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Abstract
NovaGold recently released its Preliminary Economic Assessment for the Donlin Creek project. Barrick believes this assessment uses very optimistic assumptions which could not be supported by a thorough feasibility study. It simply demonstrates that Donlin Creek is a challenging project, which will require a company of Barrick's size, financial strength and development expertise to complete on an economic basis. This is especially true, given the large number of variables that arise over the lengthy period leading to commercial production. NovaGold itself now suggests Donlin Creek will not begin production until 2013, underscoring the complexities of the project's development.
The Circular for NovaGold is available on Barrick's website at www.barrick.com, from the Canadian System for Electronic Document Analysis and Retrieval at www.sedar.com or the SEC's website at www.sec.gov. For purposes of U.S. tender offer rules, Barrick discloses that 173,682 NovaGold common shares have been validly tendered to date to the offer.
On August 4, 2006, Barrick Gold Corporation filed a tender offer statement related to its tender offer for the outstanding common shares of NovaGold Resources Inc. Investors and security holders of NovaGold are urged to read the tender offer statement, because it contains important information. Investors and security holders of NovaGold may obtain a free copy of the tender offer statement and other documents filed by Barrick Gold Corporation with the SEC at the SEC's website at www.sec.gov. The tender offer statement may also be obtained for free from Barrick Gold Corporation on its website or by directing a request to Barrick Gold Corporation's investor relations department.