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<SEC-DOCUMENT>0001204459-04-000429.txt : 20040729
<SEC-HEADER>0001204459-04-000429.hdr.sgml : 20040729
<ACCEPTANCE-DATETIME>20040729172832
ACCESSION NUMBER:		0001204459-04-000429
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040630
FILED AS OF DATE:		20040729

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:		04939958

	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>barrick6k.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: July, 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">
</font>
</p>
<blockquote>
  <p ALIGN="JUSTIFY"><font size="2">The Registrant's Management's Discussion and
  Analysis of Financial Results for the quarter ended June 30, 2004 and the
  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
  65 (contained on pages 9<b> </b>to 60 and page 65<b> </b>of Exhibit 1 of this
  Form 6-K Commission File No. 1-9059) furnished to the Commission July 28,
  2004, are incorporated by reference into the Registrant's registration
  statement on Form F-3 (No. 333-14148). </font></p>
<p align="left">&nbsp;</p>
</blockquote>
<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" style="border-bottom-style: solid; border-bottom-width: 1"><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">Sybil E. Veenman</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55" style="border-top-style: solid; border-top-width: 1"><font FACE="Times New Roman PSMT" size="2">
      Name:</font></td>
      <td WIDTH="207">
      <font face="Times New Roman PSMT" size="2">Sybil E. Veenman</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">
      Vice President, Assistant</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">General Counsel
      and</font></td>
    </tr>
    <tr>
      <td WIDTH="74">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="207"><font size="2">Secretary</font></td>
    </tr>
  </table>
</div>
<font FACE="Times New Roman PSMT" size="2">
<blockquote>
  <p>Date: July 29, 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">
      <a href="barrickprfinal.htm" style="text-decoration: none">1</a></font></td>
      <td WIDTH="88%" rowspan="2"><font FACE="Times New Roman"><font size="2">
      <a href="barrickprfinal.htm" style="text-decoration: none">Barrick Gold Corporation Second Quarter Report for 2004, including the
      Comparative Unaudited Financial Statements prepared in accordance with
      U.S. Generally accepted accounting principles (&quot;US GAAP&quot;) and the</a>
      <a href="barrickprfinal.htm" style="text-decoration: none">notes
      thereto for the quarter ended June 30, 2004 and Management's Discussion
      and Analysis (US GAAP) for the same period.</a></font><b><font size="2"><a style="text-decoration: none" href="barrickprfinal.htm">
      </a>
      </font></b></font></td>
    </tr>
    <tr>
      <td WIDTH="12%" align="center">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>

<hr>

</body>

</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>barrickprfinal.htm
<DESCRIPTION>SECOND QUARTER REPORT 2004
<TEXT>
<html>

<head>

<title>Barrick Gold Corporation: Second Quarter Results - Prepared by TNT
Filings Inc.</title>
</head>

<body>

<p>&nbsp;</p>
<hr><p><img src="barricklogo.gif" border="0" width="125" height="66"></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<p>SECOND QUARTER REPORT 2004 - JULY 27, 2004<br>
Based on US GAAP and expressed in US dollars. </p>
</font><font FACE="Times New Roman PSMT" size="6">
<p align="center">Barrick Earns $34 Million ($0.06 per share) in Second
Quarter <br>
</font>
<font FACE="Times New Roman PSMT" size="5">
Pascua-Lama Project Proceeding; Hedge Reduction Target
Exceeded </p>
</font>
<p>&nbsp;</p>
<table id="AutoNumber1" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="100%" bgColor="#000000" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-top-style: solid; border-top-width: 1">
    <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%" style="border-left-style: solid; border-left-width: 1; border-right-style: solid; border-right-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;<ul>
      <li><font FACE="Times New Roman PSMT" SIZE="2">Second quarter net income
      was $34 million, or $0.06 per share and cash flow from operations was $108
      million, or $0.20 per share.&nbsp;</li>
      </font>
      <li><font FACE="Times New Roman PSMT" SIZE="2">Second quarter production
      was 1.28 million ounces of gold at a total cash cost of $209<sup>1</sup>
      per ounce, bringing first-half production to 2.56 million ounces of gold
      at a total cash cost of $204 per ounce. The Company is on track with its
      previous guidance to produce 4.9 - 5.0 million ounces of gold for the year
      at an average total cash cost of $205 - $215 per ounce.&nbsp;</li>
      </font>
      <li><font FACE="Times New Roman PSMT" SIZE="2">The Company is proceeding
      with the development of the Pascua-Lama project and expects it to be a
      significant contributor to the Company's production profile in 2009. The
      project is expected to produce an average of approximately 750,000 -
      775,000 ounces of gold and approximately 30 million ounces of silver
      annually over its first ten years at average total cash costs of $130 -
      $140 per ounce. Construction costs are currently estimated at $1.4 - $1.5
      billion. A three-year construction phase will commence once all the
      necessary permits, approvals and fiscal regimes are finalized with the
      governments of Argentina and Chile.</font><li><font FACE="Times New Roman PSMT" SIZE="2">Progress
      continues to be made on the development of Barrick's four new mines. The
      Company expects to complete the projects on time and within budget with
      three of the mines planned to enter production by the end of next year.
      Barrick's development pipeline is driving a Company target of 6.8 - 7.0
      million ounces of gold production in 2007 at estimated total cash costs
      under $200 per ounce.&nbsp;</li>
      </font>
      <font FACE="Arial MT" SIZE="1">
      <li></font><font FACE="Times New Roman PSMT" SIZE="2">Barrick reduced its
      gold hedge position by 850,000 ounces in the quarter to 13.9 million
      ounces, leaving 84% of the Company's reserves<sup>2</sup> unhedged. To
      date in 2004, the Company has reduced its hedge book by 1.65 million
      ounces, already exceeding its targeted hedge reduction for the full year
      of at least 1.5 million ounces. The Company will continue to
      opportunistically reduce its hedge position.&nbsp;</li>
      </font>
      <li><font FACE="Times New Roman PSMT" SIZE="2">Barrick's proposal to build
      a 115-megawatt natural gas-fired power plant in Nevada to supply its
      Goldstrike property was approved by the Nevada Public Utilities
      Commission.</li>
      </font>
      <li><font FACE="Times New Roman PSMT" SIZE="2">Steven J. Shapiro,
      Executive Vice President and Chief Financial Officer of Burlington
      Resources, Inc., was appointed to the Board of Directors as an independent
      director, reflecting Barrick's commitment to strong corporate governance.
      <br>
&nbsp;</li>
    </ul>
    </font></td>
  </tr>
</table>
<p><font FACE="Times New Roman PSMT" SIZE="2">
Barrick Gold Corporation today reported earnings of $34 million ($0.06 per
share) and operating cash flow of $108 million for second quarter 2004, compared
to earnings of $59 million ($0.11 per share) and operating cash flow of $62
million in the year-earlier period. Second quarter 2004 earnings are lower than
the prior year quarter due </font></p>
<p>______________________</p>
<ol style="font-size: 9pt">
  <li><font FACE="Times New Roman PSMT" style="font-size: 9pt">For an
  explanation of non-GAAP performance measures refer to pages 29 - 32 of the
  Management's Discussion and Analysis found in the Second Quarter Report 2004.
  </li>
  <li>Based on reserves calculated as at December 31, 2003 using an assumed
  price of $325 per ounce for gold and $4.75 per ounce for silver, except with
  respect to the Pascua-Lama project where reserves have been recalculated as at
  June 30, 2004, based on an updated feasibility analysis and using an assumed
  gold price of $350 per ounce and an assumed silver price of $5.50 per ounce.
  For additional information on reserves, see the most recent Annual Information
  Form / Form 40-F. </li>
</ol>
</font>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="48%"><font face="Interstate" size="2"><b>BARRICK SECOND 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="Times New Roman PSMT" SIZE="2">
<p>primarily to lower gold sales and higher total cash
costs, partially offset by higher gold prices. Although second quarter 2004
earnings and cash flow reflect a $20-per-ounce higher realized gold price
compared to the same period in 2003, they also reflect an opportunity cost of
$26 million through a voluntary reduction of the Company's hedge position at
realized prices below the average spot price. In addition, the Company's
earnings in second quarter 2004 included a $30-million deferred income tax
credit and a $4-million after-tax non-hedge derivative gain. Earnings in the
prior-year quarter included a $21-million deferred income tax credit, a
$7-million after-tax non-hedge derivative gain, and an $8 million after-tax gain
on asset sales. Total cash costs for the quarter are higher than the prior-year
quarter due primarily to planned lower production as a result of mining lower
grades, increased energy prices, and higher spot gold prices that increase
gold-related costs. </p>
<p>For the first half of 2004, net income was $60 million ($0.11 per share) and
operating cash flow was $234 million, after absorbing an opportunity cost of $58
million resulting from a reduction of the Company's hedge position at realized
prices below spot. This compares to net income of $88 million ($0.16 per share)
and operating cash flow of $192 million in the year earlier period. </p>
<p>&quot;Barrick has made significant progress on a number of fronts during the
quarter,&quot; said Greg Wilkins, President and Chief Executive Officer. &quot;We expect
all four development projects to meet scheduled completion dates within budget.
The technical work necessary to make the decision to proceed with the Pascua-Lama
project has been completed. The full-year hedging reduction target was achieved
within the first six months <font FACE="Times New Roman PSMT">of the year, and
approval to proceed with our power plant proposal in Nevada was received. At the
same time, the Company's overall portfolio of operations continues to perform as
expected.&quot; </p>
<p><b>PRODUCTION AND COSTS </b> </p>
<p ALIGN="left">In the second quarter 2004, Barrick produced 1.28 million ounces
of gold at an average total cash cost of $209 per ounce, compared to 1.47
million ounces at $185 per ounce for the prior-year quarter. For the first half
of 2004, production was 2.56 million ounces of gold at an average total cash
cost of $204 per ounce, compared to 2.73 million ounces at $189 per ounce for
the prior-year half. The Company continues to have the lowest cash costs of the
senior gold producers. </p>
<p ALIGN="left">The North American region performed well during the quarter with
an increase in production over the first quarter 2004 at slightly lower cash
costs. The region is expected to meet its plan for full year 2004. </p>
<p ALIGN="left">In the South American region, production from Pierina was lower
than the first quarter 2004 and at higher total cash costs due to mining at
lower grades. Production for the full year is now expected to be slightly lower
than previously forecast, at slightly higher total cash costs, due to mine
sequencing changes being implemented in the second half of 2004. </p>
<p ALIGN="left">The Australian/African region performed well, with second
quarter 2004 production exceeding the first quarter's production. The region is
expected to achieve its production plan for the year. Total cash costs were
higher in the second quarter than in the first quarter due primarily to higher
costs at Plutonic and Kalgoorlie. </p>
<p ALIGN="left">The Company reaffirmed its expectations that 2004 production
should be 4.9 - 5.0 million ounces at an average total cash cost of $205 - $215
per ounce. Third quarter 2004 is now anticipated to be the weakest quarter this
year, producing fewer ounces than second quarter 2004 at total cash costs above
our full year guidance range. This is primarily due to expected mine sequencing
changes at Pierina, mining of lower ore grades, including both gold and silver
content, at Eskay Creek, and <font FACE="Times New Roman PSMT" SIZE="2">
higher costs at Goldstrike underground. Capital expenditures for the full
year are now expected to be approximately $900 million, up from previous
guidance of $767 million, due primarily to accelerated
</font> </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>2</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>PRESS RELEASE&nbsp;</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT">
<p> <font FACE="Times New Roman PSMT" SIZE="2">equipment purchases at Veladero and Cowal and anticipated spending on the new power plant in Nevada in
fourth quarter 2004. Exploration, development and business development expense
is expected to be $125 - $130 million, $15 - $20 million higher than the
previous guidance, due primarily to additional activity at a number of
exploration properties following recent successes. The Company expects to more
than replace its reserves in 2004.
</font> </p>
<p><b>DEVELOPMENT PROJECTS UPDATE </b> </p>
<p>The Company provided the investment community with a detailed update on the
status of its development projects on July 27. The highlights are discussed
below. </p>
<p>A positive decision to proceed with the development of the Pascua-Lama
project in Chile/Argentina was made, subject to finalizing the necessary
permits, approvals and fiscal regimes with the governments of Argentina and
Chile on acceptable terms. &quot;After extensive planning efforts, we are pleased to
see this project moving forward,&quot; said Peter Kinver, Executive Vice President
and Chief Operating Officer. &quot;Pascua-Lama ranks among the world's largest
undeveloped gold deposits, and is expected to be a significant low cash cost
contributor to Barrick's production for many years.&quot; </p>
<p>The Pascua-Lama project has been designed as an open pit with ore processing
by dry grind milling and conventional gold recovery methods including flotation.
Annual production is estimated at 750,000 - 775,000 ounces of gold and 30
million ounces of silver over the first ten years at total cash costs of $130 -
$140 per ounce<sup>3</sup>. Construction capital is estimated at $1.4 - $1.5
billion. The feasibility study uses a $375 per ounce gold price and a $5.50 per ounce
silver price and assumes an average recovery rate of 83% for gold and 78% for
silver. Reserves of 337 million tons with an average grade of 0.05 ounces of
gold per ton and 1.89 ounces of silver per ton were calculated as at June 30,
2004, using an assumed gold price of $350 per ounce and a silver price of $5.50
per ounce<sup>4</sup>. </p>
<p>The permitting phase of the Pascua-Lama project is expected to take
approximately 18 months, assuming all goes according to schedule. A three-year
construction phase is scheduled to begin once permitting is complete and other
fiscal and taxation matters have been finalized, with production targeted to
commence in 2009. </p>
<p>As previously indicated, both construction and operating costs are higher
than those previously disclosed in the original feasibility study. Since that
time, Barrick has gained knowledge and experience from development of the
Veladero project in Argentina that is directly applicable to the construction,
permitting and operation of Pascua-Lama. These factors have been incorporated
into the capital and operating cost estimates. In addition, construction and
operating costs have been impacted by some changes to the prior process design
which now utilizes dry-grinding process instead of wet-grinding. Costs have also
increased because the time-line has been lengthened to allow for finalization of
key approvals, permits and fiscal regimes prior to the construction phase.
General price escalation has occurred over the past two to three years as well.
</p>
<p>As a result of work done to date, Barrick has a thorough understanding of the
technical parameters of the Pascua-Lama project and is confident in its ability
to manage the construction of this large-scale project. The Company must deal
with a <font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Times New Roman PSMT">
number of external risks, such&nbsp;  </font> </p>
</font>
<p>______________________</p>
</font></font><font FACE="Times New Roman PSMT">
<font FACE="Times New Roman PSMT" style="font-size: 9pt">
<ol start="3">
  <li>Subject to exchange rate fluctuations and applicable export duties.</li>
  <li>Pascua Lama reserves are comprised of proven reserves of 33 million tons
  at an average grade of 0.060 ounces per ton and probable reserves of 304
  million tons at an average grade of 0.049 ounces per ton. Such reserves have
  been recalculated as at June 30, 2004, based on an updated feasibility
  analysis and using an assumed gold price of $350 per ounce, and an assumed
  silver price of $5.50 per ounce. Calculations have been performed by employees
  of Barrick under the supervision of Ren&#233 Marion, P. Eng, Vice President,
  Technical Services of Barrick, and Alexander J. Davidson, P. Geo., Executive
  Vice President, Exploration of Barrick. For additional information on
  Barrick's reserve methodology, see Barrick's most recent Annual Information
  Form / Form 40-F on file with the Canadian provincial securities regulatory
  authorities and the US Securities and Exchange Commission. </li>
</ol>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>3</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>PRESS RELEASE&nbsp;</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Times New Roman PSMT">
<p>
<font FACE="Times New Roman PSMT" SIZE="2">
as<font FACE="Times New Roman PSMT">
permitting and licensing, and tax, royalty and cross-border operating issues. </p>
<p ALIGN="left">At Veladero in Argentina, progress continues. Barrick announced
today that it has signed a $250-million Veladero project financing with
commercial banks and export credit agencies, subject to finalizing the security
of the project's assets against the debt. First drawdown is anticipated in the
third quarter of 2004. Pre-strip activities are slightly behind schedule due to
delays in equipment deliveries, but plans are in place to make up the delay.
Site road construction is more than 50% complete. Construction of the permanent
camp is complete, with the exception of two dormitory facilities. Work on the
assay lab, truck shop, site preparation, crushing facilities and leach pad is
progressing well. Veladero is expected to commence production in late 2005. The
Company announced that the first full three years of annual production at
Veladero are expected to average 640,000 - 665,000 ounces of gold at total cash
costs of $150 - $160 per ounce<sup>5</sup></font><font FACE="Times New Roman PSMT" SIZE="2">.
</font><font FACE="Times New Roman PSMT">The previous ten-year production and
total cash cost guidance for the project remains unchanged.</font></font></font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">Progress continues on schedule
at the Lagunas Norte deposit in the Alto Chicama district in Peru. The access
road is more than 90% complete. Work on the powerline is progressing well with
completion anticipated in first quarter 2005. At quarter end, there were some
2,300 workers on-site. The project is on target to pour its first gold in the
second half of 2005. The Company announced that the first full three years of
annual production at Lagunas Norte are expected to average 740,000 - 760,000
ounces of gold at total cash costs of $125 - $135 per ounce. The previous
ten-year production and total cash cost guidance for the project remains
unchanged. </font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">At the Company's Cowal
property in Australia, work began in the quarter on the mine development
earthworks. The mills and their motors have been ordered and treatment plant
construction will commence in the third quarter 2004. Proposals for mining
equipment are being evaluated and orders will be placed in the third quarter.
Production is expected to commence in first quarter 2006. The Company announced
that the first full three years of annual production at Cowal are expected to
average 235,000 - 245,000 ounces of gold at total cash costs of $215 -$225 per
ounce. The previous ten-year production and total cash cost guidance for the
project remains unchanged. </font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">At the 70%-owned Tulawaka
joint venture in Tanzania, construction is proceeding according to schedule.
Earthwork is progressing well. Workforce house construction has begun.
Production is expected to begin in early 2005. The Company announced that the
first full three years of annual production at Tulakawa (Barrick's share) are
expected to average 85,000 - 95,000 ounces of gold at total cash costs of $165 -
$175 per ounce. The previous four-year production and total cash cost guidance
for the project remains unchanged. </font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">In Nevada, Barrick's proposal
to build a 115-megawatt natural gas-fired power plant to supply its Goldstrike
property north of Carlin was approved by the Nevada Public Utilities Commission.
The proposal was made in response to the significant increase in electricity
costs in Nevada since 1999 and meets the goal of securing reliable low cost
electricity relative to fuel prices. Expected annual power cost savings to be
realized by Goldstrike are in the range of $10 per ounce of gold. Capital costs
are estimated at $95 - $100 million including a $6 million regulatory exit fee
payable in 2005. The plant is expected to commence operation in fourth quarter
2005, subject to receipt of all necessary permits (anticipated in the second
half 2004). A site has been selected and construction will be contracted to the
manufacturer of Barrick's existing power plant at the Plutonic mine in
Australia. The plant's on-going operations will be subcontracted to a
third-party. </p>
<p><b>GOLD FIXED-PRICE SALES CONTRACTS</b></font><font FACE="Times New Roman PS"><b>
</p>
</b></font><font FACE="Times New Roman PSMT">
<p>During the quarter, Barrick reduced its gold hedge position by 850,000
ounces, bringing the year-to-date reduction to  </p>
</font>
<p><font FACE="Times New Roman PSMT">______________________</font></p>
</font>
<ol style="font-size: 9PT" start="5">
  <li><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Times New Roman PSMT">
  <font FACE="Times New Roman PSMT" style="font-size: 9pt">Subject to exchange
  rate fluctuations and applicable export duties. </font></font>
</font></li>
</ol>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><b><font size="2">BARRICK SECOND
    QUARTER 2004</font></b></td>
    <td WIDTH="414">
    <p align="center"><b><font size="2">4</font></b></td>
    <td WIDTH="414">
    <p align="right"><b><font size="2">PRESS RELEASE&nbsp;</font></b></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT">
<font FACE="Times New Roman PSMT">
<font FACE="Times New Roman PSMT" SIZE="2">
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2"><font FACE="Times New Roman PSMT">
<p>1.65 million ounces. For the second quarter 2004, the Company realized an
average price of $372 per ounce compared to the $393 average spot price. At
quarter end, the gold hedge position was 13.9 million ounces, leaving 84% of the
Company's reported proven and probable year-end gold reserves<sup>6</sup></font><font FACE="Times New Roman PSMT" SIZE="2">
</font><font FACE="Times New Roman PSMT">unhedged. </font></p>
<p><font FACE="Times New Roman PSMT">During the quarter Barrick delivered a
portion of production against hedge contracts at prices below spot price as part
of its <font FACE="Times New Roman PSMT" SIZE="2">
commitment to continue reducing its fixed-price sales contracts position. </p>
<p>In addition to the gold hedge reduction, Barrick opportunistically reduced
its silver position by approximately one-third during the quarter. The
10.9-million ounce silver reduction included the elimination of all silver call
options. At quarter end, the silver hedge position was 18.4 million ounces, or
about one year of the Company's production. </p>
<p><b>EXPLORATION UPDATE </b> </p>
<p ALIGN="left">During the second quarter 2004, Barrick had drill programs
underway on 22 properties<sup>7</sup>. </p>
<p ALIGN="left">In North America, drill programs continued at Goldstrike at the
North and South Pit targets to convert existing resources to reserves and to add
resources. Results continue to be positive. Underground drift access at Rossi
was completed at the end of the quarter and an underground drill program is
underway to better define the Storm resource. At the East Archimedes project,
located at the Ruby Hill mine site in Nevada, work on the feasibility study and
permitting is progressing well. At Gold Hill, the Phase I drill program was
completed and results confirmed the geologic model. A resource update is planned
in the third quarter 2004. </p>
</font>
</font>
</font>
</font></font></font><font FACE="Times New Roman PSMT" SIZE="2">
<p ALIGN="left">In Peru, drill programs were recently completed on two
properties in the Alto Chicama district, Tres Cruces and Goitos, and results are
pending. A drill program is underway at both Lagunas Sur and north of Lagunas
Norte. A new gold anomaly was discovered east of Lagunas Sur and will be drilled
during the third quarter. Regional exploration continues to identify and
prioritize early stage targets for follow up later in the year. </p>
<p ALIGN="left">Exploration work, year to date, in Chile / Argentina has been
primarily focused in southern Argentina and northern Chile. During the second
quarter, Barrick resumed exploration work in the Frontera (formerly Pascua-Lama
/ Veladero) district. Compilation of all the regional data is in progress to
prioritize <font FACE="Times New Roman PSMT">targets for field follow-up in the
fourth quarter. A drill program is planned for early 2005. </font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">In Africa, the Phase I drill
program at Chocolate Reef, located about 80 kilometers south of Bulyanhulu, was
completed during the quarter, with positive results. A Phase II program
consisting of 30,000 meters of in-fill and extension drilling is in progress and
will be completed during the third quarter. </font></p>
<p ALIGN="left"><font FACE="Times New Roman PSMT">In Australia, field programs
are underway at Tanami, NW Telfer, Woolgar and Mount Gibson. </p>
<p align="left"><b>CORPORATE GOVERNANCE </b> </p>
<p ALIGN="left">As part of its continued commitment to strong governance
practices, the Company announced that it would be appointing Steven J. Shapiro
to the Board of Directors and the Audit Committee effective September 1, 2004.
Mr. Shapiro is Executive Vice President and Chief Financial Officer and a
director of Burlington Resources, Inc., one of the world's largest independent
oil and gas exploration and production companies. Mr. Shapiro brings a wealth of
financial expertise and experience in the resource industry to his position as
an independent director of Barrick. </p>
<p ALIGN="center">* * * * *</p>
<p ALIGN="left">Barrick's mission is to be the world's best gold company by
finding, developing and producing quality gold reserves in a profitable and
socially responsible manner. 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>
<p ALIGN="left"><font FACE="Times New Roman PSMT" SIZE="2">
______________________</font></p>
</font></font><font FACE="Times New Roman PSMT">
<font FACE="Times New Roman PSMT" style="font-size: 9pt">
<font FACE="Times New Roman PSMT">
<font FACE="Times New Roman PSMT" SIZE="2">
<ol start="6">
  <li>
  <font FACE="Times New Roman PSMT" style="font-size: 9pt" SIZE="2">See footnote 2 on
  page 1 of this press release. </li>
</font></font></font>
  <li>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</font><font FACE="Times New Roman PSMT" SIZE="2"><font FACE="Times New Roman PSMT" style="font-size: 9pt">
  </font><font FACE="Times New Roman PSMT" style="font-size: 9pt">recent Annual
  Information Form / Form 40-F on file with Canadian provincial securities
  regulatory authorities and the US Securities and Exchange Commission. </li>
</ol>
</font></font></font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>5</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>PRESS RELEASE&nbsp;</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>

<p><font FACE="Times New Roman" SIZE="5">SECOND QUARTER REPORT 2004</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="66%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">CONTENTS</font></td>
    <td WIDTH="34%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">PAGE</font></td>
  </tr>
  <tr>
    <td WIDTH="66%" 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>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Key Statistics</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Production and Cost
    Summary</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Operating and
    Financial Summary</font></td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Financial Results</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Regional Operating Segments</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Consolidated
    Statements of Income</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">16</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Consolidated
    Statements of Cash Flows</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">17</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Consolidated Balance
    Sheets</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">18</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Consolidated
    Statements of Shareholders' Equity</font></td>
    <td WIDTH="34%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    and Comprehensive Income</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Management's
    Discussion and Analysis</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">20</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Income Statement</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">20</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Gold Production and Sales</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">20</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Cost of Sales and Other Operating Expenses</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Currency Hedging</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Fuel Hedging</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Amortization</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Administration</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Exploration, Development and Business Development Expense</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">22</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Interest Expense</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">22</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    0ther Income/Expense</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">22</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Non-Hedge Derivative Gains and Losses</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Income Taxes</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Statement of Comprehensive Income</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Cash Flow Statement</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Liquidity and Capital Resources</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">23</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Operating Activities</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">24</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Investing Activities</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">24</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Financing Activities</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">25</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Critical Accounting Policies and Estimates</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">25</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Off-Balance Sheet Arrangements</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">26</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Forward Gold Sales Contracts</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">26</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Contractual Obligations and Commitments</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">28</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Quarterly Information</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Non-GAAP Performance Measures</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Outstanding Share Data</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">33</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Notes to Unaudited
    Interim Consolidated Financial Statements</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">34</font></td>
  </tr>
  <tr>
    <td WIDTH="66%"><font FACE="Times New Roman" SIZE="2">Mine Statistics</font></td>
    <td WIDTH="34%" align="right"><font FACE="Times New Roman" SIZE="2">61</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">
    &nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>6</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>&nbsp;</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>

<font SIZE="5">
<p>Key Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">(in United States dollars)</font></td>
    <td WIDTH="221" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="41" align="right" height="18" style="border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td WIDTH="224" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(Unaudited)</font></td>
    <td WIDTH="110" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="111" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
    <td WIDTH="41" align="right" height="18" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Operating Results</font></b></td>
    <td WIDTH="110" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="111" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="41" align="right" height="18" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">Gold production (thousands of
    ounces)</font></td>
    <td WIDTH="110" align="right" height="18"><b><font SIZE="2">1,279</font></b></td>
    <td WIDTH="111" align="right" height="18"><font SIZE="2">1,467</font></td>
    <td WIDTH="41" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"><b><font SIZE="2">2,558</font></b></td>
    <td WIDTH="112" align="right" height="18"><font SIZE="2">2,730</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" bgcolor="#E6E6E6"><font SIZE="2">Gold sold (thousands of ounces)</font></td>
    <td WIDTH="110" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">1,222</font></b></td>
    <td WIDTH="111" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">1,395</font></td>
    <td WIDTH="41" align="right" height="18" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">2,469</font></b></td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">2,687</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">Per Ounce Data</font></td>
    <td WIDTH="110" align="right" height="18"></td>
    <td WIDTH="111" align="right" height="18"></td>
    <td WIDTH="41" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Average spot gold
    price</font></td>
    <td WIDTH="110" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">$ 393</font></b></td>
    <td WIDTH="111" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">$ 347</font></td>
    <td WIDTH="41" align="right" height="18" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">$ 401</font></b></td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">$ 349</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">&nbsp;&nbsp; Average realized
    gold price</font></td>
    <td WIDTH="110" align="right" height="18"><b><font SIZE="2">372</font></b></td>
    <td WIDTH="111" align="right" height="18"><font SIZE="2">352</font></td>
    <td WIDTH="41" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"><b><font SIZE="2">377</font></b></td>
    <td WIDTH="112" align="right" height="18"><font SIZE="2">353</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs
    <sup>3</sup></font></td>
    <td WIDTH="110" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">197</font></b></td>
    <td WIDTH="111" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">175</font></td>
    <td WIDTH="41" align="right" height="18" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">192</font></b></td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">178</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">&nbsp;&nbsp; Total cash costs
    <sup>1, 3</sup></font></td>
    <td WIDTH="110" align="right" height="18"><b><font SIZE="2">209</font></b></td>
    <td WIDTH="111" align="right" height="18"><font SIZE="2">185</font></td>
    <td WIDTH="41" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"><b><font SIZE="2">204</font></b></td>
    <td WIDTH="112" align="right" height="18"><font SIZE="2">189</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Amortization <sup>3</sup></font></td>
    <td WIDTH="110" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">88</font></b></td>
    <td WIDTH="111" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">89</font></td>
    <td WIDTH="41" align="right" height="18" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">90</font></b></td>
    <td WIDTH="112" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">90</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Total production costs <sup>3</sup></font></td>
    <td WIDTH="110" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">297</font></b></td>
    <td WIDTH="111" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">274</font></td>
    <td WIDTH="41" align="right" height="18" style="border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td WIDTH="112" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">294</font></b></td>
    <td WIDTH="112" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">279</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>Financial Results</b> (millions)</font></td>
    <td WIDTH="110" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="111" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="41" align="right" height="18" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="112" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="433" height="18"><font SIZE="2">Gold sales</font></td>
    <td WIDTH="110" align="right" height="18"><b><font SIZE="2">$ 454</font></b></td>
    <td WIDTH="111" align="right" height="18"><font SIZE="2">$ 491</font></td>
    <td WIDTH="41" align="right" height="18"></td>
    <td WIDTH="112" align="right" height="18"><b><font SIZE="2">$ 931</font></b></td>
    <td WIDTH="112" align="right" height="18"><font SIZE="2">$ 950</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="19" bgcolor="#E6E6E6"><font SIZE="2">Net income</font></td>
    <td WIDTH="110" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">34</font></b></td>
    <td WIDTH="111" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">59</font></td>
    <td WIDTH="41" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">60</font></b></td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="19"><font SIZE="2">Operating cash flow</font></td>
    <td WIDTH="110" align="right" height="19"><b><font SIZE="2">108</font></b></td>
    <td WIDTH="111" align="right" height="19"><font SIZE="2">62</font></td>
    <td WIDTH="41" align="right" height="19">&nbsp;</td>
    <td WIDTH="112" align="right" height="19"><b><font SIZE="2">234</font></b></td>
    <td WIDTH="112" align="right" height="19"><font SIZE="2">192</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="19" bgcolor="#E6E6E6"><font SIZE="2">Per Share Data (dollars)</font></td>
    <td WIDTH="110" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="111" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="41" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="433" height="19"><font SIZE="2">&nbsp;&nbsp; Net income (basic
    and diluted)</font></td>
    <td WIDTH="110" align="right" height="19"><b><font SIZE="2">0.06</font></b></td>
    <td WIDTH="111" align="right" height="19"><font SIZE="2">0.11</font></td>
    <td WIDTH="41" align="right" height="19">&nbsp;</td>
    <td WIDTH="112" align="right" height="19"><b><font SIZE="2">0.11</font></b></td>
    <td WIDTH="112" align="right" height="19"><font SIZE="2">0.16</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="19" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Operating cash flow</font></td>
    <td WIDTH="110" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">0.20</font></b></td>
    <td WIDTH="111" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">0.11</font></td>
    <td WIDTH="41" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">0.44</font></b></td>
    <td WIDTH="112" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">0.35</font></td>
  </tr>
  <tr>
    <td WIDTH="433" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Weighted average common shares outstanding (millions) <sup>2</sup></font></td>
    <td WIDTH="110" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">534</font></b></td>
    <td WIDTH="111" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">540</font></td>
    <td WIDTH="41" align="right" height="19" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="112" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">535</font></b></td>
    <td WIDTH="112" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">542</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="535" height="18"></td>
    <td WIDTH="129" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">As at June 30,</font></td>
    <td WIDTH="143" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">As at Dec. 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="535" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="129" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="143" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="535" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>Financial Position</b> (millions)</font></td>
    <td WIDTH="129" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="143" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="535" height="19"><font SIZE="2">Cash and equivalents</font></td>
    <td WIDTH="129" align="right" height="19"><b><font SIZE="2">$ 685</font></b></td>
    <td WIDTH="143" align="right" height="19"><font SIZE="2">$ 970</font></td>
  </tr>
  <tr>
    <td WIDTH="535" height="19" bgcolor="#E6E6E6"><font SIZE="2">Non-cash working capital</font></td>
    <td WIDTH="129" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">(39)</font></b></td>
    <td WIDTH="143" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">45</font></td>
  </tr>
  <tr>
    <td WIDTH="535" height="19"><font SIZE="2">Long-term debt</font></td>
    <td WIDTH="129" align="right" height="19"><b><font SIZE="2">696</font></b></td>
    <td WIDTH="143" align="right" height="19"><font SIZE="2">719</font></td>
  </tr>
  <tr>
    <td WIDTH="535" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Shareholders' equity</font></td>
    <td WIDTH="129" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">3,309</font></b></td>
    <td WIDTH="143" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">3,494</font></td>
  </tr>
</table>
</font>
<font FACE="Times New Roman PSMT">
<font style="font-size: 9pt">
&nbsp;</font><font FACE="Times New Roman"><p><sup>1 </sup>
</font>
<font FACE="Times New Roman PSMT">
Comprises cash operating costs, royalties and production taxes.<br>
</font>
<sup>
<font FACE="Times New Roman">
2
</font>
</sup>
<font FACE="Times New Roman PSMT">
Fully diluted, includes shares issuable upon exchange of BGI (Barrick
Gold Inc.) exchangeable shares.<br>
</font>
<sup>
<font FACE="Times New Roman">
3
</font>
</sup>
<font FACE="Times New Roman PSMT">
For an explanation of the use of non-GAAP performance measures refer to
pages 29 to 32 of Management's Discussion and Analysis.</p>
</font>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>7</b></font></td>
    <td WIDTH="414">
    <p align="right"><b><font size="2">SUMMARY INFORMATION</font></b><font size="2"><b>
    </b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>

