ($3),                                 ($6)                                                   17             34    Unrealized gains (losses) on derivative                                     investments designated as cash flow hedges,                                net of tax ($7), ($20)                                (63)           167    Realized (gains) losses on derivative                                       investments designated as cash flow hedges,                                net of tax $73, $96                                  (325)          (331)   Currency translation adjustments gain                                       (loss), net of tax $nil, $nil                         (93)            35  Items that will not be reclassified to profit                                 or loss:                                                                      Remeasurement gains (losses) of post-                                       employment benefit obligations, net of tax                                 ($13), $3                                              24             (5) ---------------------------------------------------------------------------- Total other comprehensive loss                          (508)          (137) ---------------------------------------------------------------------------- Total comprehensive loss                       $     (11,111) $        (686) ---------------------------------------------------------------------------- Attributable to:                                                             Equity holders of Barrick Gold Corporation                                     Continuing operations                        $     (10,337) $        (525)   Discontinued operations                      $        (537) $        (149) Non-controlling interests                      $        (237) $         (12) ----------------------------------------------------------------------------  /T/  The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.  Consolidated Statements of Cash Flow  /T/  Barrick Gold Corporation                                                      2013           2012  For the years ended December 31 (in millions                    (restated -   of United States dollars)                                         note 2y)  ---------------------------------------------------------------------------- OPERATING ACTIVITIES                                                         Net loss                                       $     (10,097) $        (364) Adjustments for the following items:                                           Depreciation                                         1,732          1,651    Finance costs (excludes accretion)                     589            121    Impairment charges (note 9b)                        12,687          6,294    Income tax expense (recovery) (note 11)                630           (102)   Increase in inventory                                 (352)          (360)   Proceeds from settlement of hedge contracts            219            450    Gain on non-hedge derivatives (note 24e)               (76)           (31)   Gain on sale of long-lived                                                  assets/investments                                    (41)           (18)   Other operating activities (note 14a)                  669           (283) ---------------------------------------------------------------------------- Operating cash flows before interest and                                      income taxes                                          5,960          7,358  Interest paid                                           (662)          (118) Income taxes paid                                     (1,109)        (1,459) ---------------------------------------------------------------------------- Net cash provided by operating activities from                                continuing operations                                 4,189          5,781  ---------------------------------------------------------------------------- Net cash provided by operating activities from                                discontinued operations                                  50            202  ---------------------------------------------------------------------------- Net cash provided by operating activities              4,239          5,983  ---------------------------------------------------------------------------- INVESTING ACTIVITIES                                                         Property, plant and equipment                                                  Capital expenditures (note 5)                       (5,501)        (6,773)   Sales proceeds                                          50             18  Acquisitions                                               -            (37) Divestitures (note 4)                                    522              -  Investment sales                                          18            168  Other investing activities (note 14b)                   (262)          (311) ---------------------------------------------------------------------------- Net cash used in investing activities from                                    continuing operations                                (5,173)        (6,935) ---------------------------------------------------------------------------- Net cash used in investing activities from                                    discontinued operations                                 (64)          (130) ---------------------------------------------------------------------------- Net cash used in investing activities                 (5,237)        (7,065) ---------------------------------------------------------------------------- FINANCING ACTIVITIES                                                         Capital stock                                                                  Proceeds on exercise of stock options                    1             18    Proceeds on common share offering (note 30)          2,910              -  Debt (note 24b)                                                                Proceeds                                             5,414          2,000    Repayments                                          (6,412)        (1,393) Dividends (note 30)                                     (508)          (750) Funding from non-controlling interests (note                                  31)                                                      55            505  Deposit on silver sale agreement (note 28)                 -            137  Other financing activities (note 14c)                   (118)           (25) ---------------------------------------------------------------------------- Net cash provided by financing activities from                                continuing operations                                 1,342            492  ---------------------------------------------------------------------------- Net cash used in financing activities from                                    discontinued operations                                   -            (69) ---------------------------------------------------------------------------- Net cash provided by financing activities              1,342            423  ---------------------------------------------------------------------------- Effect of exchange rate changes on cash and                                   equivalents                                             (17)             7  ---------------------------------------------------------------------------- Net increase (decrease) in cash and                                           equivalents                                             327           (652) Cash and equivalents at beginning of year                                     (note 24a)                                            2,097          2,749  ---------------------------------------------------------------------------- Cash and equivalents at the end of year (note                                 24a)                                          $       2,424  $       2,097  ---------------------------------------------------------------------------- Less cash and equivalents of assets classified                                as held for sale at the end of year                      20              -  ---------------------------------------------------------------------------- Cash and equivalents excluding assets                                         classified as held for sale at the end of                                    year                                          $       2,404  $       2,097  ----------------------------------------------------------------------------  /T/  The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.  