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Barrick Gold Corp. completed a U.S.$40 million subscription for approximately 9.3 million ordinary shares of Russian gold producer Highland Gold Mining Ltd. Highland Gold’s total shareholdings increased to approximately 17 per cent, for a total acquisition cost of approximately U.S.$84 million. Barrick Gold and Highland Gold Mining also entered into agreements that provide Barrick Gold with the right to participate on an exclusive basis for up to 50% on any acquisition made by Highland Gold Mining in Russia, and provide similar rights to Highland for any acquisition made by Barrick Gold in certain regions in Russia. In addition, Barrick Gold obtained a right of first refusal with respect to any third-party investment in Highland Gold Mining’s Mayskoye property.

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2004