<font SIZE="5">
<p>Production and Cost Summary</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="271" height="18"></td>
    <td WIDTH="407" COLSPAN="5" align="right" height="18" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">
    <p align="center"><b>Production</b> (attributable ounces)</font></td>
    <td WIDTH="25" align="right" height="18" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td WIDTH="351" COLSPAN="5" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">
    <p align="center"><b>Total Cash Costs</b> (US$/oz)</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-top-style: none; border-top-width: medium"></td>
    <td WIDTH="197" COLSPAN="2" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">3 months ended 06/30,</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="181" COLSPAN="2" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
    <font SIZE="2">6 months ended 06/30,</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="164" COLSPAN="2" align="right" height="18" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
    <font SIZE="2">3 months ended 06/30,</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="163" COLSPAN="2" align="right" height="18" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">6 months ended 06/30,</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#FFFFFF" style="border-bottom-style: solid; border-bottom-width: 1"><font SIZE="2">(Unaudited)</font></td>
    <td WIDTH="94" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font SIZE="2">2003</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font SIZE="2">2003</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font SIZE="2">2003</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><b><font SIZE="2">North America</font></b></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium; border-top-style:solid; border-top-width:1"></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#FFFFFF"><font SIZE="2">&nbsp;&nbsp; Open Pit</font></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#FFFFFF"><b><font SIZE="2">334,584</font></b></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">454,431</font></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">652,111</font></b></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">739,727</font></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">$ 252</font></b></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">$ 215</font></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">$ 259</font></b></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#FFFFFF"><font SIZE="2">$ 238</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Underground</font></td>
    <td WIDTH="94" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">133,450</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">113,133</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">287,497</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">261,338</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">262</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">291</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">257</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">247</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">&nbsp;&nbsp; Goldstrike Property To</font></td>
    <td WIDTH="94" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">468,034</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">567,564</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">939,608</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">1,001,065</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">255</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">232</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">258</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">240</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Eskay Creek</font></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">90,732</font></b></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">97,076</font></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">156,405</font></b></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">181,306</font></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">68</font></b></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">102</font></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">31</font></b></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">86</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#FFFFFF"><font SIZE="2">&nbsp;&nbsp; Round Mountain</font></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#FFFFFF"><b><font SIZE="2">98,102</font></b></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">113,311</font></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">191,598</font></b></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">209,126</font></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">214</font></b></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">167</font></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">212</font></b></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#FFFFFF"><font SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Hemlo</font></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">66,367</font></b></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">61,549</font></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">127,509</font></b></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">129,902</font></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">237</font></b></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">245</font></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">231</font></b></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">236</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" bgcolor="#FFFFFF"><font SIZE="2">&nbsp;&nbsp; Holt-McDermott</font></td>
    <td WIDTH="94" align="right" height="18" bgcolor="#FFFFFF"><b><font SIZE="2">20,620</font></b></td>
    <td WIDTH="103" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">21,249</font></td>
    <td WIDTH="29" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">39,429</font></b></td>
    <td WIDTH="91" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">42,213</font></td>
    <td WIDTH="25" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">202</font></b></td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">271</font></td>
    <td WIDTH="24" align="right" height="18" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="18" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">223</font></b></td>
    <td WIDTH="81" align="right" height="18" bgcolor="#FFFFFF"><font SIZE="2">276</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Marigold</font></td>
    <td WIDTH="94" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">11,094</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">10,733</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">19,696</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">21,809</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">157</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">153</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">196</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">161</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    </td>
    <td WIDTH="94" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">754,949</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">871,482</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font size="2">1,474,245</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">1,585,421</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">222</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">208</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">223</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">213</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">South America</font></b></td>
    <td WIDTH="94" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="103" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="91" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="81" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">&nbsp;&nbsp; Pierina</font></td>
    <td WIDTH="94" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">186,831</font></b></td>
    <td WIDTH="103" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">259,559</font></td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">418,729</font></b></td>
    <td WIDTH="91" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">490,634</font></td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">104</font></b></td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">78</font></td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">91</font></b></td>
    <td WIDTH="81" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">81</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Australia/Africa</font></b></td>
    <td WIDTH="94" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="103" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="29" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="91" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="25" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="24" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="81" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" bgcolor="#FFFFFF"><font SIZE="2">&nbsp;&nbsp; Plutonic</font></td>
    <td WIDTH="94" align="right" height="19" bgcolor="#FFFFFF"><b><font SIZE="2">75,497</font></b></td>
    <td WIDTH="103" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">79,040</font></td>
    <td WIDTH="29" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">158,345</font></b></td>
    <td WIDTH="91" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">149,294</font></td>
    <td WIDTH="25" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">231</font></b></td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">207</font></td>
    <td WIDTH="24" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">211</font></b></td>
    <td WIDTH="81" align="right" height="19" bgcolor="#FFFFFF"><font SIZE="2">199</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Darlot</font></td>
    <td WIDTH="94" align="right" height="19" bgcolor="#E6E6E6"><b><font SIZE="2">35,894</font></b></td>
    <td WIDTH="103" align="right" height="19" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">37,032</font></td>
    <td WIDTH="29" align="right" height="19" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="19" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">70,144</font></b></td>
    <td WIDTH="91" align="right" height="19" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">80,189</font></td>
    <td WIDTH="25" align="right" height="19" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">197</font></b></td>
    <td WIDTH="82" align="right" height="19" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">175</font></td>
    <td WIDTH="24" align="right" height="19" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">203</font></b></td>
    <td WIDTH="81" align="right" height="19" bgcolor="#E6E6E6"><font SIZE="2">158</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" bgcolor="#FFFFFF"><font SIZE="2">&nbsp;&nbsp; Lawlers</font></td>
    <td WIDTH="94" align="right" height="19" bgcolor="#FFFFFF"><b><font SIZE="2">26,245</font></b></td>
    <td WIDTH="103" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">25,912</font></td>
    <td WIDTH="29" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="90" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">52,863</font></b></td>
    <td WIDTH="91" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">46,714</font></td>
    <td WIDTH="25" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">253</font></b></td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-right-style: none; border-right-width: medium"><font SIZE="2">228</font></td>
    <td WIDTH="24" align="right" height="19" bgcolor="#FFFFFF" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="82" align="right" height="19" bgcolor="#FFFFFF" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">244</font></b></td>
    <td WIDTH="81" align="right" height="19" bgcolor="#FFFFFF"><font SIZE="2">264</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Kalgoorlie</font></td>
    <td WIDTH="94" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">103,116</font></b></td>
    <td WIDTH="103" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">117,445</font></td>
    <td WIDTH="29" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">205,328</font></b></td>
    <td WIDTH="91" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">211,294</font></td>
    <td WIDTH="25" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">237</font></b></td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">212</font></td>
    <td WIDTH="24" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">230</font></b></td>
    <td WIDTH="81" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="94" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">240,752</font></b></td>
    <td WIDTH="103" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">259,429</font></td>
    <td WIDTH="29" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">486,680</font></b></td>
    <td WIDTH="91" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">487,491</font></td>
    <td WIDTH="25" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">231</font></b></td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">206</font></td>
    <td WIDTH="24" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">222</font></b></td>
    <td WIDTH="81" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">204</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Bulyanhulu</font></td>
    <td WIDTH="94" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">96,938</font></b></td>
    <td WIDTH="103" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">76,712</font></td>
    <td WIDTH="29" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">177,956</font></b></td>
    <td WIDTH="91" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">166,874</font></td>
    <td WIDTH="25" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">253</font></b></td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">233</font></td>
    <td WIDTH="24" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">264</font></b></td>
    <td WIDTH="81" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">211</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="94" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">337,690</font></b></td>
    <td WIDTH="103" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">336,141</font></td>
    <td WIDTH="29" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">664,636</font></b></td>
    <td WIDTH="91" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">654,365</font></td>
    <td WIDTH="25" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">237</font></b></td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#FFFFFF">
    <font SIZE="2">213</font></td>
    <td WIDTH="24" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#FFFFFF">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#FFFFFF">
    <b>
    <font SIZE="2">232</font></b></td>
    <td WIDTH="81" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font SIZE="2">207</font></td>
  </tr>
  <tr>
    <td WIDTH="271" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total</font></b></td>
    <td WIDTH="94" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <b>
    <font size="2">1,279,470</font></b></td>
    <td WIDTH="103" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font size="2">1,467,182</font></td>
    <td WIDTH="29" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="90" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font size="2">2,557,610</font></b></td>
    <td WIDTH="91" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">2,730,420</font></td>
    <td WIDTH="25" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 209</font></b></td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">$ 185</font></td>
    <td WIDTH="24" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="82" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 204</font></b></td>
    <td WIDTH="81" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
    <font SIZE="2">$ 189</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" height="212" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="477" height="17"></td>
    <td WIDTH="405" COLSPAN="4" align="right" height="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">
    <p align="center"><b>Total Production Costs</b> (US$/oz)<sup>(1)</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="17"></td>
    <td WIDTH="188" COLSPAN="2" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">3 months ended 06/30,</font></td>
    <td WIDTH="215" COLSPAN="2" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">6 months ended 06/30,</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(Unaudited)</font></td>
    <td WIDTH="87" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="99" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
    <td WIDTH="114" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="99" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Direct mining costs at market foreign exchange
    rates</font></td>
    <td WIDTH="87" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 242</font></b></td>
    <td WIDTH="99" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$ 204</font></td>
    <td WIDTH="114" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 240</font></b></td>
    <td WIDTH="99" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$ 205</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18"><font SIZE="2">&nbsp;&nbsp; Gains realized on
    currency hedge contracts</font></td>
    <td WIDTH="87" align="right" height="18"><b><font SIZE="2">(16)</font></b></td>
    <td WIDTH="99" align="right" height="18"><font SIZE="2">(10)</font></td>
    <td WIDTH="114" align="right" height="18"><b><font SIZE="2">(20)</font></b></td>
    <td WIDTH="99" align="right" height="18"><font SIZE="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; By-product credits</font></td>
    <td WIDTH="87" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(29)</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(19)</font></td>
    <td WIDTH="114" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(28)</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(20)</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">Cash operating costs</font></b></td>
    <td WIDTH="87" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">197</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">175</font></td>
    <td WIDTH="114" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">192</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">178</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Royalties</font></td>
    <td WIDTH="87" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">10</font></b></td>
    <td WIDTH="99" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">8</font></td>
    <td WIDTH="114" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">10</font></b></td>
    <td WIDTH="99" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Production taxes</font></td>
    <td WIDTH="87" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2</font></td>
    <td WIDTH="114" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total cash costs</font></b></td>
    <td WIDTH="87" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">209</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">185</font></td>
    <td WIDTH="114" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">204</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">189</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="87" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">88</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">89</font></td>
    <td WIDTH="114" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">90</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">90</font></td>
  </tr>
  <tr>
    <td WIDTH="477" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total production costs</font></b></td>
    <td WIDTH="87" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 297</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$ 274</font></td>
    <td WIDTH="114" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 294</font></b></td>
    <td WIDTH="99" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$ 279</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
&nbsp;<p><sup>1&nbsp; </sup>For an explanation of the use of non-GAAP performance measures refer
to pages 29 to 32 of Management's Discussion and Analysis.</p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>8</b></font></td>
    <td WIDTH="414">
    <p align="right"><b><font size="2">SUMMARY INFORMATION</font></b><font size="2"><b>
    </b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p><b>OPERATING AND FINANCIAL SUMMARY </b> </p>
<table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="352"><font FACE="Times New Roman PSMT" size="2">For the periods
    ended June 30</font></td>
    <td WIDTH="128" align="right">&nbsp;</td>
    <td WIDTH="129" align="right">&nbsp;</td>
    <td WIDTH="130" align="right">&nbsp;</td>
    <td WIDTH="126" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="5" width="865"><font FACE="Times New Roman PSMT" size="2">(in
    millions of US dollars, except per share and per ounce data)</font></td>
  </tr>
  <tr>
    <td WIDTH="352" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="257" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Three months</font></td>
    <td WIDTH="256" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman PSMT" size="2">Six months</font></td>
  </tr>
  <tr>
    <td WIDTH="352">&nbsp;</td>
    <td WIDTH="257" COLSPAN="2" align="center">
    <font FACE="Times New Roman PSMT" size="2">ended</font></td>
    <td WIDTH="256" COLSPAN="2" align="center">
    <font FACE="Times New Roman PSMT" size="2">ended</font></td>
  </tr>
  <tr>
    <td WIDTH="352" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="128" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>2004</b></font></td>
    <td WIDTH="129" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">2003</font></td>
    <td WIDTH="130" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PS" size="2"><b>2004</b></font></td>
    <td WIDTH="126" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman PSMT" size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="352" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PSMT" size="2">Gold production </font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="129" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" SIZE="2">
&nbsp;&nbsp;&nbsp;&nbsp; Ounces (thousands)</font></td>
    <td WIDTH="128" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    1,279</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">
    1,467</font></td>
    <td WIDTH="130" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    2,558</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">
    2,730</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs
    (dollars)<sup>A,C</sup></font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>$
    209</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">$
    185</font></td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>$ 204</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">$
    189</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">
    Gold sales </font></td>
    <td WIDTH="128" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="129" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="130" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="126" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Ounces (thousands)</font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>
    1,222</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">
    1,395</font></td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>
    2,469</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">
    2,687</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ millions</font></td>
    <td WIDTH="128" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>$
    454</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">$
    491</font></td>
    <td WIDTH="130" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>$
    931</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">$
    950</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">Spot gold price (dollars)<sup>A</sup></font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>
    393</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">347</font></td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>
    401</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">349</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">Realized gold
    price (dollars)<sup>A</sup></font></td>
    <td WIDTH="128" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    372</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">352</font></td>
    <td WIDTH="130" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    377</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">353</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">Net income</font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>34</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">59</font></td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PS" size="2"><b>60</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman PSMT" size="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="352" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">Net income per
    share<sup>B</sup></font></td>
    <td WIDTH="128" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    0.06</b></font></td>
    <td WIDTH="129" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">
    0.11</font></td>
    <td WIDTH="130" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PS" size="2"><b>
    0.11</b></font></td>
    <td WIDTH="126" align="right" bgcolor="#FFFFFF"><font FACE="Times New Roman PSMT" size="2">
    0.16</font></td>
  </tr>
  <tr>
    <td WIDTH="352" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PSMT" size="2">Operating cash flow</font></td>
    <td WIDTH="128" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PS" size="2"><b>108</b></font></td>
    <td WIDTH="129" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PSMT" size="2">62</font></td>
    <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PS" size="2"><b>234</b></font></td>
    <td WIDTH="126" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman PSMT" size="2">192</font></td>
  </tr>
  <tr>
    <td WIDTH="865" colspan="5">
    <ol style="font-size: 10pt" type="A">
      <font FACE="Times New Roman PSMT" style="font-size: 9pt">
      <li>Per ounce average </font></li>
      <li><font FACE="Times New Roman PSMT" style="font-size: 9pt">Basic and diluted </li>
      <li>For an explanation of the use of non-GAAP performance measures, refer
      to pages 29 to 32 of Management's Discussion and Analysis.</li>
      </font>
    </ol>
    </td>
  </tr>
</table>
<p><b>Financial Results </b> </p>
<p>Realized gold prices, total cash costs per ounce, gold sales volumes,
non-hedge derivative gains and deferred income tax credits each had a
significant effect on earnings for second quarter 2004 compared with the
prior-year quarter. </p>
<p>Gold production for second quarter 2004 was in line with plan, but 13% lower
than the prior-year period mainly due to processing lower grade ore at a number
of the Company's mines. Total cash costs per ounce for second quarter 2004 were
$24 per ounce higher than the prior-year quarter primarily due to higher costs
at the Goldstrike Open Pit, Round Mountain, Pierina and the Australian mines,
which were partly offset by lower costs at Eskay Creek. The Company is
reaffirming its guidance of production at 4.9-5.0 million ounces and total cash
costs at $205-215 per ounce for the full year. Third quarter 2004 is expected to
be the weakest, producing fewer ounces than second quarter 2004 at cash costs
above our full year guidance, due primarily to expected mine sequencing changes
at Pierina; mining of lower ore grades, including both gold and silver content,
at Eskay Creek; and higher costs at Goldstrike Underground. </p>
<p>In second quarter 2004, Barrick's average realized gold price increased by
$20 per ounce over second quarter 2003, reflecting higher market gold prices,
despite voluntarily delivering a portion of production into long-term gold hedge contracts at prices lower than prevailing market prices. By
delivering a portion of production against hedge contracts and the remainder at
market gold prices, the Company realized an average gold price of $372 per ounce
for the quarter compared to the average spot gold price of $393 per ounce.
Increased revenues from higher realized gold prices were partly offset by a 12%
decrease in ounces sold. </p>
<p>In second quarter 2004, the gold hedge position was reduced by 0.85 million
ounces to 13.9 million ounces. Barrick delivered 0.7 million ounces of its gold
production against hedge contracts in the quarter at prices below spot as part
of its commitment to reducing its hedge position. In addition, the Company
reduced the hedge book by electing for a number of its fixed-price forward gold
sales contracts to become floating spot price gold sales contracts. Commitments
under floating spot price gold sales contracts were 0.675 million ounces at
quarter end, up from 0.45 million ounces at December 31, 2003. At the time the
Company elected for a floating spot price mechanism, the mark-to-market value of
these contracts was negative $31 million, or about $46 per ounce. Barrick can
deliver production into these floating spot price gold sales contracts at any
time over the next ten years with the sales based on the then prevailing spot
price less an adjustment of approximately $46 per ounce. </p>
<p>Barrick also reduced its silver contract position by approximately one third
during the quarter. The 10.9-million ounce silver contract reduction included
the elimination of all silver call options. At quarter end, the silver hedge
position was 18.4 million ounces, or about one year of silver production. </p>
<p>In second quarter 2004, the Company recorded a non-hedge derivative gain of
$6 million ($4 million after tax) due to the impact of derivative instruments
not eligible for hedge accounting treatment. In second quarter 2003, the Company
recorded a non-hedge derivative gain of $10 million ($7 million after tax)
mainly due to gains recorded on hedges of Australian dollar capital
expenditures, which no longer qualified for hedge accounting treatment as a
result of changes in the timing of the underlying capital expenditures. The
Company recorded a $30 million deferred tax credit in second quarter 2004 to
reflect the impact of revaluing assets for tax purposes under a new tax regime
in Australia. A $21 million deferred tax credit was recorded in the prior-year
quarter following a corporate reorganization of various North American
subsidiaries. Second quarter 2003 earnings also included $8 million in after-tax
gains on asset sales versus the $1 million in after-tax gains on</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="center"><b>9</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Franklin Gothic">
<p>asset sales in 2004. Earnings in both years included various items that
impacted the comparability of results. These items are summarized below to
assist the reader in understanding the effect of the items on earnings with more
information on the items included within Management's Discussion and Analysis.
</p>
<p>&nbsp;</p>
<font FACE="Times New Roman PSMT" SIZE="1">
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Effect on earnings increase (decrease)</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="47" 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">&nbsp;</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="47" 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">&nbsp;</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="47" 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>
    <td WIDTH="48" 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>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="96" align="right" colspan="2" 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>
    <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="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">($millions)</font></td>
    <td WIDTH="47" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="282" COLSPAN="6" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p>Three months ended June 30</font></td>
    <td WIDTH="47" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="192" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p align="center">Six months ended June 30</font></td>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">2004</font></td>
    <td WIDTH="47" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="center" 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>
    <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="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">2004</font></td>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="144" COLSPAN="3" align="center" 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>
    <td WIDTH="48" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="295" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="94" COLSPAN="2" 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">Pre-tax</font></b></td>
    <td WIDTH="94" COLSPAN="2" 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">Post-tax</font></b></td>
    <td WIDTH="94" 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">Pre-tax</font></td>
    <td WIDTH="94" 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">Post-tax</font></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>
    <td WIDTH="48" 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">Pre-tax</font></td>
    <td WIDTH="96" 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">Post-tax</font></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>
    <td WIDTH="48" 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">Pre-tax</font></td>
    <td WIDTH="96" 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">Post-tax</font></td>
  </tr>
  <tr>
    <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Non-hedge derivative
    gains (losses)</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">6</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">4</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">10</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">7</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(9)</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(6)</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ </font>
    </td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">46</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">45</font></td>
  </tr>
  <tr>
    <td WIDTH="295"><font FACE="Times New Roman" SIZE="2">Gains on asset sales</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">11</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">8</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">3</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">2</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">17</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Gains (losses) on
    investments</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1)</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1)</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(8)</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(8)</font></td>
  </tr>
  <tr>
    <td WIDTH="295"><font FACE="Times New Roman" SIZE="2">Severance costs</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">(5)</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="295" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Cumulative effect of
    accounting changes</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(17)</font></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(17)</font></td>
  </tr>
  <tr>
    <td WIDTH="295"><font FACE="Times New Roman" SIZE="2">Tax credits</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">30</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><b><font FACE="Times New Roman" SIZE="2">30</font></b></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">30</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">30</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="295" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Foreign currency translation
    gains(losses)</font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(4)</font></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(4)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">1</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(5)</font></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">(5)</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<p><b>Regional Operating Segments </b> </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="78%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="390">&nbsp;</td>
    <td WIDTH="107" align="right">&nbsp;</td>
    <td WIDTH="98" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right">&nbsp;</td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right">&nbsp;</td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="390"><b><font FACE="Times New Roman" SIZE="2">North America</font></b></td>
    <td WIDTH="107" align="center">&nbsp;</td>
    <td WIDTH="98" align="center">&nbsp;</td>
    <td WIDTH="178" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs</b> - per</font></td>
    <td WIDTH="191" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs </b>- per </font>
    </td>
  </tr>
  <tr>
    <td WIDTH="390">&nbsp;</td>
    <td WIDTH="205" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Production</b></font></td>
    <td WIDTH="178" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2">Gold Institute Production</font></td>
    <td WIDTH="191" align="center" colspan="4">
    <font FACE="Times New Roman" SIZE="2">US GAAP</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="205" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2">(attributable ounces)</font></td>
    <td WIDTH="178" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2">Cost Standard<sup>A</sup> ($/oz)</font></td>
    <td WIDTH="191" align="center" colspan="4">
    <font FACE="Times New Roman" SIZE="2">($/oz)</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <font FACE="Times New Roman" SIZE="2">For the three months ended June 30</font></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="98" 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">2003</font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Times New Roman" 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: 2">&nbsp;</td>
    <td WIDTH="55" 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">2003</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="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
    <b>
    <font FACE="Times New Roman" 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: 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="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Goldstrike</font></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" 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="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="33" 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="38" 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="390"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Open Pit</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">334,584</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">454,431</font></td>
    <td WIDTH="28" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">252</font></b></td>
    <td WIDTH="32" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">215</font></td>
    <td WIDTH="33" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">254</font></b></td>
    <td WIDTH="38" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">217</font></td>
  </tr>
  <tr>
    <td WIDTH="390" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Underground</font></td>
    <td WIDTH="107" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">133,450</font></b></td>
    <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">113,133</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">262</font></b></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">291</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">262</font></b></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">291</font></td>
  </tr>
  <tr>
    <td WIDTH="390"><font FACE="Times New Roman" SIZE="2">Goldstrike property
    total</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">468,034</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">567,564</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">255</font></b></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">232</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">256</font></b></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">233</font></td>
  </tr>
  <tr>
    <td WIDTH="390" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="107" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">90,732</font></b></td>
    <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">97,076</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">68</font></b></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">102</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">68</font></b></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">103</font></td>
  </tr>
  <tr>
    <td WIDTH="390"><font FACE="Times New Roman" SIZE="2">Round Mountain (50%
    owned)</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">98,102</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">113,311</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">214</font></b></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">167</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">218</font></b></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">170</font></td>
  </tr>
  <tr>
    <td WIDTH="390" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Hemlo (50% owned)</font></td>
    <td WIDTH="107" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">66,367</font></b></td>
    <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">61,549</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">237</font></b></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">245</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">238</font></b></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">245</font></td>
  </tr>
  <tr>
    <td WIDTH="390"><font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">20,620</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">21,249</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">202</font></b></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">271</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">204</font></b></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">272</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Marigold (33% owned)</font></td>
    <td WIDTH="107" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">11,094</font></b></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">10,733</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">157</font></b></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">153</font></td>
    <td WIDTH="33" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">160</font></b></td>
    <td WIDTH="38" 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="Times New Roman" SIZE="2">153</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="107" 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">754,949</font></b></td>
    <td WIDTH="98" 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">871,482</font></td>
    <td WIDTH="28" 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">$</font></b></td>
    <td WIDTH="63" 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">222</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">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">208</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></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="Times New Roman" SIZE="2">224</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">
    <font FACE="Times New Roman" 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="Times New Roman" SIZE="2">210</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="33" 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="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="59" 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="390" 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 six months ended June 30</font></td>
    <td WIDTH="107" 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="98" 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>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="63" 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="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="33" 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="Times New Roman" 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="59" 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="390" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Goldstrike</font></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" 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="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="33" 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="38" 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="390"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Open Pit</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">652,111</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">739,727</font></td>
    <td WIDTH="28" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">259</font></b></td>
    <td WIDTH="87" COLSPAN="2" align="right">
    <font FACE="Times New Roman" SIZE="2">$ 238</font></td>
    <td WIDTH="33" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">261</font></b></td>
    <td WIDTH="38" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">240</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Underground</font></td>
    <td WIDTH="107" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">287,497</font></b></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">261,338</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">257</font></b></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">247</font></td>
    <td WIDTH="33" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">258</font></b></td>
    <td WIDTH="38" 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="Times New Roman" SIZE="2">247</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Goldstrike property total</font></td>
    <td WIDTH="107" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">939,608</font></b></td>
    <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">1,001,065</font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">258</font></b></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">240</font></td>
    <td WIDTH="33" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">260</font></b></td>
    <td WIDTH="38" 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">
    <font FACE="Times New Roman" SIZE="2">242</font></td>
  </tr>
  <tr>
    <td WIDTH="390" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Eskay Creek</font></td>
    <td WIDTH="107" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">156,405</font></b></td>
    <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">181,306</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">31</font></b></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">86</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">32</font></b></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">87</font></td>
  </tr>
  <tr>
    <td WIDTH="390"><font FACE="Times New Roman" SIZE="2">Round Mountain (50%
    owned)</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">191,598</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">209,126</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">212</font></b></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">167</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">215</font></b></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">171</font></td>
  </tr>
  <tr>
    <td WIDTH="390" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Hemlo (50% owned)</font></td>
    <td WIDTH="107" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">127,509</font></b></td>
    <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">129,902</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">231</font></b></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">236</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">233</font></b></td>
    <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">236</font></td>
  </tr>
  <tr>
    <td WIDTH="390"><font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
    <td WIDTH="107" align="right"><b><font FACE="Times New Roman" SIZE="2">39,429</font></b></td>
    <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">42,213</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><b><font FACE="Times New Roman" SIZE="2">223</font></b></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="55" align="right"><font FACE="Times New Roman" SIZE="2">276</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="61" align="right"><b><font FACE="Times New Roman" SIZE="2">224</font></b></td>
    <td WIDTH="38" align="right">&nbsp;</td>
    <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">277</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Marigold (33% owned)</font></td>
    <td WIDTH="107" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">19,696</font></b></td>
    <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">21,809</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">196</font></b></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">161</font></td>
    <td WIDTH="33" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">200</font></b></td>
    <td WIDTH="38" 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="Times New Roman" SIZE="2">161</font></td>
  </tr>
  <tr>
    <td WIDTH="390" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="107" 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">1,474,245</font></b></td>
    <td WIDTH="98" 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">1,585,421</font></td>
    <td WIDTH="28" 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">$</font></b></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">223</font></b></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</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="Times New Roman" SIZE="2">213</font></td>
    <td WIDTH="33" 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">$</font></b></td>
    <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">225</font></b></td>
    <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</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="Times New Roman" SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="964" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" colspan="11">
    <ol type="A">
      <font FACE="Franklin Gothic" style="font-size: 9pt">
      <li>For an explanation of the use of non-GAAP performance measures, refer
      to pages 29 to 32.</li>
      </font>
    </ol>
    </td>
  </tr>
</table>
</font>
<p>In second quarter 2004, production and total cash costs per ounce were in
line with plan and the region is expected to meet its plan for full year 2004.
The region produced 13% less gold in second quarter 2004 compared with the
prior-year quarter mainly because of planned mining of lower-grade material at
the Goldstrike Open Pit. Total cash costs per ounce were 7% higher in second
quarter 2004, with higher costs at the Goldstrike </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>10</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Franklin Gothic">
Open Pit and Round Mountain being partially offset by lower costs at Eskay
Creek.
</font>
</font>
<font FACE="Times New Roman" SIZE="2">
<p>Total cash costs were not significantly affected by changes in market
currency exchange rates. The Company has protected substantially all of its
total cash costs that are denominated in Canadian dollars through its currency
hedge program. </p>
<p><b>Goldstrike, United States <br>
</b>Gold production at the open pit was in line with plan in second quarter 2004.
With an increase in toll milling volumes to planned levels in second quarter
2004, total cash costs were in line with plan at the open pit. At the
underground mine, production was slightly below plan and total cash costs per
ounce were slightly higher than plan primarily due to unscheduled maintenance on
the Rodeo backfill raise and consequent mine sequencing changes. Goldstrike is
expected to meet its production and total cash cost plan for the full year. </p>
<p>Lower production and higher total cash costs at the open pit in second
quarter 2004 compared to the prior-year period were mainly the result of mining
lower-grade ore. The underground mine produced 18% more ounces than the
prior-year quarter due to mining of higher-grade ore. In second quarter 2003,
production and total cash costs were negatively impacted by the shutdown of the
backfill raise at Rodeo for relining. This led to a lower mining rate at Rodeo,
and also mining of lower-grade stopes at Meikle in 2003. Total cash costs were
10% lower at the underground mine than the prior-year quarter largely due to
higher ore grades and better gold recovery rates. </p>
<p>Barrick's proposal to build a 115-megawatt natural gas-fired power plant to
supply the Goldstrike property was approved by the Nevada Public Utilities
Commission during second quarter 2004. The proposal was made in response to the
significant increase in electricity costs at Goldstrike since 1999 and meets the
goal of securing reliable, low-cost electricity relative to fuel prices. The
Company expects annual power cost savings at Goldstrike to be about $10 per
ounce. Capital costs are estimated at $95-100 million, including a $6 million
regulatory exit fee payable in 2005. The plant is expected to commence
operations in fourth quarter 2005, subject to receipt of all necessary permits
that are anticipated to be received in the second half 2004. A site has been
selected and construction will be contracted to the manufacturer of Barrick's
power plant at the Plutonic mine in Australia. The plant's ongoing operations
will be sub-contracted to a third party. </p>
<p><b>Eskay Creek, Canada <br>
</b>Production for second quarter 2004 was higher than plan due to better ore
grades than plan. Compared to the prior-year quarter, production in second
quarter 2004 was 7% lower due to 3% lower throughput and 5% lower ore grades.
Total cash costs per ounce were significantly better than both plan and the
prior-year quarter due to higher byproduct credits related to higher silver
prices. The mine is expected to achieve its production plan for the full year,
at lower costs due to higher expected silver by-product credits. </font></p>
<font SIZE="2" face="Times New Roman">
<p><b>Round Mountain, United States <br>
</b>Production and total cash costs were in line with plan in second quarter
2004. Compared to the prior-year quarter, gold production decreased due to an
expected decline in ore grades processed and a related 12% lower gold recovery
rate, partly offset by a 27% increase in tons processed. Total cash costs per
ounce increased by 28% compared to the prior-year quarter as a result of mining
these lower ore grades and lower gold recovery rates. In second quarter 2003,
more low-cost leach pad ounces were mined that lowered total cash costs in
comparison to second quarter 2004 when the mine processed more low-grade
stockpiled ore at higher total cash costs. </p>
<p><b>Hemlo, Canada <br>
</b>Production and total cash costs were in line with plan in second quarter
2004. Compared to the prior-year quarter, the mine produced 8% more gold due to
a 9% increase in tons processed and a greater proportion of higher-grade
underground ore than lower-grade open pit ore. Total cash costs were in line
with the prior-year quarter. Benefits continue to be realized from the
rationalization of the workforce in first quarter 2004, and improved
productivity with implementation of a paste backfill plant. </p>
<p><b>Holt-McDermott, Canada <br>
</b>In July 2004, Barrick reached an agreement to sell the Holt-McDermott mine,
as well as the mill and mill-related facilities, to Newmont Canada Limited. The
sale includes all rights and obligations to Holt-McDermott's underground mine
infrastructure and Barrick's land holdings in the area. The sale is valued at
C$4 million. Change in ownership is expected to occur in fourth quarter 2004, 30
days after Barrick completes its planned mining and milling activities on the
property.</p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>11</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="421"><b><font FACE="Times New Roman" SIZE="2">South America</font></b></td>
    <td WIDTH="120" align="center">&nbsp;</td>
    <td WIDTH="104" align="center">&nbsp;</td>
    <td WIDTH="53" align="center">&nbsp;</td>
    <td WIDTH="51" align="center">&nbsp;</td>
    <td WIDTH="45" align="center">&nbsp;</td>
    <td WIDTH="69" align="center">&nbsp;</td>
    <td WIDTH="35" align="center">&nbsp;</td>
    <td WIDTH="53" align="center">&nbsp;</td>
    <td WIDTH="45" align="center">&nbsp;</td>
    <td WIDTH="56" align="center">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="421">&nbsp;</td>
    <td WIDTH="120" align="center">&nbsp;</td>
    <td WIDTH="104" align="center">&nbsp;</td>
    <td WIDTH="218" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs </b>- per</font></td>
    <td WIDTH="189" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs</b> -</font></td>
  </tr>
  <tr>
    <td WIDTH="421"><font FACE="Times New Roman" SIZE="2"><b>Pierina Operating
    Segment</b></font></td>
    <td WIDTH="224" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2"><b>Production</b></font></td>
    <td WIDTH="218" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2">Gold Institute Production</font></td>
    <td WIDTH="189" align="center" colspan="4">
    <font FACE="Times New Roman" SIZE="2">per US GAAP</font></td>
  </tr>
  <tr>
    <td WIDTH="421">&nbsp;</td>
    <td WIDTH="224" COLSPAN="2" align="center">
    <font FACE="Times New Roman" SIZE="2">(attributable ounces)</font></td>
    <td WIDTH="218" COLSPAN="4" align="center">
    <font FACE="Times New Roman" SIZE="2">Cost Standard<sup>A</sup> ($/oz)</font></td>
    <td WIDTH="189" align="center" colspan="4">
    <font FACE="Times New Roman" SIZE="2">($/oz)</font></td>
  </tr>
  <tr>
    <td WIDTH="421" 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">For the periods ended June 30</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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</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" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="104" align="right" colspan="2" 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">2004</font></b></td>
    <td WIDTH="114" align="right" colspan="2" 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">2003</font></td>
    <td WIDTH="88" COLSPAN="2" 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">2004</font></b></td>
    <td WIDTH="101" COLSPAN="2" 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">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="421" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Three months ended</font></td>
    <td WIDTH="120" 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">186,831</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="Times New Roman" SIZE="2">259,559</font></td>
    <td WIDTH="53" 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">$</font></b></td>
    <td WIDTH="51" 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">104</font></b></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">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">78</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" 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">109</font></b></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">$</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
  </tr>
  <tr>
    <td WIDTH="421" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Six months ended</font></td>
    <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">418,729</font></b></td>
    <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">490,634</font></td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></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">
    <b>
    <font FACE="Times New Roman" SIZE="2">91</font></b></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">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></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">
    <b>
    <font FACE="Times New Roman" SIZE="2">96</font></b></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="56" 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">85</font></td>
  </tr>
  <tr>
    <td WIDTH="1052" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" colspan="11">
    <ol type="A">
      <font FACE="Franklin Gothic" style="font-size: 9pt">
      <li>For an explanation of the use of non-GAAP performance measures, refer
      to pages 29 to 32.</li>
      </font>
    </ol>
    </td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p><b>Pierina, Peru <br>
</b>Production and total cash costs were in line with plan in second quarter
2004. The mine plan for the rest of the year has been adjusted for precautionary reasons due to possible instability in the west pit wall, with
the effect that ore grades processed and production are now expected to be
slightly lower than plan for the full year. Compared to the prior-year quarter,
production was 28% lower and total cash costs per ounce were 33% higher as
mining occurred in lower-grade ore areas of the pit in second quarter 2004. </p>
<p><b>Lagunas Norte, Alto Chicama District in Peru <br>
</b>The project remains on schedule for its first gold pour in the
second half of 2005. The first three full years of production at Lagunas Norte
are expected to average between 740,000-760,000 ounces of gold annually at total
cash costs of $125-135<sup>1</sup> per ounce. The previous ten-year production
and total cash cost guidance for the project remains unchanged. Highlights
during second quarter 2004 were: </p>
<ul>
  <li>
  <p ALIGN="left">$26 million was spent and capitalized, an increase over the
  prior quarter as expenditures began ramping up subsequent to approval of the
  project's Environmental Impact Statement early in the second quarter 2004.
  </li>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li>
  <p align="left"></font><font size="2">Letters of intent were issued for the
  purchase of 98% of the heavy and auxiliary mine equipment in May. </font></li>
  <font lang="JA">
  <li>
  <p align="left"></font><font size="2">The first concrete pour on the project
  occurred in early June. </font></li>
  <font lang="JA">
  <li>
  <p align="left"></font><font size="2">The access road is more than 90%
  complete. </font></li>
  <font lang="JA">
  <li>
  <p align="left"></font><font size="2">Site preparation work commenced. </font>
  </li>
  <font lang="JA">
  <li>
  <p align="left"></font><font size="2">Work on the powerline is progressing
  well with detailed engineering 95% complete. Electrification is anticipated in
  first quarter 2005. </font></li>
  <font lang="JA">
  <li>
  <p align="left"></font><font size="2">At quarter end, there were about 2,300
  workers on-site. </font></li>
  <font lang="JA">
  <li>
  <p ALIGN="left"></font><font size="2">While the principal authorizations
  necessary for construction of Lagunas Norte have been obtained or are in
  process, additional sectoral permits are required and are anticipated in
  normal course. </font></li>
</ul>
<p><b><font size="2">Veladero, Argentina <br>
</font></b><font size="2">The project remains on schedule for its first gold pour in
late 2005. The Company announced that the first three full years of production
at Veladero are expected to average between 640,000-665,000 ounces of gold
annually at total cash costs of $150-160<sup>1</sup> per ounce. The previous ten-year
production and total cash cost guidance for the project remains unchanged. Barrick has signed a $250-million Veladero project financing with commercial
banks and export credit agencies, subject to finalizing the security of the
project's assets. First drawdown is anticipated in the third quarter of 2004.
Highlights during second quarter 2004 include: </font></p>
<ul>
  <li><font size="2">Capital expenditures of $78 million. </font></li>
  <li><font size="2">During June, the offshore banking decree was issued by the
  federal government. </font></li>
  <li><font size="2">Pre-strip activities are slightly behind schedule due to
  delays in equipment deliveries, but plans are being implemented to make up for
  the delay. </font></li>
  <li><font size="2">The majority of equipment procurement and contracts have
  been awarded. </font></li>
  <li><font size="2">Road construction is more than 50% complete. </font></li>
  <li><font size="2">Construction of the permanent camp is complete, with the
  exception of two dormitory facilities. </font></li>
  <li><font size="2">The truck shop building has been fully enclosed with all
  outside electrical ducting installed. Construction in the interior is ongoing.
  </font></li>
  <li><font size="2">Primary and secondary crusher foundations below ground have
  been completed. </font></li>
  <li><font size="2">Work on the assay lab, Merrill-Crowe plant and water supply
  system is progressing well. </font></li>
  <font lang="JA">
  <li></font><font size="2">While the principal authorizations necessary for
  construction of Veladero have been obtained or are in process, additional
  sectoral permits are required and are anticipated in normal course. </font>
  </li>
</ul>
<p><b><font size="2">Pascua-Lama, Chile/Argentina <br>
</font></b><font size="2">An update of the 2001 feasibility study has been completed in
which all of the technical and economic parameters were reviewed, confirmed and
refined, and a positive decision to proceed with the development of the Pascua-Lama
project in Chile/Argentina was made. The development is contingent on obtaining
the necessary permits, approvals and fiscal regimes. </font></p>
<p><font FACE="Times New Roman PSMT" SIZE="2">______________________</font></p>
<p><sup><font face="Times New Roman" size="2">1 </font></sup>
<font FACE="Times New Roman" style="font-size: 9pt">
Subject to exchange rate fluctuations and applicable export duties. </p>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>12</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p><font size="2">Pascua-Lama is a large, low cash cost, long-life asset that is
expected to contribute to Barrick's production, cash flow and earnings for many
years. Few undeveloped gold deposits exist in the world that are of comparable
size and quality to Pascua-Lama. Pascua-Lama is expected to not only contribute
to Barrick's future gold production, earnings and cash flow, but it also
increases the Company's leverage to silver. Furthermore, development of the
Pascua-Lama project, combined with Veladero and the large associated land
holdings with regional exploration potential, presents an opportunity to develop
the area as one large gold district. </font></p>
<p><font size="2">The feasibility study uses a $375 per ounce gold price and a
$5.50 per ounce silver price and assumes an average recovery rate of 83% for
</font></font>
<font FACE="Franklin Gothic" SIZE="2">
gold and 78% for silver. Pascua-Lama reserves<sup>2</sup> of 337 million tons
with an average grade of 0.05 ounces of gold per ton and 1.89 ounces of silver
per ton were calculated as at June 30, 2004, using an assumed gold price of $350
per ounce and a silver price of $5.50 per ounce. The project has been designed
as an open pit with ore processing by dry- grind milling, and conventional gold
recovery methods including flotation. The final product is either gold/silver
dore bars or a low-grade copper concentrate, depending on the ore type. Annual
production is estimated between 750,000-775,000 ounces of gold and about 30
million ounces of silver over the first ten years at estimated total cash costs
of $130-140 per ounce<sup>3</sup>. Pre-production construction costs are
estimated at $1.4-1.5 billion, excluding capitalized interest. A further $0.3
billion of capital is expected to be spent in the three years after production
start-up for a plant expansion and flotation circuit to increase capacity from
33,000 to 44,000 metric tons per day. The permitting phase of the Pascua-Lama
project is expected to take approximately 18 months. An expected three-year
construction phase will begin once permitting has been completed and other
fiscal and taxation matters have been finalized, with production targeted to
commence in 2009. </p>
<p>Both construction costs and operating costs are higher than those previously
disclosed in the original feasibility study. Since that time, Barrick has gained
knowledge and experience from development of the Veladero project in Argentina
that is directly applicable to the construction, permitting and operation of
Pascua-Lama and has incorporated this into the construction and operating cost
estimates. With respect to the construction cost estimate, the principal factors
for the increase include utilizing a dry-grinding process versus a wet-grinding
process, and extending the project timeline from roughly three years to five
years in order to deal with the bi-national complexities of permitting, protocol
and taxation, an extended construction schedule driven by seasonal factors and
general price escalation. The principal factors for the increase in operating
costs include a lower average recovered gold grade; higher mining and processing
costs primarily due to a general price escalation (commodity prices, labor
costs, etc.); higher site services and other general and administration costs;
and higher taxes and royalties. These operating cost increases are partially
offset by higher by-product credits from silver due to higher prices. The change
in the average recovered gold grade from the original feasibility study is due
to: a better understanding of the dilution factors of the selective mining units
as a result of work to date; higher assumed metal prices which resulted in an
increase in ore tonnage but at lower grades; and </font><font size="2">lower
recovery rates as a result of further testwork on the process flowsheet. Mining
costs have been calculated using comparable experience in the region, including
higher current labor, maintenance and fuel costs. Processing costs are impacted
by higher consumption and price of power, grinding media and lime consumption.
Site services and other general and administration costs are typically higher
for remote mining locations such as Pascua-Lama, therefore the impact of general
price escalation is significant, and Barrick has a better understanding of these
costs given its experience with Veladero. </font></p>
<p><font size="2">As a result of work done to date, Barrick has a thorough
understanding of the technical parameters of the Pascua-Lama project and is
confident in its ability to manage the construction of this large-scale project.
There are a number of external risks, such as permitting and licensing;
cross-border operating issues; and tax and royalty issues that the Company must
contend with. Barrick has developed strategies to mitigate many of the remaining
external risks. However, timing of the resolution of some of these external
issues is largely beyond the Company's control. </font></p>
<p><font FACE="Times New Roman PSMT" SIZE="2">______________________</font></p>
<font style="font-size: 9pt"><sup>2 </sup>Pascua-Lama reserves are comprised of proven
  reserves of 33 million tons at an average grade of 0.060 ounces per ton and
  probable reserves of 304 million tons at an average grade of 0.049 ounces per
  ton. Such reserves have been calculated as at June 30, 2004, using an assumed
  gold price of $350 per ounce and an assumed silver price of $5.50 per ounce.
  Calculations have been performed by employees of Barrick under the supervision
  of Ren&#233 Marion, P. Eng, Vice President Technical Services of Barrick and Alex
  J. Davidson, P. Geo., Executive Vice President Exploration of Barrick. For
  additional information on Barrick's reserve methodology, see Barrick's most
  recent Annual Information Form / Form 40-F on file with the Canadian
  provincial securities regulatory authorities and the US Securities and
  Exchange Commission. <br>
<sup>3 </sup>Subject to exchange rate fluctuations and
  applicable export duties. </font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>13</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="313"><b><font size="2">Australia/Africa</font></b></td>
    <td WIDTH="116" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="85" align="right">&nbsp;</td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="93" align="right">&nbsp;</td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="78" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="313">&nbsp;</td>
    <td WIDTH="116" align="right">&nbsp;</td>
    <td WIDTH="91" align="right">&nbsp;</td>
    <td WIDTH="257" COLSPAN="4" align="center"><font size="2"><b>Total Cash
    Costs</b> - per Gold</font></td>
    <td WIDTH="256" COLSPAN="4" align="center"><font size="2"><b>Total Cash
    Costs</b> -</font></td>
  </tr>
  <tr>
    <td WIDTH="313">&nbsp;</td>
    <td WIDTH="207" COLSPAN="2" align="center"><b><font size="2">Production</font></b></td>
    <td WIDTH="257" COLSPAN="4" align="center"><font size="2">Institute
    Production Cost</font></td>
    <td WIDTH="256" align="center" colspan="4"><font size="2">per US GAAP</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="207" COLSPAN="2" align="center"><font size="2">(attributable
    ounces)</font></td>
    <td WIDTH="257" align="center" colspan="4"><font size="2">Standard<sup>A</sup>($/oz)</font></td>
    <td WIDTH="256" align="center" colspan="4"><font size="2">($/oz)</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">For the three months ended June 30</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></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="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></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>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></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="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Plutonic</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">75,497</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">79,040</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">231</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">207</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">231</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">208</font></td>
  </tr>
  <tr>
    <td WIDTH="313"><font size="2">Darlot</font></td>
    <td WIDTH="116" align="right"><b><font size="2">35,894</font></b></td>
    <td WIDTH="91" align="right"><font size="2">37,032</font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="85" align="right"><b><font size="2">197</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font size="2">175</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><b><font size="2">197</font></b></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="78" align="right"><font size="2">175</font></td>
  </tr>
  <tr>
    <td WIDTH="313" bgcolor="#E6E6E6"><font size="2">Lawlers</font></td>
    <td WIDTH="116" align="right" bgcolor="#E6E6E6"><b><font size="2">26,245</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font size="2">25,912</font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6"><b><font size="2">253</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font size="2">228</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="93" align="right" bgcolor="#E6E6E6"><b><font size="2">253</font></b></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" bgcolor="#E6E6E6"><font size="2">228</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Kalgoorlie (50% owned)</font></td>
    <td WIDTH="116" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">103,116</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">117,445</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">237</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">212</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">239</font></b></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">216</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">240,752</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">259,429</font></td>
    <td WIDTH="41" 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">
    <b>
    <font size="2">231</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">206</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">232</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">208</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Bulyanhulu</font></td>
    <td WIDTH="116" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">96,938</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">76,712</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">253</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">233</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">344</font></b></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">234</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">337,690</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">336,141</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">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">237</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">213</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">260</font></b></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 size="2">$</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">214</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="116" 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">&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="85" 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>
    <td WIDTH="83" 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="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" 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="313" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">For the six months ended June 30</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></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="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></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>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></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="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Plutonic</font></td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">158,345</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">149,294</font></td>
    <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">211</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">199</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">211</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">200</font></td>
  </tr>
  <tr>
    <td WIDTH="313"><font size="2">Darlot</font></td>
    <td WIDTH="116" align="right"><b><font size="2">70,144</font></b></td>
    <td WIDTH="91" align="right"><font size="2">80,189</font></td>
    <td WIDTH="41" align="right">&nbsp;</td>
    <td WIDTH="85" align="right"><b><font size="2">203</font></b></td>
    <td WIDTH="48" align="right">&nbsp;</td>
    <td WIDTH="83" align="right"><font size="2">158</font></td>
    <td WIDTH="45" align="right">&nbsp;</td>
    <td WIDTH="93" align="right"><b><font size="2">203</font></b></td>
    <td WIDTH="40" align="right">&nbsp;</td>
    <td WIDTH="78" align="right"><font size="2">157</font></td>
  </tr>
  <tr>
    <td WIDTH="313" bgcolor="#E6E6E6"><font size="2">Lawlers</font></td>
    <td WIDTH="116" align="right" bgcolor="#E6E6E6"><b><font size="2">52,863</font></b></td>
    <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font size="2">46,714</font></td>
    <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="85" align="right" bgcolor="#E6E6E6"><b><font size="2">244</font></b></td>
    <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font size="2">264</font></td>
    <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="93" align="right" bgcolor="#E6E6E6"><b><font size="2">244</font></b></td>
    <td WIDTH="40" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" bgcolor="#E6E6E6"><font size="2">264</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Kalgoorlie (50% owned)</font></td>
    <td WIDTH="116" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">205,328</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">211,294</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">230</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">215</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">231</font></b></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">217</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">486,680</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">487,491</font></td>
    <td WIDTH="41" 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">
    <b>
    <font size="2">222</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">204</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">222</font></b></td>
    <td WIDTH="40" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">206</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Bulyanhulu</font></td>
    <td WIDTH="116" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">177,956</font></b></td>
    <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">166,874</font></td>
    <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">264</font></b></td>
    <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">211</font></td>
    <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">311</font></b></td>
    <td WIDTH="40" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">212</font></td>
  </tr>
  <tr>
    <td WIDTH="313" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">664,636</font></b></td>
    <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">654,365</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">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">232</font></b></td>
    <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">207</font></td>
    <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">243</font></b></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 size="2">$</font></td>
    <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">208</font></td>
  </tr>
  <tr>
    <td WIDTH="1033" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" colspan="11">
    <ol style="font-size: 10pt" type="A">
      <li><font FACE="Franklin Gothic" style="font-size: 9pt">For an explanation of the use of
      non-GAAP performance measures, refer to pages 29 to 32.</font></li>
    </ol>
    </td>
  </tr>
</table>
<p><font size="2">Gold production in second quarter 2004 was in line with plan,
but total cash costs per ounce were slightly higher than plan due to higher
costs at Plutonic and Kalgoorlie. The region is expected to achieve its
production plan for full year 2004. In second quarter 2004, gold production in
Australia and Africa was consistent with the prior-year quarter as higher
production at Bulyanhulu was offset by lower production from Kalgoorlie. Total
cash costs per ounce were 14% higher than the prior-year quarter mainly due to
processing lower ore grades at Kalgoorlie and Plutonic, as well as an increase
in Australian dollar currency hedge rates. </font></p>
<p><font size="2">Total cash costs were not significantly affected by changes in
market currency exchange rates during second 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 second quarter
2004 was $0.58 compared to $0.55 in second quarter 2003. </font></p>
<p><b><font size="2">Plutonic, Australia <br>
</font></b><font size="2">Production during second quarter 2004 was slightly lower than
plan and total cash costs were higher than plan primarily due to the increased
mining of lower-grade open-pit ore. Difficult ground conditions in the second
quarter restricted the mining of higher-grade ore in the Timor underground area
and the mine processed greater lower-grade open-pit ore. The achievement of the
mine's plan for the year will depend upon the quantity of higher-grade
underground ore that can be mined and processed. Compared with the prior-year
quarter, gold production was 4% lower mainly due to a 5% decrease in ore grades,
partly offset by increased throughput from the continued use of a secondary
mill. Total cash costs were 12% higher than the prior-year quarter due to the
combined effect of lower ore grades and an increase in Australian dollar
currency hedge rates. </font></p>
<p><b><font size="2">Kalgoorlie, Australia <br>
</font></b><font size="2">Production and total cash costs were in line with plan in
second quarter 2004. Compared with the prior-year quarter, the mine produced 12%
less gold due to the processing of more lower-grade stockpile ore. Total cash
costs per ounce were 12% higher than the prior-year quarter primarily due to
lower ore grades and an increase in Australian dollar currency hedge rates. In
early July, a pit shovel was lost following a fire caused by a failure in the
fuel lines. Kalgoorlie is actively seeking to replace the shovel. If the
replacement is delayed, the production plan for 2004 should not be significantly
affected, but the lower capacity for waste stripping could impact the production
plan for 2005/2006. </font></p>
<p><b><font size="2">Darlot, Australia <br>
</font></b><font size="2">Gold production for second quarter 2004 was in line with plan
but total cash costs were slightly higher than plan due to higher costs in the
underground area of the pit </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>14</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p><font size="2">and higher reagent consumption. Compared with the prior-year
quarter, gold production was 3% lower and total cash costs per ounce were 13%
higher due to a scheduled maintenance shutdown of two processing plants. </font></p>
<p><b><font size="2">Bulyanhulu, Tanzania <br>
</font></b>
</font>
<font size="2">Gold production in second quarter 2004 was slightly higher
than plan and total cash costs were slightly below plan. With the implementation
of operational improvements, the mine has demonstrated improved performance over
the first six months of 2004. Compared with the prior-year quarter, gold
production was 26% higher mainly due to improved mining techniques and dilution
control, which resulted in the processing of higher-grade ore, as well as fewer
mill shutdowns leading to higher throughput. Total cash costs per ounce in
second quarter 2004 were 9% higher than the prior-year quarter due to higher
underground maintenance costs. These higher costs were partly offset by
increased copper by-product credits caused by higher market copper prices. While
the mine has shown improved performance in the first six months of the year, a
number of operational challenges still exist. At this stage, the mine is
expected to be in line with plan for the full year. </font></p>
<p><b><font size="2">Cowal, Australia <br>
</font></b><font size="2">The Cowal project remains on schedule for its first gold pour
in first quarter 2006. The EPCM construction manager was mobilized to site in
early July. The Company announced that the first three full years of production
at Cowal are expected to average between 235,000-245,000 ounces of gold annually
at total cash costs of $215-225 per ounce. The previous ten-year production and
total cash cost guidance for the project remains unchanged. Highlights in the
second quarter were: </font></p>
<ul>
  <li><font size="2">Capital expenditures were $11 million. </font></li>
  <li><font size="2">The earthworks contractor was mobilized to site and work
  began on the mine development earthworks. </font></li>
  <li><font size="2">The pipeline contractor has completed the welding and
  installation of the pipeline across the lakebed. </font></li>
  <li><font size="2">Manufacturing of the SAG mill is progressing on schedule.
  </font></li>
  <li><font size="2">The mills and their motors were ordered and treatment plant
  construction will commence in the third quarter 2004. </font></li>
  <li><font size="2">Proposals for mining equipment were evaluated and orders
  will be placed in the third quarter 2004. </font></li>
  <li><font size="2">While the principal authorizations necessary for
  construction of Cowal have been obtained or are in process, additional
  sectoral permits are required and are anticipated in normal course. </font>
  </li>
</ul>
<p><b><font size="2">Tulawaka, Tanzania <br>
</font></b><font size="2">The 70%-owned Tulawaka project is on schedule to begin
production in early 2005. The Company announced that the first three full years
of production at Tulawaka are expected to average between 85,000-95,000 ounces
of gold annually at total cash costs of $165-175 per ounce. The previous
four-year production and total cash cost guidance for the project remains
unchanged. Highlights in second quarter 2004 were: </font></p>
<ul>
  <li><font size="2">Capital expenditures were $12 million. </font></li>
  <li><font size="2">EPCM activities proceeded in accordance with schedule and
  budget. </font></li>
  <li><font size="2">Workforce house construction began. </font></li>
  <li><font size="2">Earthworks progressed well with 85% completion of the water
  storage dam, 80% completion of process plant site work, 20% completion of
  storm water pond and tailings pond facilities, development of the ROM pad and
  upgrading the main access road. </font></li>
  <font lang="JA">
  <li></font><font size="2">While the principal authorizations necessary for
  construction of Tulawaka have been obtained or are in process, additional
  sectoral permits are required and are anticipated in normal course. </font>
  </li>
</ul>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>15</b></font></td>
    <td WIDTH="414"><font FACE="Times New Roman PSMT" size="2">
    <p align="right"><b>OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<font size="5">
<p>Consolidated Statements of Income</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="574" height="20"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="218" COLSPAN="4" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="212" COLSPAN="4" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20"><font SIZE="2">(in millions of United States
    dollars, except per share data) (Unaudited)</font></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="124" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="91" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="121" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Gold sales (notes 4 and 5)</font></b></td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">454</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">491</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">931</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">950</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">Costs and expenses</font></b></td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" bgcolor="#E6E6E6"><font SIZE="2">Cost of sales and other operating
    expenses <sup>1</sup> (note 6)</font></td>
    <td WIDTH="33" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">280</font></b></td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">271</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">543</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">534</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20"><font SIZE="2">Amortization (note 4)</font></td>
    <td WIDTH="33" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20"><b><font SIZE="2">115</font></b></td>
    <td WIDTH="62" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">131</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20"><b><font SIZE="2">235</font></b></td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="60" align="right" height="20"><font SIZE="2">256</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" bgcolor="#E6E6E6"><font SIZE="2">Administration</font></td>
    <td WIDTH="33" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">21</font></b></td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">20</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">39</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">42</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Exploration and business development</font></td>
    <td WIDTH="33" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">34</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">34</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">63</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">63</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">450</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">456</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">880</font></b></td>
    <td WIDTH="61" align="right" height="20" 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" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">895</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" bgcolor="#E6E6E6"><font SIZE="2">Other income/expense (note 7)</font></td>
    <td WIDTH="33" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">9</font></b></td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">10</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">25</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20"><font SIZE="2">Interest expense</font></td>
    <td WIDTH="33" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20"><b><font SIZE="2">(4)</font></b></td>
    <td WIDTH="62" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(11)</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20"><b><font SIZE="2">(12)</font></b></td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="60" align="right" height="20"><font SIZE="2">(24)</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Non-hedge derivative gains (losses) (note 11E)</font></td>
    <td WIDTH="33" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">6</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">10</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(9)</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">46</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">Income before income taxes and other items</font></b></td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">15</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">44</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">55</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">92</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Income tax recovery (note 8)</font></td>
    <td WIDTH="33" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">19</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">15</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">5</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">13</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">Income before cumulative effect of changes in accounting
    principles</font></b></td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">34</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">59</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">60</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">105</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Cumulative effect of changes in accounting principles (note
    3)</font></td>
    <td WIDTH="33" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">-</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(17)</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">Net income for the period</font></b></td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">34</font></b></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">59</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">60</font></b></td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="33" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="20">&nbsp;</td>
    <td WIDTH="33" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="60" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">Earnings per share data (note 9):</font></b></td>
    <td WIDTH="33" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="60" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="668" COLSPAN="3" height="20"><b><font SIZE="2">Income before
    cumulative effect of changes in accounting principles</font></b></td>
    <td WIDTH="62" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="60" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Basic and diluted</font></td>
    <td WIDTH="33" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.06</font></b></td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="62" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">0.11</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.11</font></b></td>
    <td WIDTH="61" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="60" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.19</font></td>
  </tr>
  <tr>
    <td WIDTH="574" height="20"><b><font SIZE="2">Net income</font></b></td>
    <td WIDTH="33" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20">&nbsp;</td>
    <td WIDTH="62" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="30" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="61" align="right" height="20">&nbsp;</td>
    <td WIDTH="60" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="574" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Basic and diluted</font></td>
    <td WIDTH="33" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">0.06</font></b></td>
    <td WIDTH="62" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="62" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">0.11</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="30" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="61" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">0.11</font></b></td>
    <td WIDTH="61" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="60" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">0.16</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
<p>1. Exclusive of amortization (note 6) </p>
<p>The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.</p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>16</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<font SIZE="5">
<p>Consolidated Statements of Cash Flow</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="486" height="17"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="256" COLSPAN="2" align="right" height="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="71" align="right" height="17" style="border-bottom-style: none; border-bottom-width: medium">
    </td>
    <td WIDTH="239" COLSPAN="2" align="right" height="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
    <td WIDTH="128" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="128" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="71" align="right" height="17" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="118" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">OPERATING ACTIVITIES</font></b></td>
    <td WIDTH="128" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="128" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="71" align="right" height="17" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="17" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="118" align="right" height="17" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="486" height="17"><font SIZE="2">Net income for the period</font></td>
    <td WIDTH="128" align="right" height="17"><b><font SIZE="2">$ 34</font></b></td>
    <td WIDTH="128" align="right" height="17" style="border-right-style: none; border-right-width: medium"><font SIZE="2">$ 59</font></td>
    <td WIDTH="71" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="17" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">$ 60</font></b></td>
    <td WIDTH="118" align="right" height="17"><font SIZE="2">$ 88</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="17" bgcolor="#E6E6E6"><font SIZE="2">Amortization (note 4)</font></td>
    <td WIDTH="128" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">115</font></b></td>
    <td WIDTH="128" align="right" height="17" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">131</font></td>
    <td WIDTH="71" align="right" height="17" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="17" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">235</font></b></td>
    <td WIDTH="118" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">256</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="17"><font SIZE="2">Non-hedge derivative (gains)
    losses</font></td>
    <td WIDTH="128" align="right" height="17"><b><font SIZE="2">(6)</font></b></td>
    <td WIDTH="128" align="right" height="17" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(10)</font></td>
    <td WIDTH="71" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="17" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">9</font></b></td>
    <td WIDTH="118" align="right" height="17"><font SIZE="2">(46)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="17" bgcolor="#E6E6E6"><font SIZE="2">Deferred income taxes (note 8)</font></td>
    <td WIDTH="128" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">(31)</font></b></td>
    <td WIDTH="128" align="right" height="17" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(36)</font></td>
    <td WIDTH="71" align="right" height="17" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="17" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(35)</font></b></td>
    <td WIDTH="118" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">(45)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Other items (note 12)</font></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">(4)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">(82)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">(35)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(61)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Net cash provided by operating activities</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">108</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">62</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">234</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">192</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">INVESTING ACTIVITIES</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    </td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">
    </td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">
    </td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    </td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" bgcolor="#E6E6E6"><font SIZE="2">Property, plant and equipment</font></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6"></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="71" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="118" align="right" height="18" bgcolor="#E6E6E6"></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18"><font SIZE="2">&nbsp;&nbsp; Capital expenditures
    (note 4)</font></td>
    <td WIDTH="128" align="right" height="18"><b><font SIZE="2">(189)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(69)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="18" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(318)</font></b></td>
    <td WIDTH="118" align="right" height="18"><font SIZE="2">(135)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Sales proceeds</font></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">2</font></b></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">10</font></td>
    <td WIDTH="71" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">8</font></b></td>
    <td WIDTH="118" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18"><font SIZE="2">Purchase of investments (note 13)</font></td>
    <td WIDTH="128" align="right" height="18"><b><font SIZE="2">(4)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-right-style: none; border-right-width: medium"><font SIZE="2">-</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="18" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(45)</font></b></td>
    <td WIDTH="118" align="right" height="18"><font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Other items</font></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(3)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">-</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(3)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">Net cash used in investing activities</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">(194)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">(59)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">(358)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(120)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">FINANCING ACTIVITIES</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
  </tr>
  <tr>
    <td WIDTH="486" height="18"><font SIZE="2">Capital stock</font></td>
    <td WIDTH="128" align="right" height="18"></td>
    <td WIDTH="128" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="71" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="118" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Proceeds from shares
    issued on exercise of stock options</font></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">13</font></b></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">2</font></td>
    <td WIDTH="71" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">26</font></b></td>
    <td WIDTH="118" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18"><font SIZE="2">&nbsp;&nbsp; Repurchased for cash
    (note 16A)</font></td>
    <td WIDTH="128" align="right" height="18"><b><font SIZE="2">-</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(63)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="121" align="right" height="18" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(95)</font></b></td>
    <td WIDTH="118" align="right" height="18"><font SIZE="2">(63)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" bgcolor="#E6E6E6"><font SIZE="2">Long-term debt repayments</font></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">(27)</font></b></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(9)</font></td>
    <td WIDTH="71" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(27)</font></b></td>
    <td WIDTH="118" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">(9)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Dividends</font></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">(59)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">(60)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">(59)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(60)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Net cash used in financing activities</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(73)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">(130)</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(155)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(129)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">Effect of exchange rate changes on cash and equivalents</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">(6)</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">4</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">(6)</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" bgcolor="#E6E6E6"><font SIZE="2">Net decrease in cash and
    equivalents</font></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">(159)</font></b></td>
    <td WIDTH="128" align="right" height="18" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(127)</font></td>
    <td WIDTH="71" align="right" height="18" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="121" align="right" height="18" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">(279)</font></b></td>
    <td WIDTH="118" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">(57)</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">Cash and equivalents at beginning of period</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">850</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">1,115</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="121" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">970</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">1,044</font></td>
  </tr>
  <tr>
    <td WIDTH="486" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Cash and equivalents at end of period</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 685</font></b></td>
    <td WIDTH="128" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">$ 992</font></td>
    <td WIDTH="71" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="121" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$ 685</font></b></td>
    <td WIDTH="118" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$ 992</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
<p>The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.</p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>17</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<font SIZE="5">
<p>Consolidated Balance Sheets</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="665" height="20"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="57" height="20" align="right">&nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-right-style: none; border-right-width: medium">
    <font SIZE="2">As at June 30,</font></td>
    <td WIDTH="48" height="20" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="20" align="right" style="border-left-style: none; border-left-width: medium"><font SIZE="2">As at
    Dec. 31,</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
    <td WIDTH="57" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="48" height="20" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="67" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">ASSETS</font></b></td>
    <td WIDTH="57" height="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" height="20" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" height="20" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="102" height="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="665" height="20"><font SIZE="2">Current assets</font></td>
    <td WIDTH="57" height="20" align="right">&nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" height="20" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="20" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="20" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash and equivalents</font></td>
    <td WIDTH="57" height="20" align="right" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="116" height="20" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">&nbsp;685</font></b></td>
    <td WIDTH="48" height="20" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="20" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium"><font SIZE="2">$</font></td>
    <td WIDTH="102" height="20" align="right" bgcolor="#E6E6E6"><font SIZE="2">970</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20"><font SIZE="2">&nbsp;&nbsp; Accounts receivable</font></td>
    <td WIDTH="57" height="20" align="right">&nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">74</font></b></td>
    <td WIDTH="48" height="20" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="20" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="20" align="right"><font SIZE="2">69</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Inventories (note
    13)</font></td>
    <td WIDTH="57" height="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="20" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">183</font></b></td>
    <td WIDTH="48" height="20" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="20" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="20" align="right" bgcolor="#E6E6E6"><font SIZE="2">157</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Other current assets (note 13)</font></td>
    <td WIDTH="57" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">86</font></b></td>
    <td WIDTH="48" height="20" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="67" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">169</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="57" height="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="116" height="20" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">1,028</font></b></td>
    <td WIDTH="48" height="20" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="20" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium"><font SIZE="2">1,365</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21"><font SIZE="2">&nbsp;&nbsp; Investments (note
    13)</font></td>
    <td WIDTH="57" height="21" align="right">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">139</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right"><font SIZE="2">127</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Property, plant and
    equipment (note 14)</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">3,218</font></b></td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium"><font SIZE="2">3,131</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21"><font SIZE="2">&nbsp;&nbsp; Capitalized mining
    costs (note 15)</font></td>
    <td WIDTH="57" height="21" align="right">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">232</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right"><font SIZE="2">235</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Unrealized fair
    value of derivative contracts (note 11C)</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">179</font></b></td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6"><font SIZE="2">256</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Other assets</font></td>
    <td WIDTH="57" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">270</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">248</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total assets</font></b></td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font size="2">5,066</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <font size="2">$ </font></td>
    <td WIDTH="102" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">5,362</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font SIZE="2">LIABILITIES AND SHAREHOLDERS' EQUITY</font></b></td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><font SIZE="2">Current liabilities</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="665" height="21"><font SIZE="2">&nbsp;&nbsp; Accounts payable</font></td>
    <td WIDTH="57" height="21" align="right"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="116" height="21" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">277</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-left-style: none; border-left-width: medium"><font SIZE="2">$</font></td>
    <td WIDTH="102" height="21" align="right"><font SIZE="2">245</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Other current liabilities</font></td>
    <td WIDTH="57" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">105</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">105</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">382</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2">350</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Long-term debt</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">696</font></b></td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6"><font SIZE="2">719</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21"><font SIZE="2">&nbsp;&nbsp; Other long-term
    obligations</font></td>
    <td WIDTH="57" height="21" align="right">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">536</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right"><font SIZE="2">569</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Deferred income tax liabilities</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">143</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6">
    <font SIZE="2">230</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1">
    <b>
    <font SIZE="2">Total liabilities</font></b></td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1">
    <b>
    <font SIZE="2">1,757</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="21" align="right" style="border-left-style: none; border-left-width: medium; 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 SIZE="2">1,868</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">Shareholders' equity</font></b></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="665" height="21"><font SIZE="2">&nbsp;&nbsp; Capital stock (note
    16)</font></td>
    <td WIDTH="57" height="21" align="right">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">4,106</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="21" align="right" style="border-left-style: none; border-left-width: medium"><font SIZE="2">4,115</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Deficit</font></td>
    <td WIDTH="57" height="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">(753)</font></b></td>
    <td WIDTH="48" height="21" align="right" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" bgcolor="#E6E6E6"><font SIZE="2">(694)</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Accumulated other comprehensive income (loss)
    (note 10)</font></td>
    <td WIDTH="57" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">(44)</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">73</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total shareholders' equity</font></b></td>
    <td WIDTH="57" height="21" 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="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">3,309</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="169" COLSPAN="2" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">3,494</font></td>
  </tr>
  <tr>
    <td WIDTH="665" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Contingencies (note 18)</font></td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="102" height="21" 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="665" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Total liabilities and shareholders' equity</font></b></td>
    <td WIDTH="57" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="116" height="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font size="2">&nbsp;5,066</font></b></td>
    <td WIDTH="48" height="21" align="right" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="67" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="102" height="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">&nbsp;5,362</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
<p>The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.</p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>18</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<font SIZE="5">
<p>Consolidated Statements of Shareholders' Equity</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="664" height="19"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="85" align="right" height="19">&nbsp;</td>
    <td WIDTH="88" align="right" height="19">&nbsp;</td>
    <td WIDTH="67" align="right" height="19">&nbsp;</td>
    <td WIDTH="99" align="right" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="664" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
    <td WIDTH="85" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="88" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="67" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="99" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2"><b>Common shares</b> (number in millions)</font></td>
    <td WIDTH="85" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="664" height="19"><font SIZE="2">At January 1</font></td>
    <td WIDTH="85" align="right" height="19">&nbsp;</td>
    <td WIDTH="88" align="right" height="19" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">535</font></b></td>
    <td WIDTH="67" align="right" height="19" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="19"><font SIZE="2">542</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Issued for cash/on
    exercise of stock options</font></td>
    <td WIDTH="85" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">2</font></b></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Repurchased for cash (note 16A)</font></td>
    <td WIDTH="85" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">(5)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(3)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">At June 30</font></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">532</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">540</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1">
    <font SIZE="2"><b>Common shares </b>(dollars in millions)</font></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" bgcolor="#E6E6E6"><font SIZE="2">At January 1</font></td>
    <td WIDTH="85" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">4,115</font></b></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium"><font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">4,148</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20"><font SIZE="2">&nbsp;&nbsp; Issued for cash/on
    exercise of stock options</font></td>
    <td WIDTH="85" align="right" height="20">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">26</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20"><font SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Repurchased for cash (note 16A)</font></td>
    <td WIDTH="85" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(35)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(27)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">At June 30</font></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">4,106</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">4,124</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Deficit</font></b></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="664" height="20"><font SIZE="2">At January 1</font></td>
    <td WIDTH="85" align="right" height="20"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">(694)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-left-style: none; border-left-width: medium"><font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20"><font SIZE="2">(689)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Net income</font></td>
    <td WIDTH="85" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">60</font></b></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20"><font SIZE="2">&nbsp;&nbsp; Dividends</font></td>
    <td WIDTH="85" align="right" height="20">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">(59)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="99" align="right" height="20"><font SIZE="2">(60)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Repurchase of common shares<sup>(1)</sup></font></td>
    <td WIDTH="85" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="88" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(60)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="99" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">(36)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">At June 30</font></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">(753)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(697)</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Accumulated other comprehensive income (loss) (note 10)</font></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(44)</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="664" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">Total shareholders' equity at June 30</font></b></td>
    <td WIDTH="85" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="88" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">3,309</font></b></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">$</font></td>
    <td WIDTH="99" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">3,429</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
&nbsp;<sup>1 </sup>Represents the excess of cash paid over the average book value
repurchased as part of the share buyback plan (note 16A).</font><font size="5"><p>Consolidated Statements of Comprehensive Income</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="393" height="19"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="292" COLSPAN="4" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">Three months ended June 30</font></td>
    <td WIDTH="74" align="right" height="19" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="296" COLSPAN="4" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">Six months ended June 30</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">(in millions of United States dollars) (Unaudited)</font></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Net income</font></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">34</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">59</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">60</font></b></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20"><font SIZE="2">Foreign currency translation
    adjustments (note 10)</font></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20"><b><font SIZE="2">-</font></b></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">4</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><b><font SIZE="2">-</font></b></td>
    <td WIDTH="74" align="right" height="20">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><font SIZE="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" bgcolor="#E6E6E6"><font SIZE="2">Transfers of hedge gains to
    earnings (note 10)</font></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">
    (17)</font></b></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">
    (16)</font></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">(36)</font></b></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">
    (25)</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20"><font SIZE="2">Hedge ineffectiveness transferred
    to earnings (note 10)</font></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20"><b><font SIZE="2">(1)</font></b></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">(4)</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><b><font SIZE="2">(2)</font></b></td>
    <td WIDTH="74" align="right" height="20">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><font SIZE="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" bgcolor="#E6E6E6"><font SIZE="2">Change in fair value of cash flow
    hedges (note 10)</font></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">
    (65)</font></b></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">99</font></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">(53)</font></b></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">147</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20"><font SIZE="2">Impairment charges on
    available-for-sale securities (note 10)</font></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20"><b><font SIZE="2">(1)</font></b></td>
    <td WIDTH="73" align="right" height="20">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">-</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><b><font SIZE="2">(1)</font></b></td>
    <td WIDTH="74" align="right" height="20">&nbsp;</td>
    <td WIDTH="74" align="right" height="20"><font SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" bgcolor="#E6E6E6"><font SIZE="2">Change in fair value of
    available-for-sale securities (note 10)</font></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">