Consolidated Balance Sheets  /T/  Barrick Gold Corporation                                                      As at           As at  December 31,      January 1,  As at             2012            2012 (in millions of United         December 31,      (restated -     (restated -  States dollars)                       2013         note 2y)        note 2y) ---------------------------------------------------------------------------- ASSETS                                                                       Current assets                                                                 Cash and equivalents                                                        (note 24a)               $         2,404  $         2,097 $         2,749   Accounts receivable (note                                                   17)                                  385              449             426   Inventories (note 16)               2,679            2,585           2,498   Other current assets                                                        (note 17)                            421              626             876 ---------------------------------------------------------------------------- Total current assets                                                          (excluding assets                                                            classified as held for                                                       sale)                                5,889            5,757           6,549   Assets classified as held                                                   for sale                             323                -               - ---------------------------------------------------------------------------- Total current assets                  6,212            5,757           6,549  Non-current assets                                                             Equity in investees (note                                                   15a)                                  27               20             341   Other investments (note                                                     15b)                                 120               78             161   Property, plant and                                                         equipment (note 18)               21,688           29,277          29,076   Goodwill (note 19a)                 5,835            8,837           9,626   Intangible assets (note                                                     19b)                                 320              453             569   Deferred income tax                                                         assets (note 29)                     501              437             409   Non-current portion of                                                      inventory (note 16)                1,679            1,555           1,153   Other assets (note 21)              1,066            1,064           1,002 ---------------------------------------------------------------------------- Total assets                $        37,448  $        47,478 $        48,886 ---------------------------------------------------------------------------- LIABILITIES AND EQUITY                                                       Current liabilities                                                            Accounts payable (note                                                      22)                                2,165            2,267           2,085   Debt (note 24b)                       179            1,848             196   Current income tax                                                          liabilities                           75               41             306   Other current liabilities                                                   (note 23)                            303              261             326 ---------------------------------------------------------------------------- Total current liabilities                                                     (excluding liabilities                                                       classified as held for                                                       sale)                                2,722            4,417           2,913   Liabilities classified as                                                   held for sale                        162                -               - ---------------------------------------------------------------------------- Total current liabilities             2,884            4,417           2,913  Non-current liabilities                                                        Debt (note 24b)                    12,901           12,095          13,173   Provisions (note 26)                2,428            2,812           2,326   Deferred income tax                                                         liabilities (note 29)              2,258            2,668           4,231   Other liabilities (note                                                     28)                                  976              850             689 ---------------------------------------------------------------------------- Total liabilities                    21,447           22,842          23,332 ---------------------------------------------------------------------------- Equity                                                                       Capital stock (note 30)              20,869           17,926          17,892 Retained earnings (deficit)          (7,581)           3,269           4,562 Accumulated other                                                             comprehensive income                   (69)             463             595 Other                                   314              314             314 ---------------------------------------------------------------------------- Total equity attributable                                                     to Barrick Gold                                                              Corporation shareholders            13,533           21,972          23,363   Non-controlling interests                                                   (note 31)                          2,468            2,664           2,191 ---------------------------------------------------------------------------- Total equity                         16,001           24,636          25,554 ---------------------------------------------------------------------------- Contingencies and                                                             commitments (notes 16, 18                                                    and 35)                                                                     ---------------------------------------------------------------------------- Total liabilities and                                                         equity                     $        37,448  $        47,478 $        48,886 ----------------------------------------------------------------------------  /T/  The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.  