Ladies and gentlemen, thank you for standing by. And welcome to the Barrick Gold Corporation fourth quarter 2009 results release conference call. During the presentation all participants will be in a listen-only mode. Afterwards we will conduct a Q&A session. (Operator's Instructions) As a reminder, this conference is being recorded Thursday, February 18, 2010. It is now my pleasure to introduce Deni Nicoski, Vice President, Investor Relations. You may go ahead.

Thanks operator, and good morning, everyone. Before we begin I will bring to your attention the fact that we will be making forward looking statements during the course of this presentation. For a complete discussion of the risks, uncertainties and facts which may lead to our actual financial results and performance being different from the estimates contained in our forward looking statements, please refer to our year-end reports or our most recent AIF filing. With that I'll hand it over to Aaron Regent, President and CEO of Barrick.

Thanks, Deni and good morning and thank you for joining our fourth quarter conference call. I am joined here today by Jamie Sokalsky, Peter Kinver and Patrick Garver and other members of the senior management team. And so between all of us we will be sharing this presentation and we'll be available to answer your questions as well. I'll start by covering some of the highlights of 2009 and then I'll turn over to Jamie to take you through our quarterly results and financial position in a bit more detail. Finally then I will give you an update on our projects including the purchase of an additional 25% interest in Cerro Casale, our 2010 outlook and an overview of the creation of African Barrick Gold. I will finish off with some brief comments on our outlook for these gold markets. I'll probably apologize upfront; we have a lot of material to cover today so our formal presentation might be a bit longer than normal. But we will try to move things along quickly. Overall, returning to our, looking at 2009, overall I think we had a fairly productive year. We've met our operating cost targets, goal production was 7.4 million ounces, total cash cost of $460 per ounce and copper production was 393 million pounds, the total cash cost of $117 per pound. I think this reflects one of the strengths of that and that we have a diversified operating base which provides us with a high degree of stability to our production results. We continue to advance our project pipeline, Buzwagi is now in operation, Cortez is essentially complete on schedule and in line with its capital budget. Pueblo Viejo and Pascua-Lama also remain on track and on budget and beyond these first year projects, we've also made good…

Thanks Aaron. Gold production at 1.9 million ounces at total cash costs of $474 per ounce in the fourth quarter enabled us to meet our original production guidance for the year. On a net basis after applying our copper revenue as a by product, cash costs for the quarter was some $153 per ounce lower at $321 per ounce. Copper production was 98 million pounds, at lower than expected total cash costs of a $1.8 per pound and that was driven by a higher relative contribution from our lower cost Zaldivar operation. Our realized gold price for the quarter was a record $1119 per ounce and that was $19 higher than the spot price. And our copper hedge position allowed us to realize a price of $3.44 per pound and that was $0.43 higher than the average spot price. On an adjusted basis, our net income of $604 million or $0.61 per share was 118% higher compared to $277 million or $0.32 per share a year ago and that reflects higher gold and copper margins and higher copper sales which was partly offset by somewhat lower gold sales. A reported net income of $215 million or $0.22 per share compares to the loss of $468 million or $0.54 per share a year ago. And that largely reflects a number of items. The final charge of $241 million or $0.24 per share related to the mark-to-market adjustment on the gold hedges which were completely eliminated in the fourth quarter. Now, the $102 million or $0.10 per share for some non-cash impairment charges, and finally $59 million or $0.6 per share of a reduction and deferred tax assets which was caused from a reduction in the Ontario corporate tax rate. So on an adjusted basis, operating cash flow of $921 million was…

Thanks Jaime. This next slide shows the seven projects that we have in our pipeline. I'd like to provide you an update on where we stand with each of these. Our three advanced projects remain on schedule in line with their capital budgets. Cortez Hills is producing now. Pueblo Viejo will begin producing in the late 2011 and Pascua-Lama in late 2012, early 2013. The full capacity of these three mines will produce above 2.4 million ounces of average annual production at lower cash cost in our current portfolio. The other four projects are at the feasibility stage or [permitting] stage. They're each large, long life and low cost mines which provide us with considerable development options for the future. I'd like to comment first of Cortez Hills which is in Nevada and as I said is essentially complete and is in the final stages of commissioning and I think its worth noting that this the seventh mine that Barrick has delivered on time in the last five years. Cortez is currently running at our planned rate of 400,000 tonnes per day. We are crushing, conveying and stacking ore. The project is on schedule, on budget. In its recent photo you can see the completed conveyor and the process stockpile which is connected to across the valley. For 2010, the entire Cortez property is expected to deliver around 1.1 million ounces at a cash cost of around $300 per ounce. This assumes that there is no interruption to our operations. But on that I'd like to provide an update on the status of the Ninth Circuit Court decision related to a motion, to stop work on the project and a trial on the merits. By way of background which I think is helpful to understand where we stand. So going…

(Operator Instructions). Our first question is from the line of David Christie from Scotia Capital.