    (32)</font></b></td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" bgcolor="#E6E6E6" style="border-right-style: none; border-right-width: medium"><font SIZE="2">4</font></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">(25)</font></b></td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="393" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">Comprehensive income (loss)</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(82)</font></b></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="73" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">146</font></td>
    <td WIDTH="74" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">(57)</font></b></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="74" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">215</font></td>
  </tr>
</table>
<font style="font-size: 9pt">
<p>The accompanying notes are an integral part of these unaudited interim
consolidated financial statements.</p>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>19</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<b><font FACE="Franklin Gothic" SIZE="5">
<p>Management's Discussion and Analysis </p>
</font></b>
<p><font size="2">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 as at and for the three and six
month periods ended June 30, 2004, in comparison to the corresponding prior-year
periods. This Management's Discussion and Analysis has been prepared as of July
22, 2004. The unaudited consolidated interim financial statements prepared in
accordance with US generally accepted accounting principles (US GAAP) are on
pages 16 to 19. This Management's Discussion and Analysis is intended to
supplement and complement the unaudited interim consolidated financial
statements and notes thereto for the three and six month periods ended June 30,
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 40-F/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. </font></p>
<p><b><font size="2">INCOME STATEMENT </font></b></p>
<p><b><font size="2">Gold Production and Sales <br>
</font></b><font size="2">In second quarter 2004, Barrick's portfolio of mines performed
in line with plan. They produced 13% less ounces compared to the prior-year
quarter as the Company experienced lower production at Goldstrike, Pierina and
Kalgoorlie, which was partly offset by higher production at Bulyanhulu. Ounces
sold were 12% lower than in second quarter 2003 due to lower sales at Goldstrike,
Pierina and Round Mountain. </font></p>
<p><font size="2">Beginning in 2005 and through 2007, as its development
projects commence production, the Company is targeting its annual production
profile to rise to between 6.8 and 7.0 million ounces in 2007. </font></p>
<p><font size="2">By choosing to deliver 0.7 million ounces of its gold
production into long-term gold hedge contracts at prices below spot market
prices, Barrick realized an average price of $372 per ounce for the quarter.
This compares to an average realized price of $352 per ounce in second quarter
2003. The realized price reflects a general increase in average spot gold prices
from $347 per ounce in second quarter 2003 to $393 per ounce in second quarter
2004, as well as the fact that, in second quarter 2004, Barrick voluntarily
chose to deliver a portion of its gold production into long-term gold hedge
contracts at realized prices below the prevailing market prices. </font></p>
<p><font size="2">The Company reduced its gold hedge position by 0.85 million
ounces to 13.9 million ounces in second quarter 2004 primarily through
deliveries of gold production, but also by electing some fixed price forward
gold sales contracts to become floating spot price gold sales contracts. The
Company took advantage of declines in the market gold price to exceed its
targeted 1.5 million ounce hedge book reduction for the full year. The Company
remains optimistic on gold prices, and may opportunistically reduce its gold
hedge position further by the end of 2004. The price realized for gold sales for
the remainder of 2004 will depend upon market conditions and the selling prices
of any hedge contracts into which the Company delivers, which could be below
average spot market prices. </font></p>
<p><font size="2">Commitments under floating spot price gold sales contracts
were 0.675 million ounces at quarter end, up from 0.45 million ounces at
December 31, 2003. Barrick can deliver production into these floating spot price
gold sales contracts at any time over the next ten years with the sales based on
the then prevailing spot price less an adjustment averaging approximately $46
per ounce. </font></p>
<p><font size="2">Barrick also reduced its silver contract position by
approximately one third during the quarter. The 10.9-million ounce silver
contract reduction included the elimination of all silver call options. At
quarter end, the silver hedge position was 18.4 million ounces, or about one
year of future production. </font></p>
<p><font size="2">As spot gold prices increase or decrease, the value of the
Company's gold mineral reserves and amount of potential operating cash inflows
generally increases or decreases. The unrealized mark-to-market loss on its
fixed price forward gold sales contracts also increases or decreases. The
unrealized mark-to-market loss changed from $1,725 million at the end of 2003 to
$1,391 million at the end of second quarter 2004, primarily due to lower spot
gold prices (quarter end spot gold prices, 2004 - </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">
    &nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>20</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS </b>
    </font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p><font size="2">$393 compared to year end 2003 - $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 - Key Contract Terms and
Conditions - Significance of mark-to-market gains and losses&quot; on page 27. </font></p>
<p><b><font size="2">Cost of Sales and Other Operating Expenses </font></b></p>
<table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="286" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Total cash costs per ounce</font></td>
    <td WIDTH="128" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="131" 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="286" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="259" COLSPAN="2" align="center"><font size="2">Three months</font></td>
    <td WIDTH="258" COLSPAN="2" align="center"><font size="2">Six months</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="259" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">ended June 30</font></td>
    <td WIDTH="258" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">ended June 30</font></td>
  </tr>
  <tr>
    <td WIDTH="286" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="128" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">2003</font></td>
    <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="127" align="right" style="border-top-style: solid; border-top-width: 1">
    <font size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="286" bgcolor="#E6E6E6"><font size="2">Cost of sales at market</font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="131" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="131" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="127" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="286"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; foreign
    exchange rates</font></td>
    <td WIDTH="128" align="right"><b><font size="2">$ 242</font></b></td>
    <td WIDTH="131" align="right"><font size="2">$ 204</font></td>
    <td WIDTH="131" align="right"><b><font size="2">$ 240</font></b></td>
    <td WIDTH="127" align="right"><font size="2">$ 205</font></td>
  </tr>
  <tr>
    <td WIDTH="286" bgcolor="#E6E6E6"><font size="2">Gains realized on currency</font></td>
    <td WIDTH="128" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="131" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="131" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="127" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
</table>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="284" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; hedge
    contracts</font></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><b><font size="2">(16)</font></b></td>
    <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font size="2">(10)</font></td>
    <td WIDTH="131" align="right" bgcolor="#E6E6E6"><b><font size="2">(20)</font></b></td>
    <td WIDTH="126" align="right" bgcolor="#E6E6E6"><font size="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="284" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">By-product credits</font></td>
    <td WIDTH="126" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">(29)</font></b></td>
    <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(19)</font></td>
    <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">(28)</font></b></td>
    <td WIDTH="126" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(20)</font></td>
  </tr>
  <tr>
    <td WIDTH="284" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Cash operating costs</font></td>
    <td WIDTH="126" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">197</font></b></td>
    <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">175</font></td>
    <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">192</font></b></td>
    <td WIDTH="126" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">178</font></td>
  </tr>
  <tr>
    <td WIDTH="284"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalties</font></td>
    <td WIDTH="126" align="right"><b><font size="2">10</font></b></td>
    <td WIDTH="130" align="right"><font size="2">8</font></td>
    <td WIDTH="131" align="right"><b><font size="2">10</font></b></td>
    <td WIDTH="126" align="right"><font size="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="284" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Production taxes</font></td>
    <td WIDTH="126" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">2</font></b></td>
    <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">2</font></td>
    <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">2</font></b></td>
    <td WIDTH="126" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="284" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Total cash costs<sup>A</sup></font></td>
    <td WIDTH="126" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$ 209</font></b></td>
    <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$ 185</font></td>
    <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$ 204</font></b></td>
    <td WIDTH="126" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$ 189</font></td>
  </tr>
  <tr>
    <td COLSPAN="5" width="805">
    <ol style="font-size: 10pt" type="A">
      <li><font style="font-size: 9pt">For an explanation of the use of non-GAAP performance
      measures, refer to pages 29 to 32.</font></li>
    </ol>
    </td>
  </tr>
</table>
<p><font size="2">Total cash costs for second quarter 2004 were slightly higher
than plan primarily because of higher costs at Plutonic due to increased mining
of lower grade open pit ore, partly offset by lower costs at Eskay Creek as a
result of higher by-product credits related to higher silver prices. Total cash
costs during second quarter 2004 were higher than the prior-year period,
primarily due to higher costs at Goldstrike Open Pit, Round Mountain, Pierina
and the Australian mines, partly offset by lower costs at Eskay Creek. 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 10 to
15 of this second quarter report. </font></p>
<p><b><font size="2">Currency Hedging <br>
</font></b><font size="2">The Company's main foreign currency exposures relate to cash
expenditures at its Canadian and Australian mines that are denominated in local
currencies. Like many other gold producers, the Company's operations in
Australia and Canada are affected by the performance of the Australian and
Canadian dollar against the US dollar. The Company's functional currency is the
US dollar and a portion of its cash operating costs are denominated in the local
currencies. The currency hedge positions provide a significant level of
protection for the Company's Australian and Canadian dollar operating costs and
capital expenditures for the equivalent of about three years. </font></p>
<p><font size="2">At June 30, 2004, the Company had approximately C$0.9 billion
of its Canadian dollar exposures hedged at an average rate of $0.68 and
approximately A$1.5 billion of its Australian dollar exposures hedged at an
average rate of $0.61. Included in other comprehensive income at June 30, 2004
were unrealized pre-tax gains on currency hedge contracts totaling $149 million,
based on June 30, 2004 market foreign exchange rates, that will be matched with
operating costs and capital expenditures primarily over the next three years to
offset the impact of the strengthening Australian and Canadian dollar. The
Company may add to its currency hedge position during 2004, subject to market
conditions. </font></p>
<p><b><font size="2">Fuel Hedging <br>
</font></b><font size="2">Each year the Company consumes about one million barrels of
diesel fuel at its operating mines. To protect against the possibility of higher
diesel fuel costs, the Company has entered into fuel hedge contracts that fix
the price within a weighted average range of $28-37 per barrel of oil for about
50% of expected annual consumption over the next two and a half years. </font>
</p>
<p><b><font size="2">Amortization <br>
</font></b><font size="2">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
12% decrease in ounces sold, a change in production mix and reserve increases at
the end of 2003 led to an overall $16 million decrease in amortization expense
for second quarter 2004. In second quarter 2004, overall average amortization
was $88 per ounce, compared to $89 for second quarter 2003. For details of the
impact of changes in reserve estimates on amortization expense in 2004, refer to
page 25. For an explanation of how the Company calculates amortization per
ounce, refer to page 32. </font></p>
<p><b><font size="2">Administration <br>
</font></b><font size="2">In second quarter 2004, administration costs were $1 million
higher than the prior-year quarter primarily due to additional compliance costs
associated with the Sarbanes-Oxley legislation. </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>21</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="801" COLSPAN="5"><b><font size="2">Exploration, Development and
    Business Development Expense</font></b></td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" 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">&nbsp;</td>
    <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="212" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Three months</font></td>
    <td WIDTH="212" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Six months ended</font></td>
  </tr>
  <tr>
    <td WIDTH="377">&nbsp;</td>
    <td WIDTH="212" COLSPAN="2" align="center"><font size="2">ended June 30</font></td>
    <td WIDTH="212" COLSPAN="2" align="center"><font size="2">June 30</font></td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></td>
    <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">Exploration costs</font></b></td>
    <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="106" 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="103" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="377">&nbsp;&nbsp;&nbsp;&nbsp; <font size="2">North America</font></td>
    <td WIDTH="106" align="right"><b><font size="2">$ 7</font></b></td>
    <td WIDTH="106" align="right"><font size="2">$ 2</font></td>
    <td WIDTH="109" align="right"><b><font size="2">$ 12</font></b></td>
    <td WIDTH="103" align="right"><font size="2">$ 4</font></td>
  </tr>
  <tr>
    <td WIDTH="377" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Australia/Africa</font></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><b><font size="2">4</font></b></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font size="2">5</font></td>
    <td WIDTH="109" align="right" bgcolor="#E6E6E6"><b><font size="2">9</font></b></td>
    <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font size="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="377"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South America</font></td>
    <td WIDTH="106" align="right"><b><font size="2">6</font></b></td>
    <td WIDTH="106" align="right"><font size="2">5</font></td>
    <td WIDTH="109" align="right"><b><font size="2">10</font></b></td>
    <td WIDTH="103" align="right"><font size="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="377" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
    countries</font></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><b><font size="2">2</font></b></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font size="2">1</font></td>
    <td WIDTH="109" align="right" bgcolor="#E6E6E6"><b><font size="2">3</font></b></td>
    <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font size="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="377"><b><font size="2">Development project costs</font></b></td>
    <td WIDTH="106" align="right">&nbsp;</td>
    <td WIDTH="106" align="right">&nbsp;</td>
    <td WIDTH="109" align="right">&nbsp;</td>
    <td WIDTH="103" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="377" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veladero</font></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><b><font size="2">-</font></b></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font size="2">5</font></td>
    <td WIDTH="109" align="right" bgcolor="#E6E6E6"><b><font size="2">-</font></b></td>
    <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font size="2">11</font></td>
  </tr>
  <tr>
    <td WIDTH="377"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lagunas Norte</font></td>
    <td WIDTH="106" align="right"><b><font size="2">3</font></b></td>
    <td WIDTH="106" align="right"><font size="2">7</font></td>
    <td WIDTH="109" align="right"><b><font size="2">9</font></b></td>
    <td WIDTH="103" align="right"><font size="2">14</font></td>
  </tr>
  <tr>
    <td WIDTH="377" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</font></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><b><font size="2">5</font></b></td>
    <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font size="2">4</font></td>
    <td WIDTH="109" align="right" bgcolor="#E6E6E6"><b><font size="2">9</font></b></td>
    <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font size="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="377"><b><font size="2">Organization design costs</font></b></td>
    <td WIDTH="106" align="right"><b><font size="2">1</font></b></td>
    <td WIDTH="106" align="right"><font size="2">-</font></td>
    <td WIDTH="109" align="right"><b><font size="2">2</font></b></td>
    <td WIDTH="103" align="right"><font size="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">Business Development</font></b></td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">6</font></b></td>
    <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">5</font></td>
    <td WIDTH="109" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">9</font></b></td>
    <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="377" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$ 34</font></b></td>
    <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$ 34</font></td>
    <td WIDTH="109" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$ 63</font></b></td>
    <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$ 63</font></td>
  </tr>
</table>
<p><font size="2">In second quarter 2004, Barrick continued to invest in its
exploration program, with costs in line with second quarter 2003 levels. Higher
activity at the Rossi property and various targets at Goldstrike and Round
Mountain led to an increase in exploration costs in North America over the
prior-year quarter. In South America, increased exploration costs were more than
offset by the impact of capitalizing mine development costs at the Veladero and
Lagunas Norte projects in second quarter 2004. All mine development costs at
Veladero and Lagunas Norte were expensed in second quarter 2003. The Company
also increased its business development expenses in the quarter. </font></p>
<p><font size="2">During second 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 SEC rules. The Company expensed
development costs at Veladero until October 1, 2003, and at Lagunas Norte until
April 30, 2004, when the projects achieved the criteria needed to classify
material as a reserve under SEC rules. In 2004, all development costs at
Veladero have been capitalized. At Lagunas Norte, the Company capitalized
development costs from May 1, 2004 onwards. </font></p>
<p><font size="2">Exploration, development and business development expense is
expected to be about $15-20 million higher than plan primarily due to additional
activity at Chocolate Reef in Tanzania. 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.
</font></p>
<p><b><font size="2">Interest Expense </font></b><font size="2"><br>
Barrick incurred $11 million in interest costs and financing
charges in second quarter 2004, related mainly to its debentures and its
Bulyanhulu project financing, compared to $11 million in the prior-year quarter.
In second quarter 2004, the Company </font>
<font FACE="Franklin Gothic" SIZE="2">capitalized $7 million of interest at
Veladero, Cowal, Lagunas Norte and Tulawaka and expensed $4 million. In second
quarter 2003, it expensed $11 million. Following a decision to proceed with the
Pascua-Lama project in July 2004, the Company will begin capitalizing interest
on this project in third quarter 2004 and expects to capitalize about $10
million of interest on the Pascua-Lama project in 2004. </p>
</font>
<p><font size="2">Barrick uses interest rate swaps to manage the effective rates
of interest it pays on long-term debt. On its $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 its 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 7.8%. </font></p>
<p><font size="2">The Company is considering issuing new long-term debt
obligations in the second half of 2004, as described on page 24. The Company
expects that the earnings impact of any further interest it incurs on these new
debt obligations in the second half of 2004 will be largely offset by extra
interest income and interest capitalized at Pascua-Lama. The actual amount of
interest incurred will be affected by the timing and amount of debt issued, as
well as the interest rates implicit in the new debt obligations. </font></p>
<p><font size="2">Actual interest incurred on all outstanding debt obligations,
as well as amounts of interest capitalized, will be affected by changes in
market interest rates on variable-rate debt obligations. </font></p>
<p><b><font size="2">Other Income/Expense </font></b><font size="2"><br>
In second quarter 2004, Barrick earned interest income of $7
million on its cash balances, similar to second quarter 2003. Through interest
rate swaps, the Company earned a fixed rate of 3.4% in second quarter 2004 on
most of its cash balances, with any excess cash balances earning interest at
market interest rates. In second quarter 2004, the Company also realized pre-tax
gains of $1 million on the sale of various assets, compared to pre-tax gains on
asset sales of $11 million in the prior-year period. In second quarter 2003,
other income also </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>22</b></font></td>
    <td WIDTH="414">
    <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>
<p><font size="2">included foreign currency translation losses of $4 million.
</font></p>
<p><font size="2">Barrick may dispose of all or a part of its interests in
certain assets in 2004, including various land parcels in the United States.
These potential transactions could give rise to gains on disposal that will be
reflected in earnings of the period in which the transaction closes. The Company
is negotiating an earn-in arrangement on the Kabanga Nickel project with
Falconbridge. This may result in a small gain to be recorded in earnings on
closing. The Company has also reached an agreement to sell the Holt-McDermott
mine as described on page 11. </font></p>
<p><b><font size="2">Non-Hedge Derivative Gains and Losses </font></b><font size="2">
<br>
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 and floating spot price gold and silver
contracts. The gains and losses occur primarily because of changes in commodity
prices, currency exchange rates and interest rates. </font></p>
<p><font size="2">In second quarter 2004, non-hedge derivative gains of $6
million related primarily to the impact of changes in US dollar interest rates
and gold lease rates on non-hedge interest rate contracts, partly offset by
losses on non-hedge Australian dollar currency contracts due to the weakening of
Australian dollar against the US dollar. In second quarter 2003, the Company
recorded non-hedge gains of $10 million, which mainly included gains recorded on
hedges of Australian dollar capital expenditures, which no longer qualified for
hedge accounting treatment due to changes in the timing of the underlying
capital expenditures. </font></p>
<p><b><font size="2">Income Taxes </font></b><font size="2"><br>
In second quarter 2004, Barrick recorded a tax recovery of $19
million compared to a tax recovery of $15 million in second quarter 2003. The
tax recoveries include a $30 million deferred tax credit in 2004 and a $21
million deferred tax credit in 2003. The tax credit in second quarter 2004
relates to the impact of revaluing assets for tax purposes under a new tax
regime in Australia. The tax credit in second quarter 2003, related to a
corporate reorganization of various North American subsidiaries that enabled
previously unrecognized tax benefits to be realized. </font></p>
<p><font size="2">Should average spot gold prices for 2004 remain in the $400
per ounce range, the Company expects its underlying effective tax rate in 2004
to be about 28%. The Company's underlying effective tax rate was higher in 2004
primarily due to higher market gold prices. The underlying rate excludes the
effect of gains and losses on non-hedge derivatives; the effect of delivering
into forward gold sales contracts at prices below prevailing market prices; and
the effect of any tax credits arising from the change in Australian tax regime
and the release of deferred tax valuation allowances. The actual effective tax
rate is higher mainly due to the impact of delivering into forward gold sales
contracts at prices below prevailing market prices in a low tax rate
jurisdiction, as well as deferred tax credits, as described in note 8 to the
financial statements. </font></p>
<p><font size="2">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. </font></p>
<p><b><font size="2">STATEMENT OF COMPREHENSIVE INCOME </font></b></p>
<p><font size="2">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. </font></p>
<p><font size="2">In second quarter 2004, other comprehensive income mainly
included a $65 million decline in the amount of unrealized hedge gains recorded
in other comprehensive income for cash flow hedge contracts that was primarily
caused by changes in currency exchange rates; gains on cash flow hedges totaling
$17 million that were transferred to earnings during the quarter to be matched
with amounts recorded in earnings for the related hedged items; and a $32
million decline in the unrealized mark-to-market gain on investments. </font>
</p>
<p><b><font size="2">CASH FLOW STATEMENT </font></b></p>
<p><b><font size="2">Liquidity and Capital Resources </font></b><font size="2">
<br>
In previous years, Barrick's main sources of liquidity have
been cash inflows from operating activities, its 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. </font></p>
<p><font size="2">In the last three fiscal years, Barrick has generated a total
operating cash inflow of about $1.7 billion. The Company expects to continue to
generate significant operating cash flow over the next few years, providing it
</font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>23</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MANAGEMENT'S DISCUSSION AND ANALYSIS </b>
    </font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<p><font size="2">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 $2.5-2.6 billion through the end of 2009 to build its
Veladero, Cowal, Lagunas Norte, Tulawaka and Pascua-Lama development projects,
of which $0.3 billion had been spent by June 30, 2004. The Company also expects
to spend between $100 and $200 million per year for sustaining capital at its
existing mining operations. </font></p>
<p><font size="2">Alternatives for sourcing this capital include Barrick's
significant cash position, its $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 has signed a $250 million Veladero project financing with
commercial banks and export credit agencies, subject to finalizing the security
of the Project's assets against the debt. The Company is considering issuing new
long-term debt obligations for a </font></font>
<font size="2">portion of the construction costs at both Lagunas Norte and
Pascua-Lama. </font></p>
<p><font size="2">The Company expects that, absent a material 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. </font></p>
<p><b><font size="2">Capital structure </font></b><font size="2"><br>
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. </font>
</p>
<p><font size="2">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. The share buyback program was completed in first
quarter 2004, and the Company has no current plans to buy back any further
common shares. </font></p>
<p><b><font size="2">Operating Activities </font></b><font size="2"><br>
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 $46 million increase in operating cash flow in
second quarter 2004 compared to the prior-year quarter. </font></p>
<p><font size="2">In second quarter 2004, operating cash flow benefited from a
$20 per ounce increase in the average realized gold price, offset by a $24 per
ounce increase in total cash costs, compared to the prior-year quarter. The net
effect of these variances, combined with a 12% decrease in the volume of ounces
sold, was a $34 million decrease in operating cash flow compared to the
prior-year quarter. Despite the effect of the above factors, operating cash flow
was higher in second quarter 2004 because this effect was more than offset by
the impact of lower payments of income tax installments and an increase in
accounts payable in second quarter 2004. </font></p>
<p><font size="2">Due to variations in the timing of gold production versus gold
sales, inventory levels increased in second quarter 2004, which was reflected as
a $21 million operating cash outflow. The increase in inventory in second
quarter 2004 was offset by an increase in accounts payable. </font></p>
<p><b><font size="2">Investing Activities </font></b><font size="2"><br>
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 operating mines, including
expenditures relating to underground development activities and significant
capital expenditures in the development and construction of new mines. The
annual amount varies depending on the status of the development projects. </font>
</p>
<p><font size="2">The increase in capital expenditures in second quarter 2004
mainly relates to $133 million spent at the Company's development projects -
principally construction activity at Veladero and Lagunas Norte. Spending is
expected to continue to increase for the remainder of 2004 to support
advancement of the four development projects that are presently in construction.
Capital expenditures for the full year are now expected to be approximately $900
million, up from previous guidance of $767 million, due primarily to accelerated
equipment purchases at Veladero and Cowal, and spending on the new power plant
in Nevada in 2004. </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>24</b></font></td>
    <td WIDTH="414">
    <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>
<p><b><font size="2">Financing Activities </font></b><font size="2"><br>
The most significant financing activities in second quarter
2004 were scheduled repayments of debt obligations, dividend payments and
proceeds from issuing capital stock on exercise of stock options. </font></p>
<p><b><font size="2">CANADIAN SUPPLEMENT </font></b><font size="2"><br>
In note 19 to the financial statements, the Company has
provided a reconciliation between Canadian and US GAAP, including a description
of the material differences affecting the balance sheet, income statement and
statement of cash flows. </font></p>
<p><font size="2">The principal continuing reconciling differences relate to the
amortization of property, plant and equipment and intangible assets recorded
under Canadian GAAP. These differences arise due to differences in the carrying
amounts of assets, and amortization methods under Canadian GAAP when compared to
US GAAP, as described in note 19 to the financial statements. </font></p>
<p><font size="2">The Company expects to see continuing differences in
accounting for exploration and development expenditures, where some expenditures
qualify for capitalization under Canadian GAAP, but are expensed under US GAAP.
Until May 1, 2004, when mineralization at the Lagunas Norte project qualified as
a reserve under SEC rules, the most significant project in 2004 that was
affected by this GAAP difference was the Lagunas Norte project. Other projects
affected by this GAAP difference in 2004 include Kabanga and Chocolate Reef.
</font></p>
<p><font size="2">The Company was required to adopt a new accounting standard
under Canadian GAAP in first quarter 2004 for reclamation and closure costs. The
adoption of this accounting standard, to a large extent, conforms the Company's
accounting policy to FAS 143 under US GAAP. The Company also adopted a new
accounting standard under Canadian GAAP in first quarter 2004 for Stock-Based
Compensation, which will result in differences between US and Canadian GAAP
throughout 2004. The other GAAP differences that affected the reconciliation of
earnings under US GAAP compared with Canadian GAAP were primarily due to facts
and circumstances related to the years presented and are not necessarily
indicative of continuing trends that will cause material GAAP differences in
future years. </font></p>
<p><b><font size="2">CRITICAL ACCOUNTING POLICIES AND ESTIMATES </font></b></p>
<p><b><font size="2">Accounting policy changes </font></b><font size="2"><br>
There were no changes in accounting policies in second quarter
2004. </font></p>
<p><b><font size="2">Critical Accounting Estimates </font></b><font size="2">
<br>
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><font size="2">amortization of property, plant and equipment and
  capitalized mining costs; </font></li>
  <li><font size="2">impairment assessments of long-lived assets; </font></li>
  <li><font size="2">asset retirement obligations; </font></li>
  <li><font size="2">the measurement of deferred income tax assets and
  liabilities and assessment of the need to record valuation allowances against
  those assets; </font></li>
  <li><font size="2">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><font size="2">contingencies. </font></li>
</ul>
<p><b><font size="2">Amortization Expense </font></b><font size="2"><br>
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, effective December 31, 2003, caused amortization
during second quarter 2004 to decrease by $6 million for the mines listed below,
which had reserve estimate changes (other than production) greater than 10%.
</font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="45%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="805" COLSPAN="6"><font size="2">Impact of Actual Changes in
    Reserve Estimates on Amortization</font></td>
  </tr>
  <tr>
    <td COLSPAN="6" width="805" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="6" width="805" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(in millions of dollars, except reserves which are in
    millions of contained ounces)</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="136" align="center" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Reserves</font></td>
    <td WIDTH="350" align="center" colspan="4" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Amortization</font></td>
  </tr>
  <tr>
    <td WIDTH="319">&nbsp;</td>
    <td WIDTH="136" align="center"><font size="2">increase</font></td>
    <td WIDTH="350" COLSPAN="4" align="center"><font size="2">increase
    (decrease) for the</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="136" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(decrease)</font></td>
    <td WIDTH="350" COLSPAN="4" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">periods ended June 30, 2004</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="136" align="center" style="border-top-style: solid; border-top-width: 1">
    <font size="2">As at</font></td>
    <td WIDTH="70" align="center" 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="83" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="96" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319">&nbsp;</td>
    <td WIDTH="136" align="center"><font size="2">December</font></td>
    <td WIDTH="171" COLSPAN="2" align="center"><font size="2">Three months</font></td>
    <td WIDTH="179" COLSPAN="2" align="center"><font size="2">Six months</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="136" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">31, 2003</font></td>
    <td WIDTH="171" align="center" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">ended</font></td>
    <td WIDTH="179" COLSPAN="2" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">ended</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Goldstrike</font></td>
    <td WIDTH="136" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="70" 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="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="319"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underground</font></td>
    <td WIDTH="136" align="right"><b><font size="2">0.2</font></b></td>
    <td WIDTH="70" align="right"><b><font size="2">$</font></b></td>
    <td WIDTH="101" align="right"><b><font size="2">(2)</font></b></td>
    <td WIDTH="83" align="right"><font size="2">$</font></td>
    <td WIDTH="96" align="right"><font size="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="319" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Pit</font></td>
    <td WIDTH="136" align="right" bgcolor="#E6E6E6"><b><font size="2">1.5</font></b></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><b><font size="2">(1)</font></b></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font size="2">(3)</font></td>
  </tr>
  <tr>
    <td WIDTH="319"><font size="2">Plutonic</font></td>
    <td WIDTH="136" align="right"><b><font size="2">0.5</font></b></td>
    <td WIDTH="70" align="right">&nbsp;</td>
    <td WIDTH="101" align="right"><b><font size="2">(1)</font></b></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font size="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="319" bgcolor="#E6E6E6"><font size="2">Eskay Creek</font></td>
    <td WIDTH="136" align="right" bgcolor="#E6E6E6"><b><font size="2">(0.1)</font></b></td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="101" align="right" bgcolor="#E6E6E6"><b><font size="2">1</font></b></td>
    <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font size="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="319"><font size="2">Kalgoorlie</font></td>
    <td WIDTH="136" align="right"><b><font size="2">0.9</font></b></td>
    <td WIDTH="70" align="right">&nbsp;</td>
    <td WIDTH="101" align="right"><b><font size="2">-</font></b></td>
    <td WIDTH="83" align="right">&nbsp;</td>
    <td WIDTH="96" align="right"><font size="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="319" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Pierina</font></td>
    <td WIDTH="136" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">0.3</font></b></td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">(3)</font></b></td>
    <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">(6)</font></td>
  </tr>
</table>
<p><font size="2">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. </font></p>
<p><b><font size="2">Capitalized Mining Costs </font></b><font size="2"><br>
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 </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>25</b></font></td>
    <td WIDTH="414">
    <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>
<p><font size="2">48:1 to 60:1. The effect of this change in estimate on
amortization of capitalized mining costs in second quarter 2004, compared to the
prior-year quarter, was a decrease of $0.5 million at the Goldstrike Open Pit
and an increase of $2.1 million at Pierina. The year-to-date impact of this
change in estimate on amortization of capitalized mining costs was a decrease of
$1.1 million at the Goldstrike Open Pit and an increase of $3.9 million at
Pierina. </font></p>
<p><b><font size="2">OFF-BALANCE SHEET ARRANGEMENTS <br>
Forward Gold Sales Contracts </font></b><font size="2"><br>
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 Company will pursue opportunities to reduce its gold hedge position. </font>
</p>
<p><font size="2">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 second quarter 2004, the hedge position
was reduced by 0.85 million ounces to 13.9 million ounces, which represents 16%<sup>1</sup>
of the Company's year-end reserves. In addition to the fixed price forward gold
sales contracts, Barrick has floating spot price gold sales contracts under
which it is committed to deliver 0.7 million ounces of gold over the next ten
years at spot prices less an average adjustment of $46 per ounce at the delivery
date. These floating spot price contracts were originally fixed spot price
contracts, which under the terms of its Master Trading Agreements (MTAs), the
Company converted to floating spot price contracts. </font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td COLSPAN="2" width="1119"><b><font size="2">Fixed-price Forward Gold Sales
    Contracts (&quot;The Gold Hedge Position&quot;)</font></b></td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(as of June 30, 2004)</font></td>
    <td WIDTH="561" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Gold ounces hedged</font></td>
    <td WIDTH="561" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">13.9 million ounces (or less than 2.5 years of expected
    future production)</font></td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Current termination date of gold sales contracts</font></td>
    <td WIDTH="561" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2014 in most cases</font></td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Average estimated realizable gold sales contract price at
    2014 termination date.</font></td>
    <td WIDTH="561" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">$428/oz<sup>A</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="560"><font size="2">Delivery obligations</font></td>
    <td WIDTH="561" rowspan="4" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Barrick will deliver gold production from operations against
    gold sales contracts by the termination date (which is currently 2014 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.</font></td>
  </tr>
  <tr>
    <td WIDTH="560">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="560">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Unrealized mark-to-market loss at June 30, 2004</font></td>
    <td WIDTH="561" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" rowspan="2" bgcolor="#E6E6E6">
    <font size="2">$1,391 million<sup>B</sup>. The mark-to-market would approach
    zero (breakeven) at a spot gold price of $293 per ounce, assuming all other
    variables are constant.</font></td>
  </tr>
  <tr>
    <td WIDTH="560" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="2" width="1119" style="border-top-style: solid; border-top-width: 1">
    <ol style="font-size: 10pt" type="A">
      <li><font style="font-size: 9pt">Approximate estimated value based on current market US
      dollar interest rates and an average lease rate assumption of 1.25%.
      Accelerating gold deliveries could potentially lead to reduced contango
      that would otherwise have built up over time.</font></li>
      <li><font style="font-size: 9pt">At a spot gold price of $393 per ounce.</font></li>
    </ol>
    </td>
  </tr>
</table>
<p>______________________</p>
<table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="100%" id="AutoNumber2">
  <tr>
    <td width="3%" valign="top">
    <p align="center">
<font style="font-size: 9pt"><sup>1 </sup></font></td>
    <td width="97%">
<font style="font-size: 9pt">Based on reserves calculated as at December
  31, 2003 using an assumed price of $325 per ounce for gold and $4.75 per ounce
  for silver, except with respect to the Pascua-Lama project where reserves have
  been calculated as at June 30, 2004 using an assumed gold price of $350 per
  ounce and an assumed silver price of $5.50 per ounce. For additional
  information on reserves, see the most recent Annual Information Form / Form
  40-F. </font></td>
  </tr>
  <tr>
    <td width="3%">&nbsp;</td>
    <td width="97%">&nbsp;</td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2"><table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>26</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td COLSPAN="2" width="1122"><b><font size="2">Fixed-price Forward Silver Sales
    Contracts (&quot;The Silver Hedge Position&quot;)</font></b></td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(as of June 30, 2004)</font></td>
    <td WIDTH="562" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Silver ounces hedged</font></td>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">18.4 million ounces</font></td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Current termination date of silver sales contracts</font></td>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2014 in most cases</font></td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Average estimated realizable silver sales contract price at
    2014 termination date.</font></td>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">$8.14/oz<sup>A</sup></font></td>
  </tr>
  <tr>
    <td WIDTH="562"><font size="2">Delivery obligations</font></td>
    <td WIDTH="562" rowspan="4" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Barrick will deliver silver production from operations
    against silver sales contracts by the termination date (which is currently
    2014 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.</font></td>
  </tr>
  <tr>
    <td WIDTH="562">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="562">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Unrealized mark-to-market loss at June 30, 2004</font></td>
    <td WIDTH="562" style="border-top-style: solid; border-top-width: 1" rowspan="2" bgcolor="#E6E6E6">
    <font size="2">$12 million<sup>B</sup>. The mark-to-market would approach
    zero (breakeven) at a spot silver price of $5.32 per ounce, assuming all
    other variables are constant.</font></td>
  </tr>
  <tr>
    <td WIDTH="562" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td COLSPAN="2" width="1122" style="border-top-style: solid; border-top-width: 1">
    <ol style="font-size: 10pt" type="A">
      <li><font style="font-size: 9pt">Approximate estimated value based on current market US
      dollar interest rates and an average lease rate assumption of 1.25%.
      Accelerating silver deliveries could potentially lead to reduced contango
      that would otherwise have built up over time.</font></li>
      <li><font style="font-size: 9pt">At a spot silver price of $5.81 per ounce.</font></li>
    </ol>
    </td>
  </tr>
</table>
<p><font size="2">In all of the Company's MTAs, which govern the terms of its
gold and silver sales contracts with its 19 counterparties, the following
applies: </font></p>
<ul>
  <li><font size="2">The counterparties do not have unilateral and
  discretionary &quot;right to break&quot; provisions. </font></li>
  <font lang="JA">
  <li></font><font size="2">There are no credit downgrade provisions. </font>
  </li>
  <font lang="JA">
  <li></font><font size="2">The Company is not subject to any margin calls -
  regardless of the price of gold or silver. </font></li>
  <font lang="JA">
  <li></font><font size="2">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 contract
  price, whichever is higher, to the termination date of its contracts
  (currently 2014 in most cases). </font></li>
</ul>
<p><font size="2">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: </font></p>
<font lang="JA">
<ul>
  <li></font><font size="2">Barrick must maintain a minimum consolidated net
  worth of at least $2 billion - currently, it is $3.3 billion. </font></li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font size="2">Barrick must maintain a maximum long-term debt to
  consolidated net worth ratio of 2:1 - currently, it is under 0.25:1. </font>
  </li>
  <font lang="JA">
  <li></font><font size="2">Barrick's agreements exclude unrealized
  mark-to-market valuations in the calculation of consolidated net worth. </font>
  </li>
  <font lang="JA">
  <li></font><font size="2">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).
  </font></li>
</ul>
<p><font size="2">In most cases, under the terms of Barrick's MTAs, 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. </font>
</p>
<p><b><font size="2">Significance of mark-to-market gains and losses <br>
</font></b>
<font size="2">At the end of second 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,
interest rate and energy hedge programs, was approximately negative $1.25
billion. </font>
</p>
<p><font size="2">The mark-to-market value of the gold contracts is based on the
closing spot gold price of $393 per ounce and </font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>27</b></font></td>
    <td WIDTH="414">
    <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>
<p><font size="2">market rates for LIBOR and gold lease rates on June 30, 2004.
The mark-to-market value of the contracts would approach zero (breakeven) at a
spot gold price of approximately $293 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 2014 in most cases). </font></p>
<p><font size="2">In accordance with hedge accounting rules, the positive
mark-to-market value of $155 million relating to the currency, interest rate and
energy hedge programs is recorded 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. </font></p>
<p><font size="2">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. </font></p>
<table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Fair Value Gain/(Loss)</font></td>
    <td WIDTH="206" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(millions)</font></td>
    <td WIDTH="206" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">June 30, 2004</font></td>
  </tr>
  <tr>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Forward gold sales contracts</font></td>
    <td WIDTH="206" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$(1,391)</font></td>
  </tr>
  <tr>
    <td WIDTH="477" bgcolor="#FFFFFF"><font size="2">Forward silver sales contracts</font></td>
    <td WIDTH="206" align="right" bgcolor="#FFFFFF"><font size="2">(12)</font></td>
  </tr>
  <tr>
    <td WIDTH="477" bgcolor="#E6E6E6"><font size="2">Foreign currency contracts</font></td>
    <td WIDTH="206" align="right" bgcolor="#E6E6E6"><font size="2">126</font></td>
  </tr>
  <tr>
    <td WIDTH="477" bgcolor="#FFFFFF"><font size="2">Interest rate contracts</font></td>
    <td WIDTH="206" align="right" bgcolor="#FFFFFF"><font size="2">26</font></td>
  </tr>
  <tr>
    <td WIDTH="477" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Energy contracts</font></td>
    <td WIDTH="206" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="477" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="206" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">$(1,248)</font></td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="30%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><b><font size="2">Change in the Fair Value of</font></b></td>
    <td WIDTH="30%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b><font size="2">Forward Gold Sales Contracts (millions)</font></b></td>
    <td WIDTH="30%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Unrealized loss at January 1, 2004</font></td>
    <td WIDTH="30%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$1,725</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#FFFFFF"><font size="2">Impact of change in spot price <sup>A</sup></font></td>
    <td WIDTH="30%" align="right" bgcolor="#FFFFFF"><font size="2">(304)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6E6E6"><font size="2">Contango earned in the period</font></td>
    <td WIDTH="30%" align="right" bgcolor="#E6E6E6"><font size="2">(60)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#FFFFFF"><font size="2">Impact of change in valuation inputs <sup>B</sup></font></td>
    <td WIDTH="30%" align="right" bgcolor="#FFFFFF"><font size="2">88</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6E6E6"><font size="2">Mark-to-market impact of deliveries into gold
    sales contracts</font></td>
    <td WIDTH="30%" align="right" bgcolor="#E6E6E6"><font size="2">(58)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font size="2">Unrealized loss at June 30, 2004</font></td>
    <td WIDTH="30%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font size="2">$1,391</font></td>
  </tr>
  <tr>
    <td WIDTH="100%" style="border-top-style: solid; border-top-width: 1" colspan="2">
    <font style="font-size: 9pt">A. From $415 per ounce to $393 per ounce.</font></td>
  </tr>
  <tr>
    <td WIDTH="100%" colspan="2"><font style="font-size: 9pt">B. Other than spot metal prices
    (e.g. interest rates and gold lease rates).</font></td>
  </tr>
  <tr>
    <td WIDTH="70%">&nbsp;</td>
    <td WIDTH="30%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><b><font size="2">Change in the Fair Value of</font></b></td>
    <td WIDTH="30%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b><font size="2">Forward Silver Sales Contracts (millions)</font></b></td>
    <td WIDTH="30%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Unrealized loss at January 1, 2004</font></td>
    <td WIDTH="30%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$17</font></td>
  </tr>
  <tr>
    <td WIDTH="70%"><font size="2">Impact of change in spot price<sup>C</sup></font></td>
    <td WIDTH="30%" align="right"><font size="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" bgcolor="#E6E6E6"><font size="2">Contango earned in the period</font></td>
    <td WIDTH="30%" align="right" bgcolor="#E6E6E6"><font size="2">(1)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Impact of change in valuation inputs<sup>D</sup></font></td>
    <td WIDTH="30%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(6)</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font size="2">Unrealized loss at June 30, 2004</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 size="2">$12</font></td>
  </tr>
  <tr>
    <td WIDTH="70%" style="border-top-style: solid; border-top-width: 1">
    <font style="font-size: 9pt">C. From $5.92 per ounce to $5.81 per ounce.</font></td>
    <td WIDTH="30%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="70%"><font style="font-size: 9pt">D. Other than spot metal prices (e.g.
    interest rates and silver lease rates).</font></td>
    <td WIDTH="30%" align="right">&nbsp;</td>
  </tr>
</table>
<p><b><font size="2">Contractual Obligations and Commitments <br>
Capital expenditures <br>
</font></b><font size="2">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. Significant changes to the contractual obligations and commitments as
at December 31, 2003 include an additional $104 million of committed capital
expenditures related to development projects to be incurred in 2004 and 2005.</font></p>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>28</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="438"><b><font size="2">QUARTERLY INFORMATION</font></b></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="82" align="right">&nbsp;</td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="70" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="73" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="547" COLSPAN="3"><font size="2">(in millions, except per share
    and per ounce data)</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="70" align="right">&nbsp;</td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="65" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right">&nbsp;</td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="73" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="438" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="82" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="35" 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="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">&nbsp;</td>
    <td WIDTH="33" 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="37" 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">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="28" 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="438">&nbsp;</td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="82" align="right"><font size="2">Jun 30</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="70" align="right">
    <font size="2">Mar 31</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="67" align="right">
    <font size="2">Dec 31</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">Sep 30</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">Jun 30</font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font size="2">Mar 31</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><font size="2">&nbsp;Dec 31</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="73" align="right"><font size="2">Sep 30</font></td>
  </tr>
  <tr>
    <td WIDTH="438" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="82" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2004</font></td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2004</font></td>
    <td WIDTH="35" 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 size="2">2003</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 size="2">2003</font></td>
    <td WIDTH="33" 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 size="2">2003</font></td>
    <td WIDTH="37" 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 size="2">2003</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2002</font></td>
    <td WIDTH="28" 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">
    <font size="2">2002</font></td>
  </tr>
  <tr>
    <td WIDTH="438" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Gold sales</font></td>
    <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">454</font></td>
    <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">477</font></td>
    <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">536</font></td>
    <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">549</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">491</font></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">459</font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">526</font></td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">473</font></td>
  </tr>
  <tr>
    <td WIDTH="438"><font size="2">Average spot gold price per ounce</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="82" align="right"><font size="2">393</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="70" align="right"><font size="2">408</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">392</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">364</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">347</font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font size="2">352</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><font size="2">323</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="73" align="right"><font size="2">314</font></td>
  </tr>
  <tr>
    <td WIDTH="438" bgcolor="#E6E6E6"><font size="2">Average realized gold price per ounce</font></td>
    <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font size="2">372</font></td>
    <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font size="2">382</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">394</font></td>
    <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">365</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">352</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font size="2">355</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font size="2">343</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font size="2">342</font></td>
  </tr>
  <tr>
    <td WIDTH="438"><font size="2">Net income</font></td>
    <td WIDTH="27" align="right">&nbsp;</td>
    <td WIDTH="82" align="right"><font size="2">34</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="70" align="right"><font size="2">26</font></td>
    <td WIDTH="35" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">77</font></td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">35</font></td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="67" align="right"><font size="2">59</font></td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="65" align="right"><font size="2">29</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="63" align="right"><font size="2">54</font></td>
    <td WIDTH="28" align="right">&nbsp;</td>
    <td WIDTH="73" align="right"><font size="2">34</font></td>
  </tr>
  <tr>
    <td WIDTH="438" bgcolor="#E6E6E6"><font size="2">Net income per share<sup>A</sup></font></td>
    <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font size="2">0.06</font></td>
    <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font size="2">0.05</font></td>
    <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">0.14</font></td>
    <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">0.07</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font size="2">0.11</font></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font size="2">0.05</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font size="2">0.10</font></td>
    <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font size="2">0.06</font></td>
  </tr>
  <tr>
    <td WIDTH="438" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">Operating cash flow</font></td>
    <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="82" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">108</font></td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">126</font></td>
    <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">134</font></td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">188</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">62</font></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">131</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">195</font></td>
    <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font size="2">126</font></td>
  </tr>
  <tr>
    <td WIDTH="438" style="border-top-style: solid; border-top-width: 1">
    <font style="font-size: 9pt">A. Basic and diluted</font><p>&nbsp;</td>
    <td WIDTH="27" 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="29" 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="35" 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="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="33" 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="37" 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="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="544" style="border-bottom-style: solid; border-bottom-width: 1">
    <b><font size="2">NON-GAAP PERFORMANCE MEASURES</font></b></td>
    <td WIDTH="25" 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">&nbsp;</td>
    <td WIDTH="29" 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">&nbsp;</td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="253" COLSPAN="4" align="center"><font size="2">Three months ended
    June 30,</font></td>
    <td WIDTH="235" COLSPAN="4" align="center"><font size="2">Six months ended
    June 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="25" 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">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="29" 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 size="2">2003</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">2004</font></b></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">Total cash production costs - per US GAAP<sup>1</sup></font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">265</font></b></td>
    <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">261</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">516</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font size="2">514</font></td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">Accretion expense and reclamation costs at the operating
    mines</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">(9)</font></b></td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(3)</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">(12)</font></b></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">(5)</font></td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <font size="2">Total cash production costs - per Gold Institute Production
    Cost Standard</font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></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">
    <b>
    <font size="2">256</font></b></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 size="2">$</font></td>
    <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <font size="2">258</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <b>
    <font size="2">504</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" bgcolor="#E6E6E6">
    <font size="2">$</font></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
    <font size="2">509</font></td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-top-style: solid; border-top-width: 1"><font size="2">Ounces sold (thousands)</font></td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">
    <b><font size="2">1,222</font></b></td>
    <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="103" align="right" style="border-top-style: solid; border-top-width: 1"><font size="2">1,395</font></td>
    <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1">
    <b><font size="2">2,469</font></b></td>
    <td WIDTH="37" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1"><font size="2">2,687</font></td>
  </tr>
  <tr>
    <td WIDTH="544" bgcolor="#E6E6E6"><font size="2">Total cash costs per ounce sold
    - per US GAAP
    (dollars)</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6"><b><font size="2">$</font></b></td>
    <td WIDTH="96" align="right" bgcolor="#E6E6E6"><b><font size="2">217</font></b></td>
    <td WIDTH="29" align="right" bgcolor="#E6E6E6"><font size="2">$</font></td>
    <td WIDTH="103" align="right" bgcolor="#E6E6E6"><font size="2">187</font></td>
    <td WIDTH="33" align="right" bgcolor="#E6E6E6"><b><font size="2">$</font></b></td>
    <td WIDTH="84" align="right" bgcolor="#E6E6E6"><b><font size="2">209</font></b></td>
    <td WIDTH="37" align="right" bgcolor="#E6E6E6"><font size="2">$</font></td>
    <td WIDTH="81" align="right" bgcolor="#E6E6E6"><font size="2">191</font></td>
  </tr>
  <tr>
    <td WIDTH="544"><font size="2">Total cash costs per ounce sold - per Gold
    Institute Production Cost</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="96" align="right">&nbsp;</td>
    <td WIDTH="29" align="right">&nbsp;</td>
    <td WIDTH="103" align="right">&nbsp;</td>
    <td WIDTH="33" align="right">&nbsp;</td>
    <td WIDTH="84" align="right">&nbsp;</td>
    <td WIDTH="37" align="right">&nbsp;</td>
    <td WIDTH="81" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="544" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard (dollars)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">209</font></b></td>
    <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="103" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">185</font></td>
    <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">204</font></b></td>
    <td WIDTH="37" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">189</font></td>
  </tr>
</table>
<p><font size="2">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. 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 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. Commentary within this Management's 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. </font></p>
<p><font size="2">The data is 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.</font></p>
<p>______________________</p>
<font style="font-size: 9pt"><sup>1 </sup>Equal to cost of sales and other operating
  expenses less accretion expense and reclamation costs at non-operating mines.
<br>
&nbsp;</font><font FACE="Times New Roman PSMT" SIZE="2"><table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>29</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="1176" COLSPAN="17" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2"><b>Reconciliation of Total Cash Costs
    Per Ounce to Financial Statements</b></font></td>
  </tr>
  <tr>
    <td WIDTH="329" 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="162" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Goldstrike -</font></td>
    <td WIDTH="54" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="166" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Goldstrike -</font></td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="162" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Open Pit</font></td>
    <td WIDTH="54" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="166" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Underground</font></td>
    <td WIDTH="56" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="168" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Eskay Creek<sup>2</sup></font></td>
    <td WIDTH="56" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="165" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Round Mountain</font></td>
  </tr>
  <tr>
    <td WIDTH="329" 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 June 30</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="54" 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="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</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">2003</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</td>
    <td WIDTH="54" 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="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</td>
    <td WIDTH="56" 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="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">&nbsp;</td>
    <td WIDTH="56" 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="56" 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="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font FACE="Times New Roman" SIZE="2">
    Total cash production costs -</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">84.3</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">85.2</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">34.1</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">32.6</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">6.0</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">10.1</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">21.3</font></b></td>
    <td WIDTH="56" 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">19.3</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#FFFFFF"><font FACE="Times New Roman" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs
    at operating mines</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.6)</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.6)</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.4)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.4)</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" 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="54" 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="54" 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="54" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">83.7</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">84.6</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">34.1</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">32.6</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">6.0</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">10.0</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">20.9</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">18.9</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">332</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">392</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">130</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">112</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">89</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">99</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">98</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">113</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per US
    GAAP (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">254</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">217</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">262</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">291</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">68</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">103</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">218</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">170</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#FFFFFF"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost
    Standard (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">252</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">215</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">262</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">291</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">68</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">102</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">214</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&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="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="20" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="162" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Hemlo</font></td>
    <td WIDTH="54" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="166" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="168" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Marigold</font></td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="165" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Total North America</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">For the three months ended June 30</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&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="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font FACE="Times New Roman" SIZE="2">
    Total cash production costs -</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">
    &nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">14.8</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">14.4</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">3.3</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">6.2</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">1.8</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">1.6</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">
    <b><font FACE="Times New Roman" SIZE="2">165.6</font></b></td>
    <td WIDTH="56" 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">169.4</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#FFFFFF"><font FACE="Times New Roman" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
    operating mines</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(1.3)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(1.2)</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" 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="54" 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="54" 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="54" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Standard</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">14.7</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">14.4</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">3.2</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">6.1</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">1.7</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">1.6</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">164.3</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">168.2</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">62</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">59</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">16</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">23</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">12</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">11</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">739</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">809</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
    (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">238</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">245</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">204</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">272</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">160</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">153</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">224</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">210</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#FFFFFF"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Cost Standard
    (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">237</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">245</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">202</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">271</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">157</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">153</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">222</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">208</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&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="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="20" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="162" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Pierina</font></td>
    <td WIDTH="54" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="166" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Total South America</font></td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="168" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Plutonic</font></td>
    <td WIDTH="56" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="165" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Darlot</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">For the three months ended June 30</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</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="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#FFFFFF">&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="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font FACE="Times New Roman" SIZE="2">
    Total cash production costs -</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">19.2</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">21.4</font></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">19.2</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">21.4</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">17.7</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">16.6</font></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">6.7</font></b></td>
    <td WIDTH="56" 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">6.7</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#FFFFFF"><font FACE="Times New Roman" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="20" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#FFFFFF">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
    operating mines</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.9)</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.8)</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.9)</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.8)</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">(0.1)</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" 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="54" 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="54" 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="54" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="56" 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">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Standard</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">18.3</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">20.6</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">18.3</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">20.6</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">17.7</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">16.5</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">6.7</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">6.7</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">173</font></b></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">228</font></td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="54" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">173</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">228</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">76</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">79</font></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <b>
    <font FACE="Times New Roman" SIZE="2">34</font></b></td>
    <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">&nbsp;</td>
    <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#FFFFFF">
    <font FACE="Times New Roman" SIZE="2">38</font></td>
  </tr>
  <tr>
    <td WIDTH="329" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
    (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">109</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">109</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">231</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">208</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">197</font></b></td>
    <td WIDTH="56" align="right" style="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-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">175</font></td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="20" 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="54" 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="54" 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="56" align="right" 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="56" align="right" 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="56" align="right" 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="56" align="right" 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="56" align="right" 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>
  </tr>
  <tr>
    <td WIDTH="329"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="20" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="56" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="329" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Cost Standard
    (dollars)</font></td>
    <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">104</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">78</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">104</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">78</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">231</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">207</font></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">197</font></b></td>
    <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">175</font></td>
  </tr>
</table>
<ol style="font-size: 9PT">
  <li><font FACE="Franklin Gothic" style="font-size: 9pt">Represents cost of
  sales and other operating costs (excluding amortization and accretion expense
  and reclamation costs for non-operating mines). </li>
  <li>Eskay Creek's total cash costs in second quarter 2004 are impacted by
  higher silver prices which the Company treats as a by-product. Total cash
  costs on a co-product basis are: second quarter 2004 - gold $195 per ounce,
  silver $2.96 per ounce (2003 second quarter - gold $188 per ounce, silver
  $2.25 per ounce). </li>
</font>
</ol>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>30</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="32" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="150" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Lawlers</font></td>
    <td WIDTH="52" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&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="Franklin Gothic" SIZE="2">Kalgoorlie</font></td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="143" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Bulyanhulu</font></td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="140" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Total Australia/Africa</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">For the three months ended June 30</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">2003</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">2003</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="Franklin Gothic" SIZE="2">2003</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="Franklin Gothic" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs -</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">6.6</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">6.0</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">23.0</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">21.7</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">26.9</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">18.9</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">80.9</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">69.9</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font FACE="Franklin Gothic" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs
    at operating mines</font></td>
    <td WIDTH="32" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">-</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">-</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.2)</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">(0.3)</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(7.1)</font></b></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="Franklin Gothic" SIZE="2">(0.1)</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(7.3)</font></b></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="Franklin Gothic" SIZE="2">(0.5)</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs per Gold</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">6.6</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">6.0</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">22.8</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">21.4</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">19.8</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">18.8</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">73.6</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">69.4</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">26</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">26</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">96</font></b></td>
    <td WIDTH="52" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">101</font></td>
    <td WIDTH="53" align="right" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">78</font></b></td>
    <td WIDTH="53" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">81</font></td>
    <td WIDTH="53" align="right" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">310</font></b></td>
    <td WIDTH="53" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">325</font></td>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per US
    GAAP (dollars)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">253</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">228</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">239</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">216</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">344</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">234</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">260</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">214</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" 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="53" align="right" 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="53" align="right" 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="53" align="right" 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="53" align="right" 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>
  </tr>
  <tr>
    <td WIDTH="302"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost
    Standard (dollars)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">253</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">228</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">237</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">212</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">253</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">233</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">237</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">213</font></td>
  </tr>
  <tr>
    <td WIDTH="302" 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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="53" 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">&nbsp;</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="53" 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">&nbsp;</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="53" 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">&nbsp;</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>
  </tr>
  <tr>
    <td WIDTH="302" 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="147" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Goldstrike -</font></td>
    <td WIDTH="52" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="145" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Goldstrike -</font></td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="147" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Open Pit</font></td>
    <td WIDTH="52" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="145" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Underground</font></td>
    <td WIDTH="53" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="143" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Eskay Creek<sup>2</sup></font></td>
    <td WIDTH="53" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="140" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Round Mountain</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">For the six months ended June 30</font></td>
    <td WIDTH="32" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">2003</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">2003</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="Franklin Gothic" SIZE="2">2003</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="Franklin Gothic" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs -</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">161.4</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">175.1</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">69.8</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">72.2</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">4.9</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">16.0</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">39.5</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">33.6</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font FACE="Franklin Gothic" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs
    at operating mines</font></td>
    <td WIDTH="32" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(1.2)</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">(1.2)</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">(0.1)</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.1)</font></b></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="Franklin Gothic" SIZE="2">(0.1)</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.8)</font></b></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="Franklin Gothic" SIZE="2">(0.8)</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs per Gold</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">160.2</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">173.9</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">69.7</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">72.1</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">4.8</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">15.9</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">38.7</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">32.8</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">619</font></b></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">729</font></td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">271</font></b></td>
    <td WIDTH="52" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">293</font></td>
    <td WIDTH="53" align="right" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">155</font></b></td>
    <td WIDTH="53" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">184</font></td>
    <td WIDTH="53" align="right" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">183</font></b></td>
    <td WIDTH="53" align="right" 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">
    <font FACE="Franklin Gothic" SIZE="2">196</font></td>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per US
    GAAP (dollars)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">261</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">240</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">258</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">247</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">32</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">87</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">215</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">171</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" 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="53" align="right" 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="53" align="right" 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="53" align="right" 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="53" align="right" 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>
  </tr>
  <tr>
    <td WIDTH="302"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost
    Standard (dollars)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">259</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">238</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">257</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">247</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">31</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">86</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">212</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="302" 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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="53" 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">&nbsp;</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="53" 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">&nbsp;</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="53" 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">&nbsp;</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>
  </tr>
  <tr>
    <td WIDTH="302" 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="150" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Hemlo</font></td>
    <td WIDTH="52" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="145" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Holt-McDermott</font></td>
    <td WIDTH="53" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="149" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Marigold</font></td>
    <td WIDTH="188" COLSPAN="4" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Total North America</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">For the six months ended June 30</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">2003</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="52" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></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="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">2003</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="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">2003</font></td>
    <td WIDTH="85" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="79" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs -</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">29.0</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">29.3</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">8.5</font></b></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">11.6</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">3.9</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">3.5</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">317.0</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">341.3</font></td>
  </tr>
  <tr>
    <td WIDTH="302"><font FACE="Franklin Gothic" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs
    at operating mines</font></td>
    <td WIDTH="32" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">(0.1)</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.1)</font></b></td>
    <td WIDTH="52" 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="Franklin Gothic" SIZE="2">(0.1)</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(0.1)</font></b></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="Franklin Gothic" SIZE="2">-</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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(2.5)</font></b></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="Franklin Gothic" SIZE="2">(2.4)</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash production costs per Gold</font></td>
    <td WIDTH="32" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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>
    <td WIDTH="52" 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="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="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="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="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>
  </tr>
  <tr>
    <td WIDTH="302" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">28.9</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">29.2</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">8.4</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">11.5</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">3.8</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">3.5</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">314.5</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">338.9</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="32" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><b><font FACE="Franklin Gothic" SIZE="2">125</font></b></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><font FACE="Franklin Gothic" SIZE="2">124</font></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right"><b><font FACE="Franklin Gothic" SIZE="2">38</font></b></td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><font FACE="Franklin Gothic" SIZE="2">42</font></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Franklin Gothic" SIZE="2">20</font></b></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><font FACE="Franklin Gothic" SIZE="2">22</font></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><b><font FACE="Franklin Gothic" SIZE="2">1,411</font></b></td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right"><font FACE="Franklin Gothic" SIZE="2">1,590</font></td>
  </tr>
  <tr>
    <td WIDTH="302" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Total cash costs per ounce sold</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    &nbsp;</td>
  </tr>
</table>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="299" style="border-bottom-style: solid; border-bottom-width: 1; border-top-style:none; border-top-width:medium" bgcolor="#E6E6E6">
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP (dollars)</font></td>
    <td WIDTH="32" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">233</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">236</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">224</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">277</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">200</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">161</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">225</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="299" style="border-top-style: solid; border-top-width: 1">
    <font size="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="36" 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="51" 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="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" 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="52" 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="53" 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="52" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" 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="53" align="right" 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>
  </tr>
  <tr>
    <td WIDTH="299"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per Gold
    Institute Production</font></td>
    <td WIDTH="36" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost Standard (dollars)</font></td>
    <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">231</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">236</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">223</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">276</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">196</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">161</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">$</font></b></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font size="2">223</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">$</font></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font size="2">213</font></td>
  </tr>
</table>
<ol style="font-size: 9pt">
  <li><font FACE="Franklin Gothic" style="font-size: 9pt">Represents cost of
  sales and other operating costs (excluding amortization and accretion expense
  and reclamation costs for non-operating mines). </li>
  <li>Eskay Creek's total cash costs in six months ended June 30, 2004 are
  impacted by higher silver prices which the Company treats as a by-product.
  Total cash costs on a co-product basis are: six months ended June 30, 2004 -
  gold $191 per ounce, silver $3.22 per ounce (six months ended June 30, 2003 -
  gold $183 per ounce, silver $2.33 per ounce). </li>
</ol>
</font>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">
    &nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>31</b></font></td>
    <td WIDTH="414">
    <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>
<table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="147" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Pierina</font></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="156" COLSPAN="3" 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">
    <p align="center">Total South America</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="157" COLSPAN="3" 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">
    <p align="center">Plutonic</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="156" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Darlot</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" 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="53" 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="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">For the six months ended June 30</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="50" 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">2003</font></td>
    <td WIDTH="49" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Total cash production costs -</font></td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" 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>
    <td WIDTH="49" 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="49" 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>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">38.6</font></b></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">38.6</font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">38.6</font></b></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">38.6</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">35.0</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">30.0</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">14.4</font></b></td>
    <td WIDTH="49" 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">12.8</font></td>
  </tr>
  <tr>
    <td WIDTH="305"><font FACE="Times New Roman" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; costs
    at operating mines</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">(1.7)</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">(1.6)</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">(1.7)</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">(1.6)</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="50" 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">(0.1)</font></td>
    <td WIDTH="49" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Total cash production costs per Gold</font></td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" 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>
    <td WIDTH="49" 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="49" 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>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">36.9</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">37.0</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">36.9</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">37.0</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">35.0</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">29.9</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">14.4</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">12.8</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">400</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">455</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">400</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">455</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">165</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">149</font></td>
    <td WIDTH="49" align="right" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">71</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">82</font></td>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP (dollars)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">96</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">85</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">96</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">85</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">211</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">200</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">203</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">157</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" 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="53" 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="54" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Cost Standard (dollars)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">91</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">91</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">81</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">211</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">199</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Times New Roman" SIZE="2">203</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">158</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="25" 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">&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="49" 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="50" 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="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="51" 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">&nbsp;</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="49" 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">&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="54" 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="305" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="147" COLSPAN="3" 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">
    <p align="center">Lawlers</font></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="156" COLSPAN="3" 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">
    <p align="center">Kalgoorlie</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="157" COLSPAN="3" 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">
    <p align="center">Bulyanhulu</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="156" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">Total</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" 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="160" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">
    <p align="center">Australia/Africa</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">For the six months ended June 30</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">2003</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="50" 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">2003</font></td>
    <td WIDTH="49" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Total cash production costs -</font></td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" 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>
    <td WIDTH="49" 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="49" 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>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP<sup>1</sup></font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">13.7</font></b></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">12.3</font></td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">49.3</font></b></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">41.9</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">47.6</font></b></td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">36.8</font></td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">160.0</font></b></td>
    <td WIDTH="49" 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">133.8</font></td>
  </tr>
  <tr>
    <td WIDTH="305"><font FACE="Times New Roman" SIZE="2">Accretion expense and
    reclamation</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    costs at operating mines</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">-</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">-</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">(0.4)</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">(0.6)</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">(7.2)</font></b></td>
    <td WIDTH="50" 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">(0.2)</font></td>
    <td WIDTH="49" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">(7.6)</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">(0.9)</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">Total cash production costs per Gold</font></td>
    <td WIDTH="25" 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="49" 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="46" 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="51" 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="52" 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="50" 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>
    <td WIDTH="49" 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="49" 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>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Institute Production Cost</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Standard</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">13.7</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">12.3</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">48.9</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">41.3</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">40.4</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">36.6</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">152.4</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">132.9</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="25" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">57</font></b></td>
    <td WIDTH="49" 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="Times New Roman" SIZE="2">47</font></td>
    <td WIDTH="46" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">213</font></b></td>
    <td WIDTH="51" 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="Times New Roman" SIZE="2">193</font></td>
    <td WIDTH="52" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">153</font></b></td>
    <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="52" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">173</font></td>
    <td WIDTH="49" align="right" 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">
    <b>
    <font FACE="Times New Roman" SIZE="2">659</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">644</font></td>
  </tr>
  <tr>
    <td WIDTH="305" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs per
    ounce sold</font></td>
    <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="52" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="53" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="54" align="right" bgcolor="#E6E6E6">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per US GAAP (dollars)</font></td>
    <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">244</font></b></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">264</font></td>
    <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">231</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">217</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">311</font></b></td>
    <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Times New Roman" SIZE="2">212</font></td>
    <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Times New Roman" SIZE="2">243</font></b></td>
    <td WIDTH="49" 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">
    <font FACE="Times New Roman" SIZE="2">208</font></td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Times New Roman" SIZE="2">Total cash costs per ounce sold -</font></td>
    <td WIDTH="25" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="47" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="49" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="49" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="46" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="50" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="51" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="51" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="52" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="51" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="50" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="52" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="49" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="53" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="49" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    <td WIDTH="54" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    per Gold Institute Production</font></td>
    <td WIDTH="25" align="right">&nbsp;</td>
    <td WIDTH="47" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="46" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="51" align="right">&nbsp;</td>
    <td WIDTH="50" align="right">&nbsp;</td>
    <td WIDTH="52" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="53" align="right">&nbsp;</td>
    <td WIDTH="49" align="right">&nbsp;</td>
    <td WIDTH="54" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="305" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    Cost Standard (dollars)</font></td>
    <td WIDTH="25" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="47" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">244</font></b></td>
    <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">264</font></td>
    <td WIDTH="46" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="50" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">230</font></b></td>
    <td WIDTH="51" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="51" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">215</font></td>
    <td WIDTH="52" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="51" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">264</font></b></td>
    <td WIDTH="50" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="52" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">211</font></td>
    <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">$</font></b></td>
    <td WIDTH="53" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <b>
    <font FACE="Times New Roman" SIZE="2">232</font></b></td>
    <td WIDTH="49" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">$</font></td>
    <td WIDTH="54" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
    <font FACE="Times New Roman" SIZE="2">207</font></td>
  </tr>
</table>
<font FACE="Times New Roman" SIZE="2">
<p><b>Reconciliation of Amortization per Ounce to Financial Statements </b></p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="453" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="299" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">
    <p align="center">Three months ended June 30</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="230" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">
    <p align="center">Six months ended June 30</font></td>
  </tr>
  <tr>
    <td WIDTH="453" 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>
    <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="76" 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="Franklin Gothic" SIZE="2">2003</font></td>
    <td WIDTH="69" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
    <td WIDTH="81" 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="Franklin Gothic" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="453" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Amortization expense per consolidated
    financial statements</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">115</font></b></td>
    <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">131</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">235</font></b></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">256</font></td>
  </tr>
  <tr>
    <td WIDTH="453"><font FACE="Franklin Gothic" SIZE="2">Amortization expense
    recorded on property, plant and equipment</font></td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="73" align="right">&nbsp;</td>
    <td WIDTH="76" align="right">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
    <td WIDTH="69" align="right">&nbsp;</td>
    <td WIDTH="72" align="right">&nbsp;</td>
    <td WIDTH="81" align="right">&nbsp;</td>
    <td WIDTH="77" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="453" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not at
    operating mine sites</font></td>
    <td WIDTH="73" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(7)</font></b></td>
    <td WIDTH="76" 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="Franklin Gothic" SIZE="2">(7)</font></td>
    <td WIDTH="69" 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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">(13)</font></b></td>
    <td WIDTH="81" 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="Franklin Gothic" SIZE="2">(14)</font></td>
  </tr>
  <tr>
    <td WIDTH="453" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Amortization expense for per ounce
    calculation</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">108</font></b></td>
    <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">124</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">222</font></b></td>
    <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">242</font></td>
  </tr>
  <tr>
    <td WIDTH="453" 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>
    <td WIDTH="73" 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>
    <td WIDTH="77" 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="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="81" 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>
  </tr>
  <tr>
    <td WIDTH="453" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">Ounces sold (thousands)</font></td>
    <td WIDTH="146" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">1,222</font></b></td>
    <td WIDTH="153" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">1,395</font></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">&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">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">2,469</font></b></td>
    <td WIDTH="158" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Franklin Gothic" SIZE="2">2,687</font></td>
  </tr>
  <tr>
    <td WIDTH="453" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">Amortization per ounce (dollars)</font></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">88</font></b></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="Franklin Gothic" SIZE="2">$</font></td>
    <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Franklin Gothic" SIZE="2">89</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
    <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Franklin Gothic" SIZE="2">&nbsp;90</font></b></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="Franklin Gothic" SIZE="2">$</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="Franklin Gothic" SIZE="2">90</font></td>
  </tr>
</table>
<ol style="font-size: 9pt">
  <li><font FACE="Franklin Gothic" style="font-size: 9pt">Represents cost of
  sales and other operating costs (excluding amortization and accretion expense
  and reclamation costs for non-operating mines).
</font></li>
</ol>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">
    &nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>32</b></font></td>
    <td WIDTH="414">
    <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="Times New Roman" SIZE="2">
<p><b>OUTSTANDING SHARE DATA </b></p>
<p>As at July 15, 2004, 531.5 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 </font>
<font FACE="Franklin Gothic" SIZE="2">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 July 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 July 15, 2004, options to purchase 20.7 million Common Shares were
outstanding under Barrick's option plan. In addition, as at July 15, 2004,
options to purchase 2.2 million Common Shares were outstanding under certain
option plans inherited by Barrick in connection with prior acquisitions.</font><font FACE="Times New Roman PSMT" SIZE="2">
</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>33</b></font></td>
    <td WIDTH="414">
    <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="Franklin Gothic" SIZE="5"><b>
<p>Notes to Unaudited Interim Consolidated Financial<font lang="en-us"> </font>Statements </p>
</b><font FACE="Franklin Gothic" SIZE="2">
<p>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>
<ol style="font-weight: bold">
  <li style="font-size: 10pt"><font SIZE="2">NATURE OF OPERATIONS
</font> </li>
</ol>
<blockquote>
  <p><font style="font-weight: 400"><font FACE="Franklin Gothic" SIZE="2">
  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.</font></font></p>
</blockquote>
<ol style="font-weight: bold">
  <li style="font-size: 10pt" value="2"><font SIZE="2">BASIS OF PREPARATION </li>
</ol>
</font><font FACE="Franklin Gothic" SIZE="2">
<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>the reported amounts of assets and liabilities; </li>
    <li>disclosures of contingent assets and liabilities; and </li>
    <li>revenues and expenses recorded in each reporting period. </li>
  </ul>
  <p>&nbsp;</p>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>34</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
</font></font></font><font FACE="Franklin Gothic" SIZE="2">
<font FACE="Franklin Gothic">
  <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;</li>
    <li>
    <p ALIGN="left">assessments of whether property, plant and equipment, ore in
    stockpiles and capitalized mining costs may be impaired;</li>
    <li>
    <p ALIGN="left">assessments of our ability to realize the benefits of
    deferred income tax assets;</li>
    <li>
    <p ALIGN="left">the useful lives of long-lived assets and the rate at which
    we record amortization in earnings;</li>
    <li>
    <p ALIGN="left">the estimated fair value of asset retirement obligations;</li>
    <li>
    <p ALIGN="left">the timing and amounts of forecasted future expenditures
    that represent the hedged items underlying hedging relationships for our
    cash flow hedge contracts;</li>
    <li>
    <p ALIGN="left">the estimated fair values of derivative instruments;</li>
    <li>
    <p ALIGN="left">the value of slow-moving and obsolete inventories (which are
    stated at the lower of average cost and net realizable value); and</li>
    <li>
    <p ALIGN="left">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>
  <p>The consolidated financial statements include the accounts of Barrick Gold
  Corporation and other entities in which we have a controlling financial
  interest. Our ownership interests in the Round Mountain, Hemlo and Kalgoorlie
  mines are held through unincorporated joint ventures. Under longstanding
  practice for extractive industries, we include the assets, liabilities,
  revenues, expenses and cash flows of unincorporated joint ventures in our
  financial statements using the proportionate consolidation method. All
  material intercompany balances and transactions are eliminated on
  consolidation. </p>
  <p ALIGN="JUSTIFY">The usual condition for a controlling financial interest is
  ownership of a majority of the voting interests of an entity. However, a
  controlling financial interest may also exist in entities through arrangements
  that do not involve voting interests, where the entities are variable interest
  entities (VIEs) as defined under the principles of FIN 46R. </p>
  <p>A VIE is defined as an entity that: lacks enough equity investment at risk
  to permit the entity to finance its activities without additional subordinated
  financial support from other parties; has equity owners who are unable to make
  decisions about the entity, and/or; has equity owners that do not have the
  obligation to absorb or right to receive the entity's expected losses and
  residual returns. VIEs could arise from a variety of entities or legal
  structures. </p>
  <p>FIN 46R requires a variable interest holder (ie. a counterparty to a VIE)
  to consolidate the VIE if that party will absorb a majority of the expected
  losses of the VIE, receive a majority of the residual returns of the VIE, or
  both. This party is considered the primary beneficiary of the entity. The
  determination of whether the company meets the criteria to be considered the
  primary beneficiary of a VIE requires an evaluation of all transactions with
  the entity. The foundation for this evaluation is a calculation prescribed by
  FIN 46R. </p>
</font>
  </font>

