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<SEC-DOCUMENT>0001204459-04-000205.txt : 20040427
<SEC-HEADER>0001204459-04-000205.hdr.sgml : 20040427
<ACCEPTANCE-DATETIME>20040427140741
ACCESSION NUMBER:		0001204459-04-000205
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040331
FILED AS OF DATE:		20040427

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARRICK GOLD CORP
		CENTRAL INDEX KEY:			0000756894
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09059
		FILM NUMBER:		04756428

	BUSINESS ADDRESS:	
		STREET 1:		BCE PLACE, TD CANADA TRUST TOWER
		STREET 2:		161 BAY STREET SUITE 3700
		CITY:			TORONTO ONTARIO CANA
		STATE:			A6
		ZIP:			M5J2S1
		BUSINESS PHONE:		4163077470

	MAIL ADDRESS:	
		STREET 1:		BCE PLACE, TD CANADA TRUST TOWER
		STREET 2:		P O BOX 212 TORONTO
		CITY:			ONTARIO M5J2S1
		STATE:			A6
		ZIP:			M5J2S1

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARRICK RESOURCES CORP
		DATE OF NAME CHANGE:	19860109
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>barrickf6k.htm
<DESCRIPTION>BARRICK GOLD CORPORATION - FORM 6-K
<TEXT>

<html>

<head>

<title>Barrick Corporation: Form 6-K - Prepared by TNT Filings Inc.</title>
</head>

<body>

<font FACE="Times New Roman PS"><b>
<p>&nbsp;</p>
<hr>
<p align="center">&nbsp;</p>
<p align="center"><font style="font-size: 11pt">SECURITIES AND EXCHANGE
COMMISSION <br>
Washington, DC 20549 </font></p>
<p align="center"><font size="6">Form 6-K </font></p>
</b></font><font FACE="Times New Roman PSMT">
<p align="center"><font style="font-size: 11pt">Report of Foreign Private Issuer
<br>
Pursuant to Rule 13a-16 or 15d-16 of <br>
the Securities Exchange Act of 1934 </font></p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="43%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">For the month
      of: April, 2004</font></td>
      <td WIDTH="32%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">Commission File
      Number:</font></td>
      <td WIDTH="25%" align="center">
      <font FACE="Times New Roman PSMT" style="font-size: 11pt">1-9059</font></td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
</font><font FACE="Times New Roman PS"><b>
<p align="center"><font size="6">BARRICK GOLD CORPORATION <br>
</font></b></font><font FACE="Times New Roman PSMT" size="2">(Name of
Registrant)</font></p>
<p align="center"><b><font FACE="Times New Roman PS" size="2">BCE
Place, TD Canada Trust Tower <br>
Suite 3700 <br>
161 Bay Street, P.O. Box 212 <br>
Toronto, Ontario <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Canada M5J 2S1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<br>
</font>
</b><font FACE="Times New Roman PSMT"><font size="2">(Address of
Principal Executive Offices) </font></p>
<blockquote>
  <p><font size="2">Indicate by check mark whether the registrant
  files or will file annual reports under cover of Form 20-F or Form 40-F:
  </font></p>
  <p align="center"><font size="2">Form 20-F&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  Form 40-F<u>&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp; </u></font></p>
  <p><font size="2">Indicate by check mark if the registrant is
  submitting the Form 6-K in paper as permitted by Regulation S-T Rule
  101(b)(1): ___ </font></p>
  <p><font size="2">Indicate by check mark if the registrant is
  submitting the form 6-K in paper as permitted by Regulation S-T Rule
  101(b)(7): ___ </font></p>
  <p><font size="2">Indicate by check mark whether the registrant
  by furnishing the information contained in this Form is also thereby
  furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
  the Securities Exchange Act of 1934: </font></p>
  <p align="center"><font size="2">Yes&nbsp;&nbsp; ___&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  No <u>&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp; </u></font></p>
  <p><font size="2">If &quot;Yes&quot; is marked, indicate below the file
  number assigned to the registrant in connection with Rule 12g3-2(b): N/A
  </font></p>
</blockquote>
</font><hr><p Style='page-break-before:always'><font FACE="Times New Roman PS"><b>
<p align="center">INCORPORATION BY REFERENCE</b></font><font FACE="Times New Roman PSMT">
</p>
<blockquote>
  <p><font size="2">The Registrant's Management's Discussion and Analysis of
  Financial Results for the quarter ended March 31, 2004, Comparative Unaudited Financial Statements and the notes thereto prepared in accordance
  with U.S. generally accepted accounting principles for that same period,
  Operating and Financial Summary and the information contained on page 48
  (contained on pages 8 to 45 and page 48 of Exhibit 1of this Form 6-K Commission File No.
  1-9059) furnished to the Commission on April 27, 2004, are incorporated by
  reference into the Registrant's registration statement on Form F-3 (No.
  333-14148). </font></p>
</blockquote>
</font>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PS"><b>
<blockquote>
  <p align="center">SIGNATURES </p>
  </b></font><font FACE="Times New Roman PSMT" size="2">
  <p>Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Registrant has duly caused this report to be signed on its behalf by the
  undersigned, thereunto duly authorized. </p>
</blockquote>
</font>
<div align="right">
  <table CELLSPACING="0" BORDER="0" WIDTH="35%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td COLSPAN="3" width="340">
      <font FACE="Times New Roman PS" size="2"><b>BARRICK GOLD
      CORPORATION</b></font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="74"><font FACE="Times New Roman PSMT" size="2">
      By:</font></td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" size="2">
      /s/</font></td>
      <td WIDTH="207" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman PSMT" size="2">
      Jamie C. Sokalsky</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" size="2">
      Name:</font></td>
      <td WIDTH="207" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman PSMT" size="2">
      Jamie C. Sokalsky</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55"><font FACE="Times New Roman PSMT" size="2">
      Title:</font></td>
      <td WIDTH="207"><font FACE="Times New Roman PSMT" size="2">
      Executive Vice President and</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207"><font FACE="Times New Roman PSMT" size="2">
      Chief Financial Officer</font></td>
    </tr>
  </table>
</div>
<font FACE="Times New Roman PSMT" size="2">
<blockquote>
  <p>Date: April 27, 2004</p>
</blockquote>
</font><hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="100%" colspan="2" align="center">
      <font FACE="Times New Roman PS"><b>EXHIBIT</b></font></td>
    </tr>
    <tr>
      <td WIDTH="12%">&nbsp;</td>
      <td WIDTH="88%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="12%" align="center"><font FACE="Times New Roman PSMT" size="2">
      <u>Exhibit</u></font></td>
      <td WIDTH="88%"><font FACE="Times New Roman PSMT" size="2"><u>Description
      of Exhibit</u></font></td>
    </tr>
    <tr>
      <td WIDTH="12%" align="center">&nbsp;</td>
      <td WIDTH="88%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="12%" align="center"><font FACE="Times New Roman PSMT" size="2">
      1</font></td>
      <td WIDTH="88%" rowspan="2"><font FACE="Times New Roman PSMT" size="2">
      <a href="barrick1qreport.htm" style="text-decoration: none">Barrick Gold
      Corporation's First Quarter Report for 2004, including the Comparative Unaudited Financial Statements prepared in accordance</a>
      <a href="barrick1qreport.htm" style="text-decoration: none">with U.S.
      generally accepted accounting principles (&quot;US GAAP&quot;) and the notes thereto
      for the quarter ended March 31, 2004 and</a>
      <a href="barrick1qreport.htm" style="text-decoration: none">Management's
      Discussion and Analysis (US GAAP) for the same period</a></font></td>
    </tr>
    <tr>
      <td WIDTH="12%" align="center">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>barrick1qreport.htm
<DESCRIPTION>BARRICK EARNS $26 MILLION ($0.05 PER SHARE) IN FIRST QUARTER
<TEXT>
<html>

<head>

<title>Barrick Corporation: First Quarter Report - Prepared by TNT Filings Inc.
</title>
</head>

<body>

<p>&nbsp;</p>
<hr><p><img border="0" src="barricklogo.gif" width="125" height="66"></p>
<font FACE="Interstate" SIZE="2"><b>
<p>FIRST QUARTER REPORT 2004 <br>
</b>Based on US GAAP and expressed in US dollars.<b> </p>
</b></font><font FACE="Interstate" SIZE="6">
<p align="center">Barrick Earns $26 Million ($0.05 per share) in First Quarter
<br>
</font><font FACE="Interstate" size="5">Alto Chicama EIS and Principal
Construction Permit Approved </p>
</font>
<p>&nbsp;</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber1">
  <tr>
    <td width="100%" bgcolor="#000000"><b><font color="#FFFFFF" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp; </font><font color="#FFFFFF">Highlights<br>
&nbsp;</font></b></td>
  </tr>
  <tr>
    <td width="100%">&nbsp;<ul>
      <li><font FACE="Interstate" SIZE="2">First quarter net income was $26
      million, or $0.05 per share, after a $10-million after-tax non-hedge
      derivative loss. Cash flow from operations was $126 million, or $0.24 per
      share. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">First quarter production was 1.28
      million ounces of gold at a total cash cost of $199<sup>1</sup> per ounce.
      The Company is on track with its previous guidance to produce between 4.9
      &#151 5.0 million ounces of gold for the year at an average total cash cost of
      $205 &#151 $215 per ounce. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">Alto Chicama's Environmental Impact
      Statement &quot;EIS&quot; and the principal construction permit have been approved;
      construction will commence in second quarter 2004. First quarter
      development capital expenditures were $97 million as the Company advanced
      construction at the Veladero, Cowal and Tulawaka projects. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">The Company reduced its gold hedge
      position by 800,000 ounces in the quarter to 14.7 million ounces,
      representing 17% of year-end reserves<sup>2</sup>. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">During the first quarter, the Company
      purchased 4.47 million shares for $95 million under its share buyback
      program, bringing the total purchased under the program to 13.2 million
      shares for $249 million. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">The Company held an Investor Day in
      New York during which it outlined its targeted production profile rising
      40% from 4.9 &#151 5.0 million ounces in 2004 to 6.8 &#151 7.0 million ounces in
      2007 at an average total cash cost below $200 per ounce. <br>
&nbsp;</li>
      </font>
      <li><font FACE="Interstate" SIZE="2">During the first quarter, Barrick
      agreed to a strategic partnership with Highland Gold Mining and invested
      an additional $41 million in shares of Highland, bringing its total
      investment to $84 million, representing approximately 17% of the
      outstanding shares.</font><font FACE="Arial" SIZE="2"> </font></li>
    </ul>
    </td>
  </tr>
</table>
<font FACE="Interstate" SIZE="2">
<p>Barrick Gold Corporation today reported earnings of $26 million ($0.05 per
share) and operating cash flow of $126 million for first quarter 2004, compared
to earnings of $29 million ($0.05 per share) and operating cash flow of $131
million in the year earlier period. Although the mines had a strong operating
quarter, the Company's earnings in first quarter 2004 included a $10-million
after-tax non-hedge derivative loss, whereas earnings in the prior year quarter
included a $38-million after-tax non-hedge derivative gain and a $17-million
after-tax charge for the cumulative effect of accounting changes. Earnings for
the first quarter 2004 compared to the same period in 2003 reflect a
$27-per-ounce higher realized gold price. </p>
</font>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
  <tr>
    <td width="12%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td width="88%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%" colspan="2"><font FACE="Interstate" style="font-size: 9pt">
    <ol>
      <li>For an explanation of non-GAAP performance measures refer to pages
      26-28 of the Management's Discussion and Analysis found in the First
      Quarter Report 2004. <br>
&nbsp;</li>
      <li>Calculated in accordance with National Instrument 43-101 as required
      by Canadian securities regulatory authorities. For United States reporting
      purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as
      interpreted by the Staff of the SEC, applies different standards in order
      to classify mineralization as a reserve. Accordingly, for US reporting
      purposes, Alto Chicama was classified, at the end of the first quarter, as
      mineralized material. For additional information on reserves see the
      tables and related footnotes on pages 109-113 of the 2003 Annual Report.</font><font FACE="Interstate" SIZE="1">
      </li>
    </ol>
    </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="48%"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="52%"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<p>&nbsp;&nbsp;&nbsp; &quot;I'm very pleased with both the operational performance of
our mines and the execution and focus of our worldwide development teams this
quarter,&quot; said Greg Wilkins, President and Chief Executive Officer. &quot;We bettered
our overall operating targets and made significant, tangible progress on our
four development projects.&quot; </p>
<b>
<p>PRODUCTION AND COSTS </p>
</b>
<p>In first quarter 2004, Barrick produced 1.28 million ounces of gold at an
average total cash cost of $199 per ounce, compared to 1.26 million ounces at
$194 per ounce for the prior year quarter. </p>
<p>&nbsp;&nbsp;&nbsp; Overall, the Company achieved solid operating results for
the quarter, with production in first quarter 2004 slightly exceeding the prior
year period. </p>
<p>&nbsp;&nbsp;&nbsp; The North American region performed well, with production
slightly higher in first quarter 2004 than the prior year period. Eskay Creek's
cash costs were significantly lower due to strong silver by-product credits. </p>
<p>&nbsp;&nbsp;&nbsp; In the South American region, production from Pierina
benefited from increased leach pad recoveries and this increased production
combined with lower maintenance costs led to lower total cash costs. </p>
<p>&nbsp;&nbsp;&nbsp; The Australian/African region's production for the first
quarter exceeded the prior year quarter. As expected, cash costs were higher in
the quarter compared to the prior year period. Although Bulyanhulu substantially
met its targets for mining rates and production, total cash costs were higher
than full-year guidance. However, Bulyanhulu's grades and recoveries steadily
improved over the course of the quarter as did total cash costs. </p>
<p>&nbsp;&nbsp;&nbsp; The Company re-affirmed its expectations that 2004
production should be between 4.9 &#151 5.0 million ounces at an average total cash
cost of $205 &#151 $215 per ounce. </p>
<b>
<p>DEVELOPMENT PROJECTS UPDATE </p>
</b>
<p>During the first quarter, the Company unveiled its targeted production growth
profile through 2007. It announced that its four new mines &#151 Alto Chicama,
Veladero, Cowal and Tulawaka &#151 are all planned to enter production in the next
two years, driving a Company target of 6.8 &#151 7.0 million ounces of gold
production in 2007, a projected 40% increase over 2004. During the first
quarter, Barrick advanced all of the projects in its mine development pipeline.
</p>
<p>&nbsp;&nbsp;&nbsp; Approval of the Environmental Impact Statement &quot;EIS&quot; for
Alto Chicama in Peru was received in April. The project's principal construction
permit was also awarded and construction is expected to commence in the second
quarter. The project is on target to pour its first gold in the second half of
2005. &quot;After extensive planning efforts and consultation, the EIS for Alto
Chicama has been approved, demonstrating our focus on execution of the
advancement of our development projects,&quot; said Peter Kinver, Executive Vice
President and Chief Operating Officer. </p>
<p>&nbsp;&nbsp;&nbsp; At Veladero in Argentina, significant development progress
was made during the quarter. Pre-strip activities have begun and a steady
build-up to peak tonnage is expected to occur through to mid-year. Road
construction is well advanced. Construction of the leach pad, pumphouse, truck
shop, laboratory and permanent camp is progressing well. The number of workers
on-site continues to progress towards peak employment of 2,550. Veladero is
expected to commence production in late 2005. </p>
<p>&nbsp;&nbsp;&nbsp; At the Pascua-Lama project in Chile/Argentina, the Company
is updating its 2001 feasibility study and will provide new project parameters
mid-year 2004 when the work is expected to be completed. Work done to date
indicates that previously estimated start-up capital of $1.2 billion and life of
mine total cash costs of $130 per </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">2</b></font></td>
    <td WIDTH="612"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<p ALIGN="left">ounce are anticipated to be higher. The principal factors
include: utilizing a dry-grinding process versus a wet-grinding process, a
higher strip ratio, and various cost increases such as construction materials,
labour, fuel and reagents. Construction at Pascua-Lama is expected to begin once
permitting is complete, with production targeted for the 2008 &#151 09 timeframe. The
Veladero/ Pascua-Lama District currently contains 28 million ounces in proven
and probable gold reserves. Veladero is currently in construction and Pascua-Lama
is expected to be a significant contributor to Barrick's production for decades
once production commences. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; At the Company's Cowal property in Australia,
permits are in place for mine construction activities. The Engineering,
Procurement and Construction Management &quot;EPCM&quot; contract was awarded during the
quarter and construction of mine infrastructure and mine development has begun.
Production is expected to commence in first quarter 2006. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; Construction on the 70%-owned Tulawaka joint
venture in Tanzania is proceeding according to schedule. Earthworks have been
mobilized, and construction of the pump station and water storage dam has begun.
