Pierina Mine

As of year end 2009 Pierina Mine produced 7.4 MM Au oz, meanwhile Lagunas Norte Mine produced 4.9 MM Au oz, and at the same time the company goes on exploring the Peruvian Andes, where the portfolio includes 145,192 Has in claims.

During 2009 Pierina Mine produced 270,748 Au oz. In base of current 0.65 MM Au oz in reserves and output capacity, it is expected to have a mine life until 2013. As Brownfield, were carried out 3 projects: 1) Exsur Project, at southeast of the pit, where were drilled 3,643 m in 14 holes, with the aim of finding mineralization under andesite and felsic rocks alike to current structural-controlled pit. 2) Underpit Project, at south of the pit, there were drilled 3,000 m in 15 holes with the aim of getting a better resource clasification. 3) Infill Project, located into the pit and it comprises South Body, where were executed 2,215 m in 20 holes for a better definition of the mineralized structure Pierina.

Barrick Gold announced that it has entered into an agreement with Silver Wheaton Corp. to sell 25% of the life-of-mine silver production from the Pascua-Lama project and 100% of silver production from the Lagunas Norte, Pierina and Veladero mines until project completion at Pascua-Lama. Barrick will receive a cash deposit of $625 million payable over three years as well as ongoing payments for each ounce of silver delivered under the agreement. Barrick states the transaction enhances Pascua-Lama’s economics. The Pascua-Lama project, on the border of Chile and Argentina, is expected to become one of the gold industry’s largest and lowest cost mines.