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>35</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Franklin Gothic" SIZE="2">
<font FACE="Franklin Gothic">
<font FACE="Times New Roman">
<ol style="font-weight: bold">
  <li style="font-size: 10pt" value="3">ACCOUNTING CHANGES</li>
</ol>
</font>
<ol type="A" style="font-weight: bold">
  <li style="font-size: 10pt">
  <font face="Times New Roman" SIZE="2">FAS 143, Accounting for asset retirement
  obligations </font></li>
  <font FACE="Franklin Gothic" SIZE="2">
</ol>
<font FACE="Franklin Gothic"><font face="Times New Roman">
<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>
  </font><font FACE="Times New Roman" SIZE="2">
</blockquote>
<ol style="font-weight: bold">
  <li type="A" value="2">Amortization of underground development costs</li>
</ol>
</font>
<blockquote>
  <font FACE="Franklin Gothic" SIZE="2"><font FACE="Times New Roman">
  <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>
</font><font FACE="Franklin Gothic"><font FACE="Times New Roman">
<ol type="A" start="3" style="font-weight: bold">
  <li>Changes in estimates</li>
</ol>
<blockquote>
  <p><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Franklin Gothic" SIZE="2"><font FACE="Times New Roman">
  <b>Classification of mineralization at Lagunas Norte as a reserve<br>
  </b>
  </font></font>