Production is expected to begin in early 2005. </p>
<b>
<p align="left">ORGANIZATIONAL UPDATE </p>
</b>
<p ALIGN="left">On January 1, 2004, Barrick adopted a new Organization Design to
execute and optimize current producing assets and its growth profile. &quot;Our new
design fits our increasing global presence &#151 and our vision of building Barrick
into the gold industry leader &#151 allowing us to be more efficient, more
effective, with more engaged employees and a management structure to better
execute our strategy,&quot; said Mr. Wilkins. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; Regional Business Units have been established
with Vice Presidents in place, each with regional P&amp;L and strategic
responsibilities. </p>
</font><font FACE="Interstate" SIZE="2"><b>
<p align="left">GOLD HEDGE POSITION </p>
</b>
<p align="left">During the quarter, Barrick reduced its hedge position by
800,000 ounces towards a target reduction of a minimum of 1.5 million ounces in
2004. For first quarter 2004, the Company realized an average price of $382 per
ounce compared to the $408 average spot price. While the Company's hedge
contracts allow flexibility to deliver all of its production into the spot gold
market, Barrick chose to deliver a portion of production against hedge contracts
at prices below spot price as part of its commitment to reducing the hedge book
to zero. The Company continues to generate strong cash flow and margins on its
gold sales &#151 a benefit of being the lowest cash cost producer among the senior
gold companies. At quarter end, the hedge position was 14.7 million ounces, down
3.4 million ounces, or 19%, from the beginning of 2003. At March 31, 2004, the
Company had 83% of its reported proven and probable year-end gold reserves
unhedged. </p>
<b>
<p align="left">SHARE BUYBACK </p>
</b>
<p align="left">Barrick purchased 4.47 million of its common shares at an
average purchase price of $21.19 per share, for a total cost of $95 million in
first quarter 2004. A total of 13.2 million shares have been purchased under the
program at a total cost of $249 million, or an average price of $18.79 per
share. </p>
<b>
<p align="left">EXPLORATION UPDATE </p>
</b>
<p ALIGN="left">Drilling was carried out on 16 projects located in seven
countries during first quarter 2004. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In North America, a drill program on the
Rossi property in Nevada commenced during the quarter, with the objective of
better defining the Storm resource. At Goldstrike, drilling continues on targets
north and south of the Betze-Post pit, with the objective of converting
identified resources to reserves, as well as adding </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">3</font></b></td>
    <td WIDTH="612"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2">
<p ALIGN="left">resources. Results to date have improved the continuity of the
mineralization. The East Archimedes project, located at the Ruby Hill mine site
in Nevada, is progressing well. Based on the results of the pre-feasibility
study undertaken on the deeper, eastern half of the deposit (mining of the
western half of the Archimedes deposit was completed in 2002), a decision was
taken to proceed with a feasibility study and permitting in 2004. Current
resources stand at approximately 900,000 ounces. At Gold Hill, a 50/50 joint
venture at Round Mountain, assay results available from a number of in-fill
holes drilled in first quarter 2004 confirm the current geological model. The
final development drill program is expected to be completed in second quarter
2004 with a resource update in the third quarter. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In South America, drilling on near surface
targets in the Alto Chicama district of Peru has recently commenced. In
addition, the Company is conducting field surveys in other areas in the region
to identify targets for drill testing later in the year. </p>
<p align="left">&nbsp;&nbsp;&nbsp; In Tanzania, a 20,000-metre drill program is
underway at the Chocolate Reef property, located approximately 80 kilometres
south of the Bulyanhulu mine. It will be completed during the second quarter. A
zone of gold mineralization had been previously outlined down to a depth of 150
metres. The objective of the current program is to test for extensions of gold
mineralization at depth and along strike. Results to date are positive<b> </b>
and, following completion of the drill program, recommendations for follow-up
will be made during the second quarter. </p>
<p align="left">Barrick Gold Corporation is building new low-cost, long-life
mines in highly prospective gold mining districts around the globe. It has the
lowest total cash costs among major gold producers, a proven exploration track
record and the industry's only A-rated balance sheet with no net debt. Barrick's
shares are traded under the ticker symbol ABX on the Toronto, New York, London
and Swiss stock exchanges and the Paris Bourse.</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">4</font></b></td>
    <td WIDTH="612"><font FACE="Interstate" SIZE="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="100%" colspan="2"><font FACE="Interstate" SIZE="5"><b>FIRST
    QUARTER REPORT 2004</b></font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="5"><b>CONTENTS</b></font></td>
    <td WIDTH="45%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="3"><b>PAGE</b></font></td>
  </tr>
  <tr>
    <td WIDTH="55%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="45%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#keystats" style="text-decoration: none">Key
    Statistics</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">6</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#prodcostsum" style="text-decoration: none">Production
    and Cost Summary</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">7</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#opfinsum" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Operating and Financial Summary</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#finresults" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Financial Results</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">8</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#regopseg" style="text-decoration: none">Regional
    Operating Segments</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">9</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#csincome" style="text-decoration: none">Consolidated
    Statements of Income</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">14</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#cscf" style="text-decoration: none">Consolidated
    Statements of Cash Flows</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">15</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#cbs" style="text-decoration: none">Consolidated
    Balance Sheets</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">16</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#csse" style="text-decoration: none">Consolidated
    Statements of Shareholders' Equity</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#csse" style="text-decoration: none">&nbsp;&nbsp;
    and Comprehensive Income</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">17</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#mda" style="text-decoration: none">Management's
    Discussion and Analysis</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">18</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#incomestatement" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Income Statement</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">18</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#goldprodandsales" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Gold Production and Sales</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">18</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#costsalesopsexp" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Cost of Sales and Other Operating Expenses</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">19</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#amort" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Amortization</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">19</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#admini" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Administration</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">19</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#explorationbusdev" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Exploration, Development and</a></font></td>
    <td WIDTH="45%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#explorationbusdev" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Business Development</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">20</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#intexp" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Interest Expense</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">20</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#otherincomeexp" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Other Income/Expense</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">20</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#nonhedge" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Non-Hedge Derivative Gains and Losses</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">21</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a style="text-decoration: none" href="#incometaxes">&nbsp;&nbsp;&nbsp;&nbsp;
    Income Taxes</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">21</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#statcompincome" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Statement of Comprehensive Income</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">21</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#cfstmt" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Cash Flow Statement</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">21</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#liqcapres" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Liquidity and Capital Resources</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">21</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#opactivities" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Operating Activities</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">22</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#investactivities" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Investing Activities</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">22</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#financeactivities" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Financing Activities</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">22</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#criticalaccount" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Critical Accounting Policies and Estimates</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">23</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#offbalance" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Off-Balance Sheet Arrangements</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">23</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#fwdgold" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Forward Gold Sales Contracts</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">23</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#contractob" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Contractual Obligations and Commitments</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">26</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#quartinfo" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Quarterly Information</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">26</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#nongaap" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Non-GAAP Performance Measures</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">26</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#outstand" style="text-decoration: none">&nbsp;&nbsp;&nbsp;&nbsp;
    Outstanding Share Data</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">28</font></td>
  </tr>
  <tr>
    <td WIDTH="55%"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#notes" style="text-decoration: none">Notes to the
    Financial Statements</a></font></td>
    <td WIDTH="45%" align="right">
    <font FACE="Interstate" style="font-size: 11pt">29</font></td>
  </tr>
  <tr>
    <td WIDTH="55%" bgcolor="#E6E6E6"><font FACE="Interstate" style="font-size: 11pt">
    <a href="#minestats" style="text-decoration: none">Mine
    Statistics</a></font></td>
    <td WIDTH="45%" align="right" bgcolor="#E6E6E6">
    <font FACE="Interstate" style="font-size: 11pt">46</font></td>
  </tr>
</table>
  </center>
</div>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530">&nbsp;</td>
    <td WIDTH="95">&nbsp;</td>
    <td WIDTH="612">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">5</font></b></td>
    <td WIDTH="612">&nbsp;</td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="6"><a name="keystats"></a>Key Statistics</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615">&nbsp;</td>
      <td WIDTH="310" COLSPAN="4" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">(in United States
      dollars)</font></td>
      <td WIDTH="310" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Three months ended March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">(Unaudited)</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Operating Results</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold production
      (thousands of ounces)</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,278</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,263</font></td>
    </tr>
    <tr>
      <td WIDTH="615" valign="top"><font FACE="Interstate" SIZE="2">Gold sold
      (thousands of ounces)<br>
&nbsp;</font></td>
      <td WIDTH="67" align="right" valign="top">&nbsp;</td>
      <td WIDTH="71" align="right" valign="top">
      <font FACE="Interstate" SIZE="2"><b>1,247</b></font></td>
      <td WIDTH="69" align="right" valign="top">&nbsp;</td>
      <td WIDTH="103" align="right" valign="top">
      <font FACE="Interstate" SIZE="2">1,292</font></td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Per ounce data</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average spot gold price</font></td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>408</b></font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">352</font></td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average realized gold price</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>382</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">355</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs<sup>3</sup></font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>187</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">182</font></td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Total cash costs<sup>1, 3</sup></font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">194</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total production
      costs<sup>3</sup></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>290</b></font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">285</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-top-style: none; border-top-width: medium">
      <font FACE="Interstate" SIZE="2"><b>Financial Results</b> (millions)</font></td>
      <td WIDTH="67" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold sales</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>477</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">459</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Operating cash flow</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>126</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">131</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">Per share data (dollars)</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Net income (basic and diluted)</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.05</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.05</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Operating cash flow</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>0.24</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">0.24</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Common shares outstanding (as at March
      31) (millions)<sup>2</sup></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>532</b></font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>As at March 31</b></font></td>
      <td WIDTH="172" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">As at Dec. 31</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Financial Position </b>(millions)</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">Cash and equivalents</font></td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>850</b></font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">970</font></td>
    </tr>
    <tr>
      <td WIDTH="615" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Non-cash working capital</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>10</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">45</font></td>
    </tr>
    <tr>
      <td WIDTH="615"><font FACE="Interstate" SIZE="2">Long-term debt</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>721</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2">719</font></td>
    </tr>
    <tr>
      <td WIDTH="615" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Shareholders' equity</font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3,437</b></font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3,494</font></td>
    </tr>
    <tr>
      <td WIDTH="925" colspan="5">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="925" colspan="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>Comprises cash operating costs, royalties and production taxes.</li>
        <li>Includes shares issuable upon exchange of BGI (Barrick Gold Inc.),
        formerly Homestake Canada Inc., exchangeable shares.</li>
        <li>For an explanation of non-GAAP performance measures refer to pages
        26 &#151 28 of Management's Discussion and Analysis.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">6</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" width="75%">
    <tr>
      <td WIDTH="928" COLSPAN="8"><font FACE="Interstate" SIZE="6">
      <a name="prodcostsum"></a>Production
      and Cost Summary</font></td>
    </tr>
    <tr>
      <td WIDTH="400">&nbsp;</td>
      <td WIDTH="258" COLSPAN="2" align="center">&nbsp;</td>
      <td WIDTH="45" align="center">&nbsp;</td>
      <td WIDTH="225" COLSPAN="4" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">For the three months
      ended March 31</font></td>
      <td WIDTH="258" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Production (attributable ounces)</font></td>
      <td WIDTH="45" align="center">&nbsp;</td>
      <td WIDTH="225" COLSPAN="4" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Total Cash Costs (US$/oz)<sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(Unaudited)</font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>North America</b></font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Open Pit</font></td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>317,527</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">285,296</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>267</b></font></td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">266</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Underground</font></td>
      <td WIDTH="141" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>154,047</b></font></td>
      <td WIDTH="117" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">148,205</font></td>
      <td WIDTH="45" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>253</b></font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">218</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Goldstrike
      Property Total</font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>471,574</b></font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">433,501</font></td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>262</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">249</font></td>
    </tr>
    <tr>
      <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Eskay Creek</font></td>
      <td WIDTH="141" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>65,673</b></font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">84,230</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Round Mountain</font></td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>93,496</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">95,815</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Hemlo</font></td>
      <td WIDTH="141" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>61,142</b></font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">68,353</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>227</b></font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">227</font></td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Holt-McDermott</font></td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>18,809</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">20,964</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">281</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Marigold</font></td>
      <td WIDTH="141" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>8,602</b></font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">11,076</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>248</b></font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">169</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>719,296</b></font></td>
      <td WIDTH="117" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">713,939</font></td>
      <td WIDTH="45" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>223</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>South America</b></font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Pierina</font></td>
      <td WIDTH="141" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>231,898</b></font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">231,075</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>82</b></font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">85</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Australia/Africa</b></font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>82,848</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">70,254</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>194</b></font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">192</font></td>
    </tr>
    <tr>
      <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Darlot</font></td>
      <td WIDTH="141" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>34,250</b></font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">43,157</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>208</b></font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">141</font></td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Lawlers</font></td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>26,618</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">20,802</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>236</b></font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">311</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Kalgoorlie</font></td>
      <td WIDTH="141" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>102,212</b></font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">93,849</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>223</b></font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">216</font></td>
    </tr>
    <tr>
      <td WIDTH="400">&nbsp;</td>
      <td WIDTH="141" align="right"><font FACE="Interstate" SIZE="2"><b>245,928</b></font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2">228,062</font></td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>213</b></font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font FACE="Interstate" SIZE="2">203</font></td>
    </tr>
    <tr>
      <td WIDTH="400" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="141" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>81,018</b></font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">90,162</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>276</b></font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">192</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>326,946</b></font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">318,224</font></td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>226</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">200</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total</b></font></td>
      <td WIDTH="141" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,278,140</b></font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,263,238</font></td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">194</font></td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="76%" height="17"></td>
      <td WIDTH="24%" COLSPAN="4" align="right" height="17"></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="17" bgcolor="#FFFFFF"><font FACE="Interstate" SIZE="2">For the three
      months ended March 31</font></td>
      <td WIDTH="24%" COLSPAN="4" align="right" height="17" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Total Production Costs (US$/oz)<sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">(Unaudited)</font></td>
      <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2004</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Direct mining costs at market foreign exchange rates</font></td>
      <td WIDTH="3%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      $</font></td>
      <td WIDTH="7%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      238</font></td>
      <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      $</font></td>
      <td WIDTH="8%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      208</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Gains realized on currency hedge contracts</font></td>
      <td WIDTH="3%" align="right" height="19">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (24)</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (5)</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; By-product
      credits</font></td>
      <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(27)</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Cash operating costs</b></font></td>
      <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">187</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">182</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Royalties</font></td>
      <td WIDTH="3%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      9</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      9</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Production taxes</font></td>
      <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total cash costs</b></font></td>
      <td WIDTH="3%" align="right" height="19" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">199</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">194</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="3%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">91</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">91</font></td>
    </tr>
    <tr>
      <td WIDTH="76%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total production costs</b></font></td>
      <td WIDTH="3%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">290</font></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">285</font></td>
    </tr>
    <tr>
      <td WIDTH="100%" colspan="5">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="100%" colspan="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol style="font-size: 9pt">
        <li>For an explanation of the use of non-GAAP performance measures refer
        to pages 26 &#151 28 of Management's Discussion and Analysis.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">7</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="100%" COLSPAN="3"><font FACE="Interstate" SIZE="2"><b>
      <p align="left"><a name="opfinsum"></a>OPERATING AND FINANCIAL SUMMARY</b></font></td>
    </tr>
    <tr>
      <td WIDTH="51%">&nbsp;</td>
      <td WIDTH="20%">&nbsp;</td>
      <td WIDTH="29%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="51%"><font FACE="Interstate" SIZE="2">For the three months
      ended March 31</font></td>
      <td WIDTH="20%">&nbsp;</td>
      <td WIDTH="29%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="100%" COLSPAN="3"><font FACE="Interstate" SIZE="2">(in millions
      of US dollars, except per share and per ounce data)</font></td>
    </tr>
    <tr>
      <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="51%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Gold sales</font></td>
      <td WIDTH="20%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$ 477</b></font></td>
      <td WIDTH="29%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$ 459</font></td>
    </tr>
    <tr>
      <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Average spot gold price
      per ounce</font></td>
      <td WIDTH="20%" align="right"><font FACE="Interstate" SIZE="2"><b>408</b></font></td>
      <td WIDTH="29%" align="right"><font FACE="Interstate" SIZE="2">352</font></td>
    </tr>
    <tr>
      <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average realized gold
      price per ounce</font></td>
      <td WIDTH="20%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>382</b></font></td>
      <td WIDTH="29%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">355</font></td>
    </tr>
    <tr>
      <td WIDTH="51%"><font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="20%" align="right"><font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29%" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="51%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Net income per share -
      basic and diluted</font></td>
      <td WIDTH="20%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.05</b></font></td>
      <td WIDTH="29%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.05</font></td>
    </tr>
    <tr>
      <td WIDTH="51%" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Operating cash flow</font></td>
      <td WIDTH="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>126</b></font></td>
      <td WIDTH="29%" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">131</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2"><b>
<p><a name="finresults"></a>Financial Results</b> </p>
<p>Realized gold prices, non-hedge derivative gains/losses and income tax
expense all had a significant effect on earnings for first quarter 2004 as
compared to the prior year quarter. In addition, to a lesser extent, gains on
asset and investment sales of $4 million (prior year quarter &#151 $1 million loss)
and foreign currency translation gains of $2 million (prior year quarter &#151 $1
million loss) also impacted earnings compared to the prior year quarter. </p>
<p>In first quarter 2004, Barrick's average realized gold price increased by $27
per ounce over first quarter 2003. Increased revenues from higher spot prices
were partly offset by a 3% decrease in ounces sold. Production for first quarter
2004 was slightly higher than the prior year period. </p>
<p>Total cash costs per ounce for first quarter 2004 were $5 per ounce higher
than the prior year period. As expected, total cash costs increased over first
quarter 2003 due to higher total cash costs at Goldstrike Underground and the
Company's Australian mines, the impact of which was partly offset by lower costs
at Pierina and Eskay Creek. Total cash costs were 5% lower than the plan
mid-point for full year 2004, primarily due to lower costs at Pierina and Eskay
Creek and a greater proportion of production for the first quarter 2004 from the
Company's lower cost mines. Despite a stronger performance in first quarter
2004, the Company is maintaining its guidance of production at 4.9 million to
5.0 million ounces and total cash costs at $205 to $215 per ounce for the full
year. </p>
<p>During the quarter, the Company chose to deliver a portion of its gold
production into long-term gold hedge contracts at below spot market prices as
part of its plan to reduce its gold hedge position. This position was reduced by
0.8 million ounces during the quarter to 14.7 million ounces. By delivering a
portion of production against hedge contracts and the remainder at market gold
prices, the Company realized an average gold price of $382 per ounce for the
quarter as compared to the average spot gold price of $408. </p>
<p>In first quarter 2004, the Company recorded a non-hedge derivative loss of
$15 million ($10 million after tax) due mainly to the impact of higher market
silver prices on silver derivative instruments not eligible for hedge accounting
treatment. In first quarter 2003, the Company recorded a non-hedge derivative
gain of $36 million ($38 million after tax) mainly due to gains on gold lease
rate swaps caused by declining gold lease rates and US dollar interest rates.
</p>
<p>The Company's income tax expense increased by $12 million in first quarter
2004 compared to prior year quarter. The increase was primarily due to higher
spot gold prices, but also because first quarter 2003 included a $4 million tax
credit following the release of deferred tax valuation allowances in Australia.
</p>
<p>Earnings in both years included various items that impacted the comparability
of results. These items are summarized below to assist a reader in understanding
the effect of the items on earnings with more information on the items included
within Management's Discussion and Analysis. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="728" style="border-bottom-style: solid; border-bottom-width: 1" colspan="7">
      <font FACE="Interstate" SIZE="2"><b>Effect on earnings increase (decrease)
      ($ millions)</b></font></td>
    </tr>
    <tr>
      <td WIDTH="418" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="163" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="147" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="418" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Pre-tax</b></font></td>
      <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Post-tax</b></font></td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Pre-tax</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Post-tax</font></td>
    </tr>
    <tr>
      <td WIDTH="418" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Non-hedge derivative gains (losses)</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$ (15)</b></font></td>
      <td WIDTH="31" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$ (10)</b></font></td>
      <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$ 36</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$ 38</font></td>
    </tr>
    <tr>
      <td WIDTH="418"><font FACE="Interstate" SIZE="2">Gains on asset sales</font></td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="31" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="418" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gains (losses) on
      investments</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="418"><font FACE="Interstate" SIZE="2">Severance costs</font></td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="31" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">(5)</font></td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">(4)</font></td>
    </tr>
    <tr>
      <td WIDTH="418" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cumulative effect of
      accounting changes</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="31" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(17)</font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="418"><font FACE="Interstate" SIZE="2">Tax credits</font></td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="31" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="418" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Foreign currency translation gains
      (losses)</font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="31" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(1)</font></td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">8</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="386"><font FACE="Interstate" SIZE="2"><b><a name="regopseg">
      </a>Regional Operating
      Segments</b></font></td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386"><font FACE="Interstate" SIZE="2"><b>North America</b></font></td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="200" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>- per Gold</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>-</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Production</b></font></td>
      <td WIDTH="200" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">Institute Production Cost</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(attributable ounces)</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Standard<sup>1</sup> ($/oz)</font></td>
      <td WIDTH="192" align="center" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="192" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
      <td WIDTH="200" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">March 31</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="386" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Goldstrike</font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386"><font FACE="Interstate" SIZE="2">Open Pit</font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2"><b>317,527</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">285,296</font></td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2"><b>$ 267</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">$ 266</font></td>
      <td WIDTH="90" align="right"><font FACE="Interstate" SIZE="2"><b>$ 269</b></font></td>
      <td WIDTH="102" align="right"><font FACE="Interstate" SIZE="2">$ 267</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Underground</font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>154,047</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">148,205</font></td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>253</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">218</font></td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>254</b></font></td>
      <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Goldstrike property total</font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>471,574</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">433,501</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>262</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">249</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>264</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">250</font></td>
    </tr>
    <tr>
      <td WIDTH="386" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Eskay Creek</font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>65,673</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">84,230</font></td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">69</font></td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(18)</b></font></td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="386"><font FACE="Interstate" SIZE="2">Round Mountain (50%
      owned)</font></td>
      <td WIDTH="117" align="right"><font FACE="Interstate" SIZE="2"><b>93,496</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">95,815</font></td>
      <td WIDTH="103" align="right"><font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">168</font></td>
      <td WIDTH="90" align="right"><font FACE="Interstate" SIZE="2"><b>212</b></font></td>
      <td WIDTH="102" align="right"><font FACE="Interstate" SIZE="2">173</font></td>
    </tr>
    <tr>
      <td WIDTH="386" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hemlo (50% owned)</font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>61,142</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">68,353</font></td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>227</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">227</font></td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>227</b></font></td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">228</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">Holt-McDermott</font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>18,809</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">20,964</font></td>
      <td WIDTH="103" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">281</font></td>
      <td WIDTH="90" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="102" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">281</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Marigold (33% owned)</font></td>
      <td WIDTH="117" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>8,602</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">11,076</font></td>
      <td WIDTH="103" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>248</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">169</font></td>
      <td WIDTH="90" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>248</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">169</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>719,296</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">713,939</font></td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>$ 223</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$ 219</font></td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>$ 225</b></font></td>
      <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$ 220</font></td>
    </tr>
    <tr>
      <td WIDTH="992" COLSPAN="7">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>For an explanation of the use of non-GAAP performance measures,
        refer to pages 26 to 28.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<p>The region produced 1% more gold in first quarter 2004 compared with the
prior year quarter. Total cash costs per ounce were 2% higher in 2004, with
higher costs at Goldstrike Underground and Round Mountain being partially offset
by lower costs at Eskay Creek. In first quarter 2004, production was in line
with plan, but total cash costs per ounces were 2% lower than the plan midpoint
for the full year, primarily attributable to lower costs at Eskay Creek where
by-product credits benefited from higher silver prices. The region is expected
to meet its plan for full year 2004. </p>
<p>Total cash costs were not significantly affected by changes in market
currency exchange rates as the Company protected substantially all of its total
cash costs that are denominated in Canadian dollars. The average Canadian
exchange rate under the hedge contracts was $0.67 in first quarter 2004 compared
with $0.65 in first quarter 2003. The effect of the difference in the hedge
exchange rate on total cash costs in first quarter 2004 over the prior year
quarter was an increase of about $3 per ounce at the Company's Canadian mines,
and $1 per ounce in the North American region. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">9</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate" SIZE="2"><b>
<p>Goldstrike - Open Pit, United States </p>
</b>
<p>Higher production in first quarter 2004 compared to the prior year period was
mainly due to increased throughput of Goldstrike ore as a consequence of lower
third-party toll milling volumes, higher ore grades and a 3% improvement in gold
recoveries as a result of favorable ore characteristics. Total cash costs were
in line with the prior year period. Lower-than-expected toll milling volumes in
first quarter 2004 caused total cash costs to be higher than expected, but toll
milling is expected to reach planned levels in second quarter 2004, and the mine
is expected to meet its production plan and total cash cost plan for the full
year. </p>
<p>In April 2004, a five-year agreement was entered into with Newmont for toll
milling roaster feed. Barrick expects to process approximately 240,000 tons in
2004. Annual tonnage for the remaining years could range from 250,000 to 1
million tons, depending on tonnage available from Newmont and processing
requirements for Barrick. </p>
<b>
<p>Goldstrike - Underground, United States </p>
</b>
<p>During first quarter 2004, the mine produced 4% more ounces than the prior
year quarter with an 11% increase in tons mined (primarily due to incremental
ore from Rodeo), partly offset by lower grades. Total cash costs were 16% higher
than the prior year quarter largely due to lower grades and higher
rehabilitation expenses. In first quarter 2004, actual production compared to
plan benefited from an increase in tons mined due primarily to
higher-than-expected incremental ore from Rodeo. </p>
<b>
<p>Eskay Creek, Canada </p>
</b>
<p>As expected, production in first quarter 2004 decreased by 22% compared to
the prior year quarter due to the planned processing of 20% lower grade ore.
