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<SEC-DOCUMENT>0001204459-04-000594.txt : 20041028
<SEC-HEADER>0001204459-04-000594.hdr.sgml : 20041028
<ACCEPTANCE-DATETIME>20041028172857
ACCESSION NUMBER:		0001204459-04-000594
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041028
DATE AS OF CHANGE:		20041028

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:		041103616

	BUSINESS ADDRESS:	
		STREET 1:		BCE PLACE, 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, 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: October, 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, 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
  by furnishing the information contained in this Form, the registrant&nbsp; 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>
<font FACE="Times New Roman" size="2">
<blockquote>
  <p>The comparative unaudited interim consolidated financial statements of the
  Registrant and the notes thereto for the nine months ended September 30, 2004
  prepared in accordance with U.S. GAAP, together with management's discussion
  and analysis of financial and operating results for the nine months ended
  September 30, 2004 including the operating and financial summary, (contained
  on pages 8 to 55 of Exhibit 1 of this Form 6-K Commission File No. 1-9059)
  furnished to the Commission October 28, 2004, are incorporated by reference
  into the Registrant's registration statement on Form F-3 (No. 333-14148). </p>
</blockquote>
</font>
<p align="center">&nbsp;</p>
<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: October 28, 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 size="2">1</font></td>
      <td WIDTH="88%" rowspan="2"><font FACE="Times New Roman"><font size="2">
      Barrick Gold Corporation Third 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 notes
      thereto for the quarter ended September 30, 2004 and Management's
      Discussion and Analysis (US GAAP) for the same period.</font><b><font size="2">
      </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>barrick3qrep.htm
<DESCRIPTION>BARRICK GOLD CORPORATION THIRD QUARTER REPORT FOR 2004
<TEXT>
<html>

<head>

<title>Barrick Gold: Third Quarter Report - 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" SIZE="2">
<p><b>THIRD QUARTER REPORT 2004 - OCTOBER 26, 2004 <br>
</b>Based on US GAAP and expressed in US dollars. </p>
<font FACE="Franklin Gothic" SIZE="6">
<p align="center">Barrick Earns $32 Million ($0.06 per share) in Third Quarter
</p>
</font></font>
<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-style:solid; border-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-style:solid; border-width:1; ">
    &nbsp;
    <ul>
      <li><font FACE="Franklin Gothic" SIZE="2">Third quarter net income was $32
      million, or $0.06 per share, and cash flow from operations was $152
      million, or $0.28 per share.<br>
&nbsp;</li>
      </font>
      <li><font FACE="Franklin Gothic" SIZE="2">Third quarter production was
      1.23 million ounces of gold at an average total cash cost of $218<sup>1</sup>
      per ounce, bringing year-to-date production to 3.79 million ounces of gold
      at an average total cash cost of $208 per ounce. The Company is on track
      with its original guidance to produce between 4.9 &#151 5.0 million ounces of
      gold for the year at an average total cash cost of $205 &#151 $215 per ounce.<br>
&nbsp;</li>
      </font>
      <li><font FACE="Franklin Gothic" SIZE="2">Steady progress continues to be
      made on the development of Barrick's four new mines, with three of the
      mines planned to enter production next year. Barrick's development
      pipeline is driving a Company target of 6.8 &#151 7.0 million ounces of gold
      production in 2007.<br>
&nbsp;</li>
      </font>
      <li><font FACE="Franklin Gothic" SIZE="2">At Pascua-Lama, Barrick's fifth
      new mine that straddles the Chilean and Argentine border, the mining
      protocol was signed by both governments. The protocol resolves certain
      issues such as border crossings by personnel and materials.<br>
&nbsp;</li>
      </font>
      <li><font FACE="Franklin Gothic" SIZE="2">The Company is proceeding with
      the East Archimedes project, located at the Ruby Hill mine site in Nevada.<br>
&nbsp;</li>
      </font>
      <li><font FACE="Franklin Gothic" SIZE="2">The previously-announced
      $250-million project financing facility for Veladero was finalized with a
      group of commercial banks and export credit agencies. A total of $167
      million has been drawn under the facility at September 30, 2004.<br>
&nbsp;</li>
      </font>
      <li>
      <p ALIGN="JUSTIFY"><font FACE="Franklin Gothic" SIZE="2">The Company
      reduced its gold hedge position by 200,000 ounces in the quarter to 13.7
      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 1.85 million
      ounces and will continue to opportunistically reduce its hedge position.
      </li>
    </ul>
    </font></td>
  </tr>
</table>
<font FACE="Franklin Gothic" size="2">
<p>Barrick Gold Corporation today reported earnings of $32 million ($0.06 per
share) and operating cash flow of $152 million for third quarter 2004, compared
to earnings of $35 million ($0.07 per share) and operating cash flow of $187
million in the year-earlier period. The Company's earnings in third quarter 2004
included a $9-million after-tax non-hedge derivative gain and an after-tax
opportunity cost of $9 million through a voluntary reduction of the Company's
hedge position at realized prices below the average spot price. Third quarter
2004 </p>
</font><b><font FACE="Franklin Gothic" SIZE="1">
<table id="AutoNumber2" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="border-bottom: 1px solid" width="12%">&nbsp;</td>
    <td width="88%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%" colSpan="2">
    <font FACE="Franklin Gothic" style="font-size: 9pt"><sup>1</sup></font><font style="font-size: 9pt">
    </font><font FACE="Franklin Gothic" style="font-size: 9pt">For an
    explanation of non-GAAP performance measures, refer to pages 27 - 30 of the
    Management's Discussion and Analysis found in the Third Quarter Report 2004.
