Ladies and gentlemen, thank you for standing by. Welcome to the Barrick Gold Q2 Results Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions) As a reminder, this conference call is being recorded, Thursday, August 1, 2013. I’d like to turn the conference over to Amy Schwalm, Vice President, Investor Relations. Please go ahead.

Thank you, operator and good morning everyone. Before we begin, I would like to point out 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 can be different from the estimates contained in our forward-looking statements, please refer to our latest year-end report or our most recent AIF filing. With that, I'll hand the call over to Jamie.

Thanks Amy. Good morning and thanks to everyone for joining us today. I’d like to take this opportunity to introduce our new Head of Investor Relations, Amy Schwalm, who you just heard. Amy has been with Barrick for over 11 years and I know many of you listening on the call know her well. Welcome to your new role Amy. I am here today also with our Senior Executive Vice President, Kelvin Dushnisky; our CFO, Ammar Al-Joundi; the Senior VP of Global Exploration, Rob Krcmarov, and the Senior VP of Capital Projects, Ivan Mullany as well as other members of senior management, all of them will be available to answer questions after the presentation. I should also mention that our COO, Igor Gonzales retired in the second quarter and we’re in the process of a global search to fill this position. In the interim, the regional Presidents are reporting directly to me. We thank Igor for his significant contributions to the company over the past 15 years. Today, we announced a net loss of $8.6 billion, which mainly reflects $8.7 billion in after-tax impairment charges for Pascua-Lama, goodwill and other assets. First, I’d like to say how disappointed we are with these charges. The impairment charges and related fair values reflected and were largely driven by a sharp decline in metal prices over a relatively short period of time, most of which has happened just since April. However, despite these write-downs resulting in lower valuations, we are confident our assets will generate substantially more economic benefits overtime to shareholders than the current valuation levels apply and we will address that a bit later in the presentation. What this quarter does, clearly demonstrate though is that the fundamentals of our business remain strong. We had an excellent operating quarter, exceeding our…

Thanks, Jamie. We recognized the liquidity has been a focus in this lower metal price environment, especially given our debt levels are higher than our peers. So I’d like to address this head on. But I am going to start this discussion on the company’s financial strength with a brief discussion about the strength of our operations. The reason is because the basis of any company’s long-term financial prospect is the strength of its underlying business and at Barrick our underlying business is very strong. We generated about $2 billion of cash flow in the first half of the year, including over $800 million in this past quarter even as the price of gold declined by about $400 an ounce. The operational results were excellent with reaffirmation of 2013 production targets and reductions in cost guidance for both gold and copper. We produced gold at an all-in sustaining cost of $919 per ounce this quarter. This is not only about $300 below the industry average. It is over $140 per ounce below what we did last year, an excellent accomplishment in an industry where the opposite is often the case. We do have the most debt of our peers, but we also have the most production, the lowest average costs, the highest operating cash flow, which means we also have the best ability to service this debt. Consider the following example to put this into perspective. Our total debt service costs, the interest on our debt equates to about $100 per ounce pre-tax. This year’s reduction in all-in sustaining guidance has been about $100 an ounce, roughly the same as well a total debt service costs. We are working and continue to work to strengthen our balance sheet, but the foundation to a strong balance sheet is a strong business.…

