Barrick Earns Over $1 Billion in First Nine Months of 2006; Earnings and Cash Flow Per Share Rise Over 100%

Market Wire, November, 2006

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX)(LSE: BGD) -

THIRD QUARTER REPORT 2006 - NOVEMBER 2, 2006

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, and mine statistics, please see the Company's website, www.barrick.com/Investors/Annual&QuarterlyReports/

Highlights

- Q3 net income was $405 million ($0.46 per share) compared to $113 million ($0.21 per share) in the prior-year period, and Q3 operating cash flow was a record $805 million ($0.92 per share) compared to $232 million ($0.43 per share) in the prior-year period.

- Q3 equity gold production was 2.2 million ounces at total cash costs of $281 per ounce(1), for year-to-date gold production of 6.2 million ounces at total cash costs of $282 per ounce. The Company expects to meet its original 2006 gold production and cash cost guidance and is targeting to produce about 8.6 million ounces of gold at total cash costs of about $285 per ounce.

- Q3 copper production was 95 million pounds at total cash costs of $0.81 per pound(1), for a year-to-date total of 267 million pounds at total cash costs of $0.77 per pound. The Company is on track to meet its production guidance of 370 million pounds at total cash costs of about $0.80 per pound.

- During Q3, the Company announced that it had entered into an agreement to sell its interest in the South Deep mine to Gold Fields Limited for total consideration of $1.525 billion. The transaction is expected to close in early 2007.

- During Q3, Barrick announced all-cash offers for NovaGold Resources Inc. and Pioneer Metals Corporation. On October 24, 2006, Barrick announced its best and final offer price for NovaGold of US$16.00 per common share and extended the offer to November 7, 2006.

- In October 2006, Barrick successfully completed the issuance of $1 billion of copper-linked notes. Proceeds of this offering were used to repay existing short-term debt and will be used to fund Barrick's development projects.

- On November 1, 2006, Barrick entered into a preliminary agreement with Highland Gold Mining Limited to contribute its 50% interest in the Taseevskoye deposit and other exploration properties to Highland and increased its ownership to 34%.

Barrick Gold Corporation today reported net income of $405 million ($0.46 per share) for third quarter 2006, up significantly from net income of $113 million ($0.21 per share) in the year-earlier period. Third quarter 2006 net income was reduced by $45 million ($0.05 per share) of special items (see page 9 of Management's Discussion and Analysis for further details).

Operating cash flow for third quarter 2006 was a Company record of $805 million ($0.92 per share), compared with the prior-year period of $232 million ($0.43 per share).

"Our third-quarter results demonstrate the Company's ability to generate robust earnings and cash flow through expanded margins from its global portfolio of assets," said Greg Wilkins, President and CEO. "This has translated into impressive per share growth as we benefit from leverage to higher metal prices."

PRODUCTION AND COSTS

In third quarter 2006, Barrick produced 2.2 million ounces of gold at total cash costs of $281 per ounce, compared to 1.5 million ounces produced at total cash costs of $210 per ounce for the prior-year quarter. The increase in production year-over-year is due to the successful acquisition of Placer Dome.

Barrick's financial results benefited from the strong gold price, as it realized $581 per ounce on its gold sales. During the third quarter, Barrick sold all its gold production at spot prices, and incurred a $79-million charge against gold sales for the impact of the previously-announced Placer Dome hedge book close-out. In the first nine months, the Company's margin over its total cash costs has increased by 47% year-over-year due to the rising gold price environment. The Company also produced 95 million pounds of copper during the third quarter 2006, and realized $3.32 per pound on its copper sales relative to its total cash costs of $0.81 per pound.

REGIONAL RESULTS

North America

The North America region's third-quarter gold production was 0.8 million ounces, similar to the prior-year's production levels, at total cash costs of $344 per ounce compared to $224 per ounce in the prior-year period. Production from Goldstrike was lower in the third quarter due to lower-grade ore processed from the open-pit stockpiles. The Company expects North American gold production for the fourth quarter of 2006 to be higher primarily due to higher production from Goldstrike and Cortez. Total cash costs for the region increased over the same period primarily due to the mix of production from the acquired mines, and lower production from Goldstrike.

The Cortez Hills project is nearing the end of its first year, with about $40 million of the $480-million project budget spent to date. The Company targets completion of the environmental impact statement and receipt of required approvals in the second half of 2007, thereby allowing the 15-month construction period to commence. At present, open-pit mining equipment is being procured, and development of twin declines for underground exploration continues to advance.