Production was adversely impacted by a rail strike and operational issues at a
third-party smelter, but the mine is expected to achieve its production plan for
the full year. Total cash costs per ounce were $88 per ounce lower than the
prior year period and significantly better than plan due to higher by-product
credits caused by higher silver prices in first quarter 2004. If silver prices
remain at present levels, the mine will likely continue to record lower total
cash costs. </p>
<b>
<p>Round Mountain, United States</b> </p>
<p>As expected, the mine experienced a decrease in ounces produced in first
quarter 2004 compared to the prior year quarter due to a 16% decline in ore
grades processed and 11% lower gold recovery rates, partly offset by a 29%
increase in tons processed. In first quarter 2004, total cash costs per ounce
increased by 23% compared to the prior year quarter due to the expected lower
ore grades and recovery rates. Also, total cash costs in first quarter 2003
benefited from more low-cost leach pad ounces compared to first quarter 2004
when higher cost stockpiled ore was processed. </p>
<b>
<p>Hemlo, Canada</b> </p>
<p>As expected, the mine produced 10% less gold in first quarter 2004 compared
to the prior year period due to a 14% decline in ore grades processed. The lower
ore grades were caused by a decrease in the higher-grade underground tons mined,
as well as mining occurring in lower grade areas. Despite the decline in ore
grades, total cash costs were in line with the prior year quarter due to
rationalization of the workforce as well as improved productivity related to the
implementation of a paste backfill plant.</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">10</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="386"><font FACE="Interstate" SIZE="2"><b>South America</b></font></td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="200" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>- per Gold</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>-</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Production</b></font></td>
      <td WIDTH="200" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">Institute Production Cost</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(attributable ounces)</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Standard<sup>1</sup> ($/oz)</font></td>
      <td WIDTH="192" align="center" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="192" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
      <td WIDTH="200" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">March 31</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">Pierina</font></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2"><b>231,898</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">231,075</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2"><b>$&nbsp; 82</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">$&nbsp; 85</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2"><b>$&nbsp; 86</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">$&nbsp; 89</font></td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="992"><font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>For an explanation of the use of non-GAAP performance measures,
        refer to pages 26 to 28.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2"><b>
<p align="left">Pierina, Peru </p>
</b>
<p align="left">First quarter 2004 production was in line with the prior year
quarter. Total cash costs per ounce were 4% lower than the prior year quarter
due mainly to lower maintenance costs. The mine had a strong first quarter in
2004 due to higher production from better leach pad recoveries and is expected
to achieve its plan for the full year. </p>
<b>
<p align="left">Development Projects </p>
<p align="left">Alto Chicama, Peru </p>
</b>
<p ALIGN="left">The project remains on schedule for a first gold pour in the
second half of 2005. Highlights during first quarter 2004 were: </p>
</font>
<ul>
  <li>
  <p ALIGN="left"><font FACE="Interstate" SIZE="2">The project's Environmental
  Impact Statement was approved and the principal construction permit was
  obtained. </font></li>
  <li>
  <p ALIGN="left"><font FACE="Interstate" size="2">$12 million was spent in
  first quarter 2004, of which $6 million represented mine development costs
  which have been expensed for US GAAP reporting purposes. Most development
  expenditures for the remainder of the year will be capitalized, beginning in
  second quarter 2004. Major expenditures in the quarter were on road
  construction engineering and overhead costs. </li>
  </font>
  <li>
  <p align="left"><font FACE="Interstate" SIZE="2">Access road construction
  began in April 2004, with expected completion scheduled for June 2004. </li>
  </font>
  <li>
  <p ALIGN="left"><font FACE="Interstate" SIZE="2">Permitting for a power line
  is underway. Construction is expected to commence in second quarter 2004 with
  completion expected in December 2004. </li>
  </font>
  <li>
  <p ALIGN="left"><font FACE="Interstate" size="2">An exploration team continues
  work in the Lagunas Norte area, with several targets identified and drilling
  planned in 2004. </li>
</ul>
<b>
<p align="left">Veladero, Argentina </p>
</b>
<p align="left">The project remains on schedule for its first gold pour in late
2005. Highlights during first quarter 2004 include: </p>
</font>
<ul>
  <li>
  <p align="left"><font FACE="Interstate" SIZE="2">Capital expenditures were $64
  million. </font></li>
  <li><font FACE="Interstate" SIZE="2">The access road between the camp and the
  project site is substantially complete. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">Truck shop structural steel has been
  erected and partially enclosed. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">The primary crusher foundation
  excavations are substantially complete. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">Leach pad clearing and re-contouring is
  complete. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">A temporary 1,500-bed construction camp
  has been completed, with a permanent camp well advanced and due for expected
  completion in late April. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">Pre-strip activities have begun and a
  steady build-up to peak tonnage is expected to occur through to mid-year. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">The truck fleet has been delivered and
  several units built. The first hydraulic shovel is due to arrive and be built
  in May. </li>
</ul>
<b>
<p>Pascua-Lama, Chile/Argentina </p>
</b>
<p>At the Pascua-Lama project in Chile/Argentina, the Company is updating its
2001 feasibility study and will provide new project parameters mid-year 2004
when the work is expected to be completed. Work done to date indicates that
previously estimated start-up capital of $1.2 billion and life of mine total
cash costs of $130 per ounce are anticipated to be higher. The principal factors
include: utilizing a dry-grinding process versus a wet-grinding process, a
higher strip ratio, and various cost increases such as construction materials,
labour, fuel and reagents. Construction at Pascua-Lama is expected to begin once
permitting is complete, with production targeted for the 2008 &#151 09 timeframe. The
Veladero/ Pascua-Lama District currently contains 28 million ounces in proven
and probable gold reserves. Veladero is currently in construction and Pascua-Lama
is expected to be a significant contributor to Barrick's production for decades
once production commences. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">11</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="386"><b><font face="Interstate" size="2">Australia/Africa</font></b></td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="103" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="117" align="right">&nbsp;</td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="200" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>- per Gold</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Total Cash Costs </b>-</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2"><b>Production</b></font></td>
      <td WIDTH="200" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">Institute Production Cost</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(attributable ounces)</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Standard<sup>1</sup> ($/oz)</font></td>
      <td WIDTH="192" align="center" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="200" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
      <td WIDTH="192" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="386">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
      <td WIDTH="200" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">March 31</font></td>
      <td WIDTH="192" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="386" bgcolor="#E6E6E6"><font face="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><b><font face="Interstate" size="2">82,848</font></b></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font face="Interstate" size="2">70,254</font></td>
      <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$ </b>
      </font><b><font face="Interstate" size="2">194</font></b></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$ 192</font></td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$ 194</b></font></td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$ 192</font></td>
    </tr>
    <tr>
      <td WIDTH="386"><font face="Interstate" size="2">Darlot</font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <b><font face="Interstate" size="2">34,250</font></b></td>
      <td WIDTH="97" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font face="Interstate" size="2">43,157</font></td>
      <td WIDTH="103" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <b><font face="Interstate" size="2">208</font></b></td>
      <td WIDTH="97" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font face="Interstate" size="2">141</font></td>
      <td WIDTH="90" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <b><font face="Interstate" size="2">209</font></b></td>
      <td WIDTH="102" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font face="Interstate" size="2">141</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">Lawlers</font></td>
      <td WIDTH="117" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">26,618</font></b></td>
      <td WIDTH="97" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">20,802</font></td>
      <td WIDTH="103" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">236</font></b></td>
      <td WIDTH="97" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">311</font></td>
      <td WIDTH="90" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">236</font></b></td>
      <td WIDTH="102" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">311</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: none; border-top-width: medium">
      <font face="Interstate" size="2">Kalgoorlie (50% owned)</font></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b><font face="Interstate" size="2">102,212</font></b></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font face="Interstate" size="2">93,849</font></td>
      <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b><font face="Interstate" size="2">223</font></b></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font face="Interstate" size="2">216</font></td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b><font face="Interstate" size="2">225</font></b></td>
      <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font face="Interstate" size="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">245,928</font></b></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">228,062</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">213</font></b></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">203</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">214</font></b></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font face="Interstate" size="2">204</font></td>
    </tr>
    <tr>
      <td WIDTH="386"><font face="Interstate" size="2">Bulyanhulu</font></td>
      <td WIDTH="117" align="right"><b><font face="Interstate" size="2">81,018</font></b></td>
      <td WIDTH="97" align="right"><font face="Interstate" size="2">90,162</font></td>
      <td WIDTH="103" align="right"><b><font face="Interstate" size="2">276</font></b></td>
      <td WIDTH="97" align="right"><font face="Interstate" size="2">192</font></td>
      <td WIDTH="90" align="right"><b><font face="Interstate" size="2">277</font></b></td>
      <td WIDTH="102" align="right"><font face="Interstate" size="2">193</font></td>
    </tr>
    <tr>
      <td WIDTH="386" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <b><font face="Interstate" size="2">326,946</font></b></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">318,224</font></td>
      <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2"><b>$ 226</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">$ 192</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2"><b>$ 227</b></font></td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font size="2">$ 201</font></td>
    </tr>
    <tr>
      <td WIDTH="992" COLSPAN="7">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>For an explanation of the use of non-GAAP performance measures,
        refer to pages 26 to 28.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" size="2">
<p>In first quarter 2004, the region produced 3% more gold than the prior year
quarter, with 13% higher total cash costs per ounce. As expected, higher total
cash costs per ounce were mainly due to a slight increase in Australian dollar
currency hedge rates and higher total cash costs at Bulyanhulu. Production and
total cash costs in first quarter 2004 were slightly better than the plan for
the year, and the region's mines are expected to achieve their plan for full
year 2004. </p>
<p>Total cash costs were not significantly affected by changes in market
currency exchange rates during first quarter 2004 as the Company had previously
protected substantially all of its Australian dollar denominated total cash
costs using currency hedge contracts. However, total cash costs are impacted by
the average exchange rates under the currency hedge contracts. The average
Australian exchange rate under the hedge contracts in first quarter 2004 was
$0.58 compared to $0.55 in first quarter 2003. </p>
<b>
<p>Plutonic, Australia</b> </p>
<p>In first quarter 2004, production was 18% higher due to a 30% increase in ore
grades over the prior year period. In first quarter 2003, the mine processed
more low-grade ore from stockpiles. The mine had a good production performance
in first quarter 2004 due to a 30% increase in mill throughput as lower-grade
open pit areas continued to be available for processing. Total cash costs per
ounce in first quarter 2004 were in line with the prior year quarter and plan
for the year. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">12</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>Kalgoorlie, Australia </p>
</b>
<p>In first quarter 2004, the mine produced 9% more gold than the prior year
quarter due to an increase in the volumes of higher-grade underground ore
processed. Furthermore, mining in the open pit during first quarter 2004
occurred in higher-grade areas. Compared to plan, production in first quarter
2004 was adversely impacted by the failure of the SAG mill in late January.
Total cash costs per ounce were 3% higher than the prior year period, as the
expected change in currency hedge rates and higher maintenance costs were partly
offset by higher ore grades. </p>
<b>
<p>Darlot, Australia </p>
</b>
<p>First quarter 2004 production was 21% lower than the prior year period as
mining occurred in lower-grade areas of the mine. Total cash costs per ounce in
first quarter 2004 were 48% higher than the prior year quarter due to lower
production levels and the drawdown of low-grade stockpiles. </p>
<b>
<p>Bulyanhulu, Tanzania </p>
</b>
<p>Production in first quarter 2004 was 10% lower than the prior year quarter
due to lower ore grades, mainly caused by the planned processing of more
low-grade development ore. As expected, total cash costs per ounce in first
quarter 2004 were higher than the prior year period due to planned increases in
underground mining costs, lower productivity and lower processed ore grades. </p>
<p>With the implementation of various operational improvements, the mine has
begun to demonstrate better month-by-month performance from the beginning of
2004. The mine expects this trend to continue, allowing it to meet its plan for
full year 2004.<b> </p>
</b></font><font FACE="Interstate" size="2"><b>
<p>Development Projects Cowal, Australia </p>
</b>
<p>The Cowal project remains on schedule for its first gold pour in first
quarter 2006. Highlights in first quarter 2004 were: </p>
</font>
<ul>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">Capital
  expenditures on the Cowal project were approximately $20 million, including a
  payment of $15 million required under the property acquisition agreement upon
  Board approval to proceed with the project. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">Permits have been obtained for mine
  construction activities. </li>
  </font>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">The EPCM
  contract has been awarded. </li>
  </font>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">Initial
  construction work commenced, including diversion of a public road and
  condemnation drilling to enable site clearing to begin. </li>
  </font>
  <li><font FACE="Interstate" SIZE="2">A new road, rail crossing, and four fresh
  water bores were completed. </li>
  </font>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">Tenders
  have been requested for a preliminary earthworks contract including site
  preparation, drainage, a tailings storage area, and a fresh water supply
  pipeline. </li>
</ul>
<b>
<p>Tulawaka, Tanzania </p>
</b>
<p>The 70%-owned Tulawaka project is on schedule to begin construction in early
2005. Highlights in first quarter 2004 were: </p>
</font>
<ul>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">Capital
  expenditures to the Company's account were $3 million. </li>
  </font>
  <li><font FACE="Interstate" SIZE="1"><font FACE="Interstate" SIZE="2">
  Installation of permanent camp facilities is on schedule for expected
  completion by June 2004. </li>
  </font>
  <li>
  <p ALIGN="JUSTIFY"><font FACE="Interstate" SIZE="1">
  <font FACE="Interstate" SIZE="2">Construction activities mainly included
  ramping up the construction capability at site. The construction camp was
  completed. </font></font></li>
</ul>
<font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">1</font></b><font size="2"><b>3</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="928" COLSPAN="5"><font FACE="Interstate" SIZE="6">
      <a name="csincome"></a>Consolidated
      Statements of Income</font></td>
    </tr>
    <tr>
      <td WIDTH="617">&nbsp;</td>
      <td WIDTH="311" COLSPAN="4" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617"><font FACE="Interstate" SIZE="2">Barrick Gold Corporation</font></td>
      <td WIDTH="311" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Three months ended March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(in millions of United States dollars,
      except per share data) (Unaudited)</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Gold sales</b> (notes 4 and 5)</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>477</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">459</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Costs and expenses</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cost of sales and other
      operating expenses <sup>1</sup> (note 6)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>263</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">263</font></td>
    </tr>
    <tr>
      <td WIDTH="617"><font FACE="Interstate" SIZE="2">Amortization (note 4)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="109" align="right"><font FACE="Interstate" SIZE="2"><b>120</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="122" align="right"><font FACE="Interstate" SIZE="2">125</font></td>
    </tr>
    <tr>
      <td WIDTH="617" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Exploration and business development</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>29</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>430</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">439</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other income/expense
      (note 7)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>16</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="617"><font FACE="Interstate" SIZE="2">Interest expense</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="109" align="right"><font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="122" align="right"><font FACE="Interstate" SIZE="2">(13)</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Non-hedge derivative gains (losses) (note
      11E)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Income before income taxes and other
      items</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>40</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">48</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Income tax expense (note 8)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(14)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Income before cumulative effect of
      changes in accounting principles</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">46</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Cumulative effect of changes in
      accounting principles (note 3)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net income for the period</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="109" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="122" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>Earnings per share
      data</b> (note 9):</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="109" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617"><font FACE="Interstate" SIZE="2">Income before cumulative
      effect of changes in accounting principles</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="109" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="122" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Basic and diluted</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="109" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.05</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.09</font></td>
    </tr>
    <tr>
      <td WIDTH="617"><font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="109" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="122" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="617" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Basic and
      diluted</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>0.05</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">0.05</font></td>
    </tr>
    <tr>
      <td WIDTH="928" style="border-top-style: solid; border-top-width: 1" colspan="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>Exclusive of amortization (note 6)</font></li>
      </ol>
      </td>
    </tr>
    <tr>
      <td WIDTH="928" COLSPAN="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <a href="#notes" style="text-decoration: none">The accompanying notes are
      an integral part of these unaudited interim consolidated financial
      statements.</a><br>
&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">14</font></b></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="931" COLSPAN="5"><font FACE="Interstate" SIZE="6">
      <a name="cscf"></a>Consolidated
      Statements of Cash Flows</font></td>
    </tr>
    <tr>
      <td WIDTH="618">&nbsp;</td>
      <td WIDTH="313" COLSPAN="4" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">Barrick Gold Corporation</font></td>
      <td WIDTH="313" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Three months ended March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2"><b>OPERATING ACTIVITIES</b></font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Net income for the period</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">Amortization (note 4)</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Interstate" SIZE="2"><b>120</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">125</font></td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Changes in capitalized
      mining costs</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">Deferred income taxes
      (note 8)</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gains on sale of
      long-lived assets (note 7)</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other items (note 12)</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(27)</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Net cash provided by operating
      activities</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>126</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">131</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>INVESTING ACTIVITIES</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Property, plant and
      equipment</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capital expenditures (note 4)</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Interstate" SIZE="2"><b>(129)</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">(66)</font></td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Sales proceeds</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">Investments</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Purchases (note 13)</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(41)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Sales proceeds</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Net cash used in investing activities</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(164)</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(61)</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>FINANCING ACTIVITIES</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Capital stock</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="618"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds from shares issued on exercise of stock options</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Interstate" SIZE="2"><b>13</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Repurchased for
      cash (note 16A)</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(95)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net cash (used in) provided by
      financing activities</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(82)</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net increase (decrease) in cash and
      equivalents</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(120)</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">71</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at beginning of
      period</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>970</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,044</font></td>
    </tr>
    <tr>
      <td WIDTH="618" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at end of period</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>850</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,115</font></td>
    </tr>
    <tr>
      <td WIDTH="931" COLSPAN="5"><font FACE="Interstate" SIZE="2"><br>
      <a href="#notes" style="text-decoration: none">The accompanying notes are an integral part of these unaudited interim
      consolidated financial statements.</a><br>
&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><b><font face="Interstate" size="2">1</font></b><font size="2"><b>5</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="931" colspan="5"><font FACE="Interstate" SIZE="6">
      <a name="cbs"></a>Consolidated
      Balance Sheets</font></td>
    </tr>
    <tr>
      <td WIDTH="616">&nbsp;</td>
      <td WIDTH="163" COLSPAN="2" align="right">&nbsp;</td>
      <td WIDTH="152" COLSPAN="2" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">Barrick Gold Corporation</font></td>
      <td WIDTH="163" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">At Mar. 31</font></td>
      <td WIDTH="152" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">At Dec. 31</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>ASSETS</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Current assets</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash and equivalents</font></td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>850</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">970</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>72</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories (note 13)</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>162</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">157</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other current assets (note 13)</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>125</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">169</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" SIZE="2"><b>1,209</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" SIZE="2">1,365</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Investments (note 13)</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>166</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">127</font></td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Property, plant and equipment (note 14)</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>3,149</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">3,131</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capitalized mining costs (note 15)</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>234</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Unrealized fair value of derivative contracts (note 11C)</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>269</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">256</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other assets</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>268</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">248</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>Total assets</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>5,295</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>LIABILITIES AND
      SHAREHOLDERS' EQUITY</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">Current liabilities</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>261</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">245</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Other current
      liabilities</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>88</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">105</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>349</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">350</font></td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Long-term debt</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>721</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">719</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other long-term obligations</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>571</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">569</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Deferred income
      tax liabilities</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>217</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">230</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,858</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,868</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Shareholders' equity</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capital stock (note 16)</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,093</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4,115</font></td>
    </tr>
    <tr>
      <td WIDTH="616"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Deficit</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="113" align="right"><font FACE="Interstate" SIZE="2"><b>(728)</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="123" align="right"><font FACE="Interstate" SIZE="2">(694)</font></td>
    </tr>
    <tr>
      <td WIDTH="616" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accumulated other comprehensive income (note 10)</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>72</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">73</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>3,437</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3,494</font></td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Contingencies (note 18)</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="113" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="616" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities and shareholders'
      equity</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="113" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>5,295</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
    </tr>
    <tr>
      <td WIDTH="931" colspan="5"><font FACE="Interstate" SIZE="2"><br>
      <a href="#notes" style="text-decoration: none">The accompanying notes are an integral part of these unaudited interim
      consolidated financial statements.</a><br>
&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>16</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></font></font></font></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="927" COLSPAN="5"><font FACE="Interstate" SIZE="6">
      <a name="csse"></a>Consolidated
      Statements of Shareholders' Equity</font></td>
    </tr>
    <tr>
      <td WIDTH="612">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">Barrick Gold Corporation</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2"><b>Common shares</b>
      (number in millions)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>535</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Issued for cash/on exercise of stock options</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Repurchased for
      cash (note 16A)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At March 31</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>532</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Common shares</b> (dollars in
      millions)</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>4,115</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">4,148</font></td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Issued for cash/on exercise of stock options</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>13</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Repurchased for
      cash (note 16A)</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(35)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At March 31</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>4,093</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">4,149</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Deficit</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(694)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(689)</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Net income</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchase of common shares<sup>1</sup></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(60)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At March 31</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(728)</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(660)</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Accumulated other comprehensive income
      (loss) (note 10)</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>72</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(85)</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity at March 31</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>3,437</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3,404</font></td>
    </tr>
    <tr>
      <td WIDTH="612">&nbsp;</td>
      <td WIDTH="51">&nbsp;</td>
      <td WIDTH="115">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="120">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="927" COLSPAN="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>Represents the excess of cash paid over the average book value
        repurchased as part of the share buyback plan (note 16A).</font></li>
      </ol>
      </td>
    </tr>
    <tr>
      <td WIDTH="612">&nbsp;</td>
      <td WIDTH="51">&nbsp;</td>
      <td WIDTH="115">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="120">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="927" COLSPAN="5"><font FACE="Interstate" SIZE="6">Consolidated
      Statements of Comprehensive Income</font></td>
    </tr>
    <tr>
      <td WIDTH="612">&nbsp;</td>
      <td WIDTH="315" COLSPAN="4" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">Barrick Gold Corporation</font></td>
      <td WIDTH="315" COLSPAN="4" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Three months ended March 31</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">Foreign currency
      translation adjustments (note 10)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Transfers of hedge gains
      to earnings (note 10)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness
      transferred to earnings (note 10)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Change in fair value of
      cash flow hedges (note 10)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>12</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">48</font></td>
    </tr>
    <tr>
      <td WIDTH="612"><font FACE="Interstate" SIZE="2">Impairment charges on
      available-for-sale securities (note 10)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="115" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="120" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="612" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Change in fair value of
      available-for-sale securities (note 10)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="612" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>Comprehensive income</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>25</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="612">&nbsp;</td>
      <td WIDTH="51">&nbsp;</td>
      <td WIDTH="115">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="120">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="927" colspan="5"><font FACE="Interstate" SIZE="2">
      <a href="#notes" style="text-decoration: none">The
      accompanying notes are an integral part of these unaudited interim
      consolidated financial statements.</a><br>
&nbsp;</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>17</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" SIZE="6">
<p><a name="mda"></a>Management's Discussion and Analysis </p>
</font><font FACE="Interstate" SIZE="2">
<p>This portion of the Quarterly Report provides a discussion and analysis of
the financial condition and results of operations (&quot;Management's Discussion and
Analysis&quot;) to enable a reader to assess material changes in financial condition
and results of operations for the three months ended March 31, 2004, compared to
those of the prior year quarter. This Management's Discussion and Analysis has
been prepared as of April 22, 2004. The unaudited consolidated interim financial
statements prepared in accordance with US generally accepted accounting
principles (US GAAP) are on pages 14 to 17. This Management's Discussion and
Analysis is intended to supplement and complement the unaudited interim
consolidated financial statements and notes thereto for the period ended March
31, 2004 (collectively, the &quot;Financial Statements&quot;), which are included in this
Quarterly Report. You are encouraged to review the Financial Statements in
conjunction with your review of this Management's Discussion and Analysis. This
Management's Discussion and Analysis should be read in conjunction with both the
annual audited consolidated financial statements for the three years ended
December 31, 2003, and the related annual Management's Discussion and Analysis
included in the 2003 Annual Report, and the most recent Form 40F/Annual
Information Form on file with the US Securities and Exchange Commission and
Canadian provincial securities regulatory authorities. Certain notes to the
Financial Statements are specifically referred to in this Management's
Discussion and Analysis and such notes are incorporated by reference herein. All
dollar amounts in this Management's Discussion and Analysis are in millions of
US dollars, unless otherwise specified. </p>
<b>
<p><a name="incomestatement"></a>INCOME STATEMENT</b> </font><b><font FACE="Interstate" SIZE="1"></p>
</font><font FACE="Interstate" SIZE="2">
<p><a name="goldprodandsales"></a>Gold Production and Sales </p>
</font></b><font FACE="Interstate" SIZE="2">
<p>In first quarter 2004, Barrick produced slightly more ounces than in first
quarter 2003. The Company experienced higher production at the Goldstrike Open
Pit, Plutonic and Kalgoorlie offsetting lower production at Eskay Creek and
Bulyanhulu. Ounces sold were roughly 3% lower than in the first quarter 2003 due
to the timing of production versus sales. Beginning in 2005 and through 2007, as
its development projects commence operations, the Company is targeting its
annual production profile to rise to between 6.8 and 7.0 million ounces in 2007.
</p>
<p>In first quarter 2004, spot gold prices averaged $408 per ounce, compared to
the prior year quarter when spot gold averaged $352 per ounce. By choosing to
deliver a portion of its gold production into long-term gold hedge contracts at
below spot market prices, thereby reducing the hedged position by 0.8 million
ounces, Barrick realized an average price of $382 per ounce for the quarter.
This compares to an average realized price of $355 per ounce in first quarter
2003. </p>
<p>Barrick expects to continue to deliver part of its gold production into its
fixed-price forward sales contracts over the rest of 2004 to achieve a targeted
reduction of its gold hedge position by 1.5 million ounces. The price realized
for gold sales throughout 2004 will depend upon market conditions and the
selling prices of hedge contracts into which the Company delivers, and could be
below average spot market prices. </p>
<p>As spot gold prices increase, the value of the Company's gold mineral
reserves and amount of potential operating cash inflows generally rise. The
unrealized mark-to- market loss on its fixed-price forward gold sales contracts
also rises. The unrealized mark-to-market value changed from an unrealized loss
of $1,725 million at the end of 2003 to an unrealized loss of $1,801 million at
the end of first quarter 2004, primarily due to increasing spot gold prices
(quarter end spot gold prices, 2004 &#151 $427 compared to year end 2003 &#151 $415).