    <sup>
    <p>2</sup> 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 and the East Archimedes
    project where reserves have been calculated as at September 30, 2004 using
    an assumed gold price of $350 per ounce. Reserve 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 reserves, see the most recent Annual Information
    Form / Form 40-F. </font></td>
  </tr>
</table>
<p>&nbsp;</p>
<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 THIRD 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></b><font SIZE="2" face="Times New Roman">
<p>earnings were lower than the prior-year quarter due to lower gold sales and
higher total cash costs offset in part by higher realized gold prices. As
expected, in third quarter 2004 the Company produced slightly fewer ounces than
the first and second quarters at total cash costs higher than full-year
guidance, primarily due to mine sequencing at Pierina, and processing
lower-grade ore at Eskay Creek, Hemlo and Bulyanhulu. </p>
<p>&nbsp;&nbsp;&nbsp; Year-to-date 2004 net income was $92 million ($0.17 per
share) and operating cash flow was $386 million, including an after-tax
opportunity cost of $67 million through a voluntary 1.85 million ounce reduction
of the Company's hedge position. This compares to net income of $123 million
($0.23 per share) and operating cash flow of $379 million in the year-earlier
period. </p>
<p>&nbsp;&nbsp;&nbsp; &quot;Results for the quarter were steady and as expected, and
we continue to make progress on building mines,&quot; said Greg Wilkins, President
and Chief Executive Officer, &quot;Although the industry has faced significant
inflationary pressure, we remain on track to meet our production and total cash
cost guidance for the year.&quot; </p>
</font><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Times New Roman" SIZE="2">
<p><b>PRODUCTION AND COSTS </b></p>
<p>In third quarter 2004, Barrick produced 1.23 million ounces of gold at an
average total cash cost of $218 per ounce, compared to 1.48 million ounces at
$180 per ounce for the prior-year quarter. Year-to-date 2004 production was 3.79
million ounces of gold at an average total cash cost of $208 per ounce, compared
to 4.21 million ounces at $186 per ounce for the prior-year period. The Company
continues to have the lowest cash costs of the senior gold producers. </p>
<p>&nbsp;&nbsp;&nbsp; The North American region had a solid production quarter,
with only a slight decrease in production over the second quarter 2004. As
expected, average total cash costs were higher than the first half due to higher
costs at Hemlo and Eskay Creek, but the region is expected to meet its plan for
full year 2004. </p>
<p>&nbsp;&nbsp;&nbsp; In the South American region, third quarter 2004
production from Pierina was lower than in the first and second quarters and at
higher total cash costs due to planned mine sequencing changes implemented
during third quarter 2004. As previously indicated, full-year production is
expected to be slightly lower than the original guidance for 2004 at slightly
higher total cash costs. </p>
<p>&nbsp;&nbsp;&nbsp; The Australian/African region performed well, with third
quarter 2004 production exceeding second quarter 2004 production. Lower total
cash costs at Kalgoorlie were offset by higher costs at Bulyanhulu. </font>
</font><font SIZE="2" face="Times New Roman">The region is expected to exceed
its production plan for the year. Average total cash costs remained relatively
constant in the third quarter 2004 as compared to the second quarter 2004.
</font></p>
<p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp; To mitigate the
impact of rising fuel prices on total cash costs, the Company has put in place a
fuel hedge position for a total of 2.2 million barrels (93.5 million gallons) of
oil. These contracts will protect the equivalent of just under 50% of the
Company's expected requirements over the next three years. </font></p>
<p><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp; The Company
re-affirmed its expectations that 2004 production should be between 4.9 &#151 5.0
million ounces at an average total cash cost of $205 &#151 $215 per ounce.
Exploration, development and business development expense is expected to be $135
&#151 $140 million, $10 million higher than the previous guidance, due primarily to
additional drilling activity at a number of exploration properties. The Company
expects to more than replace its reserves in 2004. </p>
</font><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Times New Roman" SIZE="2">
<p align="left"><b>DEVELOPMENT PROJECTS UPDATE </b></p>
<p align="left">Progress on all of Barrick's development projects is going well.
The projects achieved a number of important milestones during the quarter
keeping them on track for scheduled production commencement. The projects are
encountering some inflationary cost pressure and the Company is working on a
variety of fronts to mitigate the impact. </p>
<p align="left">&nbsp;&nbsp;&nbsp; Construction capital at Veladero in Argentina
is expected to increase approximately 10 - 15% from the previous guidance of
$475 million due to a number of factors including increases in commodity prices,
such as fuel, concrete and steel; exchange rate variations; higher labor costs;
increased winter operations costs and some preliminary changes to scope of the
project. Estimated future total cash costs are also being affected by similar
cost pressures. The Company is currently evaluating a</p>
</font><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">2</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font><font FACE="Times New Roman" size="2">
<font FACE="Times New Roman" SIZE="2">
<p align="left">number of alternatives, which will mitigate a good portion of
the cost increases, but may require some additional capital investment. </p>
<p align="left">&nbsp;&nbsp;&nbsp; The project completed its first winter season
successfully with overall mine development approximately 50% complete.
Production is expected to commence in late 2005. Construction of the plant
facilities is well advanced and preparation of the valley fill leach facility
embankment commenced during the quarter. The mining operations are ramping up
and unanticipated ore was encountered in the waste cap. Resource drilling is
showing some favorable results suggesting that the reserve has the potential to
continue to increase. </p>
</font>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; To date, Barrick has drawn down $167 million
on its $250-million Veladero project financing with commercial banks and export
credit agencies. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; Progress continues on schedule and on budget
at the Lagunas Norte deposit in the Alto Chicama district in Peru, with overall
mine development 55% complete. Production is expected to commence in the second
half of 2005. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; The Company's Cowal project in Australia is
progressing well. The project remains on budget and production is expected to
commence in first quarter 2006. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; At the 70%-owned Tulawaka joint venture in
Tanzania, construction is proceeding according to schedule. Site preparation and
construction is progressing well, with start-up expected in first quarter 2005.