Consolidated Statements of Changes in Equity  /T/  ------------------------------------------ Barrick Gold                         Attributable to equity holders of the    Corporation                                        company                  ----------------------------------------------------------------------------  Accumulated   other  (in millions of             Common                            comprehensive   United States          Shares (in    Capital      Retained          income   dollars)               thousands)      stock      earnings       (loss)(1)  ---------------------------------------------------------------------------- At January 1, 2013                                                            (restated - note 2y)    1,001,108 $   17,926 $       3,269  $          463  ----------------------------------------------------------------------------   Net loss                       -          -       (10,366)              -    Total other                                                                 comprehensive                                                              income (loss)                 -          -            24            (532) ----------------------------------------------------------------------------   Total comprehensive                                                         loss                          - $        - $     (10,342) $         (532) ----------------------------------------------------------------------------   Transactions with                                                           owners                                                                     Dividends                    -          -          (508)              -   Issued on public                                                          equity offering       163,500      2,934             -               -   Issued on                                                                 exercise of                                                              stock options              44          1             -               -   Recognition of                                                            stock option                                                             expense                     -          8             -               -   Funding from non-                                                         controlling                                                              interests                   -          -             -               -   Other decrease in                                                         non-controlling                                                          interests                   -          -             -               -  ----------------------------------------------------------------------------   Total transactions                                                          with owners             163,544 $    2,943 $        (508) $            -  ---------------------------------------------------------------------------- At December 31, 2013     1,164,652 $   20,869 $      (7,581) $          (69) ----------------------------------------------------------------------------  At January 1, 2012                                                            (restated - note 2y)    1,000,423 $   17,892 $       4,562  $          595  ----------------------------------------------------------------------------   Net loss                       -          -          (538)              -    Total other                                                                 comprehensive loss            -          -            (5)           (132) ----------------------------------------------------------------------------   Total comprehensive                                                         loss                          - $        - $        (543) $         (132) ----------------------------------------------------------------------------   Transactions with                                                           owners                                                                     Dividends                    -          -          (750)              -   Issued on                                                                 exercise of                                                              stock options             685         18             -               -   Recognition of                                                            stock option                                                             expense                     -         16             -               -   Funding from non-                                                         controlling                                                              interests                   -          -             -               -   Other decrease in                                                         non-controlling                                                          interests                   -          -             -               -  ----------------------------------------------------------------------------   Total transactions                                                          with owners                 685 $       34 $        (750) $            -  ---------------------------------------------------------------------------- At December 31, 2012                                                          (restated - note 2y)    1,001,108 $   17,926 $       3,269  $          463  ----------------------------------------------------------------------------  ----------------------------                            Barrick Gold            Attributable to equity                                Corporation            holders of the company                               ---------------------------------------------------------------------------- (in millions of                      Total equity          Non-               United States                    attributable to   controlling       Total   dollars)              Other(2)      shareholders     interests      equity  ---------------------------------------------------------------------------- At January 1, 2013                                                            (restated - note 2y) $     314 $          21,972  $      2,664  $   24,636  ----------------------------------------------------------------------------   Net loss                    -           (10,366)         (237)    (10,603)   Total other                                                                 comprehensive                                                              income (loss)              -              (508)            -       (508)  ----------------------------------------------------------------------------   Total comprehensive                                                         loss               $       - $         (10,874) $       (237) $  (11,111) ----------------------------------------------------------------------------   Transactions with                                                           owners                                                                     Dividends                 -              (508)            -        (508)  Issued on public                                                          equity offering          -             2,934             -       2,934   