Mark- to-market value represents the replacement value of these contracts based
on current market levels, and does not represent an economic obligation for
payment. For additional details see &quot;Off-Balance Sheet Arrangements &#151 Key
Contract Terms and Conditions &#151 Significance of mark-to-market gains and losses&quot;
on page 25. </p>
</font><font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>18</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="608"><font FACE="Interstate" SIZE="2"><b>
      <a name="costsalesopsexp"></a>Cost of Sales and
      Other Operating Expenses</b></font></td>
      <td WIDTH="86" align="right">&nbsp;</td>
      <td WIDTH="77" align="right">&nbsp;</td>
      <td WIDTH="58" align="right">&nbsp;</td>
      <td WIDTH="100" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash production costs &#151 per US GAAP</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>250</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">253</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Accretion expense and reclamation costs
      at the operating mines</font></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash production costs &#151 per Gold
      Institute Production Cost Standard<sup>1</sup></font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>248</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">251</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1,247</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">1,292</font></td>
    </tr>
    <tr>
      <td WIDTH="608" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold &#151 per US GAAP (dollars)</font></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>200</b></font></td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">196</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold &#151 per
      Gold Institute Production Cost Standard<sup>1</sup> (dollars)</font></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">194</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total cash costs </b>&#151 per Gold
      Institute Production Cost Standard<sup>1</sup> ($/oz)</font></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales at
      market foreign exchange rates</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">208</font></td>
    </tr>
    <tr>
      <td WIDTH="608" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Gains realized on currency hedge contracts</font></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(24)</b></font></td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; By-product
      credits</font></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(27)</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Cash operating costs</b></font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>187</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">182</font></td>
    </tr>
    <tr>
      <td WIDTH="608"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Royalties</font></td>
      <td WIDTH="86" align="right">&nbsp;</td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="58" align="right">&nbsp;</td>
      <td WIDTH="100" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Production taxes</font></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="608" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total cash costs</b></font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">194</font></td>
    </tr>
    <tr>
      <td COLSPAN="5" width="929">&nbsp;</td>
    </tr>
    <tr>
      <td COLSPAN="5" width="929">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>Barrick reports total cash costs per ounce data calculated in
        accordance with The Gold Institute Production Cost Standard (the
        &quot;Standard&quot;). Adoption of the Standard is voluntary, but it understands
        that most senior gold producers follow the Standard when reporting cash
        cost per ounce data. The data does not have a meaning prescribed by US
        GAAP and therefore amounts presented may not be comparable to data
        presented by gold producers who do not follow the Standard. Total cash
        costs per ounce are derived from amounts included in the Statements of
        Income and include mine site operating costs such as mining, processing,
        administration, royalties and production taxes, but exclude
        amortization, reclamation costs, financing costs, and capital,
        development and exploration costs. A GAAP measure of cost per ounce has
        also been presented as required by securities regulations that govern
        non-GAAP performance measures. Within this disclosure document the
        discussion and analysis is focused on the &quot;total cash cost&quot; measure as
        defined by the Standard, but the most directly comparable financial
        measure calculated and presented in accordance with GAAP is also
        provided throughout. See pages 26 to 28 for further information on non-GAAP
        performance measures.</font></li>
      </ol>
      </td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<p>As expected, total cash costs during the first quarter of 2004 were higher
than the prior year period, primarily due to higher costs at Goldstrike
Underground, Round Mountain and the Australian mines partially offset by lower
costs at Pierina and Eskay Creek. Total cash costs for first quarter 2004 were
lower than the plan for the year primarily because of lower total cash costs at
Pierina and higher by-product credits at Eskay Creek, which benefited from
rising silver prices. A detailed discussion and analysis of gold production and
cash production costs at each of the Company's significant mining operations is
contained on pages 9 to 13 of this first quarter report. </p>
<b>
<p><a name="amort"></a>Amortization </p>
</b>
<p>Amortization expense mainly arises on property, plant and equipment at
Barrick's operating mines. The majority of these assets are amortized on a units
of production basis. As a result, amortization expense is affected by the
overall quantity of gold produced and sold, changes in reserve estimates, and
the mix of production across its mines. The combined effect of a 3% decrease in
ounces sold, a change in production mix and reserve increases at the end of 2003
led to an overall $5 million decrease in amortization expense for the quarter.
In first quarter 2004, the overall average amortization was $91 per ounce, the
same as first quarter 2003. For details of the impact of changes in reserve
estimates on amortization expense in 2004, refer to page 23. For an explanation
of how the Company calculates amortization per ounce, refer to page 28. </p>
<b>
<p><a name="admini"></a>Administration </p>
</b>
<p>First quarter 2004 administration costs of $18 million were $4 million lower
than in the prior year quarter, mainly due to severance costs of $5 million
incurred in first quarter 2003. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>19</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="614" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="614" colspan="5"><font FACE="Interstate" SIZE="2"><b>
      <a name="explorationbusdev"></a>Exploration, Development and Business Development</b></font></td>
    </tr>
    <tr>
      <td WIDTH="399" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="614" colspan="5" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Exploration, Development and Business
      Development Expense</b></font></td>
    </tr>
    <tr>
      <td WIDTH="399" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="99" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2004</font></td>
      <td WIDTH="116" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="399" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Exploration costs</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      North America</font></td>
      <td WIDTH="49" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="399" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Australia/Africa</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      South America</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="399" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other countries</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>Development project
      costs</b></font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="399" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Alto Chicama</font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="399" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>Organization design
      costs</b></font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="399" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Business Development</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="399" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">29</font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<p>Barrick's exploration strategy is to consistently fund a geographic mix of
projects at different stages in the exploration process. The Company's early
stage exploration effort focuses on five major areas where it possesses
significant infrastructure: the United States, Peru, Australia, Chile/Argentina,
and Tanzania. In first quarter 2004, Barrick continued to invest in its
exploration program, with costs slightly higher than first quarter 2003 levels.
In particular, higher activity on the Rossi property and various targets at
Goldstrike led to an increase in exploration costs in North America. Exploration
expense reflects the planned funding of various exploration projects. Barrick
may spend more or less on these projects depending on the results of ongoing
exploration activities, and may also fund further exploration projects in
addition to those presently planned. </p>
<p>During first quarter 2004, the Company incurred development expenditures at
each of its development projects. Under US GAAP, development expenditures are
not capitalized until after mineralization is classified as a proven and
probable reserve in accordance with US reporting standards. The most significant
expensed development expenditures in 2003 were incurred at the Alto Chicama
project. The Company expensed development costs at Veladero until October 1,
2003, when the project achieved the criteria needed to classify material as a
reserve under SEC rules. In 2004, all development costs at Veladero have been
capitalized. At Alto Chicama, the Company continues to expense development costs
until the mineralization there qualifies as a reserve under SEC rules. Barrick
received approval of the Alto Chicama Environmental Impact Statement in April
2004, and upon finalization of the project feasibility study in second quarter
2004, it will classify mineralization at Alto Chicama as a reserve under SEC
rules. From that point forward, mine development costs will be capitalized.
</font><font FACE="Times New Roman" SIZE="1"></p>
</font><font FACE="Interstate" SIZE="2"><b>
<p><a name="intexp"></a>Interest Expense </p>
</b>
<p>Barrick incurred $12 million in interest costs and financing charges in first
quarter 2004, related mainly to its debentures and its Bulyanhulu project
financing compared to $14 million in the prior year quarter. Interest incurred
was lower than the prior year period due to the general decline in market US
dollar interest rates. In first quarter 2004, the Company capitalized $4 million
of interest at Veladero, Cowal and Tulawaka and expensed $8 million. In first
quarter 2003, it capitalized $1 million at Cowal and expensed $13 million. </p>
<p>Barrick uses interest rate swaps to manage the effective rates of interest it
pays on long-term debt. On the $500 million debentures, Barrick has converted
the fixed 7.5% interest rate to a floating rate, taking advantage of low market
floating interest rates. On the Bulyanhulu financing, the Company has taken
advantage of the present low interest rates to fix the interest rate for the
term of the debt at a rate of about 7%. </p>
<p>Actual interest expense on existing debt obligations, as well as amounts of
interest capitalized, will be affected by changes in market interest rates on
variable-rate debt obligations, as well as whether other development projects
meet US GAAP criteria for interest capitalization during 2004. </p>
<b>
<p><a name="otherincomeexp"></a>Other Income/Expense</b> </p>
<p>In first quarter 2004, Barrick earned interest income of $9 million on its
cash balances, similar to first quarter 2003. Through interest rate swaps, the
Company earned a fixed rate of 3.4% in first quarter 2004 on most of its cash
balances, with any excess cash balances earning interest at market interest
rates. In first quarter 2004, the Company also realized pre-tax gains of $4
million on the sale of various assets and investments, compared to gains on
asset sales of $6 million in the prior year period. Barrick may sell further
assets in 2004. In first quarter 2003, it recorded losses of $7 million on
various investments held in a post-retirement benefit plan. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>20</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p><a name="nonhedge"></a>Non-Hedge Derivative Gains and Losses </p>
</b><font FACE="Interstate">
<p>Non-hedge derivative gains and losses arising on derivative instruments used
in Barrick's risk management strategy that do not qualify for hedge accounting
treatment are recorded in earnings. These gains and losses do not include the
unrealized mark-to-market loss on the Company's fixed-price forward gold and
silver sales contracts. The gains and losses occur because of changes in
commodity prices, currency exchange rates and interest rates. </p>
<p>In first quarter 2004, non-hedge derivative losses of $15 million were caused
primarily by the impact of rising silver prices on silver derivative instruments
that did not qualify for hedge accounting treatment. In first quarter 2003, the
Company recorded non-hedge gains of $36 million, which mainly included gains of
$34 million on interest-rate and gold lease rate swaps due to declining market
gold lease rates and US dollar interest rates. </p>
</font><b>
<p><a name="incometaxes"></a>Income Taxes </p>
</b><font FACE="Interstate">
<p>In first quarter 2004, Barrick recorded a tax expense of $14 million compared
to a tax expense of $2 million in first quarter 2003. Income tax expense
increased primarily due to the rise in spot gold prices, but also because first
quarter 2003 included a $4 million tax credit on release of deferred tax
valuation allowances. </p>
<p>Excluding the impact of tax credits in first quarter 2003, the consolidated
effective income tax rate increased from 12% in first quarter 2003 to 35% in
first quarter 2004. The consolidated income tax rate is significantly affected
by gains and losses recorded in a low tax rate jurisdiction. These gains and
losses arise from both non-hedge derivatives and also mark-to-market gains and
losses realized on delivery of gold into hedge contracts. </p>
<p>Should gold prices remain in the $400 per ounce range, the Company expects
its effective tax rate in 2004 to be about 30%, excluding gains and losses on
non-hedge derivatives, and the effect of any release of deferred tax valuation
allowances. </p>
<p>Income tax expense is affected by changes in the level of valuation
allowances recorded against deferred tax assets. Valuation allowances are
recorded where there is substantial uncertainty over the realization of a tax
asset. Among other things, a further sustained upward trend in gold prices may
result in further releases of valuation allowances with corresponding tax
credits recorded in earnings. The Company may also record a tax credit in the
future based on its eligibility to file an election to revalue assets for tax
purposes under a new </font></font><font SIZE="2" face="Times New Roman">tax
regime in Australia.</font><font FACE="Interstate" SIZE="2"><b><font SIZE="2" face="Times New Roman">
</p>
</font><font FACE="Interstate">
<p><a name="statcompincome"></a>STATEMENT OF COMPREHENSIVE INCOME </p>
</font></b><font FACE="Interstate" SIZE="2"><font FACE="Interstate">
<p>Comprehensive income consists of net income or loss, together with certain
other economic gains and losses that collectively are described as &quot;other
comprehensive income&quot; and excluded from the income statement. </p>
<p>In first quarter 2004, other comprehensive income mainly included gains of
$18 million arising on cash flow hedge contracts and the transfer of $33 million
of the gains on cash flow hedges to earnings during </font></font></font>
<font SIZE="2" face="Times New Roman">the quarter. </font>
<font FACE="Interstate" SIZE="2"><b><font FACE="Interstate" SIZE="4"></p>
</font><font FACE="Interstate">
<p><a name="cfstmt"></a>CASH FLOW STATEMENT</font></b><font FACE="Interstate"> </p>
</font><b>
<p><a name="liqcapres"></a>Liquidity and Capital Resources </p>
</b><font FACE="Interstate">
<p>In previous years, the main sources of liquidity have been cash inflow from
operating activities, the large cash position, and various debt-financing
facilities. Currently, debt facilities include Barrick's publicly traded
debentures, the Bulyanhulu project financing, and the undrawn $1 billion
revolving credit facility with a syndicate of global banks. </p>
<p>In the last three fiscal years, Barrick has generated a total operating cash
inflow of $1.7 billion. The Company expects to continue to generate significant
operating cash flow over the next few years, providing it can maintain present
production levels and also provided that there is no material decline in the
spot price of gold. Barrick expects capital needs of approximately $0.9 billion
through the end of 2006 to build its Veladero, Cowal, Alto Chicama, and Tulawaka
development projects, as well as between $100 and $200 million per year for
sustaining capital at existing operations. Alternatives for sourcing this
capital include Barrick's significant cash position, $1 billion credit facility,
future operating cash flow, project financings and public debt financings. These
alternatives are being evaluated to determine the optimal mix of capital
resources for the projects. The Company expects that, absent a material </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>21</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate">
<p>adverse change in a combination of these sources of liquidity, present levels
of liquidity will be adequate to meet its expected capital needs. If the Company
is unable to access project financing due to unforeseen political or other
problems, Barrick expects that it will be able to access public debt markets as
an alternative source of financing. </p>
<b>
<p>Capital structure </p>
</b>
<p>Barrick regularly reviews its capital structure with an overall goal of
lowering its cost of capital, while preserving the balance sheet strength and
flexibility that is important due to the cyclical nature of commodity markets,
and to ensure access to cash for strategic purposes. </p>
<p>Following a review of the capital structure during 2003, the Company
concluded that a share buyback program would be consistent with these overall
goals, in view of the high levels of operating cash flow being generated at
current gold prices, the high levels of liquidity that exist in the capital
markets presently, and its belief that its current share price represents an
attractive buying opportunity. In first quarter 2004, the Company continued to
purchase its common shares under this program, buying back 4.5 million shares at
a total cost of $95 million. </p>
</font><b>
<p><a name="opactivities"></a>Operating Activities</b> </p>
<font FACE="Interstate">
<p>Operating cash flow is significantly affected by the volume of gold sales,
realized gold prices, and cash operating costs as well as movements in non-cash
working capital. The overall effect of changes in these principal factors and
other factors was a $5 million decrease in operating cash flow in first quarter
2004 compared to the prior year quarter. In first quarter 2004 operating cash
flow benefited from a $27 per ounce increase in the average realized gold price
over the prior year period. This was partially offset by a $5 per ounce increase
in total cash costs. The effect of these changes, combined with a 3% decrease in
ounces sold, was a $20 million increase in operating cash flow in first quarter
2004 compared to the prior year period. </p>
<p ALIGN="JUSTIFY">Due to the timing of gold production versus gold sales,
movements in inventory caused a $5 million outflow in first quarter 2004,
compared to an $11 million inflow in the prior year period. The level of
deferred stripping activity at the open pit mines also impacts operating cash
flow. In first quarter 2003, due to lower levels of stripping, the movement in
capitalized mining costs gave rise to a $19 million operating inflow, whereas in
first quarter 2004 this movement gave rise to a $1 million inflow. </p>
</font><b>
<p><a name="investactivities"></a>Investing Activities </p>
</b><font FACE="Interstate">
<p>The most significant ongoing investing activities are for capital
expenditures at the Company's mines. Capital expenditures consist of annual
investment in sustaining capital at the mines, including expenditures relating
to underground development activities and significant capital expenditures in
the development and construction phases of mines. The annual amount varies
depending on the status of the development projects. </p>
<p>In first quarter 2003, expenditures were mainly for sustaining capital and
underground development at the operating mines. The increase in capital
expenditures in first quarter 2004 mainly relates to $97 million spent at the
Company's development projects, mainly the construction activity at Veladero and
Cowal. Spending is expected to increase for the remainder of 2004 to support
advancement of the four development projects that are in construction presently.
</p>
<p>Proceeds of $6 million from various asset and investment sales were realized
in first quarter 2004. The Company also made a $41 million payment for an
investment in the shares of Highland Gold, further to its initial investment in
fourth quarter 2003. </p>
</font><b>
<p><a name="financeactivities"></a>Financing Activities </p>
</b><font FACE="Interstate">
<p>The most significant ongoing financing activities are repayments/drawdowns of
debt obligations; dividend payments; proceeds from issuing capital stock on
exercise of stock options; and purchases of common shares under our share
buyback program. </p>
<p>In first quarter 2004 the most significant financing cash flows were $95
million spent purchasing 4.5 million common shares under the share buyback
program. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>22</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate"><b>
<p><a name="criticalaccount"></a>CRITICAL ACCOUNTING POLICIES AND ESTIMATES</b> </p>
<p><b>Accounting policy changes </p>
</b>
<p>There were no changes in accounting policies in first quarter 2004. </p>
<b>
<p>Critical Accounting Estimates </p>
</b>
<p ALIGN="left">Critical accounting estimates represent estimates that are
highly uncertain and for which changes in those estimates could materially
impact the Company's financial statements. The following accounting estimates
are critical: </font></p>
<ul>
  <li>
  <p ALIGN="left"><font FACE="Interstate">amortization of property, plant and
  equipment and capitalized mining costs; </font></li>
  <li>
  <p ALIGN="left"><font FACE="Interstate">impairment assessments of long-lived
  assets; </font></li>
  <li>
  <p ALIGN="left"><font FACE="Interstate">asset retirement obligations; </font>
  </li>
  <li>
  <p ALIGN="left"><font FACE="Interstate">the measurement of deferred income tax
  assets and liabilities and assessment of the need to record valuation
  allowances against those assets; </font></li>
  <li>
  <p ALIGN="left"><font FACE="Interstate">the valuation of derivative
  instruments and measurement of gains and losses on cash flow and fair value
  hedges that are recorded in other comprehensive income; and </font></li>
  <li>
  <p ALIGN="left"><font FACE="Interstate">contingencies. </li>
</ul>
<b>
<p>Amortization Expense </p>
</b>
<p>Barrick amortizes a large portion of its property, plant and equipment using
the units of production method based on proven and probable reserves. Changes in
reserves during first quarter 2004 caused amortization to decrease by
approximately $7 million for the mines listed below, which had reserve estimate
changes (other than production) greater than 10% effective December 31, 2003.
</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="45%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td COLSPAN="3" width="553"><font FACE="Interstate" size="2">
      <p align="center"><b>Impact of Actual Changes in Reserve Estimates on
      Amortization</b></font></td>
    </tr>
    <tr>
      <td WIDTH="307" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="246" align="right" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">
      <p align="center">2004</font></td>
    </tr>
    <tr>
      <td WIDTH="307" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">(in millions of dollars, except</font></td>
      <td WIDTH="119" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Reserves</font></td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Amortization</font></td>
    </tr>
    <tr>
      <td WIDTH="307"><font FACE="Interstate" size="2">reserves which are in
      millions of</font></td>
      <td WIDTH="119" align="right"><font FACE="Interstate" size="2">increase</font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" size="2">increase</font></td>
    </tr>
    <tr>
      <td WIDTH="307" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">contained ounces)</font></td>
      <td WIDTH="119" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(decrease)</font></td>
      <td WIDTH="127" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(decrease)</font></td>
    </tr>
    <tr>
      <td WIDTH="307" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Goldstrike &#151 Underground</font></td>
      <td WIDTH="119" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.2</font></td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="307"><font FACE="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="119" align="right"><font FACE="Interstate" size="2">0.5</font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="307" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Goldstrike &#151 Open Pit</font></td>
      <td WIDTH="119" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">1.5</font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="307"><font FACE="Interstate" size="2">Eskay Creek</font></td>
      <td WIDTH="119" align="right"><font FACE="Interstate" size="2">(0.1)</font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" size="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="307" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Kalgoorlie</font></td>
      <td WIDTH="119" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.9</font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="307" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Pierina</font></td>
      <td WIDTH="119" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">0.3</font></td>
      <td WIDTH="127" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(3)</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate">
<p>Changes in reserve estimates are calculated at the end of the year and affect
amortization expense prospectively. The amounts presented represent the effect
of reserve changes at the end of 2003. </p>
<b>
<p>Capitalized Mining Costs </p>
</b>
<p>Effective January 1, 2004, the Company reduced the stripping ratio at the
Goldstrike Open Pit from 112:1 to 109:1 and increased the stripping ratio at
Pierina from 48:1 to 60:1. The effect of this change in estimate on amortization
of capitalized mining costs in first quarter 2004 was essentially nil at the
Goldstrike Open Pit and an increase of $2 million at Pierina. </p>
</font><b><font FACE="Interstate">
<p><a name="offbalance"></a>OFF-BALANCE SHEET ARRANGEMENTS </font></p>
<p><a name="fwdgold"></a>Forward Gold Sales Contracts </p>
</b><font FACE="Interstate">
<p>Prior to the adoption of a no-hedge policy in fourth quarter 2003, Barrick
historically entered into fixed-price forward sales contracts in a gold hedging
program to manage exposure to market gold prices. Following the adoption of its
no-hedge policy, no new gold hedge contracts will be added and the existing gold
hedge position will be reduced to zero over time. </p>
<p>Barrick has used fixed-price forward gold sales contracts to protect its
earnings and cash flow from declining gold prices. These contracts permit the
Company to sell its gold production in the gold spot market. Barrick has the
ability to deliver its gold at the higher spot price, or deliver under the
contract at the contract price. In first quarter 2004, the hedge position was
reduced by 0.8 million ounces to 14.7 million ounces. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>23</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td colspan="3" width="931"><font FACE="Interstate" SIZE="2"><b>
      Fixed-price Forward Gold Sales Contracts (&quot;The Gold Hedge Position&quot;)</b></font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(as of March 31, 2004)</font></td>
      <td WIDTH="22" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Gold ounces hedged</font></td>
      <td WIDTH="22" rowspan="2" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" rowspan="2" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">14.7 million ounces (or slightly less
      than three years of expected future production)</font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Current termination date of gold sales
      contracts<br>
&nbsp;</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2013 in most cases</font></td>
    </tr>
    <tr>
      <td WIDTH="435" rowspan="2" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Average estimated realizable gold sales
      contract price at 2013 termination date.</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$397/oz<sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="22" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Delivery obligations</font></td>
      <td WIDTH="22" rowspan="5" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" rowspan="5" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Barrick will deliver gold production from
      operations against gold sales contracts by the termination date (which is
      currently 2013 in most cases). However, Barrick may choose to settle any
      gold sales contract in advance of this termination date at any time, at
      its discretion. Historically, delivery has occurred in advance of the
      contractual termination date. This means Barrick can deliver gold at spot
      prices, or prices under the hedge contracts, until the termination date of
      these contracts.<br>
&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized mark-to-market loss at March
      31, 2004</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$1,801 million<sup>2 </sup>The
      mark-to-market would approach zero (breakeven) at a spot gold price of
      $303 per ounce, assuming all other variables are constant.<br>
&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="3"><font FACE="Interstate" SIZE="2"><b>Fixed-price Forward
      Silver Sales Contracts (&quot;The Silver Hedge Position&quot;)</b></font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(as of March 31, 2004)</font></td>
      <td WIDTH="22" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Silver ounces hedged<br>
&nbsp;</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">22.3 million ounces<sup>3</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Current termination date of silver sales
      contracts<br>
&nbsp;</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2013 in most cases</font></td>
    </tr>
    <tr>
      <td WIDTH="435" rowspan="2" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Average estimated realizable silver sales
      contract price at 2013 termination date.</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$6.82/oz<sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="22" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Delivery obligations</font></td>
      <td WIDTH="22" rowspan="4" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" rowspan="4" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Barrick will deliver silver production
      from operations against silver sales contracts by the termination date
      (which is currently 2013 in most cases). However, Barrick may choose to
      settle any silver sales contract in advance of this termination date at
      any time, at its discretion. Historically, delivery has occurred in
      advance of the contractual termination date. This means Barrick can
      deliver silver at spot prices, or prices under the hedge contracts, until
      the termination date of these contracts.<br>
&nbsp;</font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized mark-to-market loss at March
      31, 2004</font></td>
      <td WIDTH="22" rowspan="3" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="474" rowspan="3" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$59 million<sup>3, 4</sup> The
      mark-to-market would approach zero (breakeven) at a spot silver price of
      $5.23 per ounce, assuming all other variables are constant.</font></td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="435" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Non-hedge silver call options</font></td>
      <td WIDTH="22" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="474" valign="top" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">7.0 million ounces (see Note 11B)<br>
&nbsp;</font></td>
    </tr>
    <tr>
      <td colspan="3" width="931" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>Approximate estimated value based on current market US dollar
        interest rates and an average lease rate assumption of 1.25%.