</p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; Early in third quarter 2004, the Company
announced that it was proceeding with the development of the Pascua-Lama
project. Also during the quarter, the mining protocol for the Pascua-Lama
project that straddles the Chilean and Argentine border was signed by the two
governments. The protocol provides the framework for resolving issues such as
border crossings by personnel and materials. Efforts at Pascua-Lama have been
focused on community and government relations, permitting, protocol
implementation and tax stability. Work continues on updating the environmental
impact assessments which are expected to be filed by year end. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; A decision was made in September 2004 to
proceed with the East Archimedes project, located at the Ruby Hill mine site in
Nevada. An expected two-year construction phase will begin once permitting has
been secured. East Archimedes reserves are comprised of proven reserves of 13.99
million tons at an average grade of 0.061 ounces per ton and probable reserves
of 2.58 million tons at an average grade of 0.057 ounces per ton. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In Nevada, Barrick has received all principal
permits for the 115-megawatt natural gas-fired power plant that will supply its
Goldstrike property. Early in fourth quarter 2004, an agreement was entered into
with Wartsila to provide a turnkey power facility. Site preparation will
commence in early November and delivery of the first engines is anticipated
early in second quarter 2005. The plant is expected to commence operation in
fourth quarter 2005. </p>
</font><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Times New Roman" SIZE="2">
<p align="left"><b>MANAGEMENT APPOINTMENTS </b></p>
</font></font><font FACE="Times New Roman" size="2">
<p align="left">In a move to continue to strengthen its management team, Barrick
recently announced several executive appointments. John McDonough, a 20-year
veteran with Barrick, has been named Vice President, Chile/Argentina and will
focus on the development of Veladero and Pascua-Lama, as well as managing the
regional business unit. John Shipp, a 36-year industry veteran was promoted to
Vice President, Australia/Africa. He will focus on growing the regional business
unit and optimizing the existing assets and development projects. George Potter
joins the Company as Vice President, Capital Projects and will have oversight
responsibility for Barrick's management of scoping, pre-feasibility, feasibility
and development of major capital projects. Ron Kettles joins Barrick as Project
Director, Pascua-Lama, and will be directly responsible for successful
development of the project and will oversee the team charged with engineering
and construction of this project. </p>
<p align="left"><b>GOLD SALES CONTRACTS </b></p>
</font><font FACE="Franklin Gothic" SIZE="1">
<font SIZE="2" face="Times New Roman">
<p align="left">During the quarter, Barrick reduced its gold hedge position by
200,000 ounces, bringing the year-to-date reduction to 1.85 million ounces,
exceeding its target of 1.5 million ounces. At quarter end, the Company's gold
hedge position was 13.7 million ounces, leaving 84% of the</p>
</font><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">3</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b><font FACE="Times New Roman" size="2"><font FACE="Franklin Gothic">
<font FACE="Franklin Gothic" SIZE="1"><font SIZE="2" face="Times New Roman">
<p align="left">Company's reported proven and probable gold reserves</font><font FACE="Times New Roman" SIZE="2">
unhedged. </font></p>
</font><font face="Times New Roman" size="2">
<p align="left">&nbsp;&nbsp;&nbsp; </font><font FACE="Times New Roman" SIZE="2">
The Company has also reduced its silver hedge position to 15.9 million ounces,
or about one year of silver production, at the end of third quarter 2004. </p>
<p align="left"><b>EXPLORATION UPDATE </b></p>
<p ALIGN="left">During third quarter 2004, Barrick had drill programs underway
on 23 properties<sup>3</sup>. Early stage exploration was carried out in all
regions during the quarter, with less activity in Chile and Argentina due to
winter conditions. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In North America, drill programs continued at
Goldstrike at the North and South Pit targets designed to convert existing
resources to reserves as well as add new resources. Results continue to be
positive, with significant open pit grade intersections encountered in 80% of
the holes drilled to date. In addition, the Betze Drift project commenced in the
third quarter. In addition to operating efficiencies, the strategic positioning
of the drift will provide a drill base along the strike length of </font>the
North Post ore-body for resource definition and upgrade as well as provide a
drill base for exploration drilling to the west of the drift and deep drilling.
The drift is expected to be complete by the end of first quarter 2005. On the
Rossi and Dee properties, an underground drill program to better define the
Storm resource continued during the quarter, and a pre-feasibility study is in
progress. A drill program commenced at Ruby Deeps, exploring for deeper,
higher-grade mineralization below East Archimedes. At Gold Hill, the Phase II
drill program was completed and results confirmed the geologic model.
Metallurgical testwork is in progress and a resource update is planned for year
end. </p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In Peru, drill programs are in progress in
the Alto Chicama District at Lagunas Sur and Alto La Bandera, located just south
of Lagunas Norte. Geotechnical studies and testwork are planned at Lagunas Sur
in the fourth quarter. Regional exploration is prioritizing areas for follow up.
</p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; During the third quarter, regional
compilation work was completed for the Frontera District in Chile/Argentina.
Target areas were prioritized and a field program will be carried out in the
fourth quarter, followed by an extensive drill program in 2005, including the
Veladero and Pascua-Lama concessions as well as close proximity drill targets.
</p>
<p ALIGN="left">&nbsp;&nbsp;&nbsp; In Africa, the Phase II drill program at
Buzwagi (formerly Chocolate Reef), located about 80 kilometers south of
Bulyanhulu, was completed during the quarter, with positive results. Additional
drilling will be carried out to further evaluate extensions to the
mineralization and a pre-feasibility study is underway to convert existing
resources to reserve (for Canadian reporting purposes) as well as add resources.
