Barrick Joins Fight Against Covid-19 in Senegal

All amounts expressed in US dollars.

Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX)

DAKAR, Senegal, April 09, 2020 (GLOBE NEWSWIRE) -- Barrick Gold Corporation’s country manager for Senegal, David Mbaye, today presented a cheque for $972,000 to the Minister of Finance, M Daouda Diallo, in the presence of the Minister of Mines and Geology, Mme Aissatou Sophie Gueladima, to support the country in its campaign against the Covid-19 pandemic.  The amount has been contributed jointly by Barrick and its West African logistics partner, CSTTAO.

Mbaye informed the minister that the company was also supporting nine villages in its Bambadji permit area as well as the Saraya and Kedougou hospitals.  In addition, he said Barrick would assist with the procurement and supply of personal protection equipment through CSTTAO.  Of the amount donated, $850,000 would be allocated at a national level, $10,000 at a regional level, $55,000 would go to district and local communities and $57,000 to the Kedougou hospital.

Barrick president and chief executive Mark Bristow noted that Barrick, through its legacy company Randgold, had been engaged in Senegal since 1995.

“We have made this donation in the hope that it will help strengthen the government’s hand in its fight against Covid-19 and also to demonstrate our continuing partnership with and commitment to Senegal and its people,” he said.

Barrick last month combined its Massawa project in Senegal with Teranga Gold Corporation’s nearby Sabodala mine. Barrick has retained an 11% interest in the combined asset and Bristow said the company looked forward to contributing to the value it would create for all stakeholders.

CSTTAO is Barrick’s long-standing logistics partner in West Africa and held a minority shareholding in Massawa prior to the sale to Teranga.

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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”, “hope”, “will”, “contribute” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to funds and medical supplies to be provided by Barrick and its logistics partner, CSTTAO, to support villages and local hospitals and support the national, regional and local response to Covid-19 in Senegal during the Covid-19 pandemic and the potential for the Massawa project to create value for Teranga Gold Corporation and all of its stakeholders.   

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 Senegal; 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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