Barrick Announces New Executive Management Structure

Barrick Announces New Executive Management Structure 
TORONTO, ONTARIO -- (Marketwired) -- 07/16/14 --   The Board of
Directors of Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) (Barrick
or the "company") today unveiled a new executive management structure
that will enable the company to meet the distinct demands and
challenges of the mining industry in the 21st century. 
Kelvin Dushnisky, currently Senior Executive Vice President
responsible for Corporate and Government Affairs and Chairman of
African Barrick Gold plc, and Jim Gowans, currently Executive Vice
President and Chief Operating Officer, will be appointed
Co-Presidents with overall responsibility for execution of the
company's strategic priorities and operating plans. This model
reflects the interconnected nature, and strategic importance of
jointly managing day-to-day mining operations and the company's
relationships with host governments, local communities and other
external stakeholders. As Co-Presidents, Messrs. Dushnisky and Gowans
will be responsible for the seamless execution of both functions at
all times. 
Ammar Al-Joundi will be promoted to Senior Executive Vice President
and Chief Financial Officer and will also work closely with the
Chairman on the development and execution of strategic initiatives.  
Darian Rich will become Executive Vice President, Talent Management,
a new position that reflects the critical requirement that any
company seeking to be the leader in its field must attract, retain
and develop exceptional people.  
In conjunction with this restructuring, President and Chief Executive
Officer Jamie Sokalsky will be stepping down effective September 15,
2014. In the interim, Mr. Sokalsky will assist in facilitating a
smooth transition to the new leadership structure. 
"These structural changes put an even greater emphasis on operational
excellence, and will accelerate our portfolio optimization and cost
reduction initiatives, while fostering a partnership culture both
inside the company and externally," said Chairman John Thornton.
"Internally, that means our people will be financially invested for
the long-term in Barrick's success, and personally committed to a
culture of teamwork that balances individual and collective
responsibility and accountability. Externally it means building
enduring partnerships with the key stakeholders who are central to
our success, including long-term investors, host governments, local
communities and NGOs." 
"On behalf of the entire Barrick team, I would like to thank Jamie
for his many contributions to the development and success of the
company over 20 years," added Mr. Thornton. "The changes we are
announcing today build on the operating model that Jamie and his team
implemented over the past year, setting the stage for us to move
forward as a nimble, more versatile company focused on shareholder
During his tenure as CEO, Mr. Sokalsky introduced a strategy to
prioritize returns and free cash flow over production growth and led
a company-wide portfolio optimization program. He also spearheaded
successful initiatives to reduce costs and strengthen the company's
balance sheet. 
"I'm fortunate to have worked with so many great people over my
career at Barrick and I'm particularly proud of what we have been
able to accomplish over the past two years with the support and
dedication of the entire Barrick team," said Mr. Sokalsky. "It is now
time for the next phase of the company's development. I believe our
new management structure will allow Barrick to address successfully
the key challenges facing the mining industry today, and in turn,
will position the company to deliver superior returns to its
shareholders in the future." 
Certain information contained or incorporated by reference in this
press release, 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
word "will" 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; 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; and our ability to successfully complete
transactions. 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 press release 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
Vice President, Investor Relations
(416) 307-7422 
Vice President, Communications
(416) 307-7414
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