</font>
  We capitalize mine development costs on our properties after proven and
  probable reserves have been found. Before finding proven and probable
  reserves, development costs are considered exploration costs, which are
  expensed as incurred. Effective May 1, 2004, we determined that Lagunas
  Norte's mineral reserves met the definition of proven and probable reserves
  for United States reporting purposes. Following this determination we began
  capitalizing mine development costs at the Lagunas Norte project prospectively
  for future periods. The effect of this change was to capitalize $22 million of
  mine development costs for the period ended June 30, 2004. </p>
  </font><font FACE="Franklin Gothic" SIZE="2"><font FACE="Times New Roman">
  <p>
  </font><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Times New Roman" SIZE="2">
  <b>Amortization of property, plant and equipment <br>
  </b>
  </font>

</font>
  <font FACE="Franklin Gothic"><font face="Times New Roman">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. The effect of
  the change in reserve estimates on amortization of property, plant and
  equipment for the three months ended June 30, 2004 was a decrease in this
  expense by approximately $6 million for mines with a greater than 10% change
  (other than ounces produced) in the reserve estimates, and for the six months
  ended June 30, 2004, a decrease in amortization of property, plant and
  equipment of $13 million. </p>
  </font><font FACE="Franklin Gothic" SIZE="2"><font FACE="Times New Roman">
  <p><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Times New Roman" SIZE="2">
  <b>Amortization of capitalized mining costs<br>
  </b>
  </font>

</font>
  Effective
  December 31, 2003, we updated our estimates of proven and probable gold
  mineral reserves. Following the update of these estimates, 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 these changes in estimates.
  </font></p>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>36</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
</font></font></font></font></font></font></font></font>
<ol style="font-weight: bold">
  <li value="4">
  <font FACE="Times New Roman">SEGMENT INFORMATION </li>
</ol>
<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 for periods in which
  mineralization at the projects does not meet the definition of proven and
  probable reserves for United States reporting purposes. </p>
</blockquote>
</font><font FACE="Franklin Gothic">
<dir>
  </font><font FACE="Franklin Gothic" SIZE="2">
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="28%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Income statement information</font></b></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" align="center">
      <font FACE="Franklin Gothic" size="2">Total cash</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="center">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" align="center">
      <font FACE="Franklin Gothic" size="2">Segment income (loss)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">Gold sales</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" align="center">
      <p align="center">
      <font FACE="Franklin Gothic" size="2">production costs<sup>1</sup></font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">before income taxes</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">For the three months ended June 30</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="12%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Operating mines</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Goldstrike</font></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">172</font></b></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">178</font></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">118</font></b></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">117</font></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">17</font></b></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">27</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Pierina</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">63</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">92</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">18</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">21</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">16</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">23</font></td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">30</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">29</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">19</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">19</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Kalgoorlie</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">36</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">34</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">23</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">21</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Eskay
      Creek</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">33</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">34</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">15</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Hemlo</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">23</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">19</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">15</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">14</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">27</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">28</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">18</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">17</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Round
      Mountain</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">36</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">39</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">21</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">19</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Other
      operating mines</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">34</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">38</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">18</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">20</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">10</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">Development projects</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Cowal</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="28%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Pascua-Lama</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Lagunas
      Norte</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(3)</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Tulawaka</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Segment total</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">454</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">491</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">256</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">258</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">87</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">96</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="107%" COLSPAN="13">
      <ol style="font-size: 9pt">
        <li><font FACE="Franklin Gothic" 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.</li>
      </ol>
      </font></td>
    </tr>
    </table>
</dir>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>37</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="28%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21" align="right">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="center" height="21">
      <font FACE="Franklin Gothic" size="2">Total cash</font></td>
      <td WIDTH="6%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right" height="21">&nbsp;</td>
      <td WIDTH="19%" COLSPAN="3" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="center" height="21">
      <font FACE="Franklin Gothic" size="2">Segment income (loss)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" align="center" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Gold sales</font></td>
      <td WIDTH="6%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="3" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">
      <font FACE="Franklin Gothic" size="2">production costs<font FACE="Franklin Gothic" SIZE="1"><b><sup>1</sup>
      </b></font></font></td>
      <td WIDTH="6%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="19%" COLSPAN="3" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">
      <font FACE="Franklin Gothic" size="2">before income taxes</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">
      <font FACE="Franklin Gothic" size="2">For the six months ended June 30</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="13%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" height="20">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Operating mines</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="28%" height="15"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Goldstrike</font></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">335</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">363</font></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">230</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">246</font></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">33</font></b></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" height="15">
      <font FACE="Franklin Gothic" size="2">42</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Pierina</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">150</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">162</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">37</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">37</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">47</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">42</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">58</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">63</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">40</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">37</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Kalgoorlie</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">81</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">68</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">49</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">41</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">23</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Eskay Creek</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">58</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">64</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">16</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">29</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">24</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Hemlo</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">47</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">42</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">29</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">29</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">62</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">53</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">35</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">30</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">22</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Round Mountain</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">69</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">68</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">39</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">33</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">19</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">25</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Other operating mines</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">71</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">67</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">40</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">40</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">18</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">
      Development projects</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">(11)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Cowal</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Pascua-Lama</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Lagunas Norte</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(14)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Tulawaka</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="28%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Segment total</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">931</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">950</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">504</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">509</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">196</font></b></td>
      <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">173</font></td>
    </tr>
    </table>
</blockquote>
</font></font>

</font>
</font>
      <ol style="font-size: 9pt">
        <li><font 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>