Just a couple of quick questions here I guess. First on Cerro Casale, when will you be pushing towards submitting and permitting what's your sort of timeline on that?

I suspect we will be doing that early this year, and the timing in terms of approvals of both the EIS and the [sectoral province] will likely be in the third quarter, or fourth quarter of 2011.

And sort of how does this fit in with El Morro. Let's assume you have El Morro, how would it fit in within timeline wise?

I don't know. I think that with respect to Casale we now have finalized the feasibility study, so we've a pretty good idea of what the project economics looks like. Our plan with El Morro was to spend the first part of our ownership of that project to re-refine and look at the feasibility study. We had some ideas and how we might be able to improve that and so the plant would have been to conduct that work and finalize that feasibility study and then we'd have to compare the relative merits of both project from a economic perspective as well as some of the issues from a permitting perspective. So I think that I realize we had not made a decision one way or the other. The first thing was to, as I think I said before, first thing was to get hold of El Morro and then do the work and then we've been in a position to determine what would make sense.

Okay, so you're like, probably you're behind on sort doing the tactical work on that one from Cerro.

I think El Morro, I don't know. I think about a year, six months, be it plus or minus, the projects themselves are pretty close.

Okay, and just moving on to African Barrick, I don't know what you can answer on that but why none of the debt going to the New Gold.

Pardon me?

Why none of the debt going into the New Gold.

Why no debt? Well I think what we're trying to do is position the company and as I said in my remarks to really lever the base we have there to accelerate the growth of the company. We think there are a number of opportunities in Africa, opportunities which are probably smaller from a resource and production perspective. So it won't have a big impact on Barrick but they could have a big impact on the profile of this company. And so we wanted to ensure they were set up in a way where they had lots of flexibility to pursue those options. I know a few things that I think are kind of in the pipeline of the things that are being looked at. So as I said, we shared a strong balance sheet so we could facilitate the growth of the company.

Okay and so head office will be in London?

Head office is in London.

So what kind of reduction in Toronto head office costs will it be? If any.

I think that I don't expect that to be much if any at all.

Our next question comes from the line of Greg Barnes, TD Newcrest. You may proceed.

Aaron did you pursue other opportunities to monetize African Barrick did you look to sell the assets.

We get proposals all the time as you can imagine and it does reflect the fact that there are a shortage of producing assets in the industry so we get approached all the time but that wasn't something that we are particularly interested in or and quite frankly I think we can create a lot more value in this form than by just if you want to just by selling assets individually but that's not our strategy. Our strategy is we think there's lots of potential in Africa. We think it's a unique business environment and so we are establishing a structure which I think is very customized to the continent and customized to the opportunities that are out there and that's why we went this route.

Now that growth opportunities within African Barrick are they organic growth opportunities or are they opportunities you are going to have to go to out or they are going to have to go out and buy?

I guess Greg this is what I am starting to get a territory where I am constrained in what I can say what I will tell you is that from a timing perspective you know a road show will be conducted within I guess starting around March 5 or so. And so there will be a lot more disclosure materially if you can look at which will give you a sense of how the company is positioned currently and what its future looks like.

Okay well just on a broader perspective then is this like to call it sort of a shrink to grow opportunity for Barrick you can take these lower growth higher cost regions of the world, spend them out and focus more on growth of your opportunities in South America and North America. I guess I am leading to the ideas, Australia clearly is an area where you don't have a lot of growth high cost declining reserve basis this something you would consider for that region as well?

No, I think we are very focused on Africa and I said the type of opportunities we see in Africa are of a smaller scale that we see another parts of the world and so we're trying to right size the business to enable us to pursue those opportunities and in the way where I think that we'll have a positive impact on the profile of the company and we think that is a public company that will get better reflected in the recognition of value, when we look around the world they are still, we think Australia but we also look at Papua New Guinea we think there is lots of opportunities and potentially big opportunities in PNG and you can sort of see that and where our exploration dollars are going in North America, and Nevada, there is still again lots of potential in Nevada including South America that's also [Elephant] country. So as say that's really…I

(inaudible) very much so that kind of was excluding PNG so its just Australia, the continent looking at those assets there they are growing very much in your high cost some difference with the African assets in that perspective.

They also generate a lot of cash flow for us it's a very stable jurisdiction and we are not giving up on growth in Australia either the mandate that all of the regions have to grow and we're not giving up on our ability to grow Australia, so I wouldn't want to come to that conclusion.

Our next question is from the line of Heather Douglas with Thomas Weisel Partners.

I have a quick question about Cerro Casale, you mentioned that with the new feasibility that identified opportunities to improve recoveries, can you tell us what the new recoveries are?

The gold recoveries have gone from about 70% to around 74%. Silver recoveries have gone up quite significantly, recall from our 46% to around 82% and copper recoveries have gone from above 84% to 91%.