Exploration is also ongoing on properties in the Lake Victoria Goldfield and the
Golden Ridge area, with drilling planned on some of the properties in the fourth
quarter. </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 on the Toronto, New
York, London and Swiss stock exchanges and the Paris Bourse. </p>
<font FACE="Franklin Gothic" SIZE="1">
<font SIZE="2" face="Times New Roman">
<p align="left">&nbsp;</p>
</font><b>
<table id="AutoNumber3" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td style="border-bottom: 1px solid" width="12%">&nbsp;</td>
    <td width="88%">&nbsp;</td>
  </tr>
  <tr>
    <td width="100%" colSpan="2">
    <font FACE="Franklin Gothic" style="font-size: 9pt"><sup>3</sup> Barrick's
    exploration programs are designed and conducted under the supervision of
    Alexander J. Davidson, P. Geo., Executive Vice President, Exploration of
    Barrick. For information on the geology, exploration activities generally,
    and drilling and analysis procedures on Barrick's material properties, see
    Barrick's most recent Annual Information Form on file with Canadian
    provincial securities regulatory authorities and the US Securities and
    Exchange Commission. </font></td>
  </tr>
</table>
<p>&nbsp;</p>
</b></font>
</font><b><font FACE="Franklin Gothic" SIZE="1">
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">4</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="67%">&nbsp;</td>
      <td WIDTH="33%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%"><font size="4">THIRD QUARTER REPORT 2004</font></td>
      <td WIDTH="33%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="4">CONTENTS</font></td>
      <td WIDTH="33%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="4">PAGE</font></td>
    </tr>
    <tr>
      <td WIDTH="67%" 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>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Key Statistics">Key Statistics</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Production and Cost Summary">Production and Cost Summary</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Operating and Financial Summary">Operating and Financial Summary</a></font></td>
      <td WIDTH="33%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Financial Results">Financial Results</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Regional Operating and Developing Segments">Regional Operating and Developing Segments</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">
      <a href="#Consolidated Statements of Income">Consolidated Statements of Income</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">14</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">
      <a href="#Consolidated Statements of Cash Flows">Consolidated Statements of Cash Flows</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Consolidated Balance Sheets">Consolidated Balance Sheets</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">
      <a href="#Consolidated Statements of Shareholders Equity and Comprehensive Income">Consolidated Statements of Shareholders'
      Equity and Comprehensive Income</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">
      <a href="#Managements Discussion and Analysis">Management's Discussion and Analysis</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Income Statement">Income
      Statement</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Gold Production and Sales">Gold Production and Sales</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Cost of Sales and Other Operating Expenses">Cost of Sales and Other Operating Expenses</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Currency Hedging">Currency Hedging</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Fuel Hedging">Fuel Hedging</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Amortization">Amortization</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Administration">Administration</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Exploration, Development and Business">Exploration, Development and Business Development Expense</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Interest Expense">Interest Expense</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">19</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Other Income/Expense">0ther Income/Expense</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Non-Hedge Derivative Gains and Losses">Non-Hedge Derivative Gains and Losses</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Income Taxes">Income Taxes</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#STATEMENT OF COMPREHENSIVE INCOME">Statement of Comprehensive Income</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#CASH FLOW STATEMENT">Cash
      Flow Statement</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Liquidity and Capital Resources">Liquidity and Capital Resources</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Capital structure">Capital Structure</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Operating Activities">Operating Activities</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Investing Activities">Investing Activities</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Financing Activities">Financing Activities</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#CRITICAL ACCOUNTING POLICIES AND ESTIMATES">Critical Accounting Policies and Estimates</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#OFF-BALANCE SHEET ARRANGEMENTS">Off-Balance Sheet Arrangements</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Forward Gold Sales Contracts">Forward Gold Sales Contracts</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#Contractual Obligations and Commitments">Contractual Obligations and Commitments</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">26</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#QUARTERLY INFORMATION">Quarterly Information</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">26</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#CANADIAN SUPPLEMENT">Canadian Supplement</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">26</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#OUTSTANDING SHARE DATA">Outstanding Share Data</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">26</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <a href="#NON-GAAP PERFORMANCE MEASURES">Non-GAAP Performance Measures</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">27</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Notes">Notes to Unaudited Interim Consolidated
      Financial Statements</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">31</font></td>
    </tr>
    <tr>
      <td WIDTH="67%"><font SIZE="2"><a href="#Mine Statistics">Mine Statistics</a></font></td>
      <td WIDTH="33%" align="right"><font SIZE="2">56</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" size="2"><font FACE="Franklin Gothic"></font>
<font FACE="Franklin Gothic" SIZE="1">
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">5</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">PRESS RELEASE</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="593"><font FACE="Interstate" size="6"><a name="Key Statistics">
      </a>Key Statistics</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="234" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Three months ended</font></td>
      <td WIDTH="38" align="center">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="238" colspan="3" align="right">
      <font FACE="Times New Roman" size="2"><font FACE="Interstate" size="2">
      Nine months ended</font></font></td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" size="2">(in United States
      dollars)</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="234" colspan="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2"><font FACE="Interstate" size="2">
      September 30,</font></font></td>
      <td WIDTH="38" align="center">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="238" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2"><font FACE="Interstate" size="2">
      September 30,</font></font></td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(Unaudited)</font></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="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></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="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="38" align="right">&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="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Operating Results</b></font></td>
      <td WIDTH="38" 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="38" 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="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Gold production
      (thousands of ounces)</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>1,232</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">1,479</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>3,789</b></font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">4,209</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Gold sold (thousands of
      ounces)</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,267</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,505</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3,736</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4,193</font></td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Per Ounce Data</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Average spot gold price</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>401</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">364</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>401</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">354</font></td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Average realized gold price</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>395</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">365</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>383</b></font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">358</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs<sup>3</sup></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>205</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">168</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>196</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total cash costs<sup>1, 3</sup></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>218</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">180</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>208</b></font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">186</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Amortization<sup>3</sup></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>89</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">85</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>90</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">88</font></td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">Total production costs<sup>3</sup></font></td>
      <td WIDTH="38" 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="Interstate" SIZE="2"><b>307</b></font></td>
      <td WIDTH="38" 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="Interstate" SIZE="2">265</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>298</b></font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">274</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" SIZE="2"><b>Financial Results</b>
      (millions)</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Gold sales</font></td>
      <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>500</b></font></td>
      <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">549</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>1,431</b></font></td>