Thanks Ammar. In closing, I would like to acknowledge that this has been a tough quarter for Barrick, our shareholders and for the industry as a whole. We are in a cyclical industry but we do remain bullish on the long-term prospects for metal prices. But we have to expect there will be volatility and anyone in my position have to ensure the company is prepared for that. As this slide shows, I believe we had made significant progress on the key priorities we identified at the start of the year, but we still have more to do. We are disappointed by the significant impairment we recorded and the dividend reduction. However, our underlying business continues to be strong and positions us very well going forward and you saw that in the second quarter. In the quarter our high quality portfolio generated strong operating results and we made significant improvements to 2013 capital and cost guidance. We are able to do this because we were ready. Our disciplined capital allocation framework gave us a head start and the ability to react quickly to this new environment and we are not only reducing capital and cost for 2013 alone. Recently our top leaders met in Toronto and went through a detailed process to rank each mine for its cash flow generating ability at various gold prices over each life of mine plant and the group conducted scenario planning exercise and the event prices declined further. As part of this process, as mentioned, we’re rerunning life of mine plants at $1100 per ounce. We are making substantial changes at Barrick with the actions we have taken to reduce cost and optimize our portfolio. The natural question is, with the new mine plants and the portfolio optimization, what could the company look like in the future? The short answer is that, we will focus on quality, not quantity. We are well advanced in improving the organization to be more consistent with a company that is focused not on production, but on higher returns and free cash flow. I am encouraged by the process we have made in optimizing the business and we are committed to applying the same level of discipline going forward to ensure we are prepared not just today but in any metal price environment. Thank you. I will now turn the call over to questions.

Thank you. We will now take questions from the telephone lines. (Operator Instructions) First question is from Stephen Walker from RBC Capital Markets. Please go ahead. Stephen Walker – RBC Capital Markets: Great, thank you very much operator, good morning. And just a couple of questions, Jamie and Kelvin on the legal process in Chile with respect to Pascua-Lama, how is the Copiapo Court lifted the injunction on the work to allow the remediation work to begin, and my understanding is, as you see that Fluor Daniel up there starting the initial engineering work. Has that injunction been lifted? And secondly, as part of that same question, is there still plans in the courts to have a hearing between the indigenous community and Barrick would respect to some of the initial charges or claims that they relate by the indigenous communities.

Okay, I’ll ask Kelvin to respond to that.

Sure, Stephen. Your first question regarding the injunction in fact the ruling indicated that the court requires as to in fact proceed with what the government regulators has required, which is to start the work on the Phase 1 water program as Jamie indicated during the presentation. So that work is actually underway and we’re making good progress on it. The second question, I think relates to the challenge to the SMA ruling, it was brought by agrarian groups and indigenous groups and farmers. That is a challenge that’s proceeding and in fact, we expect there will be a decision by the end of August or September. And our expectation is that court will take full consideration of the fact that the SMA is qualified and has capacity to assess and impose a sanction to that. Stephen Walker – RBC Capital Markets: Okay. And then, maybe just as a follow-up, Jamie. I think the original capital cost estimates for the remediation, the recommended work by the SMA is around $30 million. Is that still the budget that you’d be looking at for the planned work or is that to be confirmed with the Fluor Daniel work?

We’re still working on that, Steven. The number should be higher than the $30 million. I’d anticipate that it’s probably going to be more in the neighborhood of approaching $100 million in total or all of the water management work. Stephen Walker – RBC Capital Markets : Okay. And just as a follow-up to the one of the comments that you made earlier about your ongoing mining plan, planning process for the mines using $1,100 gold, where are your thoughts vis-à-vis, where you’re going to book reserves at year-end? Have you – could suggest that now you’re going to be using a lower gold price to book reserves. Is $1,100 just sort of a short-term plan and then the process using a three-year term average again or some sort of gold price between to book reserves and resources at year-end?

Steven, the $1,100 is what we’re using really to run the mine plans to access the ability to generate more free cash flow over a shorter period of time as well. So that doesn’t necessarily apply to what we would be using to calculate our reserves. We’re still going through that process and as you know we announced our reserves at the end of the year, but I can clearly say that we’ll be using a lower price, quite a lower price than the price we used last year and we’ll not be using the three-year trailing average, but a lower price. Stephen Walker – RBC Capital Markets : Okay. And again, if that’s the question of $1,100 gold, is there a risk that you could be preferentially high grading some of that, some of the grades, some of the operations and do you in fact have the flexibility to adjust the mine grades or mine plant to mine significantly higher grades or other grades on an average clearly homogeneous at most of the operation and also a general question, but in principle do you have that flexibility?

