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UPDATE: Barrick Reports First Quarter 2012 Financial and Operating Results; Shrs Fall More than 2% in Early Trade

First Quarter 2012 Financial Highlights:

- Reported net earnings of $1.03 billion ($1.03 per share), a 3% increase from $1.00 billion ($1.00 per share) in the first quarter of 2011 and adjusted net earnings of $1.09 billion ($1.09 per share), an 8% increase from $1.00 billion ($1.01 per share) in same prior year period.

- EBITDA of $2.0 billion), a 9% increase from $1.83 billion in the first quarter of 2011

- Operating cash flow of $1.27 billion and adjusted operating cash flow of $1.37 billion compare to $1.44 billion for both reported and adjusted operating cash flow in the first quarter of 2011.

First Quarter 2012 Operating Highlights:

- Gold and copper production of 1.88 million ounces and 117 million pounds, respectively.

- Gold total cash costs of $545 per ounce and net cash costs of $432 per ounce.

- Gold total cash margins of $1,146 per ounce, up 20% from $952 per ounce in the first quarter of 2011 and net cash margins of $1,259 per ounce, up 16% from $1,081 per ounce in the same prior year period.

- Copper C1 cash costs of $2.08 per pound and copper cash margins of $1.70 per pound.

Full Year 2012 Operating Outlook

- Barrick maintains its full year 2012 gold production guidance of 7.3-7.8 million ounces at total cash costs of $520-$560 per ounce and net cash costs of $400-$450 per ounce.

- The company expects full year 2012 copper production of 550-600 million pounds at C1 cash costs of $1.90-$2.20 per pound.

Close to 360,000 shares have been traded so far.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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