      <td WIDTH="39" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">1,499</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Operating cash flow</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>152</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">187</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>386</b></font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">379</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Per Share Data (dollars)</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net income (basic and diluted)</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">0.07</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2"><b>0.17</b></font></td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">0.23</font></td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Operating cash flow</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.28</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.35</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.72</b></font></td>
      <td WIDTH="39" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.71</font></td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Weighted average common shares
      outstanding (millions)<sup>2</sup></font></td>
      <td WIDTH="38" 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="Interstate" SIZE="2"><b>533</b></font></td>
      <td WIDTH="38" 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="Interstate" SIZE="2">534</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>535</b></font></td>
      <td WIDTH="39" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">534</font></td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="38" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="39" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" size="2">As at</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" size="2">As at</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593">&nbsp;</td>
      <td WIDTH="138" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">September 30,</font></td>
      <td WIDTH="139" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">December 31,</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593" style="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="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></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="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Financial Position </b>(millions)</font></td>
      <td WIDTH="38" 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="38" 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="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Cash and equivalents</font></td>
      <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="38" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">970</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Non-cash working capital</font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(32)</b></font></td>
      <td WIDTH="38" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">45</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593"><font FACE="Interstate" SIZE="2">Long-term debt</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>867</b></font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">719</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="593" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Shareholders' equity</font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3,380</b></font></td>
      <td WIDTH="38" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3,494</font></td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="38" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
      <td WIDTH="39" align="right">&nbsp;</td>
      <td WIDTH="88" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1134" style="border-top-style: solid; border-top-width: 1; border-bottom-style:none; border-bottom-width:medium" colspan="10">
      &nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1134" style="border-top-style: none; border-top-width: medium" colspan="10">
      <font FACE="Interstate" style="font-size: 9pt"><sup>1</sup> Comprises cash
      operating costs, royalties and production taxes.</font></td>
    </tr>
    <tr>
      <td WIDTH="1147" COLSPAN="10">
      <font FACE="Interstate" style="font-size: 9pt"><sup>2</sup> Fully diluted,
      includes shares issuable upon exchange of BGI (Barrick Gold Inc.)
      exchangeable shares.</font></td>
    </tr>
    <tr>
      <td WIDTH="1161" COLSPAN="10"><font style="font-size: 9pt"><sup>3</sup></font><font FACE="Interstate" style="font-size: 9pt">
      For an explanation of the use of non-GAAP performance measures refer to
      pages 27 to 30 of Management's Discussion and Analysis.</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1">
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">6</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></b></font><b>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1126" COLSPAN="16"><font FACE="Times New Roman" SIZE="6">
      <a name="Production and Cost Summary"></a>Production and Cost Summary</font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="386" COLSPAN="5" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>Production</b> (attributable
      ounces)</font></td>
      <td width="22">&nbsp;</td>
      <td width="22" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="456" colspan="8" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs</b> (US$/oz)</font></font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="182" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Three months ended</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="183" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Nine months ended</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Three months ended</font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="182" align="right" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="183" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(Unaudited)</font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="92" 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="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>2004</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>2004</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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="240" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>North America</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="240"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Open Pit</font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      356,498</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">494,782</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      1,008,609</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">
      1,234,510</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>247</b></font></td>
      <td WIDTH="22" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">212</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>254</b></font></td>
      <td WIDTH="22" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">227</font></td>
    </tr>
    <tr>
      <td WIDTH="240" 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="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>140,015</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">143,127</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>427,512</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">404,465</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>279</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">262</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>264</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">251</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Goldstrike
      Property Total</font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>496,513</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">637,909</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>1,436,121</b></font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">1,638,975</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>255</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">222</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>257</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">234</font></td>
    </tr>
    <tr>
      <td WIDTH="240" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Eskay Creek</font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      59,835</b></font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">87,377</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      216,240</b></font></td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">268,683</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>63</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">9</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>40</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">62</font></td>
    </tr>
    <tr>
      <td WIDTH="240"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Round Mountain</font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      105,903</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">92,464</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      297,501</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">301,590</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>201</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">170</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>207</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="240" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Hemlo</font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      53,537</b></font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">73,056</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      181,046</b></font></td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">202,958</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>268</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">211</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>243</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">226</font></td>
    </tr>
    <tr>
      <td WIDTH="240"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Holt-McDermott</font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      15,149</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">24,099</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      54,578</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">66,312</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>157</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">202</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>197</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">248</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Marigold</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>11,943</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">12,634</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>31,639</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">34,443</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>202</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">173</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>199</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">165</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>742,880</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">927,539</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2,217,125</b></font></td>
      <td WIDTH="92" 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">2,512,961</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>229</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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">195</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>225</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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">207</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>South America</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Pierina</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>133,132</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">215,237</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>551,861</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">705,871</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>118</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">81</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>99</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">81</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>Australia/Africa</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="240"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Plutonic</font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      72,259</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">96,420</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      230,604</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">245,714</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>221</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">179</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>214</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">192</font></td>