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic" SIZE="2">
<font FACE="Times New Roman PSMT" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic" SIZE="2">
<font FACE="Franklin Gothic" SIZE="2">
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="39%" style="border-bottom-style: none; border-bottom-width: medium">
      <b>
      <font FACE="Franklin Gothic" size="2">Asset information</font></b></td>
      <td WIDTH="7%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Amortization</font></b></td>
      <td WIDTH="7%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: none; border-bottom-width: medium" align="center">&nbsp;</td>
      <td WIDTH="32%" COLSPAN="4" style="border-bottom-style: none; border-bottom-width: medium" align="center">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="33%" COLSPAN="4" style="border-bottom-style: none; border-bottom-width: medium" align="center">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="16%" COLSPAN="2" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="8%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Operating mines</font></b></td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Goldstrike</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">37</font></b></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">34</font></td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">72</font></b></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">75</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Pierina</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">29</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">48</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">66</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">83</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Bulyanhulu</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">8</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">9</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">16</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Kalgoorlie</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Eskay
      Creek</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">13</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">24</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">24</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Hemlo</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Round
      Mountain</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">11</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Other
      operating mines</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">7</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">13</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">Development projects</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Veladero</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Cowal</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Pascua-Lama</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Lagunas
      Norte</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Tulawaka</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Segment total</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">108</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">124</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">222</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">242</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Other amortization outside operating
      segments</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">7</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">13</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">14</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">115</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">131</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">235</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">256</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>38</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1"><b><font FACE="Franklin Gothic" size="2">Segment capital
      expenditures</font></b></td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="21%" colspan="3" style="border-top-style: solid; border-top-width: 1">
      <p align="right"><font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Franklin Gothic" SIZE="2">
      Three months ended June 30</font></font></td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23%" colspan="3" style="border-top-style: solid; border-top-width: 1">
      <p align="right"><font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Franklin Gothic" SIZE="2">
      Six months ended June 30</font></font></td>
    </tr>
    <tr>
      <td WIDTH="42%" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="15%" COLSPAN="2" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Operating mines</font></b></td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Goldstrike</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">20</font></b></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">16</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">29</font></b></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">28</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Pierina</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Bulyanhulu</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">10</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">9</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">18</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Kalgoorlie</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Eskay Creek</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Hemlo</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Plutonic</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">20</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">8</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">25</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Round
      Mountain</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Other
      operating mines</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">2</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">15</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">Development projects</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Veladero</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">78</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">3</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">142</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Cowal</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">11</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">31</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp; Pascua-Lama</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">10</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp; Lagunas Norte</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">26</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">32</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp; Tulawaka</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">15</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Segment total</font></td>
      <td WIDTH="7%" 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="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">188</font></b></td>
      <td WIDTH="7%" 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="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">69</font></td>
      <td WIDTH="7%" 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="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">316</font></b></td>
      <td WIDTH="8%" 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="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">133</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Other capital expenditures outside
      operating segments</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">189</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">69</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">318</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">135</font></td>
    </tr>
  </table>
  <p>&nbsp; </p>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Reconciliation of segment income to
      enterprise net income</font></b></td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="43%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="31%" COLSPAN="4" align="right">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="30%" colspan="4" align="right">
      <font FACE="Franklin Gothic" SIZE="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Segment income</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">87</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">96</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">196</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">173</font></td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Franklin Gothic" size="2">Accretion expense,
      reclamation, closure and other costs</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">(24)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">(13)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">(39)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">(25)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Amortization outside
      operating segments</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(7)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(7)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(13)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(14)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Franklin Gothic" size="2">Exploration and
      business development costs (excluding</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      development projects)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">(31)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">(21)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">(54)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">(37)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Administration</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(21)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(20)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(39)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(42)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Franklin Gothic" size="2">Other income/expense</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">25</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Interest expense</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(4)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(11)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(12)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(24)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Franklin Gothic" size="2">Non-hedge derivative
      gains (losses)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">46</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Income tax recovery</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">19</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">15</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Cumulative effect of changes in
      accounting principles</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Net income</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">34</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">59</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">60</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">88</font></td>
    </tr>
  </table>
</blockquote>
</font></font>
</font>

</font>
<font FACE="Times New Roman PSMT" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic" SIZE="2">
<ol style="font-size: 10pt; font-weight:bold" start="5">
  <li><font FACE="Times New Roman">REVENUE RECOGNITION AND COMMODITY
  CONTRACTS</li>
</ol>
<blockquote>
  <p><b><font FACE="Times New Roman" SIZE="2">Gold contracts<br>
</font></b>We have fixed-price forward gold sales contracts with various
  counterparties for 13.9 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 2014) 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 </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>39</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <font FACE="Franklin Gothic">
  <p><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Times New Roman" SIZE="2">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
</font>

</font>
  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 June 30, 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 2.1 million ounces of gold
  spread from 2004 to 2014. 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>We also have floating spot price sales contracts to sell 0.7 million ounces
  of gold and 7.0 million ounces of silver spread over approximately 10 years
  (0.5 million ounces of gold and nil ounces of silver at December 31, 2003).
  These contracts were previously fixed-price sales contracts for which, in
  accordance with the terms of our master trading agreements, we have elected to
  receive floating spot gold and silver prices. Floating prices were elected for
  these contracts so that Barrick could economically regain spot gold price
  leverage under the terms of delivery into these contracts. Because these are
  sales contracts, Barrick did not financially close out the contracts, but
  rather intends to deliver production against them at some time before the
  termination date (2014 in most cases). Furthermore, floating price mechanisms
  were elected for these contracts at a time when the then current market price
  was higher than the fixed price in the contract, the mark-to-market on these
  contracts (at June 30, 2004) was negative $34 million, which is included in
  the mark-to-market value of our total forward gold and silver sales contract
  positions. The $34 million equates to an average reduction to the future spot
  sales price of approximately $46 per ounce on gold and $0.50 per ounce on
  silver when we deliver gold and silver at spot prices against these contracts.
  </p>
  </font>
  <p> <b><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Franklin Gothic" SIZE="2">
  Silver contracts<br>
  </font>

</font>
  </b> <font FACE="Franklin Gothic">Forward silver sales contracts have similar delivery terms and pricing
  mechanisms as forward gold sales contracts. At June 30, 2004, we had
  fixed-price commitments to deliver 18.4 million ounces of silver over periods
  primarily of up to approximately 10 years. </p>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>40</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<ol style="font-weight: bold">
  <li value="6">&nbsp;</font></font></font></font></font><font FACE="Times New Roman PSMT" SIZE="2"><font FACE="Franklin Gothic" SIZE="5"><font face="Times New Roman" SIZE="2">COST
  OF SALES AND OTHER OPERATING EXPENSES </font></li>
</ol>
<font FACE="Franklin Gothic" SIZE="2">
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="497" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="232" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="308" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="497" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="77" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="77" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="78" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="78" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="74" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="497" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Cost of sales<sup>1</sup></font></td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">278</font></b></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">270</font></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">544</font></b></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">532</font></td>
    </tr>
    <tr>
      <td WIDTH="497"><font FACE="Franklin Gothic" size="2">By-product revenues</font></td>
      <td WIDTH="76" align="right">&nbsp;</td>
      <td WIDTH="77" align="right"><b><font FACE="Franklin Gothic" size="2">(36)</font></b></td>
      <td WIDTH="77" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><font FACE="Franklin Gothic" size="2">(26)</font></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><b><font FACE="Franklin Gothic" size="2">(70)</font></b></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="74" align="right"><font FACE="Franklin Gothic" size="2">(53)</font></td>
    </tr>
    <tr>
      <td WIDTH="497" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Royalty expenses</font></td>
      <td WIDTH="76" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">24</font></b></td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="497"><font FACE="Franklin Gothic" size="2">Production taxes</font></td>
      <td WIDTH="76" align="right">&nbsp;</td>
      <td WIDTH="77" align="right"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="77" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><b><font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="74" align="right"><font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="497" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Accretion expense</font></td>
      <td WIDTH="76" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="77" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">8</font></b></td>
      <td WIDTH="78" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="497"><font FACE="Franklin Gothic" size="2">Payroll tax expense
      <sup>2</sup></font></td>
      <td WIDTH="76" align="right">&nbsp;</td>
      <td WIDTH="77" align="right"><b><font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="77" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="78" align="right"><b><font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="78" align="right">&nbsp;</td>
      <td WIDTH="74" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="497" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Reclamation and closure costs/other</font></td>
      <td WIDTH="76" 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">
      <b>
      <font FACE="Franklin Gothic" size="2">13</font></b></td>
      <td WIDTH="77" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">9</font></td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">24</font></b></td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="497" 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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">280</font></b></td>
      <td WIDTH="77" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">271</font></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">543</font></b></td>
      <td WIDTH="78" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">534</font></td>
    </tr>
    </table>
</blockquote>
</font>
</font>

</font>
</font>
      <ol style="font-size: 9pt">
        <li><font size="2">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 $108 million in the three months
        ended June 30, 2004 (2003 - $124 million), and $222 million for the six
        months ended June 30, 2004 (2003 - $242 million).</font></li>
        <li><font size="2">In second quarter 2004, a $7 million payroll tax
        adjustment was recorded. The adjustment relates to periods prior to
        2004.</font></li>
</ol>

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic" SIZE="2">
<font FACE="Times New Roman PSMT">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Franklin Gothic" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Franklin Gothic">

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Franklin Gothic" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
<ol start="7" style="font-size: 10pt; font-weight: bold; font-family: Times New Roman">
  <li>&nbsp;OTHER INCOME/EXPENSE </li>
</ol>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="45%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="29%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="13%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="14%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Interest income</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">8</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">16</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="45%"><font FACE="Franklin Gothic" size="2">Gains on sale of
      long-lived assets</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">11</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Foreign currency
      translation gains (losses)</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(4)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="45%"><font FACE="Franklin Gothic" size="2">Realized gains
      (losses) on sale of available-for-sale securities</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">(1)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Other than temporary
      impairment charge on</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="45%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      available-for-sale securities</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Other items</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(4)</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="45%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">10</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">25</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">15</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Trebuchet MS" SIZE="1">
<p>&nbsp;</p>
</font>
</font>
      </font>

</font>
</font>
</font>
      </font>
</font>
      </font>

</font>
</font>

</font>
</font>
</font>
      </font>
</font>
      <font FACE="Times New Roman PSMT">

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
<font face="Times New Roman" SIZE="2">
<ol start="8" style="font-size: 10pt; font-weight: bold">
  <li>INCOME TAXES </li>
</ol>
</font>
<font FACE="Franklin Gothic" SIZE="2">
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="47%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="32%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Income tax recovery (expense)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="12%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Current</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(12)</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(21)</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(30)</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(32)</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Deferred</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">15</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">24</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(11)</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(6)</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(25)</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="47%"><font FACE="Franklin Gothic" size="2">Recognition of
      deferred tax assets arising from the effect of a change in</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="47%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; the
      Australian tax regime</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">30</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Franklin Gothic" size="2">30</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Release of deferred tax valuation
      allowances recorded in prior years</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">21</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="47%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">19</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">15</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">13</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>41</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="42%" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">For the three months ended June 30</font></td>
      <td WIDTH="35%" align="center" colspan="3" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
      <td WIDTH="31%" align="center" height="18" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" style="border-top-style: solid; border-top-width: 1">
      </td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      </td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      </td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Income</font></b></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      </td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      </td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Income</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18"></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">tax</font></b></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">&nbsp;tax</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18"></td>
      <td WIDTH="9%" align="right" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">Pre-tax</font></b></td>
      <td WIDTH="9%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">Effective</font></td>
      <td WIDTH="10%" align="right" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">expense</font></b></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">Pre-tax</font></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">Effective</font></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">expense</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Effective income tax rates on
      elements of income</font></td>
      <td WIDTH="9%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">income</font></b></td>
      <td WIDTH="9%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">tax rate</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(recovery)</font></b></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">income</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">tax rate</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(recovery)</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Net income excluding elements set
      out below</font></td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 48</font></b></td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">28%</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 13</font></b></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 23</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">13%</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 3</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18"><font FACE="Franklin Gothic" size="2">Impact
      of deliveries into forward gold sales contracts</font></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      in a low tax-rate jurisdiction</font></td>
      <td WIDTH="9%" align="right" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">(39)</font></b></td>
      <td WIDTH="9%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="18">
      <font FACE="Franklin Gothic" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">
      Non-hedge derivative gains</font></td>
      <td WIDTH="9%" align="right" height="18" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="9%" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">33%</font></td>
      <td WIDTH="10%" align="right" height="18" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="10%" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="10%" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">1%</font></td>
      <td WIDTH="10%" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Other items</font></td>
      <td WIDTH="9%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="9%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">11</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">27%</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">
      3</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      </td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 15</font></b></td>
      <td WIDTH="9%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">100%</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 15</font></b></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 44</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">14%</font></td>
      <td WIDTH="10%" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 6</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="18"><font FACE="Franklin Gothic" size="2">Tax only
      items</font></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="9%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
      <td WIDTH="10%" align="right" height="18"></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">
      Recognition of deferred tax assets arising from the effect of a</font></td>
      <td WIDTH="9%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      change in the Australian tax regime</font></td>
      <td WIDTH="9%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="9%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(200%)</font></td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(30)</font></b></td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19"><font FACE="Franklin Gothic" size="2">Release
      of deferred tax valuation allowances recorded in</font></td>
      <td WIDTH="9%" align="right" height="19">&nbsp;</td>
      <td WIDTH="9%" align="right" height="19">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19">&nbsp;</td>
      <td WIDTH="10%" align="right" height="19">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      prior years</font></td>
      <td WIDTH="9%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="9%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">(48%)</font></td>
      <td WIDTH="10%" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Other items</font></td>
      <td WIDTH="9%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="9%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(27%)</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(4)</font></b></td>
      <td WIDTH="10%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Actual income tax rate</font></td>
      <td WIDTH="9%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 15</font></b></td>
      <td WIDTH="9%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(127%)</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (19)</font></b></td>
      <td WIDTH="10%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ 44</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(34%)</font></td>
      <td WIDTH="10%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ (15)</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">For the six months ended June 30</font></td>
      <td WIDTH="29%" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">2004</font></b></td>
      <td WIDTH="30%" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Income</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:none; border-bottom-width:medium">
      &nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right"><b><font FACE="Franklin Gothic" size="2">tax</font></b></td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right" style="border-top-style: none; border-top-width: medium">
      <font FACE="Franklin Gothic" size="2">Income tax</font></td>
    </tr>
    <tr>
      <td WIDTH="41%">&nbsp;</td>
      <td WIDTH="9%" align="right"><b><font FACE="Franklin Gothic" size="2">
      Pre-tax</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">
      Effective</font></td>
      <td WIDTH="10%" align="right"><b><font FACE="Franklin Gothic" size="2">
      expense</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">
      Pre-tax</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">
      Effective</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">
      expense</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Effective income tax rates on
      elements of income</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">income</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">tax rate</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(recovery)</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">income</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">tax rate</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">
      (recovery)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Net income excluding elements set
      out below</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 118</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">28%</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 33</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 35</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">11%</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 4</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Franklin Gothic" size="2">Impact of deliveries
      into forward gold sales contracts</font></td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; in a
      low tax-rate jurisdiction</font></td>
      <td WIDTH="9%" align="right"><b><font FACE="Franklin Gothic" size="2">(59)</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Non-hedge derivative
      gains (losses)</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">33%</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(3)</font></b></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">46</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2%</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Other items</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">11</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">27%</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 55</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">55%</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 30</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 92</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">9%</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 8</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Franklin Gothic" size="2">Tax only items</font></td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Recognition of
      deferred tax assets arising from the effect of a</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; change
      in the Australian tax regime</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(55%)</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(30)</font></b></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Franklin Gothic" size="2">Release of deferred
      tax valuation allowances recorded in</font></td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="10%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; prior
      years</font></td>
      <td WIDTH="9%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">(23%)</font></td>
      <td WIDTH="10%" align="right"><font FACE="Franklin Gothic" size="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Other items</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(9%)</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(5)</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Actual income tax rate</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ 55</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(9%)</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (5)</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ 92</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(14%)</font></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ (13)</font></td>
    </tr>
  </table>
  <font FACE="Times New Roman">
  <p>
  </font></font><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Times New Roman" SIZE="2">
  <b>Peruvian tax assessment<br>
  </b>
  </font>

</font>
  <font SIZE="2" face="Times New Roman">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 </p>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>42</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <font FACE="Franklin Gothic">
  <p><font FACE="Times New Roman PSMT" SIZE="2">
  <font SIZE="2" face="Times New Roman">basis of the Pierina assets, we would benefit from a $141 </font>

</font>
  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 $63 million of potential interest and penalties on
  the income tax assessed. 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>
  <p><font FACE="Times New Roman PSMT" SIZE="2">
  <font FACE="Franklin Gothic" SIZE="2">
  <b>Change in Australian tax regime<br>
  </b></font>

</font>
  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.
  </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 intend to file such an election for the 2004 fiscal year. This
  election will result in an estimated upward revaluation of the tax basis of
  our assets in Australia. We have estimated that the amount of the upward
  revaluation will be $101 million. The impact of recording this increase in the
  tax basis of our Australian assets in second quarter 2004, is to record a $30
  million deferred tax asset and a corresponding tax credit within our income
  tax recovery/expense. </p>
</blockquote>
<ol start="9" style="font-weight: bold">
  <li></font></font><font SIZE="2" face="Franklin Gothic">&nbsp;</font><font SIZE="2" face="Times New Roman"><font FACE="Franklin Gothic">EARNINGS
  PER SHARE </font></li>
</ol>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="30%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="29%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">($ millions, except shares in
      millions and per share amounts)</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Income available to common
      stockholders</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">34</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">59</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">60</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">88</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Weighted average shares outstanding
      - basic</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">532</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">540</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">533</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">541</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Effect of dilutive stock options</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">1</font></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="Franklin Gothic" size="2">Weighted average shares outstanding
      on assumed conversions</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">534</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">540</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">535</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Earnings per share</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">0.06</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">0.11</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">0.11</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">0.16</font></td>
    </tr>
  </table>
</dir>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>43</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<ol start="10" style="font-size: 10pt; font-weight: bold">
  <li>&nbsp;COMPREHENSIVE INCOME </li>
</ol>
<dir>
  <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>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Accumulated other comprehensive
      income (loss) (OCI)</font></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="9%" COLSPAN="2" style="border-bottom-style: solid; border-bottom-width: 1" align="center">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="center">&nbsp;</td>
      <td WIDTH="13%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">Pre-tax</font></b></td>
      <td WIDTH="11%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">Tax effect</font></b></td>
      <td WIDTH="12%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">Post-tax</font></b></td>
      <td WIDTH="12%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <font FACE="Franklin Gothic" size="2">Pre-tax</font></td>
      <td WIDTH="9%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <font FACE="Franklin Gothic" size="2">Tax effect</font></td>
      <td WIDTH="11%" COLSPAN="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" align="right">
      <font FACE="Franklin Gothic" size="2">Post-tax</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="center">&nbsp;</td>
      <td WIDTH="13%" COLSPAN="2" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">amount</font></b></td>
      <td WIDTH="5%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="12%" COLSPAN="2" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">amount</font></b></td>
      <td WIDTH="12%" COLSPAN="2" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font FACE="Franklin Gothic" size="2">amount</font></td>
      <td WIDTH="5%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="11%" COLSPAN="2" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font FACE="Franklin Gothic" size="2">amount</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Foreign currency translation
      adjustments</font></b></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">At January 1</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">(147)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (147)</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">$ (144)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="11%" COLSPAN="2" align="right" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">$ (144)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Translation adjustments
      recorded in the period</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(1)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">At June 30</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">(147)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (147)</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">$ (145)</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="11%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#FFFFFF">
      <font FACE="Franklin Gothic" size="2">$ (145)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Accumulated gains on cash flow
      hedges</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">At January 1</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">288</font></b></td>
      <td WIDTH="11%" COLSPAN="2" align="right" bgcolor="#FFFFFF">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (99)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">189</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">49</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">(17)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">32</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Changes
      in fair value of cash flow hedges (note 11D)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(84)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">31</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(53)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">219</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(72)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">147</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Transfer of hedge gains to earnings (note 11D)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">(55)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">19</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><b><font FACE="Franklin Gothic" size="2">(36)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">(35)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="5%" align="right" bgcolor="#FFFFFF">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#FFFFFF"><font FACE="Franklin Gothic" size="2">(25)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Hedge
      ineffectiveness transferred to earnings (note 11D)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(6)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">2</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(4)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">At June 30</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">147</font></b></td>
      <td WIDTH="11%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ (49)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">98</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">227</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(77)</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">150</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Unrealized gains (losses) on
      available-for-sale securities</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">At January 1</font></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">38</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Franklin Gothic" size="2">38</font></b></td>
      <td WIDTH="5%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Franklin Gothic" size="2">(6)</font></td>
      <td WIDTH="5%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Franklin Gothic" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Changes
      in fair value of securities</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(25)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(25)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">3</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Other
      than temporary impairment charges recorded in</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp; earnings
      (note 7)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">7</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">At June 30</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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="Franklin Gothic" size="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Additional minimum pension liability</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">At January 1 and June 30</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(7)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(7)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(7)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Total accumulated OCI at June 30</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
</font>

</font>
</font>
</font>

</font>
</font>
</font>
</font>

</font>
</font>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b><font size="2">6</font></b></td>
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font SIZE="2" face="Times New Roman">
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$ </font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font SIZE="2" face="Times New Roman">
      <b>
      <font FACE="Franklin Gothic" size="2">(50)</font></b></font></font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(44)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">79</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(77)</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2</font></td>
    </tr>
  </table>
</dir>
<ol start="11" style="font-size: 10pt; font-weight: bold">
  <li>DERIVATIVE INSTRUMENTS</li>
</ol>
<ol start="11" style="font-size: 10pt; font-weight: bold">
  <li type="A" value="1">Use of derivative instruments </li>
</ol>
<dir>
  <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, silver and energy),
  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>
</dir>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>44</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <font FACE="Franklin Gothic">
  <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>
  </font>
</blockquote>
<ol type="A" start="2" style="font-size: 10pt; font-weight: bold">
  <li>Derivative instruments outstanding as at June 30, 2004<font FACE="Franklin Gothic"><b>
  </b></font></li>
</ol>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="178" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Maturity</font></b></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2004</font></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2005</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2006</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2007</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2008+</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Interest rate contracts</font></b></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">
      Receive-fixed swaps</font></td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 150</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 100</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 725</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 175</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Fixed rate (%)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">3.6%</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">3.0%</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">3.4%</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">4.1%</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">3.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="18" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">
      Pay-fixed swaps</font></td>
      <td WIDTH="125" align="right" height="18" bgcolor="#E6E6E6"></td>
      <td WIDTH="125" align="right" height="18" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6"></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">$ 324</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">$ 324</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Fixed rate (%)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">5.7%</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">5.7%</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">Min-max
      swaptions <sup>2</sup></font></td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 200</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 200</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average cap rate (%)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">6.2%</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">6.2%</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average floor rate (%)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">5.7%</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">5.7%</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">Bond
      Forward Contract <sup>2</sup></font></td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="125" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
      <td WIDTH="126" align="right" height="19">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="18" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Notional amount (millions)</font></td>
      <td WIDTH="125" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 50</font></td>
      <td WIDTH="125" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="18" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 50</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp; Fixed rate (%)</font></td>
      <td WIDTH="125" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">5.6%</font></td>
      <td WIDTH="125" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">5.6%</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Net notional position</font></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$
      400</font></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 100</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 725</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ (149)</font></td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 1,076</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Foreign currency contracts</font></b></td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="125" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Canadian
      dollar forwards</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      C$ (millions)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 157</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 329</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 207</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 139</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 22</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">C$ 854</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average price (US&#162)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.65</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.67</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.73</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.69</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.68</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.68</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="13"><font FACE="Franklin Gothic" size="2">
      Australian dollar forwards</font></td>
      <td WIDTH="125" align="right" height="13"></td>
      <td WIDTH="125" align="right" height="13"></td>
      <td WIDTH="126" align="right" height="13"></td>
      <td WIDTH="126" align="right" height="13"></td>
      <td WIDTH="126" align="right" height="13"></td>
      <td WIDTH="126" align="right" height="13"></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      A$ (millions)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 307</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 713</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 296</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 181</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 19</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">A$ 1,516</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average price (US&#162)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.59</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.63</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.63</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.59</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.53</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.61</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">
      Australian dollar min-max</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">
      contracts</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      A$ (millions)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">A$ 5</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">A$ 10</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">A$ 10</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">A$ 25</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average cap price (US&#162)</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.52</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.52</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.52</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">0.52</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Average floor price (US&#162)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.51</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.51</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.51</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">0.51</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="14" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">Fuel
      contracts <sup>1</sup></font></b></td>
      <td WIDTH="125" align="right" height="14" bgcolor="#E6E6E6"></td>
      <td WIDTH="125" align="right" height="14" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="14" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="14" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="14" bgcolor="#E6E6E6"></td>
      <td WIDTH="126" align="right" height="14" bgcolor="#E6E6E6"></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19"><font FACE="Franklin Gothic" size="2">&nbsp;
      Barrels WTI (thousands)</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">180</font></td>
      <td WIDTH="125" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">504</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">504</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19">
      <font FACE="Franklin Gothic" size="2">1,188</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;
      Cap</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 30</font></td>
      <td WIDTH="125" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 36</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ 40</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$37</font></td>
    </tr>
    <tr>
      <td WIDTH="178" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp; Floor</font></td>
      <td WIDTH="125" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ 23</font></td>
      <td WIDTH="125" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ 28</font></td>
      <td WIDTH="126" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$ 29</font></td>
      <td WIDTH="126" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="126" align="right" height="13" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$28</font></td>
    </tr>
    </table>
</blockquote>
</font>
  </font>
  <ol style="font-size: 9pt">
    <li><font size="2">Certain
      fuel contracts are designated as a cash flow hedge of forecasted diesel
      consumption at our operating mines. Each year, the company consumes just
      over a million barrels of
      diesel fuel at its operating mines. To protect itself against the
      possibility of higher diesel fuel costs, the company from time to time
      enters into diesel fuel hedges.</li> </font></li>
    <li><font size="2">In anticipation of issuing long-term
        debt obligations in the second half of 2004, we have entered into
        interest rate contracts for a total notional amount of $250 million
        which are designated as interest rate hedges and fix the underlying
        treasury interest rate component of the obligations within a range.</font></li>
</ol>
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>45</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font SIZE="2" face="Franklin Gothic">
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">Classification of interest rate and
      foreign currency contracts</font></b></td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="2" align="right">
      <font FACE="Franklin Gothic" size="2">Cash flow</font></td>
      <td WIDTH="17%" COLSPAN="2" align="right">
      <font FACE="Franklin Gothic" size="2">Fair value</font></td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
      <td WIDTH="7%" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
      <td WIDTH="8%" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">At June 30, 2004</font></td>
      <td WIDTH="14%" align="right" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2" face="Franklin Gothic">hedge</font></td>
      <td WIDTH="17%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">hedge</font></td>
      <td WIDTH="14%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Non- hedge</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Interest rate contracts</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Receive-fixed swaps on cash balances</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">650</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">650</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Receive-fixed swaps on
      debentures</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">500</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">500</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">650</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">500</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Pay-fixed swaps on
      Bulyanhulu project financing</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">174</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Pay-fixed swaps on lease rate swaps</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">150</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">150</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">174</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">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</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">
      <font FACE="Franklin Gothic" size="2">150</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">324</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Min-max swaptions on
      expected debt issuance</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">200</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">200</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Bond forward on
      expected debt issuance</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">50</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">50</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">250</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">250</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Canadian dollar contracts</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">827</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">831</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Capital expenditures</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">23</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">23</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">850</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">C$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">854</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">Australian dollar contracts</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="42%"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">1,115</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Franklin Gothic" size="2">45</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Franklin Gothic" size="2">1,160</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Capital expenditures</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">381</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">381</font></td>
    </tr>
    <tr>
      <td WIDTH="42%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">1,496</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">45</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">A$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">1,541</font></td>
    </tr>
  </table>
  <font FACE="Franklin Gothic">
  <p>We also held gold lease rate swaps at June 30, 2004 that are based on a
  notional amount of 2.1 million ounces of gold spread from 2004 to 2014 (see
  note 5). These gold lease rate contracts are classified as non-hedge
  derivatives. </p>
  </font>
</blockquote>
</font><font SIZE="2" face="Times New Roman">
<ol type="A" start="3" style="font-size: 10pt; font-weight: bold">
  <li>Unrealized fair value of derivative instruments (excluding normal sales
  contracts) </li>
</ol>
</font><font SIZE="2" face="Franklin Gothic">
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="459" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="326" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="83" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="247" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="459" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="459" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Beginning of period</font></td>
      <td WIDTH="81" align="center" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <p align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">292</font></b></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">127</font></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">337</font></b></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="459"><font FACE="Franklin Gothic" size="2">Derivative
      instruments settled</font></td>
      <td WIDTH="81" align="center">&nbsp;</td>
      <td WIDTH="81" align="right"><b><font FACE="Franklin Gothic" size="2">(19)</font></b></td>
      <td WIDTH="81" align="right">&nbsp;</td>
      <td WIDTH="83" align="right"><font FACE="Franklin Gothic" size="2">(14)</font></td>
      <td WIDTH="83" align="right">&nbsp;</td>
      <td WIDTH="83" align="right"><b><font FACE="Franklin Gothic" size="2">(67)</font></b></td>
      <td WIDTH="83" align="right">&nbsp;</td>
      <td WIDTH="81" align="right"><font FACE="Franklin Gothic" size="2">(30)</font></td>
    </tr>
    <tr>
      <td WIDTH="459" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">Change in fair value
      of derivative instruments:</font></td>
      <td WIDTH="81" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="459"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;
      Non-hedge derivatives</font></td>
      <td WIDTH="81" align="center">&nbsp;</td>
      <td WIDTH="81" align="right"><b><font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="81" align="right">&nbsp;</td>
      <td WIDTH="83" align="right"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="83" align="right">&nbsp;</td>
      <td WIDTH="83" align="right"><b><font FACE="Franklin Gothic" size="2">(11)</font></b></td>
      <td WIDTH="83" align="right">&nbsp;</td>
      <td WIDTH="81" align="right"><font FACE="Franklin Gothic" size="2">40</font></td>
    </tr>
    <tr>
      <td WIDTH="459" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Cash
      flow hedges</font></td>
      <td WIDTH="81" align="center" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(102)</font></b></td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">141</font></td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(84)</font></b></td>
      <td WIDTH="83" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="459" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp; Fair value hedges</font></td>
      <td WIDTH="81" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(10)</font></b></td>
      <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="83" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="459" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;End of period</font></td>
      <td WIDTH="81" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$166<sup>1</sup></font></b></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">262</font></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">166</font></b></td>
      <td WIDTH="83" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="81" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">262</font></td>
    </tr>
    <tr>
      <td WIDTH="459" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      &nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="81" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    </table>
</blockquote>
</font>
  </font>
  </font>
  </font>
  </font>
  </font>
  </font>
  <ol style="font-size: 9pt">
    <li><font SIZE="2" face="Franklin Gothic">
    <font FACE="Franklin Gothic" style="font-size: 9pt">Included on the balance sheet as follows: $55 million in other current
      assets; $179 million in non-current assets as unrealized fair value of
      derivative contracts; $13
      million in other current liabilities; and $55 million in other long-term
      obligations.</font></font></li>
</ol>
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font SIZE="2" face="Franklin Gothic">
<blockquote>
  <font FACE="Franklin Gothic">
  <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 June 30, 2004. </p>
  </font>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>46</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
</font>
<font FACE="Times New Roman">
<ol style="font-size: 10pt; font-weight: bold">
  <li type="A" value="4" style="font-size: 10pt">&nbsp;Change in gains (losses)
  accumulated in OCI for cash flow hedge contracts </li>
</ol>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="25%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="4%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="4%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="4%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="4%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="4%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">
      <font FACE="Franklin Gothic" size="2">Foreign currency</font></td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
      <td WIDTH="5%" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" height="21">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="25%" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="4" align="center" height="21">
      <font FACE="Franklin Gothic" size="2">Commodity contracts</font></td>
      <td WIDTH="4%" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" align="center" style="border-top-style: none; border-top-width: medium" height="21">
      <font FACE="Franklin Gothic" size="2">contracts</font></td>
      <td WIDTH="21%" COLSPAN="4" align="center" height="21">
      <font FACE="Franklin Gothic" size="2">Interest rate contracts</font></td>
      <td WIDTH="5%" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="center" height="21">
      <font FACE="Franklin Gothic" size="2">Total</font></td>
      <td WIDTH="5%" align="center" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="25%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="9%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="11%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="21">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="25%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">At January </font>
  </font>

</font>

</font>
  </font>
  </font>
  </font>
  </font>
  </font>
  </font>
      <font size="2">1</font></td>
      <font FACE="Times New Roman PSMT" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">9</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">280</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">26</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">9</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">14</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <b>
      <font FACE="Franklin Gothic" size="2">288</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" height="21">
      <font FACE="Franklin Gothic" size="2">49</font></td>
    </tr>
    <tr>
      <td WIDTH="25%" height="21"><font FACE="Franklin Gothic" size="2">Changes in fair
      value</font></td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><b><font FACE="Franklin Gothic" size="2">(82)</font></b></td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><font FACE="Franklin Gothic" size="2">193</font></td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><b><font FACE="Franklin Gothic" size="2">(4)</font></b></td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><font FACE="Franklin Gothic" size="2">22</font></td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><b><font FACE="Franklin Gothic" size="2">(84)</font></b></td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21"><font FACE="Franklin Gothic" size="2">219</font></td>
    </tr>
    <tr>
      <td WIDTH="25%" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">Hedge gains
      transferred to</font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="25%" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">earnings</font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21"><b><font FACE="Franklin Gothic" size="2">(1)
      <sup>1</sup></font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">(6)<sup>1</sup></font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><b><font FACE="Franklin Gothic" size="2">(47)<sup>2</sup></font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">(22)<sup>2</sup></font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><b><font FACE="Franklin Gothic" size="2">(7)<sup>3</sup></font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">(7)<sup>3</sup></font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><b><font FACE="Franklin Gothic" size="2">(55)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" height="21"><font FACE="Franklin Gothic" size="2">(35)</font></td>
    </tr>
    <tr>
      <td WIDTH="25%" height="21"><font FACE="Franklin Gothic" size="2">Hedge
      ineffectiveness</font></td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="4%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
      <td WIDTH="5%" align="right" height="21">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="25%" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp; transferred to earnings</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <font FACE="Franklin Gothic" size="2">(5)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <font FACE="Franklin Gothic" size="2">(1)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <b>
      <font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18"></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
      <font FACE="Franklin Gothic" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="25%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">At June 30</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">7</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">149</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">192</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">28</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <b>
      <font FACE="Franklin Gothic" size="2">147</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" height="15">
      <font FACE="Franklin Gothic" size="2">227</font></td>
    </tr>
    <tr>
      <td WIDTH="102%" COLSPAN="17" height="15">
      <font FACE="Franklin Gothic" style="font-size: 9pt">1.</font><font FACE="Arial MT" style="font-size: 9pt">
      </font><font FACE="Franklin Gothic" style="font-size: 9pt">Included under revenues and
      by-product credits.</font></td>
    </tr>
    <tr>
      <td WIDTH="100%" colspan="17" height="15">
      <font FACE="Franklin Gothic" style="font-size: 9pt">2.</font><font FACE="Arial MT" style="font-size: 9pt">
      </font><font FACE="Franklin Gothic" style="font-size: 9pt">Included under operating
      expenses.</font></td>
    </tr>
    <tr>
      <td WIDTH="100%" colspan="17" height="15">
      <font FACE="Franklin Gothic" style="font-size: 9pt">3.</font><font FACE="Arial MT" style="font-size: 9pt">
      </font><font FACE="Franklin Gothic" style="font-size: 9pt">Included under interest
      income.</font></td>
    </tr>
  </table>
</font>
  <p><font size="2">Based on the fair value of cash flow hedge contracts at June 30, 2004, in
  the next twelve months, we expect to transfer hedge gains of $96 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. </font> </p>
</blockquote>

<font FACE="Franklin Gothic" SIZE="5"><font SIZE="2" face="Franklin Gothic">
<font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Times New Roman PSMT" SIZE="2">
<font SIZE="2" face="Franklin Gothic">

<font FACE="Franklin Gothic" SIZE="5">
<font FACE="Times New Roman">
<ol style="font-size: 10pt; font-weight: bold">
  <li type="A" value="5">&nbsp;Non-hedge derivative gains (losses) </li>
</ol>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="439" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="334" COLSPAN="4" height="19" align="center" style="border-top-style: solid; border-top-width: 1">
      <p align="right">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="342" COLSPAN="4" height="19" align="center" style="border-top-style: solid; border-top-width: 1">
      <p align="right">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="166" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="168" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="172" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="170" COLSPAN="2" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Change in fair value of non-hedge
      derivatives</font></td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="439" height="15"><font FACE="Franklin Gothic" size="2">
      &nbsp;&nbsp;&nbsp;
      Commodity contracts</font></td>
      <td WIDTH="83" height="15" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="83" height="15" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="83" height="15" align="right">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="85" height="15" align="right">
      <font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="86" height="15" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="86" height="15" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="86" height="15" align="right">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" height="15" align="right">
      <font FACE="Franklin Gothic" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp; Currency
      contracts</font></td>
      <td WIDTH="83" height="19" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(10)</font></b></td>
      <td WIDTH="83" height="19" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" height="19" align="right" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="86" height="19" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(10)</font></b></td>
      <td WIDTH="86" height="19" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" height="19" align="right" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp; Interest and lease rate contracts</font></td>
      <td WIDTH="83" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="83" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="85" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(6)</font></td>
      <td WIDTH="86" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">8</font></b></td>
      <td WIDTH="86" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" height="19" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">28</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(11)</font></b></td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" height="19" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">40</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">Hedge ineffectiveness recorded in
      earnings <sup>1</sup></font></td>
      <td WIDTH="83" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      </td>
      <td WIDTH="83" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="83" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      </td>
      <td WIDTH="85" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">6</font></td>
      <td WIDTH="86" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      </td>
      <td WIDTH="86" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="86" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      </td>
      <td WIDTH="84" height="16" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="439" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="83" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="85" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">10</font></td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(9)</font></b></td>
      <td WIDTH="86" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" height="19" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">46</font></td>
    </tr>
    </table>
</blockquote>
</font>
  </font>

</font>

</font>
  </font>

</font>
  </font>
  <ol style="font-size: 9pt">
    <li>
<font SIZE="2" face="Franklin Gothic">

    <font FACE="Franklin Gothic" SIZE="2">
<font SIZE="2" face="Franklin Gothic">

      <font FACE="Franklin Gothic" style="font-size: 9pt" SIZE="5">During second 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
      second quarter 2004 (2003 - $nil).</font></font></font></font></li>
</ol>
      <font FACE="Times New Roman PSMT" SIZE="2">
<font SIZE="2" face="Franklin Gothic">