Yeah, first I should say that every mine is different. We have the open pit and the underground mines, but they do provide us with the flexibility to adjust the grades and ultimately to have higher grade operations, but that will be dependent on individual mine plants, but the short answer is, yes, it will give us the ability to not only – a number of the mines to generate higher return ounces, but also generate higher return ounces as the gold price increases. Any type of change in that mine plan at the lower gold price isn't going to impair our flagship mines. So we're going to be able to continue to manage those ounces, those low-cost ounces very well as we move into future. So we're not going to be - our view is that it's not going to be a significant decline in the number of ounces as a result of this process in the short-term. Stephen Walker – RBC Capital Markets: Okay. Thank you, Jamie and thank you, Kelvin.

You're welcome.

Thank you. The next question is from Anita Soni from Credit Suisse. Please go ahead. Anita Soni – Credit Suisse: Hi, good morning. Congratulations on good operational results and reversing the operating cost upward trend that we've seen across the industry.

Thank you. Anita Soni – Credit Suisse : On the resequencing at Pascua, can you just talk specifically about what you are doing to resequence the plant there?

Well, we primarily need essentially slowing down the process of construction in terms of putting the plant together. Ultimately, we are going to continue doing some of the major items completing the tunnel, we will be looking at advancing the tailings down et cetera, finishing things like deflating on buildings et cetera, but primarily what we are doing is scaling back the number of employees, the number of construction labor on the Argentinian side quite significantly over time. So that ultimately will allow us to resequence the construction of various items over a longer period of time, but the critical items and the ones that make the most sense for us to complete earlier, we are going to continue and hopefully we will be able to renegotiate with some of the contractors and ultimately build this project more efficiently. Anita Soni – Credit Suisse : Would that also imply that maybe the initial production from Pascua may also be staged as well as versus coming out of sort of 800 to 850 right from the (inaudible)?

No, the plan is really to continue with the same plan of operation in mid 2016 and ultimately have that ore from Chile to feed into the plants, so our view is that the actual mine plant does not change, it just comes a bit later in the process. Anita Soni – Credit Suisse: And lastly, how should we think about 2015 CapEx at ?

Well, if we look at ultimately where the capital is going forward, and we haven’t updated that capital cost yet, but you’ve got the 2013 spend, the 2014 spend and then you can take the differential between what you might estimate to be the capital cost of the project and two-thirds of that would be in about 2015 and then the other third would likely be in 2016. So I can’t really give you a more definitive number than that, but that’s broadly how the spend will go assuming a straight line type of expenditure once we start past 2014. Anita Soni – Credit Suisse: And do you expect to see any capital, I guess, savings improvements or I guess [citing the tied] on the capital increase on path growth as a result of renegotiating with virtually any contractor?

We’re certainly hopeful of, on both sides that we’ll be able to, in this environment where we’re seeing slowdowns in the resource business globally. We’re hopeful that we’ll be able to get some efficiencies through re-negotiation. That’s certainly our intention. That’s our plan to have those discussions. But we also have to face the fact that this is an extended schedule and ultimately that will create some additional costs, but the short answer is, yes. It’s a definite target for us to talk to quite a number of the contractors who are ultimately going to be doing this project over a longer period of time, and hopefully get some efficiencies and cost reductions. But it is still early in the process for that. Anita Soni – Credit Suisse: Okay, thank you very much.

Thank you, Anita.

Thank you. The next question is from Greg Barnes from TD Securities. Please go ahead. Greg Barnes – TD Securities: Thank you. Ammar, in your comments, you described $4 billion lines of backstop facility, in the current gold price and assume we have a flat $1,300 gold price going forward. Do you see itself drawing on that line significantly?