    </tr>
    <tr>
      <td WIDTH="240" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Darlot</font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      42,160</b></font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">37,452</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      112,304</b></font></td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">117,641</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>193</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">163</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>199</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">159</font></td>
    </tr>
    <tr>
      <td WIDTH="240"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Lawlers</font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      28,916</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">25,154</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      81,779</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">71,868</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>247</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">201</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>245</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">242</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Kalgoorlie</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>128,873</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">109,306</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>334,201</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">320,600</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>224</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">195</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>228</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">207</font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      272,208</b></font></td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2">268,332</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      758,888</b></font></td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">755,823</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>221</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">186</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>221</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">198</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Bulyanhulu</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>83,347</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">67,940</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>261,303</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">234,814</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>279</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">277</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>270</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">229</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>355,555</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">336,272</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>1,020,191</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">990,637</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>237</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">203</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>233</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">205</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>Total</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>1,231,567</b></font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1,479,048</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>3,789,177</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">4,209,469</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>218</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">180</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>208</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">186</font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="386" align="right" colspan="9" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Franklin Gothic" SIZE="1"><b>
      <font FACE="Times New Roman" SIZE="2">Total Production Costs (US$/oz)<sup>1</sup></font></b></font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Three months ended</font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="240">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="206" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(Unaudited)</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>2004</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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"><b>2004</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" 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="422" COLSPAN="3" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Direct mining costs at market foreign exchange rates</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>251</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">201</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>244</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">204</font></td>
    </tr>
    <tr>
      <td WIDTH="422" COLSPAN="3"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Gains realized on currency hedge contracts</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="91" align="right">&nbsp;</td>
      <td WIDTH="92" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>(20)</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">(11)</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2"><b>(20)</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Times New Roman" SIZE="2">(10)</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; By-product
      credits</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(26)</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(22)</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(28)</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(20)</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>Cash operating costs</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>205</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">168</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>196</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="240" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Royalties</font></td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>10</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">9</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>10</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Production
      taxes</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">3</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>Total cash costs</b></font></td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>218</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">180</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>208</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">186</font></td>
    </tr>
    <tr>
      <td WIDTH="240" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="91" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>89</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">85</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>90</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">88</font></td>
    </tr>
    <tr>
      <td WIDTH="240" 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"><b>Total production costs</b></font></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">&nbsp;</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">&nbsp;</td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</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">&nbsp;</td>
      <td WIDTH="92" 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="22" 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="22" 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"><b>$</b></font></td>
      <td WIDTH="92" 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"><b>307</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">265</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="92" 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"><b>298</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="92" 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">274</font></td>
    </tr>
    <tr>
      <td colspan="16" width="1126"><font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2"><br>
      </font></font><font FACE="Franklin Gothic">
      <font FACE="Times New Roman" style="font-size: 9pt"><sup>1</sup> For an
      explanation of the use of non-GAAP performance measures refer to pages 27
      to 30 of Management's Discussion and Analysis.</font></font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1">
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">7</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">SUMMARY INFORMATION</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="805" COLSPAN="5"><font FACE="Times New Roman" SIZE="2"><b>
      <a name="Operating and Financial Summary"></a>OPERATING AND FINANCIAL SUMMARY</b></font></td>
    </tr>
    <tr>
      <td WIDTH="805" COLSPAN="5">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="805" COLSPAN="5"><font FACE="Times New Roman" SIZE="2">For the
      periods ended September 30</font></td>
    </tr>
    <tr>
      <td WIDTH="805" COLSPAN="5"><font FACE="Times New Roman" SIZE="2">(in
      millions of US dollars, except per share and per ounce data)</font></td>
    </tr>
    <tr>
      <td WIDTH="605" COLSPAN="3" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">
      <p align="right">Three months ended</font></td>
      <td WIDTH="200" COLSPAN="2" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">
      <p align="right">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="410" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="99" 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="410" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Gold production</font></td>
      <td WIDTH="97" 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="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" 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">&nbsp;&nbsp;&nbsp;&nbsp;
      Ounces (thousands)</font></td>
      <td WIDTH="97" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      1,232</b></font></td>
      <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">1,479</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      3,789</b></font></td>
      <td WIDTH="99" align="right"><font FACE="Times New Roman" SIZE="2">4,209</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Total cash costs (dollars)<sup>A,C</sup></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$
      218</b></font></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ 180</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$
      208</b></font></td>
      <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$ 186</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Gold sales</font></td>
      <td WIDTH="97" align="right">&nbsp;</td>
      <td WIDTH="98" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="99" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Ounces (thousands)</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      1,267</b></font></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">1,505</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      3,736</b></font></td>
      <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">4,193</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      $ millions</font></td>
      <td WIDTH="97" align="right"><font FACE="Times New Roman" SIZE="2"><b>$
      500</b></font></td>
      <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">$ 549</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>$
      1,431</b></font></td>