        Accelerating gold and silver deliveries could<font FACE="Interstate">
        potentially lead to reduced contango that would otherwise have built up
        over time.</font></li>
        <font FACE="Interstate">
        <li>At a spot gold price of $427 per ounce.</font></li>
        <font FACE="Interstate">
        <li>Excludes written silver call options of 7 million ounces.</font></li>
        <font FACE="Interstate">
        <li>At a spot silver price of $7.92 per ounce. The non-hedge silver call
        option mark-to-market position is negative $12 million and changes in
        this value flow through current period earnings under FAS 133.</font></li>
      </ol>
      </font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate">
<p>In all of the Company's Master Trading Agreements, which govern the terms of
its gold and silver sales contracts with its 19 counterparties, the following
applies: </p>
</font>
<ul>
  <li><font FACE="Interstate">The counterparties do not have unilateral and
  discretionary right to break provisions. </li>
  </font>
  <li><font FACE="Interstate">There are no credit downgrade provisions. </li>
  </font>
  <li><font FACE="Interstate">The Company is not subject to any margin calls &#151
  regardless of the price of gold. </li>
  </font>
  <li><font FACE="Interstate">The Company has the right to accelerate the
  delivery of gold or silver at any time during the life of its contracts. This
  flexibility is demonstrated by the terms that allow it to deliver under hedge
  contracts at any time on two days notice, or keep these hedge contracts
  outstanding for as long as 15 years. This feature means that the Company at
  its option can sell its gold or silver at the market price or the hedge price,
  whichever is higher, to the termination date of our contracts (currently 2013
  in most cases). </li>
</ul>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>24</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate">
<p>The Company's trading agreements with its counterparties do provide for early
close out of certain transactions in the event of a material negative change in
the Company's ability to produce gold or silver for delivery under its hedging
agreements, or a lack of gold or silver market, and for customary events of
default such as covenant breaches, insolvency or bankruptcy. The significant
financial covenants are: </p>
</font>
<ul>
  <li><font FACE="Interstate">Barrick must maintain a minimum consolidated net
  worth of at least $2 billion &#151 currently, it is $3.4 billion. </li>
  </font>
  </li>
  <li><font FACE="Interstate">Barrick must maintain a maximum long-term debt to
  consolidated net worth ratio of 1.5:1 &#151 currently, it is under 0.25:1. </li>
  </font>
  </li>
  <li><font FACE="Interstate">Barrick's agreements exclude
  unrealized mark-to-market valuations in the calculation of consolidated net
  worth.</font></li>
  <li><font FACE="Interstate">The foregoing information is a summary of certain
  aspects of the Company's forward sales program and is not intended to be
  comprehensive. For a more complete understanding, reference should be made to
  pages 51 to 55 of the Company's 2003 Annual Report and its website (www.barrick.com).
  </li>
</ul>
<p>In most cases, under the terms of Barrick's Master Trading Agreements &quot;MTAs&quot;,
the period over which it is required to deliver gold is extended annually by one
year, or kept &quot;evergreen&quot;, regardless of the intended delivery dates, unless
otherwise notified by the counterparty. This means that, with each year that
passes, the termination date of most MTAs is extended into the future by one
year. </p>
<b>
<p>Significance of mark-to-market gains and losses </p>
</b>
<p>At the end of first quarter 2004, the unrealized mark- to-market (fair value)
on the Company's derivative instruments position, including gold and silver
forward sales contracts, as well as the currency and interest rate hedge
programs, was approximately negative $1.6 billion. </p>
<p>The mark-to-market value of the gold contracts is based on the closing spot
gold price of $427 per ounce and market rates for LIBOR and gold lease rates on
March 31, 2004. The mark-to-market value of the contracts would approach zero
(breakeven) at a spot gold price of approximately $303 per ounce, assuming all
other variables are constant. The mark-to market value represents the
replacement value of these contracts based on current market levels, and does
not represent an economic obligation for payment by Barrick. Barrick's
obligations under the gold sales contracts are to deliver an agreed upon
quantity of gold at a hedge price by the termination date on the contracts
(currently 2013 in most cases). </p>
<p>In accordance with hedge accounting rules, the positive mark-to-market value
of $297 million relating to the currency and interest rate hedge programs is
recorded as an asset on the balance sheet. The mark-to-market value of the gold
and silver sales contracts is not recorded on the balance sheet as accounting
rules that govern these contracts do not require balance sheet recognition.
Instead, in accordance with US GAAP, the economic impact of these sales
contracts is reflected in the financial statements as the Company physically
delivers gold and silver under the contracts. </p>
<p>A short-term spike in gold lease rates would not have a material negative
impact on Barrick because it is not exposed under its fixed-price forward gold
sales contracts to short-term gold lease rate variations. A prolonged rise in
gold lease rates could result in lower contango (or negative contango i.e.
&quot;backwardation&quot;) and therefore a smaller forward premium (or backwardation)
under the contract. However, because of the large amount of Central Bank gold
available for lending relative to demand, gold lease rates have historically
tended to be low and any spikes short-lived. </p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="45%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="227" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Fair Value</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">At March 31, 2004</font></td>
      <td WIDTH="227" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Gain/(Loss)</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Forward gold sales contracts</font></td>
      <td WIDTH="227" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$(1,801)</font></td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">Forward silver sales
      contracts</font></td>
      <td WIDTH="227" align="right"><font FACE="Interstate" size="2">(59)</font></td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Silver option contracts</font></td>
      <td WIDTH="227" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(12)</font></td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">Foreign currency
      contracts</font></td>
      <td WIDTH="227" align="right"><font FACE="Interstate" size="2">253</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Interest rate contracts</font></td>
      <td WIDTH="227" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">44</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="227" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$ (1,575)</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>25</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font><b>
<p>&nbsp;</p>
</b>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="465" colspan="2"><font FACE="Interstate" size="2"><b>Change in
      the Fair Value of</b></font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="383" colspan="2"><font FACE="Interstate" size="2"><b>Change in
      the Fair Value of</b></font></td>
    </tr>
    <tr>
      <td WIDTH="465" style="border-bottom-style: solid; border-bottom-width: 1" colspan="2">
      <font FACE="Interstate" size="2"><b>Forward Gold Sales Contracts</b></font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="383" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>Forward Silver Sales Contracts</b></font></td>
    </tr>
    <tr>
      <td WIDTH="366" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized loss at January 1, 2004</font></td>
      <td WIDTH="99" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$1,725</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="315" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized loss at January 1, 2004</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$17</font></td>
    </tr>
    <tr>
      <td WIDTH="366"><font FACE="Interstate" size="2">Impact of change in spot
      price <sup>1</sup></font></td>
      <td WIDTH="99" align="right"><font FACE="Interstate" size="2">182</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="315"><font FACE="Interstate" size="2">Impact of change in spot
      price <sup>1</sup></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">45</font></td>
    </tr>
    <tr>
      <td WIDTH="366" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Contango earned in the
      period</font></td>
      <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(30)</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="315" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Contango earned in the
      period</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="366"><font FACE="Interstate" size="2">Impact of change in
      valuation inputs <sup>2</sup></font></td>
      <td WIDTH="99" align="right"><font FACE="Interstate" size="2">(44)</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="315" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Impact of change in valuation inputs <sup>
      2</sup></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="366" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Mark-to-market impact of deliveries into
      gold sales contracts</font></td>
      <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(32)</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="315" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized loss at March 31, 2004</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$59</font></td>
    </tr>
    <tr>
      <td WIDTH="366" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Unrealized loss at March 31, 2004</font></td>
      <td WIDTH="99" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$1,801</font></td>
      <td WIDTH="79">&nbsp;</td>
      <td WIDTH="383" colspan="2" rowspan="3" valign="top">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>From $5.92 per ounce to $7.92 per ounce.</font></li>
        <font FACE="Interstate" style="font-size: 9pt">
        <li>Other than spot metal prices (e.g. interest rates and silver lease
        rates).</li>
      </ol>
      </font></td>
    </tr>
    <tr>
      <td WIDTH="465" colspan="2" rowspan="2">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>From $415 per ounce to $427 per ounce.</font></li>
        <font FACE="Interstate" style="font-size: 9pt">
        <li>Other than spot metal prices (e.g. interest rates and gold lease
        rates).</li>
      </ol>
      </font></td>
    </tr>
    <tr>
      <td WIDTH="79">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<b>
<p><a name="contractob"></a>Contractual Obligations and Commitments<font FACE="Interstate"> Capital
expenditures </p>
</font></b><font FACE="Interstate">
<p>Purchase obligations for capital expenditures include only those items where
binding commitments have been entered into. They do not include the full amount
of future expenditures relating to the Company's development pipeline over the
next 5 years, because commitments have yet to be made for a large portion of the
estimated future capital costs related to these projects. </p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="928" colspan="17"><font FACE="Interstate" size="2"><b>
      <a name="quartinfo"></a>QUARTERLY
      INFORMATION</b></font></td>
    </tr>
    <tr>
      <td WIDTH="928" COLSPAN="17"><font FACE="Interstate" size="2">(in
      millions, except per share and per ounce data)</font></td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="124" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">March 31</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="125" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">December 31</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="138" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">September 30</font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="85" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">June 30</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="85" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2004</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2002</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2002</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2002</font></td>
    </tr>
    <tr>
      <td WIDTH="277" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Gold sales</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">477</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">459</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">536</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">526</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">549</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">473</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">491</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">490</font></td>
    </tr>
    <tr>
      <td WIDTH="277"><font FACE="Interstate" size="2">Average spot gold price
      per ounce</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="44" align="right"><font FACE="Interstate" size="2">408</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" size="2">352</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" size="2">392</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="42" align="right"><font FACE="Interstate" size="2">323</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" size="2">364</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" size="2">314</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" size="2">347</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="51" align="right"><font FACE="Interstate" size="2">313</font></td>
    </tr>
    <tr>
      <td WIDTH="277" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Average realized gold
      price per ounce</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">382</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">355</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">394</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">343</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">365</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">342</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">352</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">341</font></td>
    </tr>
    <tr>
      <td WIDTH="277"><font FACE="Interstate" size="2">Net income</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="44" align="right"><font FACE="Interstate" size="2">26</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" size="2">29</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" size="2">77</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="42" align="right"><font FACE="Interstate" size="2">54</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" size="2">35</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" size="2">34</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" size="2">59</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="51" align="right"><font FACE="Interstate" size="2">59</font></td>
    </tr>
    <tr>
      <td WIDTH="277" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Net income per share<sup>1</sup></font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.05</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.05</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.14</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.10</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.07</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.06</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.11</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">0.11</font></td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">Operating cash flow</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">126</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">131</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">134</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">195</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">188</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">126</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">66</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">148</font></td>
    </tr>
    <tr>
      <td WIDTH="277"><font FACE="Interstate" size="2">1. Basic and diluted</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p>The financial results for the last eight quarters reflect the following
general trends: rising spot gold prices and rising prices realized from gold
sales; declining gold production and sales volumes; and rising total cash costs.
These trends are discussed elsewhere in this Management's Discussion and
Analysis, and the quarterly trends are consistent with explanations for annual
trends over the last two years. </p>
<b>
<p><a name="nongaap"></a>NON-GAAP PERFORMANCE MEASURES </p>
</b>
<p>Barrick has included total cash costs per ounce data because it understands
that certain investors use this information to assess the Company's performance.
The inclusion of total cash costs per ounce statistics enables investors to
better understand year-on-year changes in production costs, which in turn affect
profitability and the ability to generate operating cash flow for use in
investing and other activities. Non-GAAP measures do not have any standardized
meaning prescribed by US GAAP, and therefore they may not be comparable to
similar measures prescribed by other companies. The data are intended to provide
additional information and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with GAAP. The
measures are not necessarily indicative of operating profit or cash flow from
operations as determined under GAAP. </p>
<font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>26</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="649" COLSPAN="9"><font FACE="Interstate" SIZE="2"><b>
      Reconciliation of Total Cash Costs Per Ounce to Financial Statements</b></font></td>
      <td WIDTH="42" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="37" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="20" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="136" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Goldstrike &#151 </font></td>
      <td WIDTH="36" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="129" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Goldstrike &#151 </font></td>
      <td WIDTH="42" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="136" COLSPAN="3" align="center">
      <font FACE="Interstate" size="2">Open Pit</font></td>
      <td WIDTH="36" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="129" COLSPAN="3" align="center">
      <font FACE="Interstate" size="2">Underground</font></td>
      <td WIDTH="42" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="119" COLSPAN="3" align="center">
      <font FACE="Interstate" size="2">Eskay Creek</font></td>
      <td WIDTH="49" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" COLSPAN="3" align="center">
      <font FACE="Interstate" size="2">Round Mountain</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">per US GAAP<sup>1</sup></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>77.1</b></font></td>
      <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">89.9</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>35.7</b></font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">39.6</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>(1.1)</b></font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">5.9</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>18.2</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">14.3</font></td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="34" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">costs at operating mines</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.6)</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.6)</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.1)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.1)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.1)</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.4)</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.4)</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs per Gold</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Institute Production Cost Standard</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>76.5</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">89.3</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>35.6</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">39.5</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(1.2)</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">5.9</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>17.8</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">13.9</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>287</b></font></td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">337</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>141</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">181</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>66</b></font></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">85</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>86</b></font></td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">83</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash costs per ounce sold</font></td>
      <td WIDTH="20" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">per US GAAP (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>269</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">267</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>254</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">219</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(18)</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">69</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>212</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">173</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">Total cash costs per ounce sold &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#FFFFFF"><font FACE="Interstate" size="2">per Gold Institute
      Production</font></td>
      <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="34" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="46" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="37" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">Cost Standard (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>267</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">266</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>253</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">218</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>(19)<sup>2</sup></b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">69</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2"><b>207</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Interstate" size="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="990" COLSPAN="17">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol style="font-size: 9pt">
        <li>Represents cost of sales and other operating costs (excluding
        amortization).</font></li>
        <font FACE="Interstate" style="font-size: 9pt">
        <li>Eskay Creek's total cash costs in first quarter 2004 are negative
        due to the impact of higher silver prices, which the Company treats as a
        by-product. Total cash costs on a</font><font FACE="Interstate"><font FACE="Interstate" style="font-size: 9pt">
        co-product basis are: first quarter 2004 &#151 gold $186 per ounce, silver
        $3.49 per ounce (2003 first quarter &#151 gold $178 per ounce, silver $2.41
        per ounce),</font></li>
      </ol>
      </font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="136" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Hemlo</font></td>
      <td WIDTH="36" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="129" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Holt-McDermott</font></td>
      <td WIDTH="42" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Marigold</font></td>
      <td WIDTH="38" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Total North America</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">per US GAAP<sup>1</sup></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>14.2</b></font></td>
      <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">14.9</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>5.2</b></font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">5.4</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>2.1</b></font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">1.9</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>151.4</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">171.9</font></td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="34" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">costs at operating mines</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.1)</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(1.2)</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(1.2)</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs per Gold</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Institute Production Cost Standard</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>14.2</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">14.8</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>5.2</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">5.4</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>2.1</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">1.9</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>150.2</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">170.7</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>62</b></font></td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">65</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>22</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">19</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>8</b></font></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">11</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>672</b></font></td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">781</font></td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">per US GAAP (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>227</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">228</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>238</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">281</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>248</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">169</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>225</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">220</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Total cash costs per ounce sold &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">per Gold Institute
      Production</font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="34" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Cost Standard (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>227</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">227</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>238</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">281</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>248</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">169</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>223</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="95" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Pierina</font></td>
      <td WIDTH="41" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="36" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="129" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Total South America</font></td>
      <td WIDTH="42" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="119" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="49" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Darlot</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">per US GAAP<sup>1</sup></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>19.4</b></font></td>
      <td WIDTH="34" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">17.3</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>19.4</b></font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">17.3</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>17.3</b></font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">13.4</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>7.7</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">6.1</font></td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="34" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">costs at operating mines</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.8)</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.8)</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.8)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.8)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs per Gold</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Institute Production Cost Standard</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>18.6</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">16.5</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>18.6</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">16.5</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>17.3</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">13.4</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>7.7</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">6.1</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>227</b></font></td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">194</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>227</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">194</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>89</b></font></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">70</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>37</b></font></td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">43</font></td>
    </tr>
    <tr>
      <td WIDTH="328" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="34" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">per US GAAP (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>86</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">89</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>86</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">89</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>194</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">192</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>208</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">141</font></td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Total cash costs per ounce sold &#151 </font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="34" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328"><font FACE="Interstate" size="2">per Gold Institute
      Production</font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="34" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="328" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Cost Standard (dollars)</font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>82</b></font></td>
      <td WIDTH="34" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">85</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>82</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">85</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>194</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">192</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>208</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">141</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>27</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="325" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="35" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="36" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="32" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="36" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="39" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="37" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="136" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Lawlers</font></td>
      <td WIDTH="36" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="128" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Kalgoorlie</font></td>
      <td WIDTH="42" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="120" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Bulyanhulu</font></td>
      <td WIDTH="49" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="133" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Total Australia/Africa</font></td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs &#151 </font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">per US GAAP<sup>1</sup></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>7.1</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">6.3</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>26.3</b></font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">20.2</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>20.7</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">17.9</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>79.1</b></font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">63.9</font></td>
    </tr>
    <tr>
      <td WIDTH="325"><font FACE="Interstate" size="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">costs at operating mines</font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.2)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.3)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.1)</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.1)</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(0.3)</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0,4)</font></td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total cash production costs per Gold</font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Institute Production Cost Standard</font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>7.1</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">6.3</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>26.1</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">19.9</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>20.6</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">17.8</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>78.8</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">63.5</font></td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>30</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">20</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>117</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">92</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>75</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">92</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2"><b>348</b></font></td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">317</font></td>
    </tr>
    <tr>
      <td WIDTH="325" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">per US GAAP (dollars)</font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>236</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">311</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>225</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">219</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>277</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">193</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>227</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">201</font></td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Total cash costs per ounce sold &#151 </font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325"><font FACE="Interstate" size="2">per Gold Institute
      Production</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="325" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Cost Standard (dollars)</font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>236</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">311</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>223</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">216</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>276</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">192</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>226</b></font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">200</font></td>
    </tr>
    <tr>
      <td WIDTH="991" COLSPAN="17">
      <font FACE="Interstate" style="font-size: 9pt">1. Represents cost of sales
      and other operating costs (excluding amortization).</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  </center>
</div>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Reconciliation of Amortization per
      Ounce to Financial Statements</b></font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Amortization expense per consolidated
      financial statements</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>120</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">125</font></td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Amortization expense recorded on
      property, plant and equipment not at operating mine sites</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(6)</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Amortization expense for per ounce
      calculation</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>114</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">118</font></td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>1,247</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">1,292</font></td>
    </tr>
    <tr>
      <td WIDTH="518" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Amortization per ounce (dollars)</font></td>
      <td WIDTH="17" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>91</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">91</font></td>
    </tr>
  </table>
  </center>
</div>
</font><b>
<p><a name="outstand"></a>OUTSTANDING SHARE DATA </p>
</b>
<p>As at April 15, 2004, 531.4 million common shares (&quot;Common Shares&quot;) and one
special voting share (&quot;Special Voting Share&quot;) in the capital of Barrick were
issued and outstanding. Computershare Trust Company of Canada (&quot;Computershare&quot;),
the holder of the Special Voting Share, is entitled to cast the number of votes
equal to the number of BGI Exchangeable Shares (as defined below) outstanding
(excluding those owned by Barrick and its subsidiaries), multiplied by 0.53, for
which it receives voting instructions from holders of such BGI Exchangeable
Shares. </p>
<p>In connection with Barrick's acquisition of Homestake Mining Company
effective December 14, 2001, Barrick Gold Inc. (formerly Homestake Canada Inc.)
issued securities (&quot;BGI Exchangeable Shares&quot;), which, by their terms, are each
exchangeable at any time for 0.53 of a Common Share. Each BGI Exchangeable Share
entitles the holder to exercise the same voting rights as a holder of 0.53 of a
Common Share. Generally, a holder of a BGI Exchangeable Share may exercise his
or her voting right by either providing voting instructions to Computershare or
attending a meeting of holders of Common Shares and voting in person. As at
April 15, 2004, there were 1.5 million BGI Exchangeable Shares outstanding that
were not owned by Barrick, which would entitle the holders of the BGI
Exchangeable Shares to cast 0.8 million votes at a meeting of holders of Common
Shares. For further information regarding the BGI Exchangeable Shares, please
refer to the Company's current Management Information Circular and Proxy
Statement. </p>
<p>As at April 15, 2004, options to purchase 20.7 million Common Shares were
outstanding under Barrick's option plan. In addition, as at April 15, 2004,
options to purchase 2.3 million Common Shares were outstanding under certain
option plans inherited by Barrick in connection with prior acquisitions.</font><font FACE="Times New Roman" SIZE="2">
</p>
</font><font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>28</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" SIZE="6">
<p align="left"><a name="notes"></a>Notes to Unaudited Interim Consolidated Financial Statements </p>
<p align="left"></font><font FACE="Interstate" size="2">Tabular dollar amounts
in millions of United States dollars, unless otherwise indicated. References to
C$ and A$ are to Canadian and Australian dollars, respectively. </p>
</font><font FACE="Interstate" SIZE="2"><b>
<p>1</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NATURE OF OPERATIONS </p>
</b>
<blockquote>
  <p>Barrick Gold Corporation (&quot;Barrick&quot; or the &quot;Company&quot;) engages in the
  production and sale of gold, including related mining activities such as
  exploration, development, mining and processing. Our operations are mainly
  located in the United States, Canada, Australia, Peru, Tanzania, Chile and
  Argentina. They require specialized facilities and technology, and we rely on
  those facilities to support our production levels. The market price of gold,
  quantities of gold mineral reserves and future gold production levels, future
  cash operating costs, foreign currency exchange rates, market interest rates
  and the level of exploration expenditures are some of the things that could
  materially affect our operating cash flow and profitability. Due to the global
  nature of our operations we are also affected by government regulations,
  political risk and the interpretation of taxation laws and regulations. We
  seek to mitigate these risks, and in particular we use derivative instruments
  as part of a risk management program that seeks to mitigate the effect of
  volatility in commodity prices, interest rates and foreign currency exchange
  rates. Many of the factors affecting these risks are beyond our control and
  their effects could materially impact our consolidated financial statements.
  </p>
</blockquote>
<b>
<p>2</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BASIS OF PREPARATION </p>
</b>
<blockquote>
  <p>The United States dollar is the principal currency of our operations. We
  prepare our primary consolidated financial statements in United States dollars
  and under United States generally accepted accounting principles (&quot;US GAAP&quot;).