Issued on                                                                 exercise of                                                              stock options            -                 1             -           1   Recognition of                                                            stock option                                                             expense                  -                 8             -           8   Funding from non-                                                         controlling                                                              interests                -                 -            55          55   Other decrease in                                                         non-controlling                                                          interests                -                 -           (14)        (14) ----------------------------------------------------------------------------   Total transactions                                                          with owners        $       - $           2,435  $         41  $    2,476  ---------------------------------------------------------------------------- At December 31, 2013  $     314 $          13,533  $      2,468  $   16,001  ----------------------------------------------------------------------------  At January 1, 2012                                                            (restated - note 2y) $     314 $          23,363  $      2,191  $   25,554  ----------------------------------------------------------------------------   Net loss                    -              (538)          (11)       (549)   Total other                                                                 comprehensive loss         -              (137)            -        (137) ----------------------------------------------------------------------------   Total comprehensive                                                         loss               $       - $            (675) $        (11) $     (686) ----------------------------------------------------------------------------   Transactions with                                                           owners                                                                     Dividends                 -              (750)            -        (750)  Issued on                                                                 exercise of                                                              stock options            -                18             -          18   Recognition of                                                            stock option                                                             expense                  -                16             -          16   Funding from non-                                                         controlling                                                              interests                -                 -           505         505   Other decrease in                                                         non-controlling                                                          interests                -                 -           (21)        (21) ----------------------------------------------------------------------------   Total transactions                                                          with owners        $       - $            (716) $        484  $     (232) ---------------------------------------------------------------------------- At December 31, 2012                                                          (restated - note 2y) $     314 $          21,972  $      2,664  $   24,636  ----------------------------------------------------------------------------  /T/  /T/  (1) Includes cumulative translation adjustments as at December 31, 2013: $80  million loss (2012: $13 million).                                        (2) Includes additional paid-in capital as at December 31, 2013: $276         million (December 31, 2012: $276 million) and convertible borrowings -    equity component as at December 31, 2013: $38 million (December 31,       2012: $38 million).                                                       /T/  The notes to these unaudited consolidated financial statements, which are contained in the Fourth quarter and Year-end report, available on our website, are an integral part of these consolidated financial statements.  /T/  CORPORATE OFFICE                             TRANSFER AGENTS AND REGISTRARS  Barrick Gold Corporation                     CST Trust Company               Brookfield Place, TD Canada Trust Tower      P.O. Box 700, Postal Station B   Montreal, Quebec, Canada H3B    Suite 3700                                   3K3                             161 Bay Street, P.O. Box 212                 or                               American Stock Transfer & Trust Toronto, Canada M5J 2S1                      Company, LLC                    Tel: (416) 861-9911  Fax: (416) 861-0727     6201 - 15 Avenue                Toll-free throughout North America: 1-800-                                   720-7415                                     Brooklyn, NY 11219              Email: investor@barrick.com                  Tel: 1-800-387-0825              Toll-free throughout North      Website: www.barrick.com                     America                          Fax: 1-888-249-6189             SHARES LISTED                                Email: inquiries@canstockta.com ABX - The New York Stock Exchange            Website: www.canstockta.com      The Toronto Stock Exchange                                              /T/  CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION  Certain information contained or incorporated by reference in this Fourth Quarter and Year-End Report 2013, including any information as to our strategy, projects, 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 "believe", "expect", "anticipate", "contemplate", "target", "plan", "intend", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the company, 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. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold and copper or certain other commodities (such as silver, diesel fuel and electricity); changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the company does or may carry on business in the future; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; adverse changes in our credit rating; the impact of inflation; fluctuations in the currency markets; operating or technical difficulties in connection with mining or development activities; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses and permits; contests over title to properties, particularly title to undeveloped properties; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; litigation; business opportunities that may be presented to, or pursued by, the company; our ability to successfully integrate acquisitions or complete divestitures; employee relations; availability and increased costs associated with mining inputs and labor; and; the organization of our African gold operations and properties under a separate listed company. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold/copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this Fourth Quarter and Year-End Report 2013 are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.  The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.  -30- FOR FURTHER INFORMATION PLEASE CONTACT:  INVESTOR CONTACT: Amy Schwalm Vice President, Investor Relations (416) 307-7422 aschwalm@barrick.com or MEDIA CONTACT: Andy Lloyd Vice President, Communications (416) 307-7414 alloyd@barrick.com  INDUSTRY:  Manufacturing and Production - Mining and Metals  SUBJECT:  ERN