Barrick Joins Fight Against Covid-19 in Tanzania

All amounts expressed in US dollars

DAR ES SALAAM, Tanzania, April 08, 2020 (GLOBE NEWSWIRE) -- Twiga Minerals Corporation, a joint venture between Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) and the Tanzanian government, has announced a support program to assist the country in combating and containing the Covid-19 pandemic.

Barrick’s chief operating officer for its Africa and Middle East region, Willem Jacobs, said in addition to measures already introduced to protect workers and their families living and around its mines, the company was contributing $1.7 million in the form of critical equipment and expertise to help prevent the spread of the virus in Tanzania.

Of this amount, $960,000 is destined for the national level, $505,000 to the regional level and $250,000 to the local level.

Jacobs said at the national level Barrick would be concentrating its efforts and contributions on Mloganzila as an isolation unit for confirmed cases and the Mabibo hostel as a quarantine centre. Regional support will be focused on Musoma, Shinyanga and Geita where isolation centres will be created and equipped. The company is engaging with the relevant regional commissioners to convert its support into immediate action.

Jacobs said as a committed partner to Tanzania it would also be keeping its mines operational during this challenging period to support the country’s economy. It was also engaging with its contractors and suppliers to enlist their support for the cause.

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Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information as to Barrick’s strategy or future financial or operating performance, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “support”, “assist”, “contain”, “contribute”, “support”, “will”, “believe”, “engage”, “offer” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to financial support and preventative measures implemented by Twiga Minerals Corporation to mitigate the impact of the Covid-19 pandemic in Tanzania, including by equipping regional isolation centres and engaging with regional commissioners; and efforts to support the local economy and engage with contractors and suppliers while maintaining the Tanzanian mines operational.

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: the risks associated with Covid-19 and other infectious diseases presenting as major health issues; failure to comply with environmental and health and safety laws and regulations; 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; 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 Tanzania; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with illegal and artisanal mining; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; timing of receipt of, or failure to comply with, necessary permits and approvals; litigation and legal and administrative proceedings; damage to the Barrick’s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Barrick’s handling of environmental matters or dealings with community groups, whether true or not; contests over title to properties, particularly title to undeveloped properties, or over access to water, power, and other required infrastructure; 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).

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