  The accompanying unaudited interim consolidated financial statements have been
  prepared in accordance with US GAAP for the preparation of interim financial
  information. Accordingly, they do not include all of the information and
  disclosures required by US GAAP for annual consolidated financial statements.
  The accounting policies used in the preparation of the accompanying unaudited
  interim consolidated financial statements are the same as those described in
  our audited consolidated financial statements and the notes thereto for the
  three years ended December 31, 2003. </p>
  <p>In the opinion of management, all adjustments considered necessary for fair
  presentation of results for the periods presented have been reflected in these
  financial statements. These unaudited interim consolidated financial
  statements should be read in conjunction with the audited annual consolidated
  financial statements and the notes thereto for the three years ended December
  31, 2003. </p>
  <p>The preparation of financial statements under US GAAP requires us to make
  estimates and assumptions that affect: </p>
  <ul>
    <li></font><font FACE="Interstate" SIZE="2">the reported amounts of assets
    and liabilities; </font></li>
    <li><font FACE="Interstate" SIZE="2">disclosures of contingent assets and
    liabilities; and </font></li>
    <li><font FACE="Interstate" SIZE="2">revenues and expenses recorded in each
    reporting period. </li>
  </ul>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>29</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
  <p ALIGN="left">The most significant estimates and assumptions that affect our
  financial position and results of operations are those that use estimates of
  proven and probable gold reserves; future estimates of costs and expenses;
  and/or assumptions of future commodity prices, interest rates and foreign
  currency exchange rates. Such estimates and assumptions include: </p>
  <ul>
    <li>
    <p ALIGN="left">decisions as to whether exploration and mine development
    costs should be capitalized or expensed; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">assessments of whether
    property, plant and equipment, ore in stockpiles and capitalized mining
    costs may be impaired; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">assessments of our ability
    to realize the benefits of deferred income tax assets; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">the useful lives of
    long-lived assets and the rate at which we record amortization in earnings;
    </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">the estimated fair value of
    asset retirement obligations; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">the timing and amounts of
    forecasted future expenditures that represent the hedged items underlying
    hedging relationships for our cash flow hedge contracts; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">the estimated fair values
    of derivative instruments; </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" SIZE="2">the value of slow-moving
    and obsolete inventories (which are stated at the lower of average cost and
    net realizable value); and </font></li>
    <li>
    <p ALIGN="left"><font FACE="Interstate" size="2">assessments of the
    likelihood and amounts of contingencies. </li>
  </ul>
  <p>We regularly review the estimates and assumptions that affect our financial
  statements; however, what actually happens could differ from those estimates
  and assumptions. </p>
</blockquote>
<b>
<p>3</b></font><font size="2"> </font><b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
ACCOUNTING CHANGES </p>
<p>A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAS 143,
Accounting for asset retirement obligations </p>
</font></b><font FACE="Interstate" SIZE="2">
<blockquote>
  <p>On January 1, 2003, we adopted FAS 143 and changed our accounting policy
  for recording obligations relating to the retirement of long-lived assets.
  This accounting change is described in note 2B of our audited annual
  consolidated financial statements for the three years ended December 31, 2003.
  On adoption of FAS 143 in first quarter 2003, we recorded on our balance sheet
  an increase in property, plant and equipment by $39 million; an increase in
  other long-term obligations by $32 million; and an increase in deferred income
  tax liabilities by $3 million. We recorded in our income statement a $4
  million credit for the cumulative effect of this accounting change. </p>
</blockquote>
</font><b><font FACE="Interstate" size="2">
<p>B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of
underground development costs </p>
</font></b><font FACE="Interstate" size="2">
<blockquote>
  <p>On January 1, 2003, we changed our accounting policy for amortization of
  underground mine development costs to exclude estimates of future underground
  development costs. This accounting change is described in note 2B of our
  audited annual consolidated financial statements for the three years ended
  December 31, 2003. On adoption of this change on January 1, 2003, we decreased
  property, plant and equipment by $19 million, and increased deferred income
  tax liabilities by $2 million. We recorded in our income statement a $21
  million charge for the cumulative effect of this accounting change. </p>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>30</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in estimates
</p>
<blockquote>
  <p>Amortization of property, plant and equipment</b> </p>
  <p>Effective December 31, 2003, we updated our estimates of proven and
  probable gold mineral reserves. Following the update of these estimates, we
  revised our calculations of amortization of property, plant and equipment that
  is amortized on the units of production basis. The effect of the change in
  reserve estimates on amortization of property, plant and equipment in first
  quarter 2004 was a decrease in this expense by approximately $7 million for
  mines with a greater than 10% change (other than ounces produced) in the
  reserve estimates. </p>
  <b>
  <p>Amortization of capitalized mining costs</b> </p>
  <p>In 2004, we revised the estimated stripping ratios used in the calculation
  of amortization of capitalized mining costs with a decrease in the stripping
  ratio at Goldstrike Open Pit and an increase in the stripping ratio at Pierina.
  See note 15 for a description of the effect of this change in estimate. </p>
</blockquote>
<b>
<p>4</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SEGMENT INFORMATION </p>
</b>
<blockquote>
  <p>We operate in the gold mining industry and our operations are managed on a
  regional basis. Our three primary regions are North America, Australia/Africa,
  and South America, which includes Peru, Chile and Argentina. In 2003, we
  changed the composition of our reportable segments by the addition of our
  development projects. We also changed our determination of which costs are
  charged to segments. Prior periods have been restated to conform to the
  current presentation. Our chief operating decision maker reviews financial
  information on all our individual mines and development projects regularly,
  and accordingly our definition of a business segment includes each of our
  operating mines and development projects. Our development projects are not
  presently generating revenue and therefore the measure of segment loss
  represents expensed exploration and development costs. </p>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="926" colspan="7" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Income statement information</b></font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="101" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="77" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="183" align="center" colspan="2" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash</font></td>
      <td WIDTH="194" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Segment income (loss)</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="178" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">Gold sales</font></td>
      <td WIDTH="183" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">production costs <sup>1</sup></font></td>
      <td WIDTH="194" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">before income taxes</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Operating mines</b></font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Goldstrike</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>$ 163</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">$ 185</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>$ 112</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">$ 129</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>$ 16</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">$ 15</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pierina</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>87</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">70</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>19</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>31</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>28</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">34</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>21</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Kalgoorlie</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>45</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">34</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>14</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Eskay Creek</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>25</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">30</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>14</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Hemlo</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>24</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>14</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>35</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">25</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>17</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>15</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Round Mountain</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>33</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>10</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other operating mines</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>37</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>22</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>Development projects</b></font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="371" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cowal</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="371"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pascua-Lama</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="101" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Alto Chicama</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="82" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(6)</b></font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Segment total</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$ 477</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$ 459</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$ 248</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$ 251</font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$ 109</b></font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$ 77</font></td>
    </tr>
    <tr>
      <td WIDTH="371" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="926" COLSPAN="7">
      <ol style="font-size: 9pt">
        <li><font FACE="Interstate" style="font-size: 9pt">Includes cost of
        sales, by-product revenues, royalty expenses and production taxes (note
        6). Excludes accretion expense, other reclamation and closure costs, and
        amortization. </font></li>
      </ol>
      </td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>31</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="397" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Asset information</b></font></td>
      <td WIDTH="142" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="129" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="135" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="127" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="271" align="center" colspan="2">
      <font FACE="Interstate" SIZE="2">Amortization</font></td>
      <td WIDTH="262" COLSPAN="2" align="center">
      <font FACE="Interstate" SIZE="2">Segment capital expenditures</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="142" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="129" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="135" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Operating mines</b></font></td>
      <td WIDTH="142" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="129" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="135" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Goldstrike</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$ 35</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$ 41</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$ 9</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$ 12</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pierina</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>37</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Kalgoorlie</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Eskay Creek</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>12</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Hemlo</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Round Mountain</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other operating mines</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2"><b>Development projects</b></font></td>
      <td WIDTH="142" align="right">&nbsp;</td>
      <td WIDTH="129" align="right">&nbsp;</td>
      <td WIDTH="135" align="right">&nbsp;</td>
      <td WIDTH="127" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>64</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cowal</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>20</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="397" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pascua-Lama</font></td>
      <td WIDTH="142" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="135" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="127" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="397"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Alto Chicama</font></td>
      <td WIDTH="142" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="129" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="135" align="right"><font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="127" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Tulawaka</font></td>
      <td WIDTH="142" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="129" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="135" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="127" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Segment total</font></td>
      <td WIDTH="142" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>114</b></font></td>
      <td WIDTH="129" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">118</font></td>
      <td WIDTH="135" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>128</b></font></td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">61</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items outside operating segments</font></td>
      <td WIDTH="142" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="129" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">7</font></td>
      <td WIDTH="135" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="127" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="397" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="142" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$ 120</b></font></td>
      <td WIDTH="129" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$ 125</font></td>
      <td WIDTH="135" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$ 129</b></font></td>
      <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$ 66</font></td>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="663">&nbsp;</td>
      <td WIDTH="136" align="right">&nbsp;</td>
      <td WIDTH="130" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="663" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Reconciliation of segment income to
      enterprise net income</b></font></td>
      <td WIDTH="136" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="663" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="136" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="663" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Segment income</font></td>
      <td WIDTH="136" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$ 109</b></font></td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$ 77</font></td>
    </tr>
    <tr>
      <td WIDTH="663"><font FACE="Interstate" SIZE="2">Accretion expense,
      reclamation, closure and other costs</font></td>
      <td WIDTH="136" align="right"><font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">(12)</font></td>
    </tr>
    <tr>
      <td WIDTH="663" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Amortization outside
      operating segments</font></td>
      <td WIDTH="136" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(6)</b></font></td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="663"><font FACE="Interstate" SIZE="2">Exploration and business
      development costs, excluding development projects</font></td>
      <td WIDTH="136" align="right"><font FACE="Interstate" SIZE="2"><b>(23)</b></font></td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">(16)</font></td>
    </tr>
    <tr>
      <td WIDTH="663" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
      <td WIDTH="136" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(18)</b></font></td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(22)</font></td>
    </tr>
    <tr>
      <td WIDTH="663"><font FACE="Interstate" SIZE="2">Other income/expense</font></td>
      <td WIDTH="136" align="right"><font FACE="Interstate" SIZE="2"><b>16</b></font></td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="663" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Interest expense</font></td>
      <td WIDTH="136" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(13)</font></td>
    </tr>
    <tr>
      <td WIDTH="663"><font FACE="Interstate" SIZE="2">Non-hedge derivative
      gains (losses)</font></td>
      <td WIDTH="136" align="right"><font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="663" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Income tax expense</font></td>
      <td WIDTH="136" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(14)</b></font></td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="663" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Cumulative effect of changes in
      accounting principles</font></td>
      <td WIDTH="136" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="663" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="136" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$ 26</b></font></td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$ 29</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530">&nbsp;</td>
    <td WIDTH="95">&nbsp;</td>
    <td WIDTH="612">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>32</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>5</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
REVENUE RECOGNITION AND COMMODITY CONTRACTS </b></font></p>
<blockquote>
  <p><font FACE="Interstate" size="2"><b>Gold contracts </p>
  </b>
  <p>We have fixed-price forward gold sales contracts with various
  counterparties for 14.7 million ounces of future gold production. The terms of
  the contracts are governed by master trading agreements that we have in place
  with the counterparties to the contracts. Contract prices are established at
  inception through to an interim date, which may be materially in advance of
  the Termination Date (typically 2013) defined under the master trading
  agreements. If we do not deliver at this interim date, a new interim date is
  set. The price for the new interim date is determined in accordance with the
  master trading agreements, which have contractually agreed price adjustment
  mechanisms based on the market gold price. The master trading agreements have
  both fixed and floating price mechanisms. The fixed-price mechanism represents
  the market price at the start date (or previous interim date) of the contract
  plus a premium (in most cases) based on the difference between the forward
  price of gold and the current market price of gold. For the majority of
  fixed-price forward gold sales contracts, selling prices are fixed through
  2006. The contracts have final delivery dates primarily over approximately the
  next 10 years, but we have the right to settle these contracts at any time
  over these periods. If at an interim date we opt for a floating price, the
  floating price represents the spot market price of gold plus or minus the
  difference between the previously fixed price and the market gold price at
  that interim date. Forward gold market prices are principally influenced by
  the current market price of gold, gold lease rates and US dollar interest
  rates. The final realized selling price under a contract will depend on the
  timing of the actual future delivery date, the market price of gold at the
  start of the contract and the actual amount of the premium of the forward
  price of gold over the spot price of gold for the periods that fixed selling
  prices are set. The largest single counterparty as of March 31, 2004 made up
  12% of the ounces of outstanding forward gold sales contracts. </p>
  <p>We use gold lease rate swap contracts to manage our gold lease rate
  exposure. Because historic short-term gold lease rates have tended to be lower
  than longer-term gold lease rates, and also because fixed-price forward gold
  sales contracts have fixed gold lease rates, we have used these gold lease
  rate swap contracts to economically achieve a more optimal term structure for
  gold lease costs. Under these swaps we receive a fixed gold lease rate, and
  pay a floating gold lease rate, on a notional 3.3 million ounces of gold
  spread from 2004 to 2013. The swaps are associated with forward gold sales
  contracts with expected delivery dates beyond 2006. These gold lease rate swap
  contracts are accounted for as non-hedge derivatives (see note 11B). </p>
  <p>In addition to the fixed-price forward gold sales contracts, we have
  floating-price forward gold sales contracts under which we are committed to
  deliver 0.5 million ounces of gold over the next 10 years at prices that will
  be based on the then prevailing spot price. </p>
  <b>
  <p>Silver contracts </p>
  </b>
  <p>Forward silver sales contracts have similar delivery terms and pricing
  mechanisms as forward gold sales contracts. At March 31, 2004, we had
  fixed-price commitments to deliver 22.3 million ounces of silver over periods
  primarily of up to 10 years. We also had written silver call options on a
  notional 7 million ounces of silver with an average exercise price of $5.76
  per ounce. These options expire at various dates in 2004 and 2005. The options
  are classified as non-hedge derivatives for accounting purposes. </p>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>33</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>6</b></font><font size="2"> </font><b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
COST OF SALES AND OTHER OPERATING EXPENSES </p>
</font></b>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="525" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended
      March 31</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Cost of
      sales<sup>1</sup></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">266</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">262</font></td>
    </tr>
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2">By-product
      revenues</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">(34)</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="81" align="right">
      <font FACE="Interstate" size="2">(27)</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Royalty
      expenses</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">12</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2">Production
      taxes</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">4</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="81" align="right">
      <font FACE="Interstate" size="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Accretion
      expense</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">4</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2">Other
      reclamation and closure costs</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">11</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="81" align="right">
      <font FACE="Interstate" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="525" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">263</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">263</font></td>
    </tr>
    <tr>
      <td WIDTH="525">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="81" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td COLSPAN="5" width="804">
      <ol style="font-size: 10pt">
        <li><font FACE="Interstate" style="font-size: 9pt">Cost of sales
        includes all costs that are capitalized to inventory, except for
        amortization of property, plant and equipment. The amount of
        amortization excluded from cost of sales, and presented separately on
        the income statement, was $114 million in the three months ended March
        31, 2004 (2003 - $118 million). </font></li>
      </ol>
      </td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
<p>7</b></font><font size="2"> </font><b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
OTHER INCOME/EXPENSE </p>
</font></b>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111" height="157">
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="15">
      <font FACE="Interstate" size="2">For the three months ended
      March 31</font></td>
      <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="15">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="18%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="15">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6" height="15"><font FACE="Interstate" size="2">Interest
      income</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6" height="15">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="12%" align="right" bgcolor="#E6E6E6" height="15">
      <font FACE="Interstate" style="font-weight: 700" size="2">9</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6" height="15">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="11%" align="right" bgcolor="#E6E6E6" height="15">
      <font FACE="Interstate" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" height="19"><font FACE="Interstate" size="2">Gains on
      sale of long-lived assets</font></td>
      <td WIDTH="3%" align="right" height="19">&nbsp;</td>
      <td WIDTH="12%" align="right" height="19">
      <font FACE="Interstate" style="font-weight: 700" size="2">2</font></td>
      <td WIDTH="7%" align="right" height="19">&nbsp;</td>
      <td WIDTH="11%" align="right" height="19">
      <font FACE="Interstate" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6" height="19"><font FACE="Interstate" size="2">Foreign
      currency translation gains (losses)</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6" height="19">&nbsp;</td>
      <td WIDTH="12%" align="right" bgcolor="#E6E6E6" height="19">
      <font FACE="Interstate" style="font-weight: 700" size="2">2</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6" height="19">&nbsp;</td>
      <td WIDTH="11%" align="right" bgcolor="#E6E6E6" height="19">
      <font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" height="19"><font FACE="Interstate" size="2">Realized
      gains on sale of available-for-sale securities</font></td>
      <td WIDTH="3%" align="right" height="19">&nbsp;</td>
      <td WIDTH="12%" align="right" height="19">
      <font FACE="Interstate" style="font-weight: 700" size="2">2</font></td>
      <td WIDTH="7%" align="right" height="19">&nbsp;</td>
      <td WIDTH="11%" align="right" height="19">
      <font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6" height="30"><font FACE="Interstate" size="2">Other than
      temporary impairment charge on available-for-sale securities</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6" height="30">&nbsp;</td>
      <td WIDTH="12%" align="right" bgcolor="#E6E6E6" height="30">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6" height="30">&nbsp;</td>
      <td WIDTH="11%" align="right" bgcolor="#E6E6E6" height="30">
      <font FACE="Interstate" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" height="19"><font FACE="Interstate" size="2">Other
      items</font></td>
      <td WIDTH="3%" align="right" height="19">&nbsp;</td>
      <td WIDTH="12%" align="right" height="19">
      <font FACE="Interstate" style="font-weight: 700" size="2">1</font></td>
      <td WIDTH="7%" align="right" height="19">&nbsp;</td>
      <td WIDTH="11%" align="right" height="19">
      <font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Interstate" style="font-weight: 700" size="2">16</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="11%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Interstate" size="2">5</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
<p>8</b></font><font size="2"> </font><b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
INCOME TAXES </p>
</font></b>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="67%">
      <font FACE="Interstate" style="font-weight: 700" size="2">Income
      tax expense</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="12%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="12%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp; For the three
      months ended March 31</font></td>
      <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="18%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;
      Current</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">18</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="12%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp; Deferred</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">(4)</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="12%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">14</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font FACE="Interstate" size="2">Release of
      deferred tax valuation allowances recorded in prior years</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="12%" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="12%" align="right">
      <font FACE="Interstate" size="2">(4)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">14</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="12%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">2</font></td>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="67%">&nbsp;</td>
      <td WIDTH="15%" align="right">&nbsp;</td>
      <td WIDTH="18%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%">&nbsp;</td>
      <td WIDTH="15%" align="right">&nbsp;</td>
      <td WIDTH="18%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">
      Reconciliation to the Canadian federal statutory rate</font></td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the
      three months ended March 31</font></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Canadian
      federal statutory rate</font></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">38%</font></td>
      <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">38%</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font FACE="Interstate" size="2">Increase
      (decrease) resulting from:</font></td>
      <td WIDTH="15%" align="right">&nbsp;</td>
      <td WIDTH="18%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Resource and depletion allowances</font></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(15)</font></td>
      <td WIDTH="18%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(18)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Non-hedge derivative gains in a low tax-rate jurisdiction</font></td>
      <td WIDTH="15%" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="18%" align="right">
      <font FACE="Interstate" size="2">(16)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Impact of deliveries under forward gold sales contracts in a low</font></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="18%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      tax-rate jurisdiction</font></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">18</font></td>
      <td WIDTH="18%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Losses on investments not subject to taxation in the hands of the Company</font></td>
      <td WIDTH="15%" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="18%" align="right">
      <font FACE="Interstate" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Release of deferred tax valuation allowances recorded in prior years</font></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="18%" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other items</font></td>
      <td WIDTH="15%" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">(6)</font></td>
      <td WIDTH="18%" align="right">
      <font FACE="Interstate" size="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Actual income tax rate</font></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">35%</font></td>
      <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">4%</font></td>
    </tr>
  </table>
</dir>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>34</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>Peruvian tax assessment </p>
</b>
<p>One of our Peruvian subsidiaries has received a revised income tax assessment
of $32 million, excluding interest and penalties, from the Peruvian tax
authority, SUNAT. The tax assessment related to a tax audit of our Pierina Mine
for the 1999 and 2000 fiscal years. The assessment mainly relates to the
revaluation of the Pierina mining concession for the purpose of determining its
tax basis. Under the valuation proposed by SUNAT, the tax basis of the Pierina
assets would change from what we previously assumed with a resulting increase in
current and deferred income taxes. We believe that the tax assessment is
incorrect and we are appealing the decision. The full life of mine effect on our
current and deferred income tax liabilities was fully recorded at December 31,
2002, as were other related payments of about $21 million due for periods
through 2003. </p>
<p>The case is pending before Peru's Tax Court. If the case is not resolved in
our favor, we intend to pursue all available remedies, including judicial
appeals. If we are successful and our original valuation is confirmed as the
appropriate tax basis of the Pierina assets, we would benefit from a $141
million reduction in current and deferred tax liabilities. The effect of this
contingent gain, if any, will be recorded in the period the contingency is
resolved. </p>
<p>In the event of an unfavorable Tax Court ruling, Peruvian law is unclear with
respect to whether it is necessary to make payment of the disputed current taxes
for the years covered by the tax assessment, pending the outcome of an appeal
process, a process which can take several years. Currently, the amount of income
taxes potentially payable is $80 million. In the event of an unfavorable Tax
Court ruling, we will consider taking all available action to prevent payment of
the amount in dispute until the appeal process is complete. </p>
<p>We have not provided for $59 million of potential interest and penalties on
the income tax assessed in the audit. Even if the tax assessment is upheld, we
believe that we will prevail on the interest and penalties part, because the
assessment runs counter to applicable law and previous Peruvian tax audits. The
potential amount of interest and penalties will continue to increase over time
while we contest the tax assessment. A liability for interest and penalties will
only be recorded should it become probable that SUNAT's position on interest and
penalties will be upheld, or if we exhaust our available remedies. </p>
<b>
<p>Change in Australian tax regime </p>
</b>
<p>A new consolidation tax law has been enacted in Australia that allows
wholly-owned groups of companies resident in Australia to elect to be treated as
a single entity and to file consolidated tax returns. This new regime is
elective and the election is irrevocable. An election is filed with a company's
income tax returns, which are due by July 1 after each fiscal year and effective
from January 1 of the applicable year covered by the tax return. The earliest
fiscal year for which the Company could file an election is 2004. </p>
<p>Under certain circumstances, the rules governing the election allow for a
choice to reset the tax cost basis of certain assets within a consolidated
group. We are presently considering the merits of filing for election under this
new regime. If such an election is filed and if this results in an upward
revaluation of the tax basis of our assets, then this tax benefit will be
recorded as a component of income tax expense in the fiscal year for which the
election is filed. The amount of any potential tax benefit, if any, under such
an election is not presently determinable. </p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>35</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>9</b></font><font size="2"> </font>
<font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EARNINGS PER SHARE</b> </font></p>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="512" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" size="2">For the three months ended
      March 31</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">($ millions, except shares
      in millions and per share amounts)</font></td>
      <td WIDTH="42" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="39" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Income available to common
      stockholders</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">26</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Weighted average shares
      outstanding &#151 basic</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">535</font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">541</font></td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Effect of dilutive stock
      options</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">2</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Weighted average shares
      outstanding and on assumed conversions</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">537</font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Earnings per share</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="512" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Basic and diluted</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" style="font-weight: 700" size="2">0.05</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">0.05</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" size="2"><b>
<p>10</b></font><font size="2"> </font>
<font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COMPREHENSIVE INCOME </p>
</b>
<font FACE="Interstate">
<blockquote>
  <p>Comprehensive income consists of net income and other gains and losses that
  are excluded from net income. These other gains and losses consist mainly of
  gains and losses on derivative instruments accounted for as cash flow hedges;
  unrealized gains and losses on available-for-sale securities; and foreign
  currency translation adjustments. </p>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="988" colspan="13">
      <font FACE="Interstate" style="font-weight: 700" size="2">
      Accumulated other comprehensive income (loss) (OCI)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">2004</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="97" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" COLSPAN="2" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">Pre-tax</font></td>
      <td WIDTH="94" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">Tax
      effect</font></td>
      <td WIDTH="87" COLSPAN="2" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">Post-tax</font></td>
      <td WIDTH="87" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">Pre-tax</font></td>
      <td WIDTH="97" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Tax effect</font></td>
      <td WIDTH="103" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">Post-tax</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="87" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">amount</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="87" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">amount</font></td>
      <td WIDTH="87" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">amount</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="103" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">amount</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">Foreign
      currency translation adjustments</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">At January