Naturally it depends on the gold price going forward and it depends on our CapEx spend, but we don't see ourselves drawing on at this year, and what I would also say is, and I want to re-emphasize this, because to me this is important. It is more about the operations, the differences we made the year have effectively reduced the need to go out and borrow money. And as Jamie said we are re-running mine plan at $1,100, that’s $600 below where we ran them last time, and that is going to have an impact. Greg Barnes – TD Securities: Okay. I guess the second question for, I think it is Jamie, but [Pascua-Lama] you have done impressive job of bringing the cost down there this quarter. I think previously we thought cash cost there would be in the mid $2 range, but do you think you’ve been able to get that down below $2 a pound going forward?

Greg, I think that's something that will be difficult to keep it below $2 a pound on a go forward basis. I want to be straight about that, but I think we can absolutely have this mine performance at much lower cost than what we saw last year. Greg Barnes – TD Securities: And deferring some of the stripping, are you shortening the mine life here and targeting higher grade or is that still to be work done?

No, we are not shortening the mine life at this point, so that still has to be worked out. We are still proceeding with the existing mine plan that we have, but just in a better and a more efficient way, and through cost reductions, something we will look at in the future, but we haven’t shortened the mine life at this point. Greg Barnes – TD Securities : Okay, thank you.

You are welcome.

The next question is from Patrick Chidley from HSBC. Please go ahead. Patrick T. J. Chidley – HSBC Securities USA, Inc.: Hi, just a couple of questions, just first a follow-up on Lumwana there on the cost side. We just heard from another of your peers that, they have basically replaced the contractor and would own the mining at one of their mines in Africa, and seems to have been able to achieve a 50% reduction in mining costs. So I am wondering if there might be sort of similar possibilities at Lumwana to reduce cost that much in that operations?

Absolutely Patrick. We have actually done that. We terminated a contract with a contractor and going to own mining and that’s been a part of the reason why we have been able to improve our cost so much, and we are looking at other things like that going forward. There are other things that I think we can do, but what we made a decision to terminate a contractor, and that has paid huge benefits for us already. Patrick T. J. Chidley – HSBC Securities USA, Inc.: All right, thanks Ivan. And just on a separate track, I wonder if Rob is there, I wonder if he can sort of talk a bit more about the exploration success for the quarter, and also about historical exploration that’s been done at Pascua in the last 10 years, I mean my understanding is that result have been very much done in the last 10 years and I am wondering if there is any additional potential that in time could unravel which is another reason for you sort of pursuing the project despite the critics.

Yes, Patrick to be honest with you since I went to Toronto about years ago I haven’t had any focus on (inaudible), really the main game was to basically get in the construction and get it producing, but again as Jamie pointed out, it points to our historic record, we’re fairly good at adding value once deposits coming in operation. Perhaps an example of that would be Pueblo Viejo, within the first two years of acquiring it, our exploration group scattered out with some low hanging fruit, we found a multi-quarter ore body and several million ounces went into the mine plant, beyond that we know that there is further upside, but again the game is producing and we are producing in a very good drive, at some point we’ll go back to Pascua-Lama, and we go back to Pueblo Viejo, and I’m fairly confident that we’ll see some business upside. Patrick T. J. Chidley – HSBC Securities USA, Inc.: Great. And gold rush in EM, any comments on what happen this quarter there, in terms of expanding or in-filling or maybe progressing with a scoping study.

Okay, so I guess it’s fair to say that we’re looking at write-offs study right now, but the feasibility study is going to be about. And we basically have the option of going to a lot obviously at a lower gold price, a huge pit going to be less attractive. And more of our focus this last quarter and for the rest of the year has been on doing infill drilling. So really look at the viability underground option. And so I don’t expect the resource is going to be increasing in the next year or two. I’m fairly confident it will in due course, but the really the main game here is to support the price feasibility study and demonstrate kind of new – high grade. So pretty much all of our drilling going forward for the next year, that would be included. Patrick T. J. Chidley – HSBC Securities USA, Inc. : Okay. And in terms of scoping for pit, is there something that would be the ore, have you done any additional test regarding ore to say that it’s similar to what you have say it at Cortez?

