Barrick Submits Formal Offer to Cadence Board

Market Wire, July, 2008

All amounts expressed in Cdn. dollars unless otherwise indicated

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) announced today it has submitted a binding all cash offer of $6.75 per share for a total cost of $410 million to the Board of Directors of Cadence Energy Inc. ("Cadence").

Barrick's offer to acquire Cadence is an innovative response to energy cost challenges facing the mining industry. Cadence's production is expected to provide a long term economic hedge of about one-quarter of Barrick's annual direct oil consumption and a considerable portion of its natural gas consumption.

The offer is open for acceptance by the Board of Directors of Cadence until 6:00 p.m. (Calgary time) on Monday, July 21, 2008.

Pursuant to Cadence's existing arrangement agreement with Daylight Resources Trust and Daylight Energy Ltd., Daylight has the right to match Barrick's offer. In the event that the Board of Directors of Cadence accepts Barrick's offer and notifies Daylight of its decision by the close of business today, Daylight's right to match Barrick's offer will expire at 5 p.m. (Calgary time) on Monday, July 21. If Daylight does not match the Barrick offer during the right to match period, Barrick anticipates that the arrangement agreement with Daylight will be terminated, Cadence and Barrick will enter into a support agreement in the form attached to Barrick's offer and Barrick will proceed as expeditiously as possible thereafter to make a formal take-over bid to acquire the Cadence shares at $6.75 per share in cash, on the terms and conditions of the support agreement.

Barrick's offer represents a premium of 17.4 per cent over the implied value of the Daylight offer, based on Daylight's closing price on July 16, 2008.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Press Release, including any information as to our future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". More particularly and without limitation, this press release contains forward looking statements and information concerning Cadence's petroleum and natural gas production and reserves and resource. All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue', "budget", "may", "intend", "estimate" 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 management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and increasing costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; adverse changes in our credit rating, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business; future well production rates; reserve and resource volumes; reserve life index; the performance of existing wells; and the success obtained in drilling new wells;. These factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.