      1</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(147)</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(147)</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(144)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(144)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Translation adjustments recorded in the period</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(5)</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">At March 31</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(147)</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(147)</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(149)</font></td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(149)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">
      Accumulated gains on cash flow hedges</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">At January
      1</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">288</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(99)</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">189</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">49</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(17)</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">32</font></td>
    </tr>
    <tr>
      <td WIDTH="433"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Changes in fair value of cash flow hedges (note 11D)</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">18</font></td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">(6)</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">12</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" size="2">78</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">
      <font FACE="Interstate" size="2">(30)</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">48</font></td>
    </tr>
    <tr>
      <td WIDTH="433" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Transfer of hedge gains to earnings (note 11D)</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(33)</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">14</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(19)</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(14)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">5</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Hedge ineffectiveness transferred to earnings (note 11D)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">(1)</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">(1)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">At March 31</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">272</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(91)</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">181</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">113</font></td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(42)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">71</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">
      Available-for-sale securities</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">At January
      1</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">38</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">38</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(6)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="433"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Changes in fair value of securities</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">7</font></td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">7</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" size="2">(1)</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other than temporary impairment charges recorded in</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      earnings (note 7)</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">7</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">At March 31</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">45</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">45</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">
      Additional minimum pension liability</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="433"><font FACE="Interstate" size="2">At January
      1 and March 31</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">(7)</font></td>
      <td WIDTH="54" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">-</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" style="font-weight: 700" size="2">(7)</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Interstate" size="2">(7)</font></td>
      <td WIDTH="43" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="433" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total OCI at March 31</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">163</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">(91)</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">72</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(43)</font></td>
      <td WIDTH="43" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(42)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(85)</font></td>
    </tr>
  </table>
</blockquote>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>36</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<b><font FACE="Interstate" size="2">
<p>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DERIVATIVE INSTRUMENTS </p>
<p>A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of
derivative instruments </p>
</font><font FACE="Interstate" SIZE="1"></font></b>
<font FACE="Interstate" size="2">
<blockquote>
  <p>We use derivative instruments to mitigate the effects of certain risks that
  are inherent in our business, and also to take advantage of opportunities to
  secure attractive pricing for commodities, currencies and interest rates. The
  inherent risks that we most often attempt to mitigate by the use of derivative
  instruments occur from changes in commodity prices (gold and silver), interest
  rates and foreign currency exchange rates. Because we produce gold and silver,
  incur costs in foreign currencies, and invest and borrow in US dollars and are
  therefore subject to US interest rates, our derivative instruments cover
  natural underlying asset or liability positions. The purpose of the hedging
  elements of our derivative program is so that changes in the values of cash
  flows from or fair values of hedged items are offset by equivalent changes in
  the values of derivative instruments. </p>
  <p>We do not hold derivatives for the purpose of speculation; our risk
  management programs are designed to enable us to plan our business effectively
  and, where possible, mitigate adverse effects of future movements in gold and
  silver prices, interest rates and foreign currency exchange rates. For a more
  detailed description of the types of derivative instruments we use, and our
  accounting policies for derivative instruments, refer to note 11 to our
  audited consolidated financial statements for the three years ended December
  31, 2003. </p>
</blockquote>
<b>
<p>B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative
instruments outstanding as at March 31, 2004</b> </p>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" style="border-collapse: collapse" bordercolor="#111111" cellpadding="0" width="75%">
    <tr>
      <td WIDTH="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" style="font-weight: 700" size="2">Maturity</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2004</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2005</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2006</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2007</font></td>
      <td WIDTH="112" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">2008+</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="295">
      <font FACE="Interstate" style="font-weight: 700" size="2">Interest
      rate contracts</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">
      Receive-fixed swaps</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="29" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">150</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">100</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">725</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">175</font></td>
      <td WIDTH="41" align="right">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Fixed rate (%)</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">3.6%</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">3.0%</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">3.4%</font></td>
      <td WIDTH="112" COLSPAN="2" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">4.1%</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">3.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">Pay-fixed
      swaps</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">324</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">324</font></td>
    </tr>
    <tr>
      <td WIDTH="295" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Fixed rate (%)</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="112" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">5.7%</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">5.7%</font></td>
    </tr>
    <tr>
      <td WIDTH="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Net notional position</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">150</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">100</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">725</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(149)</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">826</font></td>
    </tr>
    <tr>
      <td WIDTH="295" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" style="font-weight: 700" size="2">Foreign
      currency contracts</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Canadian
      dollar forwards</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      C$ (millions)</font></td>
      <td WIDTH="29" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">269</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">289</font></td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">200</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">96</font></td>
      <td WIDTH="42" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">22</font></td>
      <td WIDTH="41" align="right">
      <font FACE="Interstate" size="2">C$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">876</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average price (US&#162)</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.66</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.66</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.73</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.67</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.68</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.68</font></td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">Australian
      dollar forwards</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      A$ (millions)</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">511</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">680</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">233</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">139</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">19</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">1,582</font></td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average price (US&#162)</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.60</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">0.64</font></td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.57</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">0.58</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">0.53</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.61</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Australian
      dollar min-max</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">contracts</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      A$ (millions)</font></td>
      <td WIDTH="29" align="right">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">17</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">&nbsp;10</font></td>
      <td WIDTH="40" align="right">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">10</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right">
      <font FACE="Interstate" size="2">A$</font></td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">37</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average cap price (US&#162)</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.54</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.52</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.52</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.53</font></td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Average floor price (US&#162)</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.52</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">0.51</font></td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.51</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">0.51</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6">
      <font FACE="Interstate" style="font-weight: 700" size="2">Fuel
      contracts</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="295"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Barrels WTI (thousands)</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">270</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">
      <font FACE="Interstate" size="2">180</font></td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">
      <font FACE="Interstate" size="2">450</font></td>
    </tr>
    <tr>
      <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cap</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">&nbsp;30</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">30</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">30</font></td>
    </tr>
    <tr>
      <td WIDTH="295" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Floor</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">23</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">21</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">23</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" size="2">
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>37</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="413">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="803" colspan="9">
      <font FACE="Times New Roman" style="font-weight: 700" size="2">
      Classification of interest rate and foreign currency contracts</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="106" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" size="2">Cash flow</font></td>
      <td WIDTH="88" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" size="2">Fair value</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">At March 31, 2004</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">hedge</font></td>
      <td WIDTH="88" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">hedge</font></td>
      <td WIDTH="99" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">Non- hedge</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="413">
      <font FACE="Times New Roman" style="font-weight: 700" size="2">
      Interest rate contracts</font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="413" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Receive-fixed swaps on cash balances</font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">650</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">650</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Receive-fixed swaps on debentures</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">500</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">500</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">650</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">500</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pay-fixed swaps on Bulyanhulu project financing</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">174</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Pay-fixed swaps on lease rate swaps</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">150</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">150</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">174</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">150</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">324</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" style="font-weight: 700" size="2">
      Canadian dollar contracts</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="413"><font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="53" align="right">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="53" align="right">
      <font FACE="Times New Roman" size="2">833</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Times New Roman" size="2">14</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="52" align="right">
      <font FACE="Times New Roman" size="2">847</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capital expenditures</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">29</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">862</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">14</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">C$</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">876</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" style="font-weight: 700" size="2">
      Australian dollar contracts</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="413"><font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="53" align="right">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="53" align="right">
      <font FACE="Times New Roman" size="2">1,052</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="44" align="right">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Times New Roman" size="2">154</font></td>
      <td WIDTH="45" align="right">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="52" align="right">
      <font FACE="Times New Roman" size="2">1,206</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capital expenditures</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">413</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">413</font></td>
    </tr>
    <tr>
      <td WIDTH="413" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">1,465</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">-</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">154</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">A$</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" size="2">1,619</font></td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2">
  <p>We also held gold lease rate swaps at March 31, 2004 that are based on a
  notional amount of 3.3 million ounces of gold spread from 2004 to 2013 and
  written silver call options on a notional 7 million ounces of silver with an
  average exercise price of $5.76 per ounce (see note 5). These gold lease rate
  contracts and written silver call options are classified as non-hedge
  derivatives. </p>
</blockquote>
<b>
<p>C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized fair value
of derivative instruments (excluding normal sales contracts) </p>
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="509" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">For
      the three months ended March 31</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" size="2">2004</font></b></td>
      <td WIDTH="156" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="509" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">
      Beginning of period</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" size="2">$</font></b></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" size="2">337</font></b></td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="509"><font FACE="Times New Roman" size="2">
      Derivative instruments settled</font></td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">
      <b>
      <font FACE="Times New Roman" size="2">(48)</font></b></td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="96" align="right">
      <font FACE="Times New Roman" size="2">(16)</font></td>
    </tr>
    <tr>
      <td WIDTH="509" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">
      Change in fair value of derivative instruments:</font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="509"><font FACE="Times New Roman" size="2">
      &nbsp;&nbsp;&nbsp;&nbsp;
      Non-hedge derivatives</font></td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="90" align="right">
      <b>
      <font FACE="Times New Roman" size="2">(16)</font></b></td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="96" align="right">
      <font FACE="Times New Roman" size="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="509" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Cash
      flow hedges</font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" size="2">18</font></b></td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">78</font></td>
    </tr>
    <tr>
      <td WIDTH="509" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Fair
      value hedges</font></td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" size="2">1</font></b></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="509" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">End
      of period</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" size="2">$</font></b></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" size="2">292<sup>1</sup></font></b></td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">127</font></td>
    </tr>
    <tr>
      <td WIDTH="509" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="52" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="90" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="96" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="5" width="807">
      <ol style="font-size: 9pt">
        <li><font FACE="Interstate" style="font-size: 9pt">Included on the
        balance sheet as follows: $117 million in other current assets; $268
        million in non-current assets as unrealized fair value of derivative
        contracts; $13 million in other current liabilities; and $80 million in
        other long-term obligations. </font></li>
      </ol>
      </td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2">
  <p>The fair values of recorded derivative assets and liabilities reflect the
  netting of the fair values of individual derivative instruments, and amounts
  due to/from counterparties that arise from derivative instruments, when the
  conditions of FIN No. 39, Offsetting of Amounts Related to Certain Contracts,
  have been met. Amounts receivable from counterparties that have been offset
  against derivative liabilities totaled $16 million at March 31, 2004. </p>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>38</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gains
(losses) accumulated in OCI for cash flow hedge contracts </p>
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="261" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="151" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Foreign currency</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="261" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="182" COLSPAN="4" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Commodity contracts</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="151" COLSPAN="3" align="center">
      <font FACE="Interstate" SIZE="2">contracts</font></td>
      <td WIDTH="184" COLSPAN="4" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Interest rate contracts</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="151" align="right" colspan="3">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="261" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="84" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="95" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="261" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>280</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">26</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>&nbsp;288</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">49</font></td>
    </tr>
    <tr>
      <td WIDTH="261"><font FACE="Interstate" SIZE="2">Changes in fair value</font></td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="42" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="42" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">63</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>10</b></font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="58" align="right"><font FACE="Interstate" SIZE="2">78</font></td>
    </tr>
    <tr>
      <td WIDTH="261" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hedge gains transferred
      to</font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="261" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">earnings</font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>- <sup>1</sup></b></font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(3) <sup>1</sup></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(30) <sup>
      2</sup></b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(8) 2</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(3) <sup>
      3</sup></b></font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(3) <sup>3</sup></font></td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(33)</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="58" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(14)</font></td>
    </tr>
    <tr>
      <td WIDTH="261"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness</font></td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="58" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="261" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; transferred to
      earnings</font></td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="42" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="261" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At March 31</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="42" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>257</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>16</b></font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">19</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>&nbsp;272</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="58" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">113</font></td>
    </tr>
    <tr>
      <td WIDTH="990" colspan="17">
      <ol style="font-size: 9pt">
        <li><font FACE="Interstate" style="font-size: 9pt">Included under
        revenues and by-product credits </li>
        <li>Included under operating expenses </li>
        <li>Included under interest income </li>
      </ol>
      </font></td>
    </tr>
  </table>
</blockquote>
<dir>
  <font FACE="Interstate" SIZE="2">
  <p>Based on the fair value of cash flow hedge contracts at March 31, 2004, in
  the next twelve months, we expect to transfer hedge gains of $129 million from
  OCI to earnings, to be matched with the related hedged items. These gains will
  be reflected as a reduction in cash operating costs, and as a component of
  interest income. </p>
</dir>
<b>
<p>E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-hedge
derivative gains (losses) </p>
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="572" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="141" align="right" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="149" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="572" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Change in fair value of non-hedge
      derivatives</b></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="572"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Commodity contracts</font></td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>(12)</b></font></td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="572" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Currency contracts</font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="572"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Interest and lease rate contracts</font></td>
      <td WIDTH="53" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="62" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">34</font></td>
    </tr>
    <tr>
      <td WIDTH="572" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="572" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Hedge ineffectiveness recorded in
      earnings<sup>1</sup></font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="572" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="572" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="862" COLSPAN="5" style="line-height: 100%">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>During first quarter 2004, we determined that certain Australian
        dollar hedge contracts designated as hedges of forecasted capital
        expenditures no longer met the FAS 133 qualifying hedge criteria due to
        changes in the expected timing of the forecasted expenditures. On
        determining that these hedges were no longer effective for accounting
        purposes, gains totaling $1 million on these contracts were transferred
        out of OCI to earnings in first quarter 2004 (2003 - $nil).</font></li>
      </ol>
      </td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
<p>12</b></font><font size="2"> </font><font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
COMPONENTS OF OTHER NET OPERATING ACTIVITIES </p>
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="539" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended March 31</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="539" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Add (deduct):</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Foreign currency translation (gains) losses</font></td>
      <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">&nbsp;1</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      (Gains) losses on available-for-sale securities</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cumulative effect of changes in accounting policies</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accretion expense</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Non-hedge derivative (gains) losses</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>15</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">(36)</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Changes in operating
      assets and liabilities:</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued liabilities</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Current income taxes accrued</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other assets and liabilities</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="539" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cash payments:</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="539"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Reclamation and closure costs</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="85" align="right"><font FACE="Interstate" SIZE="2"><b>(10)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="539" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Income taxes</font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(29)</b></font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(35)</font></td>
    </tr>
    <tr>
      <td WIDTH="539" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other net operating activities</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(27)</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>39</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font><font FACE="Interstate" SIZE="2"><b>
<p>13</b></font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font FACE="Interstate" SIZE="2"><b>INVENTORIES, OTHER CURRENT ASSETS AND
INVESTMENTS </p>
<dir>
  </b></font>
  <table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="416" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="149" align="right" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>At March 31, 2004</b></font></td>
      <td WIDTH="175" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Inventories</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="416"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Gold in process and ore in stockpiles</font></td>
      <td WIDTH="45" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>&nbsp;104</b></font></td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right"><font FACE="Interstate" SIZE="2">99</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Mine operating
      supplies</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>58</b></font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">58</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>162</b></font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">157</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other current assets</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="416"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Derivative assets (note 11C)</font></td>
      <td WIDTH="45" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>117</b></font></td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right"><font FACE="Interstate" SIZE="2">154</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="416" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>125</b></font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">169</font></td>
    </tr>
  </table>
</dir>
<font FACE="Interstate" SIZE="2">
<blockquote>
  <p>Gold in process and ore in stockpiles excludes $67 million (December 31,
  2003 &#151 $64 million) of stockpiled ore that we do not expect to process in the
  following 12 months. This amount is included in other assets. </p>
  <b>
  <p>Investments </p>
  </b>
  <p>In first quarter 2004, we purchased a further 7% interest in the common
  shares of Highland Gold for cash consideration of $41 million. Combined with
  an initial investment made in fourth quarter 2003, we own a 17% interest in
  the outstanding common shares of Highland Gold. The investment is being
  accounted for as an available-for-sale security, with unrealized gains and
  losses recorded in other comprehensive income. </p>
</blockquote>
<b>
<p>14</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PROPERTY, PLANT AND EQUIPMENT </p>
</b>
<blockquote>
  <p>At March 31, 2004, property acquisition and mine development costs included
  various properties in the exploration and development stage that are not
  presently being amortized. Details of the carrying amounts for major
  properties and the years when we expect to put these properties into
  production and begin amortization are: </p>
</blockquote>
</font>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="60%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="218" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Property</font></td>
      <td WIDTH="252" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Carrying amount at March 31, 2004</font></td>
      <td WIDTH="272" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Targeted timing of production start up</font></td>
    </tr>
    <tr>
      <td WIDTH="218" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Veladero</font></td>
      <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">132</font></td>
      <td WIDTH="272" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="218"><font FACE="Interstate" SIZE="2">Cowal</font></td>
      <td WIDTH="155" align="right">&nbsp;</td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">69</font></td>
      <td WIDTH="272" align="right"><font FACE="Interstate" SIZE="2">2006</font></td>
    </tr>
    <tr>
      <td WIDTH="218" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Alto Chicama</font></td>
      <td WIDTH="155" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
      <td WIDTH="272" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="218"><font FACE="Interstate" SIZE="2">Pascua-Lama</font></td>
      <td WIDTH="155" align="right">&nbsp;</td>
      <td WIDTH="97" align="right"><font FACE="Interstate" SIZE="2">204</font></td>
      <td WIDTH="272" align="right"><font FACE="Interstate" SIZE="2">2008/2009</font></td>
    </tr>
    <tr>
      <td WIDTH="218" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other properties</font></td>
      <td WIDTH="155" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">216</font></td>
      <td WIDTH="272" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="218" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Total</font></td>
      <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="97" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">636</font></td>
      <td WIDTH="272" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
  </table>
</dir>
<p>&nbsp;</p>
<font FACE="Interstate" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>40</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate"><b>
<p>15</b></font> <font FACE="Interstate"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CAPITALIZED MINING COSTS</b> </p>
<blockquote>
  <p ALIGN="JUSTIFY">We charge most mine operating costs to inventory as
  incurred. However, we capitalize and amortize certain mining costs associated
  with open-pit deposits that have diverse ore grades and waste-to-ore ton
  ratios over the mine life. These mining costs arise from the removal of waste
  rock at our open-pit mines, and we commonly refer to them as &quot;deferred
  stripping costs&quot;. We charge to inventory amortization of amounts capitalized
  based on a &quot;stripping ratio&quot; using the units-of-production method. </p>
  <p>This accounting method results in the smoothing of these costs over the
  life of a mine. Instead of capitalizing these costs, some mining companies
  expense them as incurred, which may result in the reporting of greater
  volatility in period-to-period results of operations. If we followed a policy
  of expensing these costs as incurred, then using this alternative policy, our
  reported cost of sales would have been $1 million lower for the three months
  ended March 31, 2004 (2003 &#151 $19 million decrease).</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><font FACE="Interstate">
  <p>Capitalized mining costs represent the excess of costs capitalized over
  amortization recorded, although it is possible that a liability could arise if
  cumulative amortization exceeds costs capitalized. The carrying amount of
  capitalized mining costs is grouped with related mining property, plant and
  equipment for impairment testing purposes.</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><font FACE="Interstate">
  <p>Effective January 1, 2004, we revised the estimated stripping ratios used
  for amortization purposes with a decrease in the stripping ratio at Goldstrike
  Open Pit and an increase in the stripping ratio at Pierina. In first quarter
  2004 the effect of this change was to reduce amortization of capitalized
  mining costs at Goldstrike Open Pit by $nil, and increase amortization of
  capitalized mining costs at Pierina by $1.6 million. </p>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="50%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>Average stripping ratios<sup>1</sup></b></font></td>
      <td WIDTH="34%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="20%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="34%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="20%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Goldstrike Open Pit</font></td>
      <td WIDTH="34%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>109:1</b></font></td>
      <td WIDTH="20%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">112:1</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Pierina</font></td>
      <td WIDTH="34%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>60:1</b></font></td>
      <td WIDTH="20%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">48:1</font></td>
    </tr>
    <tr>
      <td WIDTH="100%" COLSPAN="3">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>The stripping ratio is calculated as the ratio of total tons (ore
        and waste) of material to be moved compared to total recoverable ounces
        in proven and<font FACE="Interstate"> probable gold reserves.</font></li>
      </ol>
      </font></td>
    </tr>
  </table>
  <font FACE="Interstate">
  <p>The average remaining life of the open-pit mine operations where we
  capitalize these types of mining costs is eight years. We expect to expense
  all stripping costs by the end of the mine lives. </p>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>41</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate"><b>
<p>16</b></font> <b><font FACE="Interstate">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CAPITAL STOCK </p>
<p>A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchase
program </p>
</font></b><font FACE="Interstate">
<blockquote>
  <p>During the three-month period ended March 31, 2004, we repurchased 4.47
  million common shares for $95 million at an average cost of $21.20 per share.
  This resulted in a reduction of common share capital by $35 million, and a $60
  million charge (being the difference between the repurchase cost and the
  average historic book value of shares repurchased) to retained earnings. </p>
</blockquote>
<b>
<p>B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Inc. (&quot;BGI&quot;)
Exchangeable Shares </p>
</b>
<blockquote>
  <p>In connection with a 1998 acquisition, BGI, formerly Homestake Canada Inc.,
  issued 11.1 million BGI exchangeable shares. Each BGI exchangeable share is
  exchangeable for 0.53 of a Barrick common share at any time at the option of
  the holder and has essentially the same voting, dividend (payable in Canadian
  dollars), and other rights as 0.53 of a Barrick common share. BGI is a
  subsidiary that holds our interest in the Hemlo and Eskay Creek Mines. </p>
  <p>At March 31, 2004, 1.5 million BGI exchangeable shares were outstanding,
  which are equivalent to 0.8 million Barrick common shares. The equivalent
  common share amounts are reflected in the number of common shares outstanding.
