Barrick Gold Announces 33% Dividend Increase

TORONTO, ONTARIO -- (Marketwire) -- 05/02/12 -- All figures in US dollars

Barrick Gold Corporation (NYSE: ABX)(TSX: ABX) today announced that, consistent with its practice of paying a progressive dividend, the Board of Directors has authorized a quarterly dividend of US20 cents per share, which represents a 33% increase from the previous dividend.

Barrick's strong earnings and operating cash flows, combined with its positive outlook on the gold price, enables the Company to continue to make high return investments in its project pipeline and also increase its dividend. Over the last six years, Barrick has had a consistent track record of progressively returning more capital to shareholders, increasing its dividend by more than 260%(1) on a quarterly basis(2).

The quarterly dividend is payable on June 15, 2012 to shareholders of record at the close of business on May 31, 2012.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner.

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this press release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); operating or technical difficulties in connection with mining or development activities; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; and changes in costs and estimates associated with our projects. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

(1) Calculated based on converting the 2006 semi-annual dividend of US11 cents per share to a quarterly equivalent.

(2) The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.

Contacts:

INVESTOR CONTACT: Greg Panagos

Senior Vice President

Investor Relations and Communications

(416) 309-2943
gpanagos@barrick.com


MEDIA CONTACT: Andy Lloyd

Senior Manager, Communications

(416) 307-7414
alloyd@barrick.com