      <td WIDTH="99" align="right"><font FACE="Times New Roman" SIZE="2">$ 1,499</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Spot gold price (dollars)<sup>A</sup></font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>401</b></font></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">364</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>401</b></font></td>
      <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">354</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Realized gold price
      (dollars)<sup>A</sup></font></td>
      <td WIDTH="97" align="right"><font FACE="Times New Roman" SIZE="2"><b>395</b></font></td>
      <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">365</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>383</b></font></td>
      <td WIDTH="99" align="right"><font FACE="Times New Roman" SIZE="2">358</font></td>
    </tr>
    <tr>
      <td WIDTH="410" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Net income</font></td>
      <td WIDTH="97" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>32</b></font></td>
      <td WIDTH="98" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">35</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>92</b></font></td>
      <td WIDTH="99" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="410"><font FACE="Times New Roman" SIZE="2">Net income per share<sup>B</sup></font></td>
      <td WIDTH="97" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="98" align="right"><font FACE="Times New Roman" SIZE="2">0.07</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      0.17</b></font></td>
      <td WIDTH="99" align="right"><font FACE="Times New Roman" SIZE="2">0.23</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">Operating cash flow</font></td>
      <td WIDTH="97" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>152</b></font></td>
      <td WIDTH="98" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">187</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"><b>386</b></font></td>
      <td WIDTH="99" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">379</font></td>
    </tr>
    <tr>
      <td WIDTH="805" colspan="5">
      &nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="805" colspan="5">
      <font FACE="Times New Roman" style="font-size: 9pt"><sup>A</sup> Per ounce
      weighted average.</font></td>
    </tr>
    <tr>
      <td WIDTH="805" colspan="5">
      <font FACE="Times New Roman" style="font-size: 9pt"><sup>B</sup> Basic and
      diluted.</font></td>
    </tr>
    <tr>
      <td COLSPAN="5" width="805">
      <font FACE="Times New Roman" style="font-size: 9pt"><sup>C</sup> For an
      explanation of the use of non-GAAP performance measures, refer to pages 27
      to 30</font><font FACE="Franklin Gothic"><font FACE="Times New Roman" style="font-size: 9pt">
      of Management's Discussion and Analysis.</font></font></td>
    </tr>
  </table>
  </center>
</div>
</font><font FACE="Interstate" SIZE="2">
<p><a name="Financial Results"></a>Financial Results </p>
</font></b><font FACE="Interstate" SIZE="2">
<p>Gold sales volumes, realized gold prices, total cash costs per ounce,
non-hedge derivative gains/losses, and gains on asset sales each had a
significant effect on earnings for third quarter 2004, compared with the
prior-year quarter. </p>
<p>Gold production for third quarter 2004 was in line with plan, but 17% lower
than the prior-year quarter mainly due to the planned processing of lower-grade
ore at Goldstrike Open Pit, Eskay Creek and Pierina. Total cash costs per ounce
for third quarter 2004 were slightly higher than plan, and $38 per ounce higher
than the prior-year quarter. The increase over the prior-year quarter was
primarily due to the expected mining of lower-grade ore at Goldstrike Open Pit,
Eskay Creek and Pierina, combined with the effect of changes in currency hedge
rates on the Australian mines. The Company expects to meet its guidance for full
year production of 4.9-5.0 million ounces at total cash costs of $205-$215 per
ounce. </p>
<p>In third quarter 2004, as a result of a 16% decrease in ounces sold due to
the lower production levels that was partly offset by higher realized gold
prices, revenues decreased by $49 million when compared to the prior-year
quarter. Realized gold prices were $395 per ounce, an increase of $30 per ounce
over third quarter 2003, reflecting higher market gold prices. Realized gold
prices in third quarter 2004 reflect the voluntary delivery of a portion of
production into long-term gold hedge contracts at prices lower than prevailing
market prices. In third quarter 2004, the gold hedge position was reduced by 0.2
million ounces to 13.7 million ounces as Barrick continued to deliver a portion
of its gold production against hedge contracts in order to continue to reduce
its hedge position. </p>
<p>In third quarter 2004, the Company recorded a non-hedge derivative gain of $8
million ($9 million after tax), compared to a loss of $21 million ($22 million
after tax) in the prior-year quarter. The gains/losses arose mainly on non-hedge
interest rate contracts due to the effect of movements in US dollar interest
rates and gold lease rates. </p>
<p>Third quarter 2004 earnings included $2 million in after-tax gains on asset
sales versus after-tax gains of $8 million in third quarter 2003. </p>
<p>Operating cash flow was lower in third quarter 2004 than the prior-year
quarter primarily due to the combined effect of lower gold sales volumes and
higher total cash costs, partly offset by higher realized gold prices. </p>
<p>Earnings in both years included various items that significantly impacted the
comparability of results. These items are summarized below to assist the reader
in understanding the effect of the items on earnings and more information on the
items is included within Management's Discussion and Analysis. </p>
</font></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="355" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>Effect on earnings increase
      (decrease)</b></font></td>
      <td WIDTH="47" 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="47" 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="47" 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="48" 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="48" 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="48" 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="48" 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="48" 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>
    </tr>
    <tr>
      <td WIDTH="355" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="330" align="right" style="border-top-style: solid; border-top-width: 1" colspan="7">
      <font FACE="Times New Roman" SIZE="2">
      <p align="center"><b>Three months ended September 30</b></font></td>
      <td WIDTH="48" 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="336" COLSPAN="7" align="right">
      <font FACE="Times New Roman" SIZE="2">
      <p align="center"><b>Nine months ended September 30</b></font></td>
    </tr>
    <tr>
      <td WIDTH="355" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">($millions)</font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="141" align="center" style="border-bottom-style: solid; border-bottom-width: 1" colspan="3">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="143" align="center" style="border-bottom-style: solid; border-bottom-width: 1" colspan="3">
      <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="144" align="center" style="border-bottom-style: solid; border-bottom-width: 1" colspan="3">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="144" align="center" style="border-bottom-style: solid; border-bottom-width: 1" colspan="3">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="355" 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">
      <font FACE="Times New Roman" SIZE="2"><b>Pre-tax</b></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"><b>Post-tax</b></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">
      <font FACE="Times New Roman" SIZE="2">Pre-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">Post-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"><b>Pre-tax</b></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"><b>Post-tax</b></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">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="355" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Non-hedge derivative gains (losses)</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>8</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>9</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;(21)</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;(22)</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>3</b></font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">25</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="48" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">23</font></td>
    </tr>
    <tr>
      <td WIDTH="355"><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"><font FACE="Times New Roman" SIZE="2"><b>2</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>2</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">12</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">8</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>5</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>4</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">29</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="355" 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"><font FACE="Times New Roman" SIZE="2"><b>-</b></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"><b>-</b></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">5</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">5</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"><b>1</b></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"><b>1</b></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">(3)</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">(3)</font></td>
    </tr>
    <tr>
      <td WIDTH="355"><font FACE="Times New Roman" SIZE="2">Impairment charge on
      royalty interest</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>(5)</b></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"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>(5)</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="355" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Severance costs</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"><b>-</b></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"><b>-</b></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">(3)</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">(2)</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"><b>(1)</b></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"><b>(1)</b></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>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="355"><font FACE="Times New Roman" SIZE="2">Change in asset
      retirement obligation estimates</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2">(4)</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">(4)</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2">(4)</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="355" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Impact of changes in
      reserve estimates at Dec.</font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="48" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="355" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      31/03 on amortization expense</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"><b>6</b></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"><b>4</b></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"><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"><font FACE="Times New Roman" SIZE="2"><b>19</b></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"><b>14</b></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">-</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">-</font></td>
    </tr>
    <tr>
      <td WIDTH="355"><font FACE="Times New Roman" SIZE="2">Cumulative effect of
      accounting changes</font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></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"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
      <td WIDTH="48" align="right">&nbsp;</td>