  </p>
  <p>At any time on or after December 31, 2008, or when fewer than 1.4 million
  BGI exchangeable shares are outstanding, we have the right to require the
  exchange of each outstanding BGI exchangeable share for 0.53 of a Barrick
  common share. While there are exchangeable shares outstanding, we are required
  to present summary consolidated financial information relating to BGI for
  holders of exchangeable shares. </p>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="408" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>Summarized financial information for
      BGI</b></font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="141" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Total revenues and other income</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>52</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">52</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Costs and expenses</font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(53)</b></font></td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(53)</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Loss before taxes</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(1)</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Net loss</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(3)</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="134" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>At March 31, 2004</b></font></td>
      <td WIDTH="141" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Assets</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="408"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Current assets</font></td>
      <td WIDTH="72" align="right"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right"><font FACE="Interstate" size="2"><b>59</b></font></td>
      <td WIDTH="80" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" size="2">72</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Non-current
      assets</font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>220</b></font></td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">233</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>279</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">305</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Liabilities and shareholders' equity</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="408"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other current liabilities</font></td>
      <td WIDTH="72" align="right"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right"><font FACE="Interstate" size="2"><b>15</b></font></td>
      <td WIDTH="80" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" size="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="408" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Intercompany notes payable</font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>524</b></font></td>
      <td WIDTH="80" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">546</font></td>
    </tr>
    <tr>
      <td WIDTH="408"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other long-term liabilities</font></td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" size="2"><b>12</b></font></td>
      <td WIDTH="80" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" size="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="408" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred income taxes</font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>63</b></font></td>
      <td WIDTH="80" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">67</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Shareholders'
      equity</font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(335)</b></font></td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(339)</font></td>
    </tr>
    <tr>
      <td WIDTH="408" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>279</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">305</font></td>
    </tr>
  </table>
</blockquote>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>42</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Interstate"><b>
<p>17</b></font> <font FACE="Interstate"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
EMPLOYEE STOCK-BASED COMPENSATION</b> </p>
</font>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="277"><font FACE="Interstate" size="2"><b>Common stock options</b></font></td>
      <td WIDTH="133" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>Stock option activity</b> (shares in
      millions)</font></td>
      <td WIDTH="133" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="133" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Shares</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Average</font></td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Shares</font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Average</font></td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="133" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(number)</font></td>
      <td WIDTH="101" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">price (C$)</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(number)</font></td>
      <td WIDTH="99" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">price (US$)</font></td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">At January 1, 2004</font></td>
      <td WIDTH="133" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">21.5</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">2.3</font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Granted</font></td>
      <td WIDTH="133" align="right"><font FACE="Interstate" size="2">0.3</font></td>
      <td WIDTH="41" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="60" align="right"><font FACE="Interstate" size="2">27.59</font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Exercised</font></td>
      <td WIDTH="133" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(0.7)</font></td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">24.47</font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(0.2)</font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">14.00</font></td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Canceled or
      expired</font></td>
      <td WIDTH="133" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(0.1)</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">26.19</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="277" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">At March 31, 2004</font></td>
      <td WIDTH="133" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">21.0</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">2.1</font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
  </table>
</dir>
<font FACE="Interstate">
<blockquote>
  <p>Under Accounting Principles Board Opinion No. 25 (Accounting for Stock
  Issued to Employees) (APB 25), we recognize compensation cost for stock
  options in earnings based on the excess, if any, of the quoted market price of
  the stock at the grant date of the award over the option exercise price.
  Generally, the exercise price for stock options granted to employees equals
  the fair market value of our common stock at the date of grant, resulting in
  no compensation cost. </p>
  <p>FASB Statement No. 123 (Accounting for Stock-Based Compensation) (FAS 123)
  encourages, but does not require, companies to record compensation cost for
  stock-based employee compensation plans based on the fair value of options
  granted. We have elected to continue to account for stock-based compensation
  using the intrinsic value method prescribed in APB 25 and its related
  interpretations, and to provide disclosures of the pro forma effects of
  adoption had we recorded compensation expense under the fair value method.<b>
  </p>
</blockquote>
</b></font>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="409" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>Stock option expense </b>(per share
      amounts in dollars)</font></td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended March 31</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>Pro forma effects</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="409"><font FACE="Interstate" size="2">Net income, as reported</font></td>
      <td WIDTH="52" align="right"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" size="2"><b>26</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="76" align="right"><font FACE="Interstate" size="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Stock option expense</font></td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(7)</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Pro forma net income</font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>19</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">23</font></td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>Net income per share</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="409"><font FACE="Interstate" size="2">As reported <b><sup>1</sup></b></font></td>
      <td WIDTH="52" align="right"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="77" align="right"><font FACE="Interstate" size="2"><b>0.05</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="76" align="right"><font FACE="Interstate" size="2">0.05</font></td>
    </tr>
    <tr>
      <td WIDTH="409" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Pro forma <b><sup>1</sup></b></font></td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>0.04</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">0.04</font></td>
    </tr>
    <tr>
      <td WIDTH="682" style="border-top-style: solid; border-top-width: 1" colspan="5">
      <font FACE="Interstate" style="font-size: 9pt">
      <ol>
        <li>basic and diluted</font></li>
      </ol>
      </td>
    </tr>
  </table>
</dir>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>43</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><b>
<p>18</b></font><font size="2"> </font><font FACE="Interstate" size="2"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CONTINGENCIES </p>
</b>
<blockquote>
  <p>Certain conditions may exist as of the date the consolidated financial
  statements are issued, which may result in a loss to the Company but which
  will only be resolved when one or more future events occur or fail to occur.
  Management and, where appropriate, legal counsel, assess such contingent
  liabilities, which inherently involves an exercise of judgment. </p>
  <p>In assessing loss contingencies related to legal proceedings that are
  pending against us or unasserted claims that may result in such proceedings,
  the Company and its legal counsel evaluate the perceived merits of any legal
  proceedings or unasserted claims as well as the perceived merits of the amount
  of relief sought or expected to be sought. </p>
  <p>If the assessment of a contingency suggests that it is probable that a loss
  has been incurred and the amount of the liability can be estimated, then the
  estimated liability is accrued in the consolidated financial statements. If
  the assessment suggests that a potentially material loss contingency is not
  probable but is reasonably possible, or is probable but cannot be estimated,
  then the nature of the contingent loss, together with an estimate of the range
  of possible loss, if determinable, is disclosed. Loss contingencies considered
  remote are generally not disclosed unless they involve guarantees, in which
  case we disclose the nature of the guarantee.</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><b><font FACE="Interstate" SIZE="2">
  <p>Litigation and claims</font><font FACE="Times New Roman" SIZE="2"> </font>
  </p>
  <p><font FACE="Interstate" SIZE="2">Bre-X Minerals</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font></b><font FACE="Interstate" SIZE="2">
  <p>On April 30, 1998, we were added as a defendant in a class action lawsuit
  initiated against Bre-X Minerals Ltd., certain of its directors and officers
  or former directors and officers and others in the United States District
  Court for the Eastern District of Texas, Texarkana Division. The class action
  alleges, among other things, that statements made by us in connection with our
  efforts to secure the right to develop and operate the Busang gold deposit in
  East Kalimantan, Indonesia were materially false and misleading and omitted to
  state material facts relating to the preliminary due diligence investigation
  undertaken by us in late 1996.</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><font FACE="Interstate" SIZE="2">
  <p>On July 13, 1999, the Court dismissed the claims against us and several
  other defendants on the grounds that the plaintiffs had failed to state a
  claim under United States securities laws. On August 19, 1999, the plaintiffs
  filed an amended complaint restating their claims against us and certain other
  defendants and on June 14, 2000 filed a further amended complaint, the Fourth
  Amended Complaint.</font><font FACE="Times New Roman" SIZE="2"> </p>
  </font><font FACE="Interstate" size="2">
  <p>On March 31, 2001, the Court granted in part and denied in part our Motion
  to Dismiss the Fourth Amended Complaint. As a result, we remain a defendant in
  the case. We believe that the remaining claims against us are without merit.
  We filed our formal answer to the Fourth Amended Complaint on April 27, 2001
  denying all relevant allegations of the plaintiffs against us. Discovery in
  the case has been stayed by the Court pending the Court's decision on whether
  or not to certify the case as a class action. The amount of potential loss, if
  any, which we may incur arising out of the plaintiffs' claims is not presently
  determinable. </p>
  <p>On March 31, 2003, the Court denied all of the Plaintiffs' motions to
  certify the case as a class action. Plaintiffs have not filed an interlocutory
  appeal of the Court's decision denying class certification to the Fifth
  Circuit Court of Appeals. On June 2, 2003, the Plaintiffs submitted a proposed
  Trial and Case Management Plan, suggesting that the Plan would </p>
</blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>44</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<blockquote>
  <p>cure the defects in the Plaintiffs' motions to certify the class. The Court
  has taken no action with respect to the proposed Trial and Case Management
  Plan. The Plaintiffs' case against the Defendants may now proceed in due
  course, but not on behalf of a class of Plaintiffs but only with respect to
  the specific claims of the Plaintiffs named in the lawsuit. Having failed to
  certify the case as a class action, we believe that the likelihood of any of
  the named Defendants succeeding against Barrick with respect to their claims
  for securities fraud is remote. </p>
  </font><b><font FACE="Interstate" SIZE="2">
  <p>Blanchard complaint</font><font FACE="Times New Roman" SIZE="2"> </p>
  </font></b><font FACE="Interstate" SIZE="2">
  <p>On January 7, 2003, we were served with a Complaint for Injunctive Relief
  by Blanchard and Company, Inc. (&quot;Blanchard&quot;), and Herbert Davies (&quot;Davies&quot;).
  The complaint, which is pending in the US District Court for the Eastern
  District of Louisiana, also names J.P. Morgan Chase &amp; Company (&quot;J.P. Morgan&quot;)
  as a defendant, along with an unspecified number of additional defendants to
  be named later. The complaint, which has been amended several times, alleges
  that we and bullion banks with which we entered into spot deferred contracts
  have manipulated the price of gold, in violation of US antitrust laws and the
  Louisiana Unfair Trade Practices and Consumer Protection Law. Blanchard
  alleges that it has been injured as a seller of gold due to reduced interest
  in gold as an investment. Davies, a customer of Blanchard, alleges injury due
  to the reduced value of his gold investments. The complaint seeks damages and
  an injunction terminating certain of our trading agreements with J.P. Morgan
  and other bullion banks. In September 2003 the Court issued an Order granting
  in part and denying in part Barrick's motions to dismiss this action.
  Discovery has commenced in the case and a trial date has been tentatively set
  for February 2005. We intend to defend the action vigorously. </p>
  </font><b><font FACE="Interstate" SIZE="2">
  <p>Wagner complaint</font><font FACE="Times New Roman" SIZE="2"> </p>
  </font></b><font FACE="Interstate" SIZE="2">
  <p>On June 12, 2003, a complaint was filed against Barrick and several of its
  current or former officers in the US District Court for the Southern District
  of New York. The complaint is on behalf of Barrick shareholders who purchased
  Barrick shares between February 14, 2002 and September 26, 2002. It alleges
  that Barrick and the individual defendants violated US securities laws by
  making false and misleading statements concerning Barrick's projected
  operating results and earnings in 2002. The complaint seeks an unspecified
  amount of damages. Other parties on behalf of the same proposed class of
  Barrick shareholders filed several other complaints, making the same basic
  allegations against the same defendants. In September 2003, the cases were
  consolidated into a single action in the Southern District of New York. The
  plaintiffs filed a Consolidated and/or Amended Complaint on November 5, 2003.
  On January 14, 2004 Barrick filed a motion to dismiss the Wagner complaint.
  The plaintiffs filed an opposition to Barrick's motion to dismiss on March 12,
  2004. On April 2, 2004, Barrick filed its reply to the plaintiff's opposition.
  We intend to defend the action vigorously.</font><b><font FACE="Interstate" size="2">
  </p>
  <p>Other </p>
  </font></b><font FACE="Interstate" size="2">
  <p>From time to time, we are involved in various claims, legal proceedings and
  complaints arising in the ordinary course of business. We are also subject to
  reassessment for income and mining taxes for certain years. We do not believe
  that adverse decisions in any pending or threatened proceedings related to any
  potential tax assessments or other matters, or any amount which we may be
  required to pay by reason thereof, will have a material adverse effect on our
  financial condition or future results of operations</font><font FACE="Times New Roman" SIZE="2">.
  </p>
</blockquote>
</font><font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>45</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>NOTES TO FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1052" colspan="17"><font FACE="Interstate" SIZE="6">
      <a name="minestats"></a>Mine
      Statistics</font></td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="703" colspan="16" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>UNITED STATES</b></font></td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="44" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="81" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Open Pit</b></font></td>
      <td WIDTH="45" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="134" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Underground</b></font></td>
      <td WIDTH="178" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Goldstrike Total</b></font></td>
      <td WIDTH="184" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Round Mountain</b></font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Three months ended March 31,</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="103" COLSPAN="2" align="right" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>34,086</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">37,480</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>438</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">410</font></td>
      <td WIDTH="95" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      <b>34,524</b></font></td>
      <td WIDTH="83" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      37,890</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,786</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">7,319</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>2,661</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
      2,602</font></td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>452</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">407</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>3,113</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">3,009</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>9,609</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">7,464</font></td>
    </tr>
    <tr>
      <td WIDTH="349" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.144</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      0.136</font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.383</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.418</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.179</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.174</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.016</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.019</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>82.8%</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">80.5%</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>89.0%</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">87.0%</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>83.7%</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">82.7%</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>n/a</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">n/a</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>318</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">285</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>154</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">148</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>472</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">433</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>93</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">96</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">Production costs per
      ounce</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="349" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>250</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">247</font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>230</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">194</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>243</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">229</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>174</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">149</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>17</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">19</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>23</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">24</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>19</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>33</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>267</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">266</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>253</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">218</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>262</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">249</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>63</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">60</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>120</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">117</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>82</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">80</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>60</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">57</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>330</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">326</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>373</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">335</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>344</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">329</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>267</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">225</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">12</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="703" align="center" colspan="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>AUSTRALIA</b></font></td>
    </tr>
    <tr>
      <td WIDTH="349">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="81" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Plutonic</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="80" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Darlot</b></font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="142" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center"><b>Lawlers</b></font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="136" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center"><b>Kalgoorlie</b></font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Three months ended March 31,</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="349" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2,613</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      3,338</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>212</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">221</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>401</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">535</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>11,680</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11,195</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>694</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">778</font></td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>218</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">210</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>208</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">186</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>1,600</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">1,637</font></td>
    </tr>
    <tr>
      <td WIDTH="349" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.132</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.101</font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.162</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.210</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.131</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.116</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.073</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.067</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>90.5%</b></font></td>
      <td WIDTH="67" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">89.0%</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>97.2%</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">97.6%</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>97.0%</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">96.0%</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>87.4%</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">85.6%</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>83</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">70</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>34</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">43</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>27</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>102</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">94</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">Production costs per
      ounce</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="37" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="349" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>186</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">184</font></td>
      <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>201</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">133</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>229</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">303</font></td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>217</b></font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">208</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>194</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>208</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">141</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>236</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">311</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>223</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">216</font></td>
    </tr>
    <tr>
      <td WIDTH="349"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>31</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="37" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>48</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="54" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Interstate" SIZE="2"><b>45</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>39</b></font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2">52</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>225</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">210</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>256</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">190</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>281</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">332</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>262</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">268</font></td>
    </tr>
    <tr>
      <td WIDTH="349" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="37" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="48" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>46</b></font></td>
    <td WIDTH="612"><font FACE="Interstate" size="2">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="551"><font FACE="Interstate" SIZE="6">Mine Statistics</font></td>
      <td WIDTH="21">&nbsp;</td>
      <td WIDTH="50">&nbsp;</td>
      <td WIDTH="27">&nbsp;</td>
      <td WIDTH="51">&nbsp;</td>
      <td WIDTH="36">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="33">&nbsp;</td>
      <td WIDTH="57">&nbsp;</td>
      <td WIDTH="40">&nbsp;</td>
      <td WIDTH="52">&nbsp;</td>
      <td WIDTH="26">&nbsp;</td>
      <td WIDTH="56">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="504" align="center" colspan="12" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>CANADA</b></font></td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="128" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Hemlo</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="145" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center"><b>Eskay Creek</b></font></td>
      <td WIDTH="174" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center"><b>Holt-McDermott</b></font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Three months ended March 31,</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>890</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">990</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>65</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">68</font></td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>139</b></font></td>
      <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">144</font></td>
    </tr>
    <tr>
      <td WIDTH="551"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2"><b>477</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">455</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>60</b></font></td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right"><font FACE="Interstate" SIZE="2">66</font></td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="52" align="right"><font FACE="Interstate" SIZE="2"><b>135</b></font></td>
      <td WIDTH="26" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2">139</font></td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.137</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.158</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1.145</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.437</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.150</b></font></td>
      <td WIDTH="26" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.160</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>94.1%</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">95.0%</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>93.2%</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">93.4%</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>92.6%</b></font></td>
      <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">94.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>61</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">68</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>66</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">84</font></td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>19</b></font></td>
      <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="551"><font FACE="Interstate" SIZE="2">Production costs per
      ounce</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="26" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>217</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">220</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(25)</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">65</font></td>
      <td WIDTH="40" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="26" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">280</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>10</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">7</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>227</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">227</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">69</font></td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">281</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>40</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">37</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>179</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">136</font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>145</b></font></td>
      <td WIDTH="26" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>267</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">264</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>160</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">205</font></td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>383</b></font></td>
      <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">404</font></td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="26" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="26" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right">&nbsp;</td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="26" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="128" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>PERU</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="145" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">
      <p align="center"><b>TANZANIA</b></font></td>
      <td WIDTH="40" align="right">&nbsp;</td>
      <td WIDTH="52" align="right">&nbsp;</td>
      <td WIDTH="26" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="128" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Pierina</b></font></td>
      <td WIDTH="36" align="center" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="145" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Bulyanhulu</b></font></td>
      <td WIDTH="40" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Three months ended March 31,</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>10,323</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8,544</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>284</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">241</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right"><font FACE="Interstate" SIZE="2"><b>4,038</b></font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right"><font FACE="Interstate" SIZE="2">3,622</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>272</b></font></td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium">
      <font FACE="Interstate" SIZE="2">259</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.049</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.083</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.337</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">0.399</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>88.4%</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">87.3%</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>232</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">231</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>81</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">90</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551"><font FACE="Interstate" SIZE="2">Production costs per
      ounce</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cash operating costs</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>82</b></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">85</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>263</b></font></td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">181</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Royalties and production taxes</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>13</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">11</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>82</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">85</font></td>
      <td WIDTH="36" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>276</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Amortization</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>165</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">183</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>107</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">117</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>247</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">268</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>383</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">309</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="551" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="51" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="36" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="57" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">10</font></td>
      <td WIDTH="40" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="52" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="26" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-style: none; border-width: medium" bgcolor="#FFFFFF">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<p>&nbsp;</p>
<font FACE="Interstate" size="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="530"><font FACE="Interstate" SIZE="2"><b>BARRICK FIRST QUARTER
    2004</b></font></td>
    <td WIDTH="95">
    <p align="center"><font size="2"><b>47</b></font></td>
    <td WIDTH="612">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2"><b>CORPORATE OFFICE</b></font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2"><b>TRANSFER
      AGENTS AND REGISTRARS</b></font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>CIBC Mellon Trust
      Company</b></font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">BCE Place, Canada Trust
      Tower, Suite 3700</font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">P.O. Box
      7010, Adelaide Street Postal Station</font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">161 Bay Street, P.O. Box
      212</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Toronto, Ontario M5C 2W9</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">Toronto, Canada M5J 2S1</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Tel: (416) 643-5500</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">Tel: (416) 861-9911 Fax:
      (416) 861-0727</font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">Toll-free
      throughout North America: 1-800-387-0825</font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">Toll-free within Canada
      and United States: 1-800-720-7415</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Fax: (416) 643-5501</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">Email: investor@barrick.com</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Email: inquiries@cibcmellon.ca</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">Website: www.barrick.com</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Website:
      www.cibcmellon.com</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399">&nbsp;</td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2"><b>SHARES LISTED (ABX)</b></font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>Mellon Investor
      Services L.L.C.</b></font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">The Toronto Stock
      Exchange</font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">85 Challenger
      Road, Overpeck Center</font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">The New York Stock
      Exchange</font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">Ridgefield
      Park, New Jersey 07660</font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">The London Stock Exchange</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Tel: (201) 329-8660</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">The Swiss Stock Exchange</font></td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">Toll-free
      within the United States:</font></td>
    </tr>
    <tr>
      <td WIDTH="448"><font FACE="Interstate" SIZE="2">La Bourse de Paris</font></td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">1-800-589-9836</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="665" COLSPAN="2"><font FACE="Interstate" SIZE="2">Website:
      www.mellon-investor.com</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399">&nbsp;</td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>INVESTOR CONTACTS:</b></font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>Darren Blasutti</b></font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2"><b>Mary Ellen Thorburn</b></font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Vice President,</font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2">Senior Manager,</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Investor Relations</font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2">Investor Relations</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7341</font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7363</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Email:</font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2">Email:</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">dblasutti@barrick.com</font></td>
      <td WIDTH="266"><font FACE="Interstate" SIZE="2">mthorburn@barrick.com</font></td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399">&nbsp;</td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>MEDIA CONTACT:</b></font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2"><b>Vincent Borg</b></font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Vice President,</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Corporate Communications</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7477</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="448">&nbsp;</td>
      <td WIDTH="399"><font FACE="Interstate" SIZE="2">Email: vborg@barrick.com</font></td>
      <td WIDTH="266">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" style="font-size: 9pt">
<p ALIGN="JUSTIFY">Barrick's exploration programs are designed and conducted
under the supervision of Alexander J. Davidson, P. Geo., Executive Vice
President, Exploration of Barrick. For information on the geology, exploration
activities generally, and drilling and analysis procedures on Barrick's material
properties, see Barrick's most recent Annual Information Form on file with
Canadian provincial securities regulatory authorities and the US Securities and
Exchange Commission. </p>
<p>Certain statements included herein, including those regarding production,
costs, timing of permitting, construction or production, and other statements
that express management's expectations or estimates of future performance,
constitute &quot;forward-looking statements&quot; within the meaning of the United States
Private Securities Litigation Reform Act of 1995. The words &quot;believe&quot;, &quot;expect&quot;,
&quot;anticipate&quot;, &quot;contemplate&quot;, &quot;target&quot;, &quot;plan&quot;, &quot;intends&quot;, &quot;continue&quot;, &quot;budget&quot;,
&quot;estimate&quot;, &quot;may&quot;, &quot;will&quot;, &quot;schedule&quot;, and similar expressions identify
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. In particular, the Management's
Discussion and Analysis includes many such forward-looking statements and 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 or certain other commodities (such as silver,
copper, diesel fuel and electricity) and currencies; changes in interest rates
or gold lease rates that could impact realized prices under our forward sales
program; legislative, political or economic developments in the jurisdictions in
which Barrick carries on business; operating or technical difficulties in
connection with mining or development activities; the speculative nature of gold
exploration and development, including the risks of diminishing quantities or
grades of reserves; and the risks involved in the exploration, development and
mining business. These factors are discussed in greater detail in Barrick's
Management's Discussion and Analysis contained in its 2003 Annual Report and its
most recent Form 40-F/Annual Information Form on file with the US Securities and
Exchange Commission and Canadian provincial securities regulatory authorities.
</p>
<p>Barrick expressly disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, events or
otherwise. </p>
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