That's a nice move. And then a quick question just on Australia, about a month ago, there was news about the country considering a new royalty, and how would that impact your, take this already a royalty in Western Australia, would that just be in addition, or do you have any more clarity on that?

It's a broader tax reform proposal that's happening in Australia, and I think it's still very early stages and we don't really know what how it's going to shake out; we'd be upsizing at this stage.

Our next question is from the line of John Tumazos, John Tumazos Independent Research.

Congratulations on all the progress. In terms of the African IPO, will Kabanga nickel be a part of it and should we expect more moves to simplify or streamline Barrick? Should we look at the African IPO as a way of funding Pueblo Viejo and Pascua and would there be something down the road that would match up in 2012 and 2013 for the Cerro Casale capital spending.

Well first of all on Kabanga, the answer is no, Kabanga will not be part of this new company. It doesn't really fit within the strategy that we have which is a focus on gold and growing our gold production and reserves and resources. So Kabanga is not part of it. And clearly the repatriation of capital enhances our financial resources. But I think as Jaime highlighted in his comments and so did I, we are currently generating significant operating cash flows. We've got cash in the balance sheet. We've got a strong balance sheet. So this wasn't a move that was necessary in order for us to find or advance our project pipeline. So I don't think that you should anticipate something similar to this happening in subsequent years. What I will say though is that one of our objectives that I sort of set out is growing the net asset value of the company and growing our leverage on a per share basis to changing the gold price. And so we will always be looking at how do we optimize our portfolio and if there are ways to reconfigure the portfolio to a change or address those two objectives we'll look at that but there is nothing specific that I could comment on at this point.

(Operator instructions). We have a question from the line of Haytham Hodaly from Salman Partners. You may proceed.

Just a quick follow up on Cerro Casale; just curious with regards to the purchase price from Kinross what commodity price functions did you use, what discount rate do you feel is fair to apply to it and I am assuming you did it based on some form of [NPV] analysis, is that correct.

In combination of all that. The price assumptions like most of our acquisitions will use a number of different benchmarks. We have our kind of internal treasury prices we'll look at forward curves and will also look at consensus. For projects we are looking for double digit after tax rate of returns that is our kind of bogey and so that would factor into obviously the purchase price. And in this case there was a recognition that we were effectively trying a climate control of the project which strategically was important to us and so there was a bit of that that, that were reflecting the purchase price as well.

Our next question is from the line of Mr. Christie form Scotia Capital. You may proceed sir.

Just one more question on the African Barrick is there an agreement between the two companies Barrick and African Barrick that they will stay out of each other's territories.

Yes there is there's a non-compete. So there's a mechanism where any goal opportunity in Africa will be the African Barrick has the first right to any of those opportunities.

Okay so even if it's a super large deposit that is typically a Barrick deposit so you can't go there.

That's correct but we also own 75% of the company

Great. And they can't come to Chile was that same?

Correct.

(Operator Instructions). Our next question from the line of Sayan Ghosh from Citadel Investment Group, please proceed.

Clarify, are you guys mining and conducting business as usual based on you revised mine plan before you hear back on the injunction or are things on hold there till end of March or whenever the hearing is?

No I think Cortez is effectively, we have not altered our plan or operations at this point I just said we have developed a revised plan which we presented to the district court which we think addresses the two areas identified by the Ninth Circuit but we have not put that plan in actions at this point. So its basically ramping up on schedule and as originally anticipated.

Our next question from the line of Steven Butler, Canaccord Adams you may proceed.

Cerro Casale, timing of complete I guess with this feasibility study now Aaron or [pre-fes] still?

It's a bankable to be at best level.

Okay and timing of construction decision I guess there is still a way to some sort of semi final permitting steps in Chile?

The permitting process, the EIS will probably take about 18 or so months to complete. It's a point where we have to make a construction decision towards the end of 2011. And based on that, this will come into production kind of late 2014, 2015. It actually comes in nicely compared to will be finished Pascua-Lama at that point, this will come in after that.

And we had the earlier filing this year based on last year's analysis for reserves, and I guess is of Kinross filing on CEDAR there will be a filing I guess assuming the next several weeks here?

I understand that Kinross will be making that filing.

Not yet need to do all numbers for us; you've given us some good numbers here in the release today in terms of indicative high level production numbers like with mine et cetera. Will there be more detailed financial analysis in this study there was not one presented in the technical report earlier this year or that last year?

I don't know. I think along the course, we cannot do those filings, so I suspect it will be, I suspect there we will be consistent with the past, but I don't know. Well, that there is no further question. So I want to again thank you for joining the call and bearing with us, as we went through a kind of a lengthy formal of presentation and of course do you have further questions, please don't hesitate to call us, but again thanks for joining us today and with that operator will conclude the call.

Thank you. Ladies and gentlemen, that does conclude the conference call for today. We thank you all for your participation and ask that you please disconnect your lines. Have a great day everyone.