TORONTO, ONTARIO and SAN JOSE, CALIFORNIA--(Marketwired - Sept. 12, 2016) - Barrick Gold
Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the "company") and Cisco today announced they will partner for the digital
reinvention of Barrick's business, bringing together cutting-edge technology and expertise to unleash the full potential of
mining.
"We are proud to partner with Cisco to drive our digital reinvention," said John L. Thornton, Barrick's Executive
Chairman. "Harnessing the potential of digital technology will unlock value across our business, helping us grow our free cash
flow per share. In so doing, we will make ourselves into a leading twenty-first century company - enhancing productivity and
efficiency at our mines, and improving decision-making and performance across every area of our business. We mean to create value
and push the boundaries of our industry in entirely new ways. Just as importantly, digital technology will allow us to reduce our
environmental impact and be even more transparent with our local partners - especially indigenous communities, local governments,
and NGOs."
Cisco Executive Chairman John Chambers said, "We are going through the greatest technology and business transition
ever-the Digital Era-which will dwarf the Information Era and the value of the Internet to date. Any company that fails to
reinvent itself by harnessing digital technology will soon be left behind. Barrick has long been known for its focus on
innovation, and with Cisco's advanced technologies and strategic network of partners, we can extend the frontiers of the natural
resources industry."
Over the course of the collaboration, Barrick and Cisco will focus on research and development, and jointly use
their networks and expertise to drive Barrick's digital reinvention. In the first step of the collaboration, Barrick and Cisco
will work together to develop a flagship digital operation at the Cortez mine in Nevada-embedding digital technology in every
dimension of the mine to deliver better, faster, and safer mining. For instance, advanced sensing technology and real-time
operational data will be used to inform decision-making. Equipment will be automated for increased productivity, while predictive
algorithms will enhance the precision and speed of maintenance and metallurgy. The goal at Cortez is to redefine best-in-class
mining.
Building on the Cortez mine digitization experience, Cisco will support Barrick as it transforms its entire
business over time-bringing digital technology to all of its mines as well as to its head office. For example, interactive data
rooms outfitted with real-time data, analytics, and predictive tools will allow company leaders to work together across the
organization. An enterprise-wide analytics hub will enable performance management, and financial and operational benchmarking.
New digital tools will improve scenario planning and portfolio management. These new technologies will permit Barrick's leaders
to make decisions with greater speed, precision, and productivity; to assess and mitigate risk more effectively; and to provide
greater transparency to partners.
Digital technology will also improve Barrick's environmental and safety performance. Predictive data and analytics
will improve management of energy, water, and emissions. Real-time data capture will allow the company to be even more
transparent with, and accountable to, its local partners-for instance, by providing water monitoring information in real time.
And the use of digital technology will enhance Barrick's permitting activities, further increasing transparency to
stakeholders.
Barrick will apply the same rigor and scrutiny to its new digital projects as it would for any other capital
allocation decision. Ultimately, digital reinvention is expected to help Barrick deliver on its vision of growing free cash flow
per share over the long term.
As valuable as these new technologies will be in and of themselves, Barrick sees in them even deeper potential: to
accelerate the cultural renewal already underway across the company. As Barrick has returned to its historical commitment to
partnering, it has placed renewed emphasis on building and maintaining trust with its many stakeholders. The integration of
digital technology into the heart of the business will allow Barrick to be all the more transparent with its partners.
Furthermore, by embedding technology more deeply into the company, Barrick means to further reinvigorate its tradition as a bold,
entrepreneurial company whose people are unafraid to challenge and surpass conventions.
About Barrick
Our vision is the generation of wealth through responsible mining-wealth for our owners, our people, and the
countries and communities with which we partner.
We aim to be the leading mining company focused on gold, growing our cash flow per share by developing and
operating high-quality assets, through disciplined allocation of human and financial capital, and operational excellence.
Barrick has mining operations in Argentina, Australia, Canada, Chile, Dominican Republic, Papua New Guinea, Peru,
Saudi Arabia, the United States, and Zambia. The company was founded in 1983, and is headquartered in Toronto. Barrick's shares
trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol ABX.
About Cisco
Cisco is the worldwide technology leader that has been making the Internet work since 1984. Our people, products,
and partners help society securely connect and seize tomorrow's digital opportunity today. Discover more at newsroom.cisco.com and follow us on Twitter at @Cisco.
Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and
other countries. A listing of Cisco's trademarks can be found at www.cisco.com/go/trademarks. Third-party trademarks mentioned are the property of their
respective owners. The use of the word partner in this press release does not imply a partnership relationship between Barrick
and Cisco.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain information contained in this press release, including any information as to Barrick's strategy, projects,
plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than
statements of historical fact, are forward-looking statements. The words "will", "potential", "mean to", "can", "expect",
"would", "vision", "aim", and similar expressions identify forward-looking statements. In particular, this press release contains
forward-looking statements including, without limitation, with respect to potential improvements to financial and operating
performance at Barrick's Cortez mine and other operations that may result from digital research and development investments and
collaboration with Cisco and expectations regarding future cash flows. Forward-looking statements are necessarily based upon a
number of estimates and assumptions; including material estimates and assumptions related to the factors set forth below that,
while considered reasonable by Barrick as at the date of this press release in light of management's experience and perception of
current conditions and expected developments, are inherently subject to significant business, economic and competitive
uncertainties, and contingencies. Known and unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such
factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities
(such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development;
changes in mineral production performance, exploitation and exploration successes; risks associated with the fact that certain
digitization initiatives are still in the early stages of evaluation, and additional engineering and other analysis is required
to fully assess their impact; diminishing quantities or grades of reserves;
increased costs, delays, suspensions, and technical challenges associated with the construction of capital projects; operating or
technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in
the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental
and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals;
uncertainty whether some or all of the digitization initiatives and investments will meet Barrick's capital allocation
objectives; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and
liabilities based on projected future cash flows; adverse changes in our credit ratings; the impact of inflation; fluctuations in
the currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; changes in
national and local government legislation, taxation, controls, or regulations and/or changes in the administration of laws,
policies and practices, expropriation, or nationalization of property and political or economic developments in Canada, the
United States, and other jurisdictions in which Barrick does or may carry on business in the future; lack of certainty with
respect to foreign legal systems, corruption, and other factors that are inconsistent with the rule of law; damage to Barrick's
reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to
Barrick's handling of environmental matters or dealings with community groups, whether true or not; risk of loss due to acts of
war, terrorism, sabotage, and civil disturbances; litigation; contests over title to properties, particularly title to
undeveloped properties, or over access to water, power, and other required infrastructure; business opportunities that may
be presented to, or pursued by, Barrick; risks associated with working with partners in jointly controlled assets; employee
relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource
shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition,
there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode
or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these
risks). Many of these uncertainties and contingencies can affect Barrick's actual results, and could cause actual results to
differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Barrick. Readers
are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements
made in press release are qualified by these cautionary statements. Specific reference is made to Barrick's most recent Form
40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed
discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick's ability to
achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick 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.