Yeah, ore characterization studies fairly continues with – we’re still pursuing that really aggressively. Again, some of the (inaudible) would slowdown a little bit, some of the hydrology work slow down a little bit, but ore characterization study is advancing probably. Patrick T. J. Chidley – HSBC Securities USA, Inc. : And any results, you can speak up or is it too early?

I think it’s too early. Patrick T. J. Chidley – HSBC Securities USA, Inc. : Okay. All right, well thanks very much.

Thanks Patrick.

Thank you. The next question is from Kerry Smith from Haywood Securities. Please go ahead. Kerry Smith – Haywood Securities, Inc.: Thanks Operator. Jamie, one of the options that you originally talked about at Pascua-Lama was sourcing or initially from the Argentinian side, now it sounds like that, that’s not an option anymore, you just going to plan on starting up from the Chilean side, is that correct?

Yes, Kerry. That’s correct. It really makes sense for us to with the new resequencing for us to take the order from the July side and start processing that. Kerry Smith – Haywood Securities, Inc.: Okay, okay. And maybe Kelvin already answered this, the water management system, the remediation that you have to do, can that be done through the Chilean winter and secondly how long would it actually physically take to do all the work that’s involved in remediation program?

Kerry, you’re probably referring to the first – the Phase 1 is underway now and the work is ongoing and we’ll continue to see the winter and the target is, have it done by about October 1. Kerry Smith – Haywood Securities, Inc.: Okay. And then the second phase, to get to the $100 million that Jamie talked about that could be done, how long would it take to do that and can it be done through the winter?

The target is actually we're in discussions to have approval for Phase 2 to start near the end of this year, and so we'd be working that through largely through the Chilean spring and summer as we go into Q1 and Q4 and to Q1 and that will continue. So that work can also be done in the winter as well. Kerry Smith – Haywood Securities, Inc.: Okay. So you don't have any weather constraint. Okay. And then, Jamie, you've gone through this $1,100 announced for your life of mine plans. What sort of carbon price would you be using for your copper projects in terms of their life of mine plan?

We'll certainly be using lower than 325 to look at those plans as well, Kerry. Kerry Smith – Haywood Securities, Inc.: Okay, okay. And then I think you have said at one point in time, your reserves were down last year at $1,500 an ounce. I think you said it $1,200 an ounce the reserves would drop by less than 10%. Is that still roughly correct?

Yeah, we're still working through that, Kerry, but just from an individual price sensitivity standpoint that's a number that is largely in the ballpark absolutely. Kerry Smith – Haywood Securities, Inc.: Okay. And then, would it be linear if you went to $1,100 or is it not linear or do you can even a sense…

It's hard to say on that, Kerry, but we're certainly working through that, but the impacts different mines differently. So we can't really say. Kerry Smith – Haywood Securities, Inc.: Okay. Fair enough. And the stockpiles at Goldstrike that you have, would they be economic at $1,100 an ounce gold generally?

That's been looked at now, Kerry, so but it's something that they would be economic. Kerry Smith – Haywood Securities, Inc.: Okay, okay. And then the last question, are you having any difficulty selling any of your concentrate that comes out of Lumwana, I know First Quantum, they're having a lot of problems trying to get rid of their concentrate in country and not pay the export tax. Are you guys having any problems that way?

Not that we are aware of, I think we are able to sell our concentrate with no problem, Kerry. Kerry Smith – Haywood Securities, Inc.: Okay, great. Thank you very much.

You're welcome.

Thank you. The next question is from Dave Hove from Stifel Nicolaus. Please go ahead. Dave Hove – Stifel, Nicolaus & Co., Inc.: Hi guys. I have a few questions. I wanted to understand the new adjusted operating cost measure. What would be the total cash cost been, if you hadn’t adopted the adjusted operating costs?

