Ladies and gentlemen, thank you very much for standing by. And welcome to the Barrick Gold Second Quarter 2010 Results and Conference Call. During the presentation, all participants are in a listen-only mode. Afterwards we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference is being recorded on Thursday, July 29, 2010. I would now like to turn the conference over to Deni Nicoski, Vice President of Investor Relations. Please go ahead sir.

Thank you, operator and good morning everyone. Before we begin, I would bring to your attention the facts that we will be making forward-looking statements during the course of this presentation. For a complete discussion of the risks, uncertainties and factors 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 yearend report 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 call. I'm also joined here today by Jamie Sokalsky, Peter Kinver and Kelvin Dushnisky. There is also other members of our team here as well who will be available to answer questions later on in the call. I'll start by covering some of the highlights of the quarter and then provide you with an update on our projects. And then I'll turn the call over to Jamie to take you through our financial results in more detail, and our views and the outlook for Gold. Afterwards, we will be happy to take any questions you might have. Overall, we are pleased with the second quarter results. We had another strong quarter with significant margin expansion driven by solid operating results and a higher realized gold price. Reported net income was a record $783 million or $0.79 per share. On an adjusted basis, net income was $759 million or $0.77 per share. Our operating cash flow was excellent and exceeded $1 billion. I think that highlights the exceptional leverage that the company has to our gold prices. Our projects continued to be advance in line with our plans. The Cortez Hills mine continues to perform a health plan, and supplemental EIS and a record of decision is still expected to be issued by yearend. Our two world class low projects which are constructions Pueblo Viejo on the Dominican Republic, and Pascua-Lama on the border of Chile and Argentina remained in line with the respective pre-production capital budgets and initial production expectations. And with our strong operating results, and positive outlook, the Board of Directors has improved an increase in our common share dividend and authorized a quarterly dividend of $0.12 per share, which represents a 21% increase from the previous…

Thanks Aaron. As Aaron mentioned, we had a strong start to the year with both production growing and margins expanding. Our gold production of 1.94 million ounces in the second quarter was 4% higher than the same period a year ago. And we've held the line on total cash cost and net cash cost despite the increased royalties associated with higher gold prices and the result has been an increase in the total cash margin of 56% to $748 per ounce, and a 48% increase in the net cash margin to $847 per ounce. This margin expansion, combined with both higher gold and copper production and sales, drove record net income of $783 million or $0.79 per share. Adjusted net income rose 76% to $759 million or $0.77 per share. This also translated into robust operating cash flow of more than $1 billion in the second quarter, the second quarter on a row that we generated over a $1 billion in operating cash flow. Net operating cash flow in the second quarter was a 42% increase from the prior year period. And our first half operating cash flow totaled over $2 billion. Turning to our 2010 guidance, we continue to be on track to increase production from 2009 to 7.6 to 8 million ounces of gold at lower total cash cost of 425 to $455 per ounce or net cash cost of 345 to $375 per ounce. From a production point of view, we've had a strong first half. We expect production in the second half to be modestly lower relative to the first half as we anticipate lower production from South America. We expect our total cash cost for the year to trend to the higher end of the guidance range mainly due to the higher royalties that I…

Thanks Jamie. So, on closing, I'd say that we are pleased with the progress that we've made in the first half of this year, we achieved our operating plans with second quarter and with the rise in the gold price it has translated in the record earnings and a robust operating cash flows and we continue to be on track to deliver a higher production a lower cost this year. Cortez made a strong contribution again in the second quarter and we're pleased that it continues to exceed our expectations; this might will be a significant contributor Barrick for many years to come. But the Viejo and Pascua-Lama remain on track for initial production in the fourth quarter of 2011 and first quarter of 2013 respectively with their preproduction in capital budgets and we are making a progress on our next generation of large long life projects at Cerro Casale, Donlin and Reko Diq. Our outlook for gold remains positive and we are well-positioned to fully capture the upside from higher prices with our large production base, reserve position and stable cost structure. And our focus remains on growing the net asset value per share and metal exposure per share to maximize our leverage to increase in the gold price and the value that were accrue to our shareholders. In addition, as Jamie said we are pleased that we are in a position to return capital to our shareholders through a increased dividend while maintaining the strong balance sheet and cash resources to fund the construction of our project pipeline. So, that concludes our formal remarks and at this point operator we would be happy to open the call to questions.

Absolutely, sir. (Operators Instruction). Our first question comes from the line of Haytham Hodaly from Salman Partners. Please proceed with your question.

Thank you operator, good morning everybody.

Good morning.

Just a couple of quick questions, are you interested in terms of development projects, are you seeing a cost pressures on your range of development projects in terms of increases in capital cost?

May be I can answer that Aaron. Earlier this year, we certainly saw cost pressures in most items, steel, cement, ocean freight and so on but we've seen the last three or four months, an easing of cost pressures, and in fact in ocean freight we've seen a reversal of the increases. So I would say there -- the increases have slowed up a bit.

So would you be expecting revisions in terms of overall capital cost for past quarters etcetera or have they come down enough such that you don't expect any significant increases at that point?

No. we won't be revising because as I say as the mix bag some have gone up, some may have gone flat, some are down, but overall it's more or less where we saw the full cost.

Okay, perfect, just another question with regards to the joint venture on the Donlin project. I think it was just a brief perspective on what you expect to happen with us in the near-term?

I think that as I said in our remarks, we are continuing to try to improve the both the economics and the I guess the operational profile of the project, and that's let us to spend a fair amount of time and effort on looking at different options to bring fuel into the side. So, as I said out the option that looks quite refractive right now is to develop a pipeline to bring natural gas into the side. And so, that's where we're going to be spending a lot of our time and energy over the next, the balance of the year and into next year, and that work should be done in the second quarter, and at that we will have a pretty good assessment of what the picture of the project looks like.