<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>47</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<p>&nbsp;</p>
<font FACE="Times New Roman" SIZE="2">
<ol start="12" style="font-weight: bold">
  <li><b>COMPONENTS OF OTHER NET OPERATING ACTIVITIES </li>
</ol>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="490" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="237" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Three months ended June 30</font></td>
      <td WIDTH="262" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="490" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="107" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="130" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
      <td WIDTH="132" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">2004</font></b></td>
      <td WIDTH="130" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="490" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Add (deduct):</font></td>
      <td WIDTH="42" 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="65" 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="66" 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>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Foreign currency translation (gains) losses</font></td>
      <td WIDTH="42" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="65" align="right"><b><font FACE="Franklin Gothic" size="2">7</font></b></td>
      <td WIDTH="65" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="65" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="66" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="66" align="right"><b><font FACE="Franklin Gothic" size="2">5</font></b></td>
      <td WIDTH="67" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Gains) losses on available-for-sale securities</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">1</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">1</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Gains on sale of long-lived assets</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><b><font FACE="Franklin Gothic" size="2">(1)</font></b></td>
      <td WIDTH="130" COLSPAN="2" align="right">
      <font FACE="Franklin Gothic" size="2">(11)</font></td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><b><font FACE="Franklin Gothic" size="2">(3)</font></b></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Franklin Gothic" size="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cumulative effect of changes in accounting policies</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">-</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accretion expense</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><b><font FACE="Franklin Gothic" size="2">4</font></b></td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Franklin Gothic" size="2">4</font></td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><b><font FACE="Franklin Gothic" size="2">8</font></b></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Franklin Gothic" size="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Changes in capitalized mining costs</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(3)</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">3</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">Changes in operating
      assets and liabilities:</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(2)</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(5)</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories</font></td>
      <td WIDTH="107" COLSPAN="2" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">(21)</font></b></td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Franklin Gothic" size="2">(13)</font></td>
      <td WIDTH="132" COLSPAN="2" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">(26)</font></b></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Franklin Gothic" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued liabilities</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">21</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(21)</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">20</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(26)</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Current income taxes accrued</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><b><font FACE="Franklin Gothic" size="2">12</font></b></td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Franklin Gothic" size="2">21</font></td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><b><font FACE="Franklin Gothic" size="2">30</font></b></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Franklin Gothic" size="2">32</font></td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other assets and liabilities</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(1)</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">2</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="490"><font FACE="Franklin Gothic" size="2">Cash payments:</font></td>
      <td WIDTH="42" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="490" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Reclamation and closure costs</font></td>
      <td WIDTH="42" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">(7)</font></b></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(12)</font></td>
      <td WIDTH="132" COLSPAN="2" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(17)</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">(18)</font></td>
    </tr>
    <tr>
      <td WIDTH="490" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Income taxes</font></td>
      <td WIDTH="107" COLSPAN="2" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">(22)</font></b></td>
      <td WIDTH="65" 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="Franklin Gothic" size="2">(52)</font></td>
      <td WIDTH="132" COLSPAN="2" align="right">
      <b>
      <font FACE="Franklin Gothic" size="2">(51)</font></b></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">(87)</font></td>
    </tr>
    <tr>
      <td WIDTH="490" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Other net operating activities</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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(4)</font></b></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$ </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="Franklin Gothic" size="2">(82)</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">$ </font></b></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">(35)</font></b></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="Franklin Gothic" size="2">$ </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="Franklin Gothic" size="2">(61)</font></td>
    </tr>
  </table>
  </b>
</blockquote>
<ol start="13" style="font-weight: bold">
  <li><b>INVENTORIES, OTHER CURRENT ASSETS AND INVESTMENTS </b></li>
</ol>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="587" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="170" align="right" colspan="2" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b><font FACE="Franklin Gothic" SIZE="2">At June
      30, 2004</font></b></td>
      <td WIDTH="171" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="587" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Inventories</font></td>
      <td WIDTH="85" 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="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="587"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Gold in process and ore in stockpiles</font></td>
      <td WIDTH="85" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="85" align="right"><b><font FACE="Franklin Gothic" size="2">120</font></b></td>
      <td WIDTH="87" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" align="right"><font FACE="Franklin Gothic" size="2">99</font></td>
    </tr>
    <tr>
      <td WIDTH="587" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mine
      operating supplies</font></td>
      <td WIDTH="85" 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">
      <b>
      <font FACE="Franklin Gothic" size="2">63</font></b></td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">58</font></td>
    </tr>
    <tr>
      <td WIDTH="587" 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">
      <b>
      <font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">183</font></b></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">157</font></td>
    </tr>
    <tr>
      <td WIDTH="587" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">Other current assets</font></td>
      <td WIDTH="85" 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="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="587"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Derivative assets (note 11C)</font></td>
      <td WIDTH="85" align="right"><b><font FACE="Franklin Gothic" size="2">$</font></b></td>
      <td WIDTH="85" align="right"><b><font FACE="Franklin Gothic" size="2">55</font></b></td>
      <td WIDTH="87" align="right"><font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" align="right"><font FACE="Franklin Gothic" size="2">154</font></td>
    </tr>
    <tr>
      <td WIDTH="587" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Income taxes recoverable</font></td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" size="2">25</font></b></td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="84" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="587" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Prepaid expenses</font></td>
      <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" size="2">6</font></b></td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="84" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" size="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="587" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" size="2">86</font></b></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">$</font></td>
      <td WIDTH="84" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" size="2">169</font></td>
    </tr>
  </table>
  </font><font FACE="Franklin Gothic" SIZE="2">
  <p>Gold in process and ore in stockpiles excludes $72 million (December 31,
  2003 - $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>
  <p><b>Investments<br>
  </b>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>
<ol style="font-size: 10pt; font-weight: bold" start="14">
  <li><b>PROPERTY, PLANT AND EQUIPMENT </b></li>
</ol>
<blockquote>
  <p>At June 30, 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 we have targeted to put these properties into
  production and begin amortization are: </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>48</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Franklin Gothic" SIZE="2">
  <p>&nbsp;</p>
  <blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="66%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="327" align="center" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" size="2">Property</font></td>
      <td WIDTH="327" align="center" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:solid; border-top-width:1; border-bottom-style:none; border-bottom-width:medium">
      <p align="right">
      <font FACE="Franklin Gothic" size="2">Carrying amount at June 30, 2004</font></td>
      <td WIDTH="328" align="center" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Franklin Gothic" size="2">Targeted timing of production start
      up</font></td>
    </tr>
  </table>
</font>

</font>
</font>
  <table CELLSPACING="0" BORDER="0" WIDTH="66%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="332" align="left" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">Veladero</font></td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">$</font></td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">210</font></td>
      <td WIDTH="279" align="center" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="332" align="left"><font FACE="Franklin Gothic" SIZE="2">Cowal</font></td>
      <td WIDTH="94" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Franklin Gothic" SIZE="2">80</font></td>
      <td WIDTH="279" align="center"><font FACE="Franklin Gothic" SIZE="2">2006</font></td>
    </tr>
    <tr>
      <td WIDTH="332" align="left" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">Lagunas
      Norte</font></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">41</font></td>
      <td WIDTH="279" align="center" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="332" align="left"><font FACE="Franklin Gothic" SIZE="2">Pascua-Lama</font></td>
      <td WIDTH="94" align="right">&nbsp;</td>
      <td WIDTH="112" align="right"><font FACE="Franklin Gothic" SIZE="2">210</font></td>
      <td WIDTH="279" align="center"><font FACE="Franklin Gothic" SIZE="2">2009</font></td>
    </tr>
    <tr>
      <td WIDTH="332" align="left" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">Other properties</font></td>
      <td WIDTH="94" 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="Franklin Gothic" SIZE="2">228</font></td>
      <td WIDTH="279" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="332" align="left" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">Total</font></td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">$</font></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="Franklin Gothic" SIZE="2">769</font></td>
      <td WIDTH="279" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" start="15">
  <li>CAPITALIZED MINING COSTS </li>
</ol>
<blockquote>
  <p>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 $2 million lower for the three months
  ended June 30, 2004 (2003 - $3 million higher), and $3 million lower for the
  six months ended June 30, 2004 (2003 - $16 million higher). </p>
  <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. </p>
  <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. The effect of this
  change in the three months ended June 30, 2004 was to reduce amortization of
  capitalized mining costs at Goldstrike Open Pit by $0.5 million, and increase
  amortization of capitalized mining costs at Pierina by $2.1 million. The
  effect of this change in the six months ended June 30, 2004 was to reduce
  amortization of capitalized mining costs at Goldstrike Open Pit by $1.1
  million, and increase amortization of capitalized mining costs at Pierina by
  $3.9 million. </p>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="281" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">Average stripping ratios<sup>1</sup></font></b></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="132" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="260" COLSPAN="2" align="right">
      <font FACE="Times New Roman" SIZE="2">Three months ended June 30</font></td>
      <td WIDTH="261" COLSPAN="2" align="right">
      <font FACE="Times New Roman" SIZE="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="132" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Goldstrike Open Pit</font></td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">109:1</font></b></td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">112:1</font></td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">109:1</font></b></td>
      <td WIDTH="132" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">112:1</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Pierina</font></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">60:1</font></b></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">48:1</font></td>
      <td WIDTH="131" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">60:1</font></b></td>
      <td WIDTH="132" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">48:1</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="131" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="132" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="806" COLSPAN="5">
      <font FACE="Times New Roman" 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 probable gold reserves.</font></li>
      </ol>
      </td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>49</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font FACE="Times New Roman" SIZE="2">
<blockquote>
  <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>
<ol style="font-size: 10pt; font-weight: bold" start="16">
  <li>CAPITAL STOCK </li>
</ol>
<ol style="font-size: 10pt; font-weight: bold" type="A">
  <li>Share repurchase program </li>
</ol>
<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. We
  did not repurchase any common shares in the three-month period ended June 30,
  2004. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="2">
  <li>Barrick Gold Inc. (&quot;BGI&quot;) Exchangeable Shares </li>
</ol>
<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 June 30, 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="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="419" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">Summarized financial information for
      BGI</font></b></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" 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">&nbsp;</td>
      <td WIDTH="65" 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">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="189" COLSPAN="3">
      <font FACE="Times New Roman" SIZE="2">
      <p align="center">Three months ended June 30</font></td>
      <td WIDTH="65" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="191" COLSPAN="3">
      <font FACE="Times New Roman" SIZE="2">
      <p align="center">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="126" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="130" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="65" 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="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Total revenues and other income</font></td>
      <td WIDTH="63" 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="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">60</font></b></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">53</font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">112</font></b></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">105</font></td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Costs and expenses</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(31)</font></b></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(63)</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(84)</font></b></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(116)</font></td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Income (loss) before taxes</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></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">
      <b>
      <font FACE="Times New Roman" SIZE="2">29</font></b></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="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(10)</font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></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">
      <b>
      <font FACE="Times New Roman" SIZE="2">28</font></b></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="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(11)</font></td>
    </tr>
    <tr>
      <td WIDTH="419" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Net income (loss)</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="63" 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">26</font></b></td>
      <td WIDTH="63" 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">$</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(15)</font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="65" 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">23</font></b></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="Times New Roman" 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="Times New Roman" SIZE="2">&nbsp;(20)</font></td>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="582" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="85" align="right" 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="86" align="right" 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>
    </tr>
    <tr>
      <td WIDTH="582" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="169" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">At June 30, 2004</font></b></td>
      <td WIDTH="170" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="582" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">Assets</font></td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="582" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Current assets</font></td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">88</font></b></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">72</font></td>
    </tr>
    <tr>
      <td WIDTH="582" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Non-current
      assets</font></td>
      <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">206</font></b></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">233</font></td>
    </tr>
    <tr>
      <td WIDTH="582" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">$</font></b></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">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">294</font></b></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="Franklin Gothic" SIZE="2">$</font></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">305</font></td>
    </tr>
    <tr>
      <td WIDTH="582" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Franklin Gothic" SIZE="2">Liabilities and shareholders' equity</font></td>
      <td WIDTH="85" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="582" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other current liabilities</font></td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">13</font></b></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">$</font></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="582"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Intercompany notes payable</font></td>
      <td WIDTH="85" align="right">&nbsp;</td>
      <td WIDTH="86" align="right"><b><font FACE="Franklin Gothic" SIZE="2">517</font></b></td>
      <td WIDTH="86" align="right">&nbsp;</td>
      <td WIDTH="86" align="right"><font FACE="Franklin Gothic" SIZE="2">546</font></td>
    </tr>
    <tr>
      <td WIDTH="582" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other long-term liabilities</font></td>
      <td WIDTH="85" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><b><font FACE="Franklin Gothic" SIZE="2">12</font></b></td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" align="right" bgcolor="#E6E6E6"><font FACE="Franklin Gothic" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="582"><font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred income taxes</font></td>
      <td WIDTH="85" align="right">&nbsp;</td>
      <td WIDTH="86" align="right"><b><font FACE="Franklin Gothic" SIZE="2">58</font></b></td>
      <td WIDTH="86" align="right">&nbsp;</td>
      <td WIDTH="86" align="right"><font FACE="Franklin Gothic" SIZE="2">67</font></td>
    </tr>
    <tr>
      <td WIDTH="582" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Shareholders' equity</font></td>
      <td WIDTH="85" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">(306)</font></b></td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="86" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Franklin Gothic" SIZE="2">(339)</font></td>
    </tr>
    <tr>
      <td WIDTH="582" 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">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">$</font></b></td>
      <td WIDTH="86" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Franklin Gothic" SIZE="2">294</font></b></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="Franklin Gothic" SIZE="2">$</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="Franklin Gothic" SIZE="2">305</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>50</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" start="17">
  <li>EMPLOYEE STOCK-BASED COMPENSATION<b> </b></li>
</ol>
<blockquote>
  <p><b>Common stock options </b> </p>
</blockquote>
</font>

</font>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>Stock option activity</b> (options in
      millions)</font></td>
      <td WIDTH="101" 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">&nbsp;</td>
      <td WIDTH="89" 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">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="429" 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">
      <font FACE="Times New Roman" SIZE="2">Options</font></td>
      <td WIDTH="138" align="right" colspan="2">
      <font FACE="Times New Roman" SIZE="2">Average</font></td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Options</font></td>
      <td WIDTH="151" COLSPAN="2" align="right">
      <font FACE="Times New Roman" SIZE="2">Average</font></td>
    </tr>
    <tr>
      <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(number)</font></td>
      <td WIDTH="140" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">price (C$)</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(number)</font></td>
      <td WIDTH="151" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">price (US$)</font></td>
    </tr>
    <tr>
      <td WIDTH="429" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">At January 1, 2004</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">21.5</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2.3</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="429"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Granted</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">0.7</font></td>
      <td WIDTH="49" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="89" align="right"><font FACE="Times New Roman" SIZE="2">27.83</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="56" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="93" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="429" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="93" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="429"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Exercised</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">(1.0)</font></td>
      <td WIDTH="49" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="89" align="right"><font FACE="Times New Roman" SIZE="2">24.95</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">(0.4)</font></td>
      <td WIDTH="56" align="right"><font FACE="Times New Roman" SIZE="2">$
      </font></td>
      <td WIDTH="93" align="right"><font FACE="Times New Roman" SIZE="2">14.34</font></td>
    </tr>
    <tr>
      <td WIDTH="429" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Canceled or expired</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.5)</font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">28.16</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.1)</font></td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$ </font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">36.38</font></td>
    </tr>
    <tr>
      <td WIDTH="429" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">At June 30, 2004</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="Times New Roman" SIZE="2">20.7</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="89" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="96" 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">1.8</font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
  </table>
  </font>

  <p><font size="2">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. </font> </p>
  <p><font size="2">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.
  </font> </p>

<font FACE="Franklin Gothic" SIZE="5">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
  <table CELLSPACING="0" BORDER="0" WIDTH="75%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>Stock option expense</b> (per share
      amounts in dollars)</font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="74" 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">&nbsp;</td>
      <td WIDTH="87" 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">&nbsp;</td>
      <td WIDTH="73" 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">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="212" COLSPAN="3" align="right">
      <font FACE="Times New Roman" SIZE="2">Three months ended June 30</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="201" COLSPAN="3" align="right">
      <font FACE="Times New Roman" SIZE="2">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="48" 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">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">Pro forma effects</font></b></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" 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="87" 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>
      <td WIDTH="73" 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="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="426"><font FACE="Times New Roman" SIZE="2">Net income, as
      reported</font></td>
      <td WIDTH="33" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="74" align="right"><b><font FACE="Times New Roman" SIZE="2">34</font></b></td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="87" align="right"><font FACE="Times New Roman" SIZE="2">59</font></td>
      <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="73" align="right"><b><font FACE="Times New Roman" SIZE="2">60</font></b></td>
      <td WIDTH="46" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="78" align="right"><font FACE="Times New Roman" SIZE="2">88</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Stock option expense</font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(7)</font></b></td>
      <td WIDTH="47" 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="Times New Roman" SIZE="2">(6)</font></td>
      <td WIDTH="48" 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">
      <b>
      <font FACE="Times New Roman" SIZE="2">(14)</font></b></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(12)</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Pro forma net income</font></td>
      <td WIDTH="33" 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">$</font></b></td>
      <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">27</font></b></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">53</font></td>
      <td WIDTH="48" 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">$</font></b></td>
      <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">46</font></b></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="78" 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">76</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">Net income per share</font></b></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="74" 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="87" 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>
      <td WIDTH="73" 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="78" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="426"><font FACE="Times New Roman" SIZE="2">As reported <sup>1</sup></font></td>
      <td WIDTH="33" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="74" align="right"><b><font FACE="Times New Roman" SIZE="2">0.06</font></b></td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="87" align="right"><font FACE="Times New Roman" SIZE="2">0.11</font></td>
      <td WIDTH="48" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="73" align="right"><b><font FACE="Times New Roman" SIZE="2">0.11</font></b></td>
      <td WIDTH="46" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="78" align="right"><font FACE="Times New Roman" SIZE="2">0.16</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Pro forma <sup>1</sup></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">0.05</font></b></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">0.10</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">0.09</font></b></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="78" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">0.14</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" style="font-size: 9pt">
      1. Basic and diluted.</font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="74" 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="87" 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>
      <td WIDTH="73" 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="78" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" start="18">
  <li>CONTINGENCIES </li>
</ol>
<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 </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>51</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Times New Roman">
<blockquote>
  <p>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><font FACE="Times New Roman">
  <p><b>Litigation and claims</b></font><b><font FACE="Times New Roman" SIZE="2">
  </font></b></p>
  <p><font FACE="Times New Roman"><b>Bre-X Minerals<br>
  </b>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="Times New Roman">
  <p ALIGN="JUSTIFY">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="Times New Roman">
  <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 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>
</blockquote>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>52</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font FACE="Times New Roman" SIZE="2">
<blockquote>
  <p><b>Blanchard complaint <br>
  </b>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, but may be delayed. We intend to defend the action
  vigorously. </p>
  <p><b>Wagner complaint <br>
  </b>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. </p>
  <p><b>Other <br>
  </b>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. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" start="19">
  <li>DIFFERENCES FROM CANADIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES </li>
</ol>
<blockquote>
  <p>These unaudited consolidated interim financial statements have been
  prepared in accordance with US GAAP. A reconciliation of our income statement,
  cash flow statement and balance sheet between US GAAP and Canadian GAAP is
  presented below together with a description of the significant measurement
  differences affecting these financial statements. </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>53</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font SIZE="2" face="Times New Roman">
<ol style="font-size: 10pt; font-weight: bold" type="A">
  <li>Business combinations </li>
</ol>
<blockquote>
  <p>The acquisitions of Sutton Resources Ltd. (&quot;Sutton&quot;) and Homestake Mining
  Company (&quot;Homestake&quot;), which were accounted for using the pooling-of-interests
  method under US GAAP, were accounted for as a purchase under Canadian GAAP.
  Under US GAAP, the assets, liabilities and shareholders' equity of Sutton and
  Homestake were combined with the Company's own recorded amounts. Comparative
  figures were restated for all periods presented prior to the acquisitions to
  include the combined statements of income, cash flow and balance sheets of the
  merged entities adjusted to conform to our US GAAP accounting policies. Under
  Canadian GAAP, rules which existed at the time of the Sutton and Homestake
  acquisitions prior to the effective date of CICA 1581, Business Combinations,
  allowed for two possible accounting methods, the purchase method or the
  pooling-of-interests method. The selection of the method of accounting used
  for business combinations under the previous rules depended upon whether or
  not one of the combining companies could be identified as an acquirer. In
  situations where voting shares were issued or exchanged to effect the
  combination, factors relating to control over the resultant combined company
  were considered. Under these previous rules, due to the fact that the Barrick
  shareholders (as a group) held more than 50% of the voting shares of the
  combined company after the acquisitions of Sutton and Homestake, Barrick was
  identified as the acquirer, thereby requiring the purchase method to be used
  under Canadian GAAP. The application of the purchase method under Canadian
  GAAP required that identifiable assets and liabilities of the acquired entity
  be recorded at fair values at the date of acquisition, with any excess
  purchase price allocated to goodwill. This resulted in certain assets and
  liabilities being recorded at different carrying amounts under Canadian GAAP
  compared with US GAAP. These differences arise because their fair values at
  the date of acquisition differed from historic cost, which is the basis of
  accounting under the pooling-of-interests method under US GAAP. The assets and
  liabilities most significantly affected are: property, plant and equipment,
  intangible assets, inventories, and goodwill. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="2">
  <li>Exploration and development expenditures </li>
</ol>
<blockquote>
  <p>For Canadian GAAP purposes we capitalize mine development costs on our
  properties after proven and probable reserves have been found. We also
  capitalize costs on properties where we have found non-reserve material that
  does not meet all the criteria required for classification as proven or
  probable reserves. Management's determination as to whether the existence of
  non-reserve material should result in the capitalization of costs or the
  material should be included in the amortization and recoverability
  calculations is based on various factors, including, but not limited to: the
  existence and nature of known mineralization; the location of the property
  (for example, whether the presence of existing mines and ore bodies in the
  immediate vicinity increases the likelihood of development of a mine on the
  property); the existence of proven and probable reserves on the property;
  whether the ore body is an extension of an existing producing ore body on an
  adjacent property; the results of recent drilling on the property; and the
  existence of a feasibility study or other analysis to demonstrate that the ore
  is commercially recoverable. Under US GAAP, exploration and development
  expenditures incurred on properties where mineralization has not been
  classified as a proven and probable reserve under SEC rules are expensed as
  incurred. Accordingly, certain expenditures are capitalized for Canadian GAAP
  purposes but expensed under US GAAP. </p>
</blockquote>
<ol>
  <li style="font-size: 10pt; font-weight: bold" type="A" value="3">Amortization
  of property, plant and equipment </li>
</ol>
<blockquote>
  <p>Under Canadian GAAP, amortization of property, plant and equipment using
  the units-of-production method is calculated using historical capitalized
  costs plus future underground mine development costs for a whole mine and
  proven and probable mineral reserves and non-reserve material for the whole
  mine (when sufficient objective evidence exists to support a conclusion that
  it is probable the non-reserve material will be produced). For US GAAP
  purposes, </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>54</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<font SIZE="2" face="Times New Roman">
<blockquote>
  <p>amortization is calculated using historical capitalized costs incurred to
  access specific ore blocks or areas and only proven and probable reserves
  within the specific block or area; infrastructure and other common costs which
  have a useful life over the entire mine are amortized over total accessible
  proven and probable reserves of the mine. These different methods result in a
  different rate of amortization for Canadian GAAP. </p>
  <p>In addition, a difference in the amount of amortization expense results
  where differences exist in the carrying amounts of property, plant and
  equipment between US GAAP and Canadian GAAP, due to the historic effects of
  the application of GAAP to these items (for example, arising from differences
  in business combinations accounting, capitalization of exploration
  expenditures, and accounting for asset retirement obligations). </p>
</blockquote>
</font>

</font>
</font>
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" type="A" start="4">
  <li>Amortization of intangible assets </li>
</ol>
<blockquote>
  <p>In our Canadian GAAP financial statements we have certain intangible assets
  that arose from the application of purchase accounting. These assets are not
  present in our US GAAP financial statements. Under Canadian GAAP, we amortize
  the carrying amounts of mining rights for proven and probable reserves as gold
  is produced using the units of production method based on the estimated
  recoverable ounces in proven and probable reserves. Amortization of the
  carrying amounts of mining rights for mineralized material commences when the
  mineralized material is converted into proven and probable reserves.
  Intangible assets recorded under Canadian GAAP are tested for impairment using
  the same method that is applied to property, plant and equipment under
  Canadian GAAP. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" start="5" type="A">
  <li>Goodwill </li>
</ol>
<blockquote>
  <p>Under Canadian GAAP, on the acquisition of Homestake, goodwill was
  identified and was allocated to reporting units by preparing estimates of the
  fair value of each reporting unit and comparing this amount to the fair value
  of assets and liabilities (including intangibles) in the reporting unit. </p>
  <p>We test goodwill for impairment annually in the fourth quarter of our
  fiscal year, however, if there is indication of an impairment in goodwill
  during the year, we will do an assessment at that time. This impairment
  assessment involves estimating the fair value of each reporting unit that
  includes goodwill. We compare this fair value to the total carrying amount of
  the reporting unit (including goodwill). If the fair value exceeds this
  carrying amount, we consider that goodwill is not impaired. If the fair value
  is less than this carrying amount, then we estimate the fair values of all
  identifiable assets and liabilities in the reporting unit, and compare this
  net fair value of assets less liabilities to the estimated fair value of the
  entire reporting unit. The difference represents the fair value of goodwill,
  and if necessary, we reduce the carrying amount of goodwill to this fair
  value. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="6">
  <li>Future income taxes </li>
</ol>
<blockquote>
  <p>In accordance with Canadian GAAP, we implemented CICA Handbook Section 3465
  (Future income taxes) in 2000. Prior to the adoption of this standard,
  Canadian GAAP did not require recognition of the tax effects of temporary
  timing differences arising from acquisitions. Under US GAAP, acquisitions
  occurring prior to January 1, 2000 have been accounted for by grossing up
  assets and deferred tax liabilities for the underlying tax effect of treating
  the purchase consideration allocated to assets acquired that is not tax
  deductible as a temporary taxable timing difference. Under the transition
  provisions of CICA 3465, the recorded amounts of assets acquired were not
  restated to reflect differences in their carrying amounts at acquisition for
  tax and accounting purposes. Consequently, under Canadian </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>55</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<font FACE="Times New Roman" SIZE="2">
<blockquote>
  <p>GAAP, property,
  plant and equipment was $190 million lower and future income tax liabilities
  were $94 million higher than the amounts recorded under US GAAP. </p>
  <p>Where assets and liabilities are recorded at different carrying amounts for
  US GAAP and Canadian GAAP, due to differences in the accounting policies that
  affect these assets and liabilities, a difference also arises in the amount of
  temporary timing differences that give rise to deferred tax assets and
  liabilities. Consequently, the amounts of deferred tax assets and liabilities
  recorded under US GAAP differ from the amounts of future income taxes recorded
  under Canadian GAAP. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="7">
  <li>Impairment evaluations for long-lived assets </li>
</ol>
<blockquote>
  <p>In accordance with US GAAP, financing costs are excluded from the
  evaluation of long-lived assets for impairment purposes. Under Canadian GAAP,
  financing costs are included, but where an asset is impaired, the asset is
  reduced to its net recoverable amount, calculated as the future estimated
  undiscounted net cash flow expected to be generated by the asset. Under US
  GAAP, if assets are impaired, a reduction in the carrying amount to estimated
  fair value is required. Fair value is calculated by discounting the estimated
  future net cash flows using a discount factor. The discount factor is our
  estimate of the risk-adjusted rate used to determine the fair value of our
  mining properties in a transaction between willing buyers and sellers. </p>
</blockquote>
</font>

</font>
</font>
<font SIZE="2" face="Times New Roman">
<ol style="font-size: 10pt; font-weight: bold" type="A" start="8">
  <li>Investments </li>
</ol>
<blockquote>
  <p>Under US GAAP, investments which are considered to be &quot;available for sale&quot;
  securities are recorded at fair value, with unrealized gains or losses
  included in Comprehensive Income. Under Canadian GAAP, the concept of
  Comprehensive Income does not exist and these investments are recorded at
  cost. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="9">
  <li>Derivative financial instruments </li>
</ol>
<blockquote>
  <p>Under Canadian GAAP, derivative financial instruments that qualify for
  hedge accounting treatment are recognized on the balance sheet only to the
  extent that cash has been paid or received together with adjustments necessary
  to offset recognized gains or losses arising on the hedged items. Under US
  GAAP, such derivative financial instruments are recognized on the balance
  sheet at fair value with a corresponding charge or credit recorded in Other
  Comprehensive Income. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="10">
  <li>Minimum pension liability </li>
</ol>
<blockquote>
  <p>Under US GAAP, if the accumulated pension plan benefit obligation exceeds
  the market value of plan assets, a minimum pension liability for the excess is
  recognized to the extent that the liability recorded in the balance sheet is
  less than the minimum liability. Any portion of this additional liability that
  relates to unrecognized prior service cost is recognized as an intangible
  asset while the remainder is charged to Comprehensive Income. Canadian GAAP
  does not require us to record a minimum liability and does not have the
  concept of Comprehensive Income. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" start="11" type="A">
  <li>Asset retirement obligations </li>
</ol>
<blockquote>
  <p>Under US GAAP, a new policy was adopted effective January 1, 2003 based on
  a new standard published by the FASB, FAS 143 Asset Retirement Obligations.
  Under Canadian GAAP, a similar standard was effective for the Company's 2004
  fiscal year, CICA 3110 - Asset Retirement Obligations. CICA 3110 requires
  retroactive restatement of financial statements for prior periods, and
  accordingly comparative information now reflects the requirements of CICA
  3110. </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>56</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'><font FACE="Times New Roman PSMT" SIZE="2">
<font SIZE="2" face="Times New Roman">
<blockquote>
  <p>Both of these standards are established for the recognition and measurement
  of liabilities for legal obligations associated with the retirement of a
  long-lived asset that result from its acquisition, construction, development
  or normal operation. A liability is recorded for such an obligation at its
  fair value when incurred and a corresponding asset retirement cost is added to
  the carrying amount of the related asset. In subsequent periods, the carrying
  amount of the liability is adjusted to reflect the passage of time and any
  changes in the timing or amount of the underlying future cash flows. The asset
  retirement cost is amortized to expense over the asset's useful life. Under
  the original standards for Canadian and US GAAP prior to the adoption of FAS 143 and CICA 3110, total
  expected reclamation and closure costs (including legal and non-legal
  obligations) were recorded and charged to earnings over the life of a mine
  using the units of production method based on proven and probable reserves,
  and, for Canadian GAAP, non-reserve material expected to be converted into
  reserves. Under US GAAP, the effect of the adoption of FAS 143 was recorded in
  the income statement for the three months ended March 31, 2003. Under Canadian
  GAAP, the cumulative effect was recorded as an adjustment to the opening
  retained earnings for the earliest period presented. Due to the difference in
  timing of implementation of these standards, the amount of amortization and
  accretion recorded may differ under US and Canadian GAAP. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" start="12" type="A">
  <li>Foreign currency </li>
</ol>
<blockquote>
  <p ALIGN="JUSTIFY">Under US GAAP, translation adjustments that arise on the
  translation of financial statements of entities whose functional currency is
  not the US dollar are reported as a component of Comprehensive Income. Under
  Canadian GAAP, the concept of Comprehensive Income does not exist and these
  translation adjustments are reported as a separate component of shareholders'
  equity, called &quot;cumulative translation adjustments&quot;. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="13">
  <li>Revenue </li>
</ol>
<blockquote>
  <p ALIGN="JUSTIFY">Under Canadian GAAP purchase accounting rules, Homestake
  sales contracts existing at the date of acquisition were recorded at fair
  value and any previous deferred revenue balances eliminated. As these
  contracts are delivered into, the revenue recorded under Canadian GAAP is
  reduced to the extent of the original fair value adjustment. Under US GAAP
  pooling rules, existing Homestake deferred revenue balances were carried
  forward and
</font>

</font>
</font>
<font FACE="Times New Roman" size="2">
  recorded in the period of delivery. Differences between Canadian and US
  GAAP revenue arise from these different business combination accounting
  practices. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="14">
  <li>Other comprehensive income </li>
</ol>
<blockquote>
  <p>Under US GAAP, certain assets and liabilities are remeasured at fair value,
  with changes in fair value recorded in Other Comprehensive Income. Under
  Canadian GAAP, these assets and liabilities are recorded at cost and they are
  not remeasured to fair value prior to the date they are realized or settled.
  The assets and liabilities affected are: investments, and derivative assets
  and liabilities that qualify for hedge accounting treatment. </p>
</blockquote>
<ol style="font-size: 10pt; font-weight: bold" type="A" start="15">
  <li>Stock-based compensation </li>
</ol>
<blockquote>
  <p>Under US GAAP, FAS 123 (Accounting for Stock-Based Compensation),
  encourages, but does not require, companies to record compensation cost for
  stock-based 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, under APB 25. Companies that follow this method are
  required to disclose the pro forma effect of recording compensation expense
  under the fair value method. Under Canadian GAAP, effective January 1, 2004, a
  new standard was applicable that </p>
</blockquote>
</font><font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>57</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<blockquote>
  <p>requires the use of the fair value method of accounting for stock-based
  compensation. This standard is CICA 3870, Stock-Based Compensation and other
  Stock-Based payments. CICA 3870 requires us to record a compensation expense
  in our income statement based on the fair value of options granted. The
  cumulative amount of compensation expense is recorded within contributed
  surplus in the balance sheet under Canadian GAAP, and the carrying amount is
  transferred out of contributed surplus into capital stock as stock options are
  exercised. We have elected to adopt CICA 3870 retroactively with restatement
  of prior periods to include an expense of the type that was previously
  included under the pro forma note disclosure. </p>
</blockquote>
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" start="16" type="A">
  <li>Consolidated Balance Sheets </li>
</ol>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">At June 30</font></td>
      <td WIDTH="100" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="101" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="101" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">At December 31</font></td>
      <td WIDTH="96" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">2004</font></b></td>
      <td WIDTH="100" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="101" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="101" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="96" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410">&nbsp;</td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">
      Canadian</font></b></td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">
      Canadian</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">Notes</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">US GAAP</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">Adjustments</font></b></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">GAAP</font></b></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">US GAAP</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Adjustments</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">GAAP <sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">ASSETS</font></b></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" 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>
      <td WIDTH="101" 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="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Current assets</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="100" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="96" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Cash and equivalents</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$685</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$ -</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$685</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ 970</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ -</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ 970</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Accounts receivable</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">74</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">74</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">69</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Inventories</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">A</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">183</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">2</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">185</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">157</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">3</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">160</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Other current assets</font></td>
      <td WIDTH="108" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">I, M</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">86</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(35)</font></b></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">51</font></b></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">169</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(112)</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">57</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">1,028</font></b></td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(33)</font></b></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">995</font></b></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1,365</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(109)</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">1,256</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Investments</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">H</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">139</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">(12)</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">127</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">127</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">(38)</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">89</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Property, plant and
      equipment</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">A, B,
      C, F,K</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410">&nbsp;</td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">3,218</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">683</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">3,901</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">3,131</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">648</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">3,779</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Capitalized mining
      costs, net</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">232</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">232</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">235</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Intangible assets</font></td>
      <td WIDTH="108" COLSPAN="2" align="right">
      <b>
      <font FACE="Times New Roman" SIZE="2">A, D</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">665</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">665</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">683</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">683</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Goodwill</font></td>
      <td WIDTH="108" COLSPAN="2" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">A, E</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">1,081</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">1,081</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">1,081</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">1,081</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Unrealized fair
      value of derivative contracts</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">I</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">179</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">(179)</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">256</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">(256)</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Other assets</font></td>
      <td WIDTH="108" COLSPAN="2" align="right" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">A, I, M</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">270</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">21</font></b></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">291</font></b></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">248</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">31</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">279</font></td>
    </tr>
    <tr>
      <td WIDTH="410" 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">Total assets</font></b></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" 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">$5,066</font></b></td>
      <td WIDTH="98" 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">$2,226</font></b></td>
      <td WIDTH="100" 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">$7,292</font></b></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="Times New Roman" SIZE="2">$5,362</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="Times New Roman" SIZE="2">$2,040</font></td>
      <td WIDTH="96" 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">$7,402</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">LIABILITIES AND SHAREHOLDERS' EQUITY</font></b></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" 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>
      <td WIDTH="101" 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="96" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Accounts payable</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">$277</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">$ -</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">$277</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">$ 245</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">$ -</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">$ 245</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Other current liabilities</font></td>
      <td WIDTH="108" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">I, K</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">105</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(18)</font></b></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">87</font></b></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">105</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">14</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">119</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">382</font></b></td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(18)</font></b></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">364</font></b></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">350</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">14</font></td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">364</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Long-term debt</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">I</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">696</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">7</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">703</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">719</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1)</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">718</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Other long-term
      obligations</font></td>
      <td WIDTH="108" COLSPAN="2" align="right">
      <b>
      <font FACE="Times New Roman" SIZE="2">I, J, K,</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">536</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">(19)</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">517</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">569</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">(43)</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">526</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Deferred income tax liabilities</font></td>
      <td WIDTH="10" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">F</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">143</font></b></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">172</font></b></td>
      <td WIDTH="100" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">315</font></b></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">230</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">118</font></td>
      <td WIDTH="96" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">348</font></td>
    </tr>
    <tr>
      <td WIDTH="410" 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">Total liabilities</font></b></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" 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">1,757</font></b></td>
      <td WIDTH="98" 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">142</font></b></td>
      <td WIDTH="100" 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">1,899</font></b></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="Times New Roman" SIZE="2">1,868</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="Times New Roman" SIZE="2">88</font></td>
      <td WIDTH="96" 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">1,956</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Capital stock</font></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">A</font></b></td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">4,106</font></b></td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">869</font></b></td>
      <td WIDTH="100" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">4,975</font></b></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">4,115</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">874</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">4,989</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Retained earnings
      (deficit)</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">A</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">(753)</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">1,174</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">421</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">(694)</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">1,162</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">468</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Accumulated other
      comprehensive income </font><font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman" SIZE="2">(loss)</font></font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">N</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(44)</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">44</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">73</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(73)</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Contributed surplus</font></td>
      <td WIDTH="10" align="right">&nbsp;</td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">O</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="98" align="right"><b><font FACE="Times New Roman" SIZE="2">21</font></b></td>
      <td WIDTH="100" align="right"><b><font FACE="Times New Roman" SIZE="2">21</font></b></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">13</font></td>
      <td WIDTH="96" align="right"><font FACE="Times New Roman" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Cumulative
      translation adjustments</font></td>
      <td WIDTH="10" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">L</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(24)</font></b></td>
      <td WIDTH="100" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(24)</font></b></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(24)</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(24)</font></td>
    </tr>
    <tr>
      <td WIDTH="410" 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">Total shareholders' equity</font></b></td>
      <td WIDTH="10" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="98" 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">3,309</font></b></td>
      <td WIDTH="98" 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">2,084</font></b></td>
      <td WIDTH="100" 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">5,393</font></b></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="Times New Roman" SIZE="2">3,494</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="Times New Roman" SIZE="2">1,952</font></td>
      <td WIDTH="96" 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">5,446</font></td>
    </tr>
    <tr>
      <td WIDTH="410" 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">Total liabilities and shareholders'
      equity</font></b></td>
      <td WIDTH="10" 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="98" 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="98" 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">$5,066</font></b></td>
      <td WIDTH="98" 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">$2,226</font></b></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">
      <b>
      <font FACE="Times New Roman" SIZE="2">$7,292</font></b></td>
      <td WIDTH="101" 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">$5,362</font></td>
      <td WIDTH="101" 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">$2,040</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">$7,402</font></td>
    </tr>
    </table>
</blockquote>

