VELADERO

Barrick Gold is offering US$10 million to anyone who can come up with a process to unlock much more silver from the ore at its Veladero gold mine in Argentina.

Barrick Gold announced plans to invest approximately US$68-million in projects that will harness the advantages of clean energy and enhance existing power infrastructure in Chile and Tanzania. In Chile, Barrick submitted a proposal to national environmental authorities to build a US$40-million wind farm, located in the Punta Colorada area of La Higuera, Coquimbo region, that will feature 10 state-of-the-art wind turbines and contribute up to 20 megawatts of energy to Chile's national power grid. In Tanzania, Barrick is financing a US$28-million project to bring electricity to parts of the remote Mara region of Tanzania, where the company's North Mara mine is located. The project, a partnership between Barrick and the Tanzanian government, is in line with the government's plan to bring electricity to 25% of the population by 2010, compared to the 10% that currently have access to electricity. In addition, Barrick is installing a two-megawatt demonstration wind turbine near its Veladero mine in San Juan, Argentina and has commenced construction of a one-megawatt solar energy farm adjacent to its 115-megawatt natural gas generating station.

Barrick Gold Corp has poured its first gold earlier than previously expected at its Veladero Mine in Argentina. "We are very excited about this event as Veladero will be a significant contributor to Barrick's growing production profile," Barrick president and CEO Greg Wilkins said in a release. The company said it expects gold production for 2005 at the mine to be between 50,000 and 55,000 ounces and to average about 700,000 ounces per year over the first three full years of operation.