Dave, it's Jamie. It is the same. It is just the new term that we are using, that coincides with the World Gold Council standard. So there is no difference between adjusted operating cost and total cash costs. Dave Hove – Stifel, Nicolaus & Co., Inc.: When I looked at what you reported in 1Q 2012, for example Cortez and Lumwana. Those numbers are – the restated numbers are lower than what was reported earlier. So what exactly changed this?

I'll ask Michael Lepore, our Vice President of Controller to respond to that.

Thanks. Hi, Dave, as Jamie mentioned the calculation is virtually the same. So as we go through the process sometimes there is prior period adjustments that affect the comparatives, but there was relatively minor changes. Dave Hove – Stifel, Nicolaus & Co., Inc.: Okay, all right. Thank you so much.

Thank you.

The next question is from Tanya Jakusconek from Scotiabank. Please go ahead. Tanya Jakusconek – Scotiabank: Okay, good morning everyone.

Good morning. Tanya Jakusconek – Scotiabank: I just wanted to ask a question on Cerro Casale, I know that cannot get the right down last night on that asset and maybe and I couldn’t find it, maybe it’s copper price related. I know you deduce that $325. If we had run at $3 a pound, would that have triggered an impairment?

Hi, Tanya, it’s Ammar here. They have different cost basis and if you work out sort of back of the envelope what their retained value as and what is on our book side, it’s about the same number. Tanya Jakusconek – Scotiabank : Okay. And then, maybe just a question with the sale of Barrick Energy, is it safe to assume that the sort of $10 per ounce to $15 per ounce savings you were getting from that will obviously be eliminated, would that be a fair assumption as we go forward?

Yeah, well I think that’s a pretty fair assumption where the differential is with the Canadian oil prices versus WTI. It may not be that high, but I think it’s important to note that there is a fair bit of sustaining capital in that business and so the impact on our all-in sustaining costs going forward is minimal. Tanya Jakusconek – Scotiabank : Okay. And then just maybe two other questions. One, just maybe an update on where we are with a new COO.

Still working through a process of a global search on that, Tanya. So we’re certainly making progress, but we will keep you informed as that progresses. Tanya Jakusconek – Scotiabank : Is there a target at all, Jamie, to have someone in by year-end or…?

Certainly, we’d like to see that even sooner. Tanya Jakusconek – Scotiabank : Okay. And then maybe just, Jamie, on some of these cost reductions that we’ve talked about, I mean some of them we have seen always talked about people, but can you talk to us a little bit about what you are seeing labor wise and maybe just some of your cyanides, your maintenance and contractors, suppliers, what sort of release are we seeing?

I think we’re seeing a fair bit of relief on cost in a number of areas. On the labor front, we’re seeing a notable easing of wage inflation this year versus last year. For example, Australia, labor cost increases are in the neighborhood of, say, 3% versus 6% last year. Even in Argentina, we’re seeing some relief on labor. Labor inflation rates are under 20% now as opposed to the mid-20s last year. Chile as well, we’re seeing a cut in half from, say, 5% down to 2% to 3%. On the consumable side of things, the fundamental for almost all the industrial commodities are weak with declining or flattening trends and scrap steel prices are down 25% since this time last year. Tire prices are down, say, about 15% over the last year. So machinery prices are flat, and, but I think we are seeing the ability to negotiate some of those prices to at least 15% below year-ago levels. So I think we’re certainly seeing some flattening and reductions in overall cost trends and so I don’t envision that we are going to see the big spikes in some of these costs that we’ve seen in past years. Tanya Jakusconek – Scotiabank: And just some of your peers have also given us guidance some of the cyanide contractor maintenance have seen releases 10% to 15%. Would you be seeing something similar?

We are certainly seeing that type of possibility of trend that’s emerging. So, yes, and we’re following up on that with the process. So I think we are optimistic that we’ll be able to capture some of those savings. Tanya Jakusconek – Scotiabank: Good, and then, great of course then. Yeah.

Yeah. Tanya Jakusconek – Scotiabank: Okay. Thank you.

Thank you, Tanya.