</font>
</font>
</font>
  </font>
  <ol style="font-size: 9pt">
    <li>

<font FACE="Franklin Gothic" SIZE="5">

    <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman" style="font-size: 9pt">
      Effective January 1, 2004, we adopted CICA 3870 and CICA 3110 and
        changed our accounting policies for stock options and asset retirement
        obligations. These pronouncements were adopted retroactively with
        restatement of prior periods.</font></font></font></li>
</ol>
      <font FACE="Times New Roman PSMT" SIZE="2">

<font FACE="Franklin Gothic" SIZE="5">

<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>58</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Times New Roman" SIZE="2">
<ol style="font-size: 10pt; font-weight: bold" start="17" type="A">
  <li>Reconciliation of Consolidated Net Income </li>
</ol>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="507" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="243" 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">Three months ended June 30</font></td>
      <td WIDTH="241" 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">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="507" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="121" 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">Notes</font></td>
      <td WIDTH="121" 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="122" 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 <sup>4</sup></font></td>
      <td WIDTH="123" 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="118" 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 <sup>4</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="507" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Net income - US GAAP</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$34</font></b></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$59</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">$60</font></b></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$88</font></td>
    </tr>
    <tr>
      <td WIDTH="507"><font FACE="Times New Roman" SIZE="2">Amortization of
      property, plant and equipment</font></td>
      <td WIDTH="121" align="right"><font FACE="Times New Roman" SIZE="2">C</font></td>
      <td WIDTH="121" align="right"><b><font FACE="Times New Roman" SIZE="2">14</font></b></td>
      <td WIDTH="122" align="right"><font FACE="Times New Roman" SIZE="2">12</font></td>
      <td WIDTH="123" align="right"><b><font FACE="Times New Roman" SIZE="2">23</font></b></td>
      <td WIDTH="118" align="right"><font FACE="Times New Roman" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="507" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Exploration and
      development expenditures</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">B</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">8</font></b></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">13</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">15</font></b></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">27</font></td>
    </tr>
    <tr>
      <td WIDTH="507"><font FACE="Times New Roman" SIZE="2">Amortization of
      intangible assets</font></td>
      <td WIDTH="121" align="right"><font FACE="Times New Roman" SIZE="2">D</font></td>
      <td WIDTH="121" align="right"><b><font FACE="Times New Roman" SIZE="2">(8)</font></b></td>
      <td WIDTH="122" align="right"><font FACE="Times New Roman" SIZE="2">(5)</font></td>
      <td WIDTH="123" align="right"><b><font FACE="Times New Roman" SIZE="2">(18)</font></b></td>
      <td WIDTH="118" align="right"><font FACE="Times New Roman" SIZE="2">(19)</font></td>
    </tr>
    <tr>
      <td WIDTH="507" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Cumulative effect of
      accounting changes under US GAAP</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">C, K</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="507"><font FACE="Times New Roman" SIZE="2">Gains on asset sales
      <sup>1</sup></font></td>
      <td WIDTH="121" align="right"><font FACE="Times New Roman" SIZE="2">A</font></td>
      <td WIDTH="121" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
      <td WIDTH="122" align="right"><font FACE="Times New Roman" SIZE="2">(2)</font></td>
      <td WIDTH="123" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
      <td WIDTH="118" align="right"><font FACE="Times New Roman" SIZE="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="507" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Future income tax
      expense <sup>2</sup></font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">F</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(4)</font></b></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(8)</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(5)</font></b></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="507"><font FACE="Times New Roman" SIZE="2">Deferred revenue</font></td>
      <td WIDTH="121" align="right"><font FACE="Times New Roman" SIZE="2">M</font></td>
      <td WIDTH="121" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="122" align="right"><font FACE="Times New Roman" SIZE="2">(4)</font></td>
      <td WIDTH="123" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="118" align="right"><font FACE="Times New Roman" SIZE="2">(14)</font></td>
    </tr>
    <tr>
      <td WIDTH="507" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Stock-based
      compensation expense</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">O</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(5)</font></b></td>
      <td WIDTH="122" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(3)</font></td>
      <td WIDTH="123" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(10)</font></b></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="507"><font FACE="Times New Roman" SIZE="2">Homestake inventory
      <sup>3</sup></font></td>
      <td WIDTH="121" align="right"><font FACE="Times New Roman" SIZE="2">A</font></td>
      <td WIDTH="121" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
      <td WIDTH="122" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="123" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
      <td WIDTH="118" align="right"><font FACE="Times New Roman" SIZE="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="507" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Other</font></td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">1</font></b></td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">2</font></b></td>
      <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="507" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Net income - Canadian GAAP</font></td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="121" 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">$38</font></b></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="Times New Roman" SIZE="2">$62</font></td>
      <td WIDTH="123" 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">$65</font></b></td>
      <td WIDTH="118" 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">$109</font></td>
    </tr>
    <tr>
      <td WIDTH="507" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Net income per share (dollars)</font></td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="121" 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>
      <td WIDTH="123" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="507" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic
      and fully diluted</font></td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">$0.07</font></b></td>
      <td WIDTH="122" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$0.11</font></td>
      <td WIDTH="123" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">$0.12</font></b></td>
      <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$0.20</font></td>
    </tr>
    </table>
</blockquote>
      <ol style="font-size: 9pt">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman" style="font-size: 9pt">
        <li>The gain on sale under Canadian GAAP is different from US GAAP due
        to the fact that the carrying amount of assets sold was higher under
        Canadian GAAP.</li>
        <li>The adjustment to future tax expense reflects the reversal of
        temporary timing differences under Canadian GAAP caused by other
        adjustments that were made to reconcile US GAAP net income to Canadian
        GAAP income. The adjustment also reflects other differences in
        accounting for income taxes as described in note F.</li>
        <li>Certain ore in stockpile and in process inventory held by Homestake,
        which was adjusted to fair value at the date of acquisition, caused an
        adjustment to cost of sales when the inventory was processed and sold.</li>
        <li>Effective January 1, 2004, we adopted CICA 3870 and CICA 3110 and
        changed our accounting policies for stock options and asset retirement
        obligations. These pronouncements were adopted retroactively with
        restatement of prior periods.</font></li>

</font>
</font>
      </ol>
      <p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>59</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font FACE="Times New Roman" size="2">
<ol style="font-size: 10pt; font-weight: bold" type="A" start="18">
  <li>Consolidated Statements of Cash Flow under Canadian GAAP </li>
</ol>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="461" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="327" 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">
      <p align="center">Three months ended June 30</font></td>
      <td WIDTH="326" 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">
      <p align="center">Six months ended June 30</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="163" 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="164" 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 <sup>2</sup></font></td>
      <td WIDTH="164" 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="162" 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 <sup>2</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">OPERATING ACTIVITIES</font></b></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">Net income</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">$38</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">$62</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">$65</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">$109</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Add (deduct):</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">109</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">124</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">230</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">246</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Non-hedge derivative (gains) losses</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(6)</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(10)</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">9</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(46)</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Change in capitalized mining costs</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">2</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(3)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">3</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Future income taxes</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(27)</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(28)</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(30)</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(37)</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Gains on sale of long-lived assets</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(8)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(2)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">(12)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Foreign currency translation (gains) losses</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">7</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">5</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accretion expense</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">4</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">4</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">8</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Stock-based compensation expense</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">5</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">3</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">10</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      (Gains) losses on investments</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">1</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(1)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Changes in operating
      assets and liabilities:</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">(2)</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">5</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(5)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(20)</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(13)</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(25)</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued liabilities</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">21</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(21)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">20</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">(26)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Current income taxes accrued</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">12</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">21</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">30</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">32</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other assets and liabilities</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">2</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">2</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">1</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Cash payments:</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Reclamation and closure costs</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">(7)</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(11)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(17)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">(18)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Income taxes</font></td>
      <td WIDTH="163" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(22)</font></b></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(52)</font></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(51)</font></b></td>
      <td WIDTH="162" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(87)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" 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">Net cash provided by operating
      activities <sup>1</sup></font></b></td>
      <td WIDTH="163" 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">117</font></b></td>
      <td WIDTH="164" 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">76</font></td>
      <td WIDTH="164" 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">250</font></b></td>
      <td WIDTH="162" 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">221</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">INVESTING ACTIVITIES</font></b></td>
      <td WIDTH="163" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">Property, plant and
      equipment</font></td>
      <td WIDTH="163" align="right">&nbsp;</td>
      <td WIDTH="164" align="right">&nbsp;</td>
      <td WIDTH="164" align="right">&nbsp;</td>
      <td WIDTH="162" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Capital expenditures</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(198)</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(83)</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(334)</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(164)</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Sales proceeds</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">2</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">10</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">8</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Purchase of
      investments</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(4)</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(45)</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Other items</font></td>
      <td WIDTH="163" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(3)</font></b></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(3)</font></b></td>
      <td WIDTH="162" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="461" 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">Net cash used in investing
      activities <sup>1</sup></font></b></td>
      <td WIDTH="163" 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">(203)</font></b></td>
      <td WIDTH="164" 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">(73)</font></td>
      <td WIDTH="164" 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">(374)</font></b></td>
      <td WIDTH="162" 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">(149)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">FINANCING ACTIVITIES</font></b></td>
      <td WIDTH="163" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="162" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Capital stock</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds from shares issued on exercise of stock options</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">13</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">2</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">26</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="461" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchased for cash</font></td>
      <td WIDTH="163" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">-</font></b></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(63)</font></td>
      <td WIDTH="164" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">(95)</font></b></td>
      <td WIDTH="162" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(63)</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><font FACE="Times New Roman" SIZE="2">Long-term debt
      repayments</font></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">(27)</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(9)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(27)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Dividends</font></td>
      <td WIDTH="163" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(59)</font></b></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(60)</font></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(59)</font></b></td>
      <td WIDTH="162" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(60)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" 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">Net cash used in financing
      activities</font></b></td>
      <td WIDTH="163" 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">(73)</font></b></td>
      <td WIDTH="164" 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">(130)</font></td>
      <td WIDTH="164" 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">(155)</font></b></td>
      <td WIDTH="162" 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">(129)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">Effect of foreign exchange rate
      changes on cash</font></b></td>
      <td WIDTH="163" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(6)</font></b></td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">4</font></td>
      <td WIDTH="164" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">(6)</font></b></td>
      <td WIDTH="162" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="461"><b><font FACE="Times New Roman" SIZE="2">Net decrease in cash
      and equivalents</font></b></td>
      <td WIDTH="163" align="right"><b><font FACE="Times New Roman" SIZE="2">(159)</font></b></td>
      <td WIDTH="164" align="right"><font FACE="Times New Roman" SIZE="2">(127)</font></td>
      <td WIDTH="164" align="right"><b><font FACE="Times New Roman" SIZE="2">(279)</font></b></td>
      <td WIDTH="162" align="right"><font FACE="Times New Roman" SIZE="2">(57)</font></td>
    </tr>
    <tr>
      <td WIDTH="461" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">Cash and equivalents at beginning of
      period</font></b></td>
      <td WIDTH="163" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">850</font></b></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1,115</font></td>
      <td WIDTH="164" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">970</font></b></td>
      <td WIDTH="162" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1,044</font></td>
    </tr>
    <tr>
      <td WIDTH="461" 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">Cash and equivalents at end of
      period</font></b></td>
      <td WIDTH="163" 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">$685</font></b></td>
      <td WIDTH="164" 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">$992</font></td>
      <td WIDTH="164" 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">$685</font></b></td>
      <td WIDTH="162" 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">$992</font></td>
    </tr>
    </table>

</font>
</blockquote>

<font FACE="Franklin Gothic" SIZE="5">

  <ol style="font-size: 10pt">
    <li>
    <p ALIGN="left">

<font FACE="Franklin Gothic" SIZE="2">

    Exploration and development expenditures, and interest expense, that were
capitalized under Canadian GAAP, but expensed under US GAAP were $9 million for
the three months ended June 30, 2004 (2003 - $14 million), and $16 million for
the six months ended June 30, 2004 (2003 - $29 million), These amounts represent
the differences in cash flows from operating and investing activities between US
GAAP and Canadian GAAP.
</font>
    </li>
    <li>
    <p ALIGN="left">

<font FACE="Franklin Gothic" SIZE="2">

      Effective January 1, 2004, we adopted CICA 3870 and CICA 3110 and changed
      our accounting policies for stock options and asset retirement
      obligations. These pronouncements were adopted retroactively with
      restatement of prior periods. </li>
</font>

  </ol>

<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>60</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<font SIZE="5">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
    <td width="49" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" width="49">&nbsp;</td>
    <td WIDTH="844" align="right" height="20" style="border-top-style: none; border-top-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-bottom-style:solid; border-bottom-width:1" colspan="17">
    <font FACE="Interstate" SIZE="2">
    <p align="center"><b>UNITED STATES</b></font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="196" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4">

<font FACE="Franklin Gothic" SIZE="5"><font FACE="Times New Roman PSMT" SIZE="2">
    <p align="center">
    <b>
    <font SIZE="2">Open Pit</font></b></font></font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="197" COLSPAN="4" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <p align="center">

<b>
    <font SIZE="2" FACE="Times New Roman PSMT">Underground</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="200" align="center" height="20" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4">
    <b>
    <font SIZE="2" FACE="Times New Roman PSMT">Goldstrike Total</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="200" COLSPAN="4" align="center" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2" FACE="Times New Roman PSMT">Round Mountain</font></b></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: none; border-bottom-width: medium">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">35,748</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">35,351</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">397</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">375</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">36,145</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">35,726</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">5,296</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">7,394</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20"><b><font SIZE="2">2,751</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">2,561</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20"><b><font SIZE="2">391</font></b></td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">382</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20"><b><font SIZE="2">3,142</font></b></td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">2,943</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">9,540</font></b></td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20"><font SIZE="2">7,485</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.145</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.215</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.383</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.341</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.174</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.232</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.015</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.020</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">84.1%</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">82.4%</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">89.0%</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">87.1%</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">84.6%</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">83.3%</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">n/a</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">n/a</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">334</font></b></td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">454</font></td>
    <td WIDTH="49" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">133</font></b></td>
    <td WIDTH="49" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">113</font></td>
    <td WIDTH="50" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">467</font></b></td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">567</font></td>
    <td WIDTH="50" align="right" height="19" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">99</font></b></td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">113</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">236</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">
    197</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">243</font></b></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">279</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">238</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">
    216</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">184</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">150</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production tax</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">16</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">18</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">19</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">12</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">17</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">16</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">30</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">17</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">252</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">215</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">262</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">291</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">255</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">232</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">214</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">60</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">51</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">134</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">122</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">81</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">66</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">56</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">48</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">312</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">266</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">396</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">413</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">336</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">298</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">270</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">14</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">6</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">20</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">&nbsp;16</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">69,834</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">72,831</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">835</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">785</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">70,669</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">73,616</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font size="2">10,082</font></b></td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">14,713</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="49" align="right" height="20"><b><font SIZE="2">5,412</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">5,163</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="20"><b><font SIZE="2">843</font></b></td>
    <td WIDTH="49" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">789</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20"><b><font SIZE="2">6,255</font></b></td>
    <td WIDTH="50" align="right" height="20">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">5,952</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium">
    <b><font size="2">19.149</font></b></td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20"><font SIZE="2">14,949</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.144</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.175</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.383</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.381</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.177</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.203</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="100" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.015</font></b></td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.019</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">83.4%</font></b></td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">81.7%</font></td>
    <td WIDTH="49" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="98" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">89.0%</font></b></td>
    <td WIDTH="99" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">87.1%</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">84.2%</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">83.0%</font></td>
    <td WIDTH="50" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">n/a</font></b></td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">n/a</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">652</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">740</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">287</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">261</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">939</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">1,001</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">192</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">209</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="49" align="right" height="21">&nbsp;</td>
    <td WIDTH="49" align="right" height="21">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21">&nbsp;</td>
    <td WIDTH="49" align="right" height="21">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21">&nbsp;</td>
    <td WIDTH="50" align="right" height="21">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21">&nbsp;</td>
    <td WIDTH="50" align="right" height="21">&nbsp;</td>
    <td WIDTH="50" align="right" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="49" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">242</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;220</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">236</font></b></td>
    <td WIDTH="49" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">227</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">240</font></b></td>
    <td WIDTH="50" align="right" height="21" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">
    222</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">180</font></b></td>
    <td WIDTH="50" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">150</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production tax</font></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">17</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">18</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">21</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">20</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">18</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">18</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">32</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">17</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">259</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">238</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">257</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">247</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">258</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">240</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">212</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">61</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">55</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">127</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">119</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">81</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">73</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">57</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">52</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">320</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">293</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">384</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">366</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">339</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">313</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">269</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">219</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">17</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">14</font></td>
    <td WIDTH="49" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">12</font></b></td>
    <td WIDTH="49" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">14</font></td>
    <td WIDTH="50" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">29</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2" face="Franklin Gothic">$ </font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;28</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="50" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>61</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font SIZE="5">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="339" height="20">&nbsp;</td>
    <td style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1" colspan="19" align="center"><font FACE="Times New Roman PSMT" SIZE="2">
    <b>
    <font SIZE="2">AUSTRALIA</font></b></font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="188" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4">
    <p align="center">

<b>
    <font SIZE="2" FACE="Times New Roman PSMT">Plutonic</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="188" COLSPAN="4" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <p align="center">

<b>
    <font SIZE="2" FACE="Times New Roman PSMT">Darlot</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="192" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" colspan="4">
    <p align="center">

<b>
    <font SIZE="2" FACE="Times New Roman PSMT">Lawlers</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="192" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium" colspan="4">
    <p align="center">

<b>
    <font SIZE="2" FACE="Times New Roman PSMT">Kalgoorlie</font></b></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">2,973</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">3,921</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">427</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">217</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">1,617</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">209</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font size="2">11,615</font></b></td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">11,857</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20"><b><font SIZE="2">710</font></b></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">733</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20"><b><font SIZE="2">202</font></b></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">224</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20"><b><font SIZE="2">212</font></b></td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">220</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">1,833</font></b></td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20"><font SIZE="2">1,807</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.130</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.121</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.184</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.172</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.129</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.122</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.066</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.075</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">88.5%</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">89.3%</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">96.7%</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">96.5%</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">96.6%</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">96.2%</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">85.2%</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">86.1%</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">75</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">79</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">36</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">37</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">26</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">26</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">103</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">117</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">222</font></b></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">198</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">189</font></b></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">168</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">245</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">221</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">228</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">203</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">9</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">9</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">7</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">7</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">9</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">231</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">207</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">197</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">175</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">253</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">228</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">237</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">212</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">33</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">16</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">55</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">47</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">58</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">42</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">45</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">51</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">264</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">223</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">252</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">222</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">311</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">270</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">282</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">263</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">6</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">20</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">3</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">1</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">1</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">1</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">3</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">5,928</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">7,259</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">857</font></b></td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">438</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">2,211</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">744</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font size="2">23,479</font></b></td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">23,052</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20"><b><font SIZE="2">1,404</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">1,511</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="20"><b><font SIZE="2">420</font></b></td>
    <td WIDTH="47" align="right" height="20">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">434</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20"><b><font SIZE="2">420</font></b></td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">406</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium">
    <b><font SIZE="2">3,433</font></b></td>
    <td WIDTH="48" align="right" height="20">&nbsp;</td>
    <td WIDTH="48" align="right" height="20"><font SIZE="2">3,444</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.126</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.111</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.172</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.190</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.130</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.120</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.069</font></b></td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.071</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">89.7%</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">89.1%</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">97.0%</font></b></td>
    <td WIDTH="94" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">97.1%</font></td>
    <td WIDTH="47" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">96.8%</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">96.1%</font></td>
    <td WIDTH="48" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="96" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">86.2%</font></b></td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">85.9%</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">158</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">149</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">70</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">80</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">53</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">47</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">205</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">211</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="47" align="right" height="21">&nbsp;</td>
    <td WIDTH="47" align="right" height="21">&nbsp;</td>
    <td WIDTH="47" align="right" height="21">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21">&nbsp;</td>
    <td WIDTH="47" align="right" height="21">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21">&nbsp;</td>
    <td WIDTH="48" align="right" height="21">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21">&nbsp;</td>
    <td WIDTH="48" align="right" height="21">&nbsp;</td>
    <td WIDTH="48" align="right" height="21">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="47" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">203</font></b></td>
    <td WIDTH="47" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">191</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">195</font></b></td>
    <td WIDTH="47" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">150</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">237</font></b></td>
    <td WIDTH="48" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">256</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" bgcolor="#E6E6E6"><b><font SIZE="2">222</font></b></td>
    <td WIDTH="48" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" bgcolor="#E6E6E6"><font SIZE="2">206</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">7</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">211</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">199</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">203</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">158</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">244</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">264</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">230</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">215</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">32</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">19</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">52</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">48</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">51</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">33</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">42</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">52</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">243</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">218</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">255</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">206</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">295</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">297</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">272</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">267</font></td>
  </tr>
  <tr>
    <td WIDTH="339" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">8</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">25</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">5</font></b></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="47" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">3</font></td>
    <td WIDTH="47" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">10</font></td>
    <td WIDTH="48" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">5</font></b></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="48" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>62</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font SIZE="5">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="278" height="17" style="border-bottom-style: none; border-bottom-width: medium"></td>
    <td style="border-bottom-style: solid; border-bottom-width: 1" colspan="14"><font SIZE="2" face="Franklin Gothic">
    <p align="center"><b>
    <font SIZE="2">CANADA</font></b></font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="17" style="border-top-style: none; border-top-width: medium"></td>
    <td WIDTH="273" align="center" style="border-right-style:none; border-right-width:medium" height="17" colspan="4">
    <font SIZE="2" face="Franklin Gothic">
    <p align="center">
    <b>
    <font SIZE="2">Hemlo</font></b></font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="276" COLSPAN="4" align="right" style="border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" height="17">
    <p align="center">
    <b>
    <font SIZE="2">Eskay Creek</font></b></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="276" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="17">
    <p align="center">
    <b>
    <font SIZE="2">Holt-McDermott</font></b></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">2003</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">2003</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">1,239</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">1,099</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">67</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">69</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">135</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">139</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="17"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="68" align="right" height="17"></td>
    <td WIDTH="68" align="right" height="17"><b><font SIZE="2">515</font></b></td>
    <td WIDTH="68" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium"><font SIZE="2">474</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="17"><b><font SIZE="2">72</font></b></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium"><font SIZE="2">74</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="17"><b><font SIZE="2">152</font></b></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17"><font SIZE="2">137</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="17" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">0.137</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" height="17" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.137</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="17" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">1.359</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="17" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">1.427</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="17" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.146</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">0.164</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <b>
    <font SIZE="2">94.5%</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">94.5%</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    <b>
    <font SIZE="2">93.6%</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">93.8%</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    <b>
    <font SIZE="2">93.1%</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">94.3%</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">67</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">62</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">91</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">97</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">20</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="17" bgcolor="#E6E6E6">
    <font SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="17"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="68" align="right" height="17"></td>
    <td WIDTH="68" align="right" height="17"></td>
    <td WIDTH="68" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17"></td>
    <td WIDTH="69" align="right" height="17"></td>
  </tr>
  <tr>
    <td WIDTH="278" height="17" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="68" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">228</font></b></td>
    <td WIDTH="68" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">236</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">64</font></b></td>
    <td WIDTH="69" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="17" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">99</font></td>
    <td WIDTH="69" align="right" height="17" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="69" align="right" height="17" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="17" bgcolor="#E6E6E6"><b><font SIZE="2">202</font></b></td>
    <td WIDTH="69" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="17" bgcolor="#E6E6E6"><font SIZE="2">271</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    </td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <b>
    <font SIZE="2">9</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">9</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <b>
    <font SIZE="2">4</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="17">
    <font SIZE="2">3</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="17">
    <font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">237</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">245</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">68</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">102</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">202</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">271</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    </td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">50</font></b></td>
    <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18">
    <font SIZE="2">44</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">132</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18">
    <font SIZE="2">122</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">120</font></b></td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">123</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">287</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">289</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">200</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">224</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">322</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18" bgcolor="#E6E6E6">
    <font SIZE="2">394</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18">
    <font SIZE="2">2</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">3</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" height="18">
    <font SIZE="2">1</font></td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" height="18">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" height="18">
    <font SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="278" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-style:none; border-width:medium; " height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
    <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" height="18">
    </td>
  </tr>
  <tr>
    <td WIDTH="278" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">2,361</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">2,089</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">132</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">137</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">274</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">283</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"><b><font SIZE="2">992</font></b></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"><font SIZE="2">929</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"><b><font SIZE="2">132</font></b></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"><font SIZE="2">140</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"><b><font SIZE="2">287</font></b></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"><font SIZE="2">276</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">0.137</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" height="18" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.148</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">1.262</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">1.432</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.148</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">0.162</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="136" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">94.3%</font></b></td>
    <td WIDTH="137" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">94.7%</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">93.4%</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">93.6%</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">92.9%</font></b></td>
    <td WIDTH="138" COLSPAN="2" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">94.6%</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">128</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">130</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">156</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">181</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">39</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">42</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="68" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
    <td WIDTH="69" align="right" height="18"></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="68" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">222</font></b></td>
    <td WIDTH="68" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">228</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">26</font></b></td>
    <td WIDTH="69" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">83</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style: none; border-width: medium" bgcolor="#E6E6E6"></td>
    <td WIDTH="69" align="right" height="18" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" bgcolor="#E6E6E6"><b><font SIZE="2">223</font></b></td>
    <td WIDTH="69" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" bgcolor="#E6E6E6"><font SIZE="2">275</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">9</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">8</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">5</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">3</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">1</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">231</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">236</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">31</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">86</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">223</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">276</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">45</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">40</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">151</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">128</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">134</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">123</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">276</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">276</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">182</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">214</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">357</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">399</font></td>
  </tr>
  <tr>
    <td WIDTH="278" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">3</font></b></td>
    <td WIDTH="68" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">5</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">4</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">3</font></td>
    <td WIDTH="69" align="right" height="18" style="border-style:none; border-width:medium; ">
    </td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="69" align="right" height="18" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">-</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>63</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>
<font SIZE="5">
<p>Mine Statistics</p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="299" height="17"></td>
    <td WIDTH="307" align="center" height="17" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4"><font SIZE="2" face="Franklin Gothic">
    <b>
    <font SIZE="2">PERU</font></b></font></td>
    <td WIDTH="77" align="center" height="17" style="border-bottom-style: none; border-bottom-width: medium"></td>
    <td width="308" style="border-bottom-style: solid; border-bottom-width: 1" colspan="4" align="center"><font SIZE="2" face="Franklin Gothic">
    <b>
    <font SIZE="2">TANZANIA</font></b></font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="19">&nbsp;</td>
    <td WIDTH="307" align="center" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" colspan="4"><font SIZE="2" face="Franklin Gothic">
    <b>
    <font SIZE="2">Pierina</font></b></font></td>
    <td WIDTH="77" align="center" height="20" style="border-style:none; border-width:medium; ">&nbsp;</td>
    <td width="308" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" colspan="4" align="center"><font SIZE="2" face="Franklin Gothic">
    <b>
    <font SIZE="2">Bulyanhulu</font></b></font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Three months ended June 30,</font></td>
    <td WIDTH="153" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">2003</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="154" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="153" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">10,312</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">9,784</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">284</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">231</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="153" COLSPAN="2" align="right" height="20"><b><font SIZE="2">3,889</font></b></td>
    <td WIDTH="77" align="right" height="20">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium"><font SIZE="2">3,987</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium">
    <b><font SIZE="2">294</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="76" align="right" height="20"><font SIZE="2">247</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="153" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.034</font></b></td>
    <td WIDTH="77" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.078</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">0.373</font></b></td>
    <td WIDTH="154" COLSPAN="2" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6"><font SIZE="2">0.352</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">-</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">88.5%</font></b></td>
    <td WIDTH="154" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">88.3%</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">186</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">260</font></td>
    <td WIDTH="77" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">97</font></b></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">77</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="76" align="right" height="20">&nbsp;</td>
    <td WIDTH="77" align="right" height="20">&nbsp;</td>
    <td WIDTH="77" align="right" height="20">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-style: none; border-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
    <td WIDTH="76" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="76" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">104</font></b></td>
    <td WIDTH="77" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6"><font SIZE="2">
    78</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
    <b><font SIZE="2">240</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="76" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">223</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">-</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">13</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">104</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">78</font></td>
    <td WIDTH="77" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">253</font></b></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">233</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">165</font></b></td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">182</font></td>
    <td WIDTH="77" align="right" height="20" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="77" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">103</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">117</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">269</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">260</font></td>
    <td WIDTH="77" align="right" height="21" style="border-style:none; border-width:medium; " bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">356</font></b></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">350</font></td>
  </tr>
  <tr>
    <td WIDTH="299" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <font SIZE="2">4</font></td>
    <td WIDTH="77" align="right" height="21" style="border-style:none; border-width:medium; ">
    &nbsp;</td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="77" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-right-style:none; border-right-width:medium">
    <b>
    <font SIZE="2">10</font></b></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1; border-left-style:none; border-left-width:medium">
    <font SIZE="2">$</font></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">9</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<table CELLSPACING="0" BORDER="0" WIDTH="80%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="297" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Six months ended June 30,</font></td>
    <td WIDTH="151" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="159" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2004</font></b></td>
    <td WIDTH="158" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Tons mined (thousands)</font></td>
    <td WIDTH="151" COLSPAN="2" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font size="2">20,635</font></b></td>
    <td WIDTH="158" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">18,328</font></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">568</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">472</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20"><font SIZE="2">Tons processed (thousands)</font></td>
    <td WIDTH="151" COLSPAN="2" align="right" height="20"><b><font SIZE="2">7,927</font></b></td>
    <td WIDTH="78" align="right" height="20">&nbsp;</td>
    <td WIDTH="80" align="right" height="20"><font SIZE="2">7,609</font></td>
    <td WIDTH="67" align="right" height="20">&nbsp;</td>
    <td WIDTH="79" align="right" height="20">&nbsp;</td>
    <td WIDTH="80" align="right" height="20"><b><font SIZE="2">566</font></b></td>
    <td WIDTH="80" align="right" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" height="20"><font SIZE="2">506</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" bgcolor="#E6E6E6"><font SIZE="2">Average grade (ounces per ton)</font></td>
    <td WIDTH="151" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.042</font></b></td>
    <td WIDTH="78" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.080</font></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="159" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">0.356</font></b></td>
    <td WIDTH="158" COLSPAN="2" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">0.376</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Recovery rate (percent)</font></td>
    <td WIDTH="75" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">-</font></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="159" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">88.4%</font></b></td>
    <td WIDTH="158" COLSPAN="2" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">87.7%</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Production (thousands of ounces)</font></td>
    <td WIDTH="75" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">419</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">491</font></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">178</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">167</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20"><font SIZE="2">Production costs per ounce</font></td>
    <td WIDTH="75" align="right" height="20">&nbsp;</td>
    <td WIDTH="76" align="right" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" height="20">&nbsp;</td>
    <td WIDTH="80" align="right" height="20">&nbsp;</td>
    <td WIDTH="67" align="right" height="20">&nbsp;</td>
    <td WIDTH="79" align="right" height="20">&nbsp;</td>
    <td WIDTH="80" align="right" height="20">&nbsp;</td>
    <td WIDTH="80" align="right" height="20">&nbsp;</td>
    <td WIDTH="78" align="right" height="20">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp; Cash operating costs</font></td>
    <td WIDTH="75" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="76" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">91</font></b></td>
    <td WIDTH="78" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="80" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">81</font></td>
    <td WIDTH="67" align="right" height="20" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="79" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">$</font></b></td>
    <td WIDTH="80" align="right" height="20" bgcolor="#E6E6E6"><b><font SIZE="2">251</font></b></td>
    <td WIDTH="80" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">$</font></td>
    <td WIDTH="78" align="right" height="20" bgcolor="#E6E6E6"><font SIZE="2">201</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Royalties and production taxes</font></td>
    <td WIDTH="75" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">-</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">-</font></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">13</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">10</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">&nbsp;&nbsp; Total cash costs</font></td>
    <td WIDTH="75" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">91</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">81</font></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">264</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">211</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">&nbsp;&nbsp; Amortization</font></td>
    <td WIDTH="75" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="76" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">165</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">182</font></td>
    <td WIDTH="67" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">104</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="78" align="right" height="20" style="border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">117</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">Total production costs</font></td>
    <td WIDTH="75" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="76" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">256</font></b></td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">263</font></td>
    <td WIDTH="67" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font SIZE="2">368</font></b></td>
    <td WIDTH="80" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">$</font></td>
    <td WIDTH="78" align="right" height="20" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font SIZE="2">328</font></td>
  </tr>
  <tr>
    <td WIDTH="297" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">Capital expenditures (US$ millions)</font></td>
    <td WIDTH="75" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="76" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">2</font></b></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="80" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">5</font></td>
    <td WIDTH="67" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    &nbsp;</td>
    <td WIDTH="79" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">$</font></b></td>
    <td WIDTH="80" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font SIZE="2">18</font></b></td>
    <td WIDTH="80" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">$</font></td>
    <td WIDTH="78" align="right" height="21" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font SIZE="2">19</font></td>
  </tr>
</table>
<font FACE="Times New Roman PSMT" SIZE="2">
<table CELLSPACING="0" BORDER="0" WIDTH="100%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="413">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
    <td WIDTH="414">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="413"><font FACE="Times New Roman PSMT" size="2"><b>BARRICK SECOND
    QUARTER 2004</b></font></td>
    <td WIDTH="414">
    <p align="center"><font size="2"><b>64</b></font></td>
    <td WIDTH="414">
    <p align="right"><font size="2"><b>MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
</font>

</font>
      <font FACE="Times New Roman PSMT" SIZE="2">
      <font FACE="Times New Roman PSMT" SIZE="2">
      <table CELLSPACING="0" BORDER="0" WIDTH="100%" height="612" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="457" height="19"><font FACE="Interstate" SIZE="2"><b>SECOND
    QUARTER REPORT 2004 - JULY 27, 2004 </b></font></td>
    <td WIDTH="388" height="19"><b><font SIZE="2">TRANSFER AGENTS AND REGISTRARS</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font FACE="Interstate" SIZE="2">Based on US
    GAAP and expressed in US dollars.<b> </b></font></td>
    <td WIDTH="388" height="19"><b><font SIZE="2">CIBC Mellon Trust Company</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">P.O. Box 7010, Adelaide Street
    Postal Station</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><b><font SIZE="2">CORPORATE OFFICE</font></b></td>
    <td WIDTH="388" height="19"><font SIZE="2">Toronto, Ontario M5C 2W9</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><b><font SIZE="2">Barrick Gold Corporation</font></b></td>
    <td WIDTH="388" height="19"><font SIZE="2">Tel: (416) 643-5500</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">BCE Place, Canada Trust Tower,
    Suite 3700</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Toll-free throughout North
    America: 1-800-387-0825</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">161 Bay Street, P.O. Box 212</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Fax: (416) 643-5501</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">Toronto, Canada M5J 2S1</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Email: inquiries@cibcmellon.ca</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">Tel: (416) 861-9911 Fax: (416)
    861-0727</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Website: www.cibcmellon.com</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">Toll-free within Canada and
    United States: 1-800-720-7415</font></td>
    <td WIDTH="388" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">Email: investor@barrick.com</font></td>
    <td WIDTH="388" height="19"><b><font SIZE="2">Mellon Investor Services L.L.C.</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">Website: www.barrick.com</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">85 Challenger Road, Overpeck
    Center</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">Ridgefield Park, New Jersey 07660</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><b><font SIZE="2">SHARES LISTED (ABX)</font></b></td>
    <td WIDTH="388" height="19"><font SIZE="2">Tel: (201) 329-8660</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">The Toronto Stock Exchange</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Toll-free within the United
    States:</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">The New York Stock Exchange</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">1-800-589-9836</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">The London Stock Exchange</font></td>
    <td WIDTH="388" height="19"><font SIZE="2">Website: www.mellon-investor.com</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">The Swiss Stock Exchange</font></td>
    <td WIDTH="388" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="457" height="19"><font SIZE="2">La Bourse de Paris</font></td>
    <td WIDTH="388" height="19"><b><font SIZE="2">INVESTOR CONTACTS:</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><b><font SIZE="2">Darren Blasutti</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">Vice President,</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">Investor Relations</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">Tel: (416) 307-7341</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">Email:</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><font SIZE="2">dblasutti@barrick.com</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><b><font SIZE="2">MEDIA CONTACT:</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="19">&nbsp;</td>
    <td WIDTH="388" height="19"><b><font SIZE="2">Vincent Borg</font></b></td>
  </tr>
  <tr>
    <td WIDTH="457" height="20">&nbsp;</td>
    <td WIDTH="388" height="20"><font SIZE="2">Vice President,</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="20">&nbsp;</td>
    <td WIDTH="388" height="20"><font SIZE="2">Corporate Communications</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="20">&nbsp;</td>
    <td WIDTH="388" height="20"><font SIZE="2">Tel: (416) 307-7477</font></td>
  </tr>
  <tr>
    <td WIDTH="457" height="20">&nbsp;</td>
    <td WIDTH="388" height="20"><font SIZE="2">Email: vborg@barrick.com</font></td>
  </tr>
</table>
<font FACE="Times New Roman" style="font-size: 9pt">
<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>
<hr></font>

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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