Sure. With regards to the gas option what are we talking about in terms of a potential savings from the overall capital cost?

Haytham, I think at this point, it's still preliminary. We still have a lot of work to do, so if you can bear with us, I'd rather not give you numbers at this point because there are scoping level as I suppose to be more refined, but I would just suggest to you that it is, it is material to the project.

Perfect, thanks.

Okay.

Thank you, sir. Continuing on with our next question. This question comes from the line of Kerry Smith of Haywood Securities. Please proceed with your question. Kerry Smith - Haywood Securities Okay, thanks operator. Just a couple of things, for PV for the CapEx how much contingency was built into that number, and how much contingency have you actually used to date?

I think the original contingency was around 14% I believe and in terms of what we've used to date. Peter?

We've used some of the contingency, but its still -- we've still got a healthy contingency. Kerry Smith - Haywood Securities Okay, so you really haven't used very much then, Peter?

Yeah, we have -- we have used some but as the remaining amount of spend get smaller than obviously the percentage, the contingency gets healthy you know what I mean. Kerry Smith - Haywood Securities Okay, and then just on Pascua-Lama how long would it take to ramp it up once you get it up and running to get to full production? What is your sort of expectation there?

It would probably, probably take the bulk of 2013 to ramp it up. Kerry Smith - Haywood Securities Okay, so really so the nine months let's call her something.

Yeah, something like that. Kerry Smith - Haywood Securities And Peter, there was above some metallurgical that you guys had been sort of working on try and improve the silver recoveries, is all that worked down now, and in case just remind me what the silver recovery is that you're assuming there?

Well, we're actually referring to the silver recovery at Veladero. The silver recovery at Pascua-Lama is actually very good. The current silver recoveries of Veladero are low because the silvers are locked in a -- basically in the silica and it's difficult to get it out, so we ran a very successful program and looking for new ideas we had a very good response from all over the world from various organizations and we are currently reviewing. We put them on a short list of two or three and we are currently at those at the moment. Kerry Smith - Haywood Securities Okay and then just remind me this silver recovery for Pascua, I presumed I thought you had then more work but just remind what the numbers you are using there? But just remind what the numbers that you are using there?

At the top of my mind is 75, but we can get that numbers of you? Kerry Smith - Haywood Securities Okay. Thanks.

Thank you for your question. Continuing on, our next question comes from the line of Steve Butler from Canaccord Genuity. Please proceed with your question.

Aaron yeah good morning, question you made a comment on the projects including sorry I think you mentioned I wrote it -- scribbled it down, supplemental EIS submit early next year. So, I referenced to a review of additional permitting requirements before considering a construction decision. So, in a sense of timing is it indeed correct that you've refilled or a supplemental EIS has been filed or pending filing and therefore timing on its receipt -- favorable receipt and therefore construction decision.

Sorry, we haven't sorry Steve we haven't yet filed the supplemental EIS and that's something we will be looking to do later this year or next year, that type of timeframe. Yeah.

That's fine and therefore turnaround expected on that before construction decision.

It will probably be 12 to 15 months.

Okay. Thanks very much.

Okay. Thanks.

Thank you for your question. (Operator Instructions). Our next question comes from the line of Greg Barnes with TD Newcrest. Please proceed with your question.

Yeah, thank you. Aaron on Reko Diq what do you need to see from the Pakistan or Balochistan government to move forward now.

I think there is a number of agreements that we'll need to have in place prior to put the shovel in the ground particularly a proached agreement which is effectively a shareholders agreement and that's something that is not been completed so we have to finish that also the narrow agreement will include things such as fiscal stabilization, stability agreements, tax structures. So, that's additional agreements that we have to finalize and then there is other permits that we will need as well and approvals we will need for example approval of the DSIA and then obviously rights of way water usage and things like that. So, I guess a laundry list of you will that we would like to have in hand before we actually go to shovel in the ground.

Any kind of timeframe that you can place around this?

I think you could safely say it will take a couple of years.

Okay and just on Kabanga, just the strategy with Reko Diq it is largely a cost project and Kabanga is a nickel project. What's your thinking on those two projects going forward?

Well I think Kabanga, you know the history of how Kabanga became part of the company, it's part of the portfolio of a gold company and I think Kabanga say is a it's a very attractive, a large nickel sulphide deposit in a world where I think large nickel sulphide deposits are scarce. So, I think there is a lot of value in that deposit, I think the strategy around it is we are probably start with a modified production profile within and then scale it up over time. So its kind of a low capital cost option and to me it's a -- I wouldn't say it's a core asset but I think the sensible thing to do is continue to move it forward surface and increase value and at some point in time we could look at whether or not we deploy the capital and that asset somewhere else. So that's sort of about Kabanga and I think Reko Diq, I think what attracts us to it is, there is a lot of gold in that deposit and no doubt a lot of copper. But it is a, we sort of say a 50 plus year mine is probably going to be longer than that. So it's a very large and I think attractive deposit and we happen to have a ownership position in it. So I think anytime you can have that type of deposit in your portfolio, I think it's a good thing.

Okay. Thank you.

Thank you for your question. I will now turn the call back to Aaron Regent. Please go ahead sir.

Okay. Well thank you operator and thank you everyone for joining our call. We appreciate your interest and your questions and given that there is no more questions I think we'll just call it to an end. Thanks again and have a great day and a great summer.

Thank you, sir. Ladies and gentlemen, that does conclude the conference call for today. We thank you all for your participation and ask that you please disconnect. Thank you once again. Have a fantastic day.