Thank you. The next question is from David Haughton from BMO. Please go ahead. David Haughton – BMO Capital Markets: Hi, guys. Good morning, Jamie and Ammar. Thank you very much for the update. You’ve mentioned in the commentary that the definitive agreement with the Dominican Republic is still to be completed. Does that mean that there is scope for some changes to the terms or is it just due process?

It’s just due process, David. We’re really just wrapping up the definitive agreement with the principles that we’ve agreed to in the past couple of months. David Haughton – BMO Capital Markets: Turn that into a more broad statement. With the weaker gold price through the course of this year, have you seen any softening of the posture of the various jurisdictions that you operate in with regards to royalties or taxes, and the other issues that have been emerging from time to time?

I’d say probably not at this point, David, but certainly, I think being noticed. But this is a relatively short period of time that we’ve seen these metal prices come down. So hopefully going forward we’ll be able to communicate, I think particularly with the things like the all-in sustaining costs as well that we aren’t making as much money as some of these governments think we are, but I think it’s still a bit early to see a radical change in that stance. David Haughton – BMO Capital Markets: Just changing to a different topic, you’ve got some hard decisions with about a dozen or so mines. I know you probably can’t be specific, but how will you sound the appetite for the purchase of those assets? Are you finding there is a market or multiple bidders, how would you describe it?

Well, clearly this is not as good a market to sell in as we've seen in previous years. It's more of a buyer's market than a seller's market, but having said that, we are seeing multiple bidders on some of our assets. People still are interested in a number of our assets and while prices are lower across the board, there's still a market out there and I'm optimistic that we're going to be able to affect some transactions. There are more buyers than you might think. David Haughton – BMO Capital Markets: All right. If there is a wide gap between what is being prepared to be offered by those buyers compared to what you think is worth. Would you move down the path of putting these assets on current maintenance or even to close if you can't get the operations working to how you'd like?

Absolutely. That is something that ultimately we think we should be able to optimize first, but if we can't get that free cash flow to be positive in a low gold price environment that is an option that is available to us and we're prepared to do that. David Haughton – BMO Capital Markets: And I would have to think that the closure costs or the severance pays or whatever would have to come into that consideration because it could amount depending upon the mining to many tens and perhaps even hundreds of millions of dollars in it?

Yeah, that's a very good point, David. Ultimately there are a number of things that we have to consider to make that decision and some of them are those issues of severance and closure costs et cetera. But ultimately there are ways to do care and maintenance or various other ways where we might be able to avoid those types of high costs while still improving our free cash flow, but absolutely there are quite a number of considerations that we have to take in before we make that decision. David Haughton – BMO Capital Markets: Now I’m conscious of time, I do have a last question, if that’s okay. It’s looking at Pascua-Lama. We haven’t heard much about the refractory versus non-refractory processing in recent times. You’re still thinking about the non-refractory first and then say, refractory a year or whatever afterwards, is that still part of the plan?

I’ll ask our Senior VP, Capital Projects, Ivan Mullany to respond to that David. David Haughton – BMO Capital Markets: Thank you.

As Jamie said earlier on the mine side hasn’t changed, the first two years are upside and then we move into non-refractory, which is essentially just a floatation plant, which we generated concentrate. So that’s still the plan and nothing has changed with respect to that. David Haughton – BMO Capital Markets: Okay, thank you very much for the update, guys.

Thanks David.

Thank you. Ladies and gentlemen this conclude the question-and-answer session. I’d like to turn the meeting back over to Mr. Sokalsky.

Well, thank you everyone for your time on the call this morning. As you can see there is a lot going on, I feel that we position the Company very well to perform in any gold price environment. We still have work to do, and we are looking forward to updating you on the path forward, and how we are continuing to manage the Company in a disciplined manner, and generating more free cash flow, and higher returns, and look forward to speaking with you on our future call. Thank you.

Thank you. The conference call has concluded. Please disconnect your lines at this time, and thank you for your participation.