BULYANHULU

Third quarter 2003 production was 21% lower than the prior year period, but was in line with the stabilization plan announced at the beginning of the third quarter. Cash costs for the quarter were higher than the prior year period, again reflecting the reduced mining rate as the operation is stabilized.

Making management changes aimed at improving underground mining performance and reducing costs. The top priorities for Bulyanhulu's new management team are to stabilize the underground mining operation by lowering dilution and increasing underground equipment availability, and to focus on bringing down the cost structure of the operation. To that end, the new team expects to reduce the mining rate during the second half of 2003 and eliminate non-essential fixed costs.

Barrick Gold is making management changes aimed at improving underground mining performance and reducing costs at its Bulyanhulu Mine in Tanzania. The top priorities for the mine's new management team are to stabilize the underground mining operation by lowering dilution and increasing underground equipment availability, and to focus on bringing down the cost structure of the operation. To that end, the new team expects to reduce the mining rate during the second half of 2003 and eliminate non-essential fixed costs. "In hindsight we ramped up the mining rate faster than we should have, and our performance this year has suffered for it. The changes that we're making will give us the chance to step back, strengthen the operation, and put in place the foundation for the kind of operating and financial performance we all expect from this long-term asset," said Barrick's Vice Chairman and Chief Operating Officer John Carrington in a press release.