      <td WIDTH="48" align="right"><font FACE="Times New Roman" SIZE="2"><b>-</b></font></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">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="355" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Tax credits</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"><b>8</b></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"><b>8</b></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"><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"><font FACE="Times New Roman" SIZE="2"><b>38</b></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"><b>38</b></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">21</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">21</font></td>
    </tr>
    <tr>
      <td WIDTH="355" style="border-bottom-style: solid; border-bottom-width: 1">
      <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">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(1)</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(1)</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>4</b></font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>4</b></font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(6)</font></td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="48" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(6)</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1"><b>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="90%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="1126"><font FACE="Franklin Gothic"></font></td>
    </tr>
  </table>
  </center>
</div>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">8</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1117" COLSPAN="11"><font FACE="Times New Roman" SIZE="2"><b>
      <a name="Regional Operating and Developing Segments"></a>Regional Operating and Developing Segments</b></font></td>
    </tr>
    <tr>
      <td WIDTH="357">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="82" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2"><b>North America</b></font></td>
      <td WIDTH="202" align="center" colspan="2">
      <font FACE="Times New Roman" SIZE="2"><b>Production</b></font></td>
      <td WIDTH="280" COLSPAN="4" align="center">
      <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs</b> - per Gold</font></td>
      <td WIDTH="278" COLSPAN="4" align="center">
      <font FACE="Times New Roman" SIZE="2"><b>Total Cash Costs</b> -</font></td>
    </tr>
    <tr>
      <td WIDTH="357">&nbsp;</td>
      <td WIDTH="202" COLSPAN="2" align="center">
      <font FACE="Times New Roman" SIZE="2">(attributable ounces)</font></td>
      <td WIDTH="280" COLSPAN="4" align="center">
      <font FACE="Times New Roman" SIZE="2">Institute Production Cost</font></td>
      <td WIDTH="278" align="center" colspan="4">
      <font FACE="Times New Roman" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="280" align="center" colspan="4">
      <font FACE="Times New Roman" SIZE="2">Standard<sup>A</sup>($/oz)</font></td>
      <td WIDTH="278" align="center" colspan="4">
      <font FACE="Times New Roman" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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 September
      30</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"><b>2004</b></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">2003</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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">2003</font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="70" 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"><b>2004</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" 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="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Goldstrike</font></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="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" 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="70" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Open Pit</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      356,498</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">
      494,782</font></td>
      <td WIDTH="71" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>247</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">212</font></td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>248</b></font></td>
      <td WIDTH="72" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">213</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>140,015</b></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">143,127</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>279</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">262</font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>280</b></font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">262</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Goldstrike property total</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>496,513</b></font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">637,909</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>255</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">222</font></td>
      <td WIDTH="70" 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">
      <font FACE="Times New Roman" SIZE="2"><b>256</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">223</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Eskay Creek</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      59,835</b></font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">87,377</font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>63</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">9</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>64</b></font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">Round Mountain (50%
      owned)</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      105,903</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">92,464</font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>201</b></font></td>
      <td WIDTH="82" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">170</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>205</b></font></td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Hemlo (50% owned)</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      53,537</b></font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">73,056</font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>268</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">211</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>269</b></font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">212</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      15,149</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">24,099</font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>157</b></font></td>
      <td WIDTH="82" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">202</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>157</b></font></td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">202</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>11,943</b></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">12,634</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>202</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">173</font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>202</b></font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">173</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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"><b>742,880</b></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">927,539</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>229</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</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">195</font></td>
      <td WIDTH="70" 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"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>231</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">197</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</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">&nbsp;</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">&nbsp;</td>
      <td WIDTH="71" 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="64" 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="82" 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="63" 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="70" 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="70" 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">&nbsp;</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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357" 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 nine months ended September
      30</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"><b>2004</b></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">2003</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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">2003</font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="70" 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"><b>2004</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" 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="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Goldstrike</font></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="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" 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="70" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Open Pit</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      1,008,609</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">
      1,234,510</font></td>
      <td WIDTH="71" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>254</b></font></td>
      <td WIDTH="82" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">227</font></td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>256</b></font></td>
      <td WIDTH="72" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">229</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>427,512</b></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">404,465</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>264</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">251</font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>265</b></font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">252</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Goldstrike property total</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>1,436,121</b></font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">1,638,975</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>257</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">234</font></td>
      <td WIDTH="70" 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">
      <font FACE="Times New Roman" SIZE="2"><b>259</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Eskay Creek</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      216,240</b></font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
      268,683</font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>40</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">62</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>41</b></font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">62</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">Round Mountain (50%
      owned)</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      297,501</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">
      301,590</font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>207</b></font></td>
      <td WIDTH="82" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">168</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>212</b></font></td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">172</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Hemlo (50% owned)</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>
      181,046</b></font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">
      202,958</font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>243</b></font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">226</font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>244</b></font></td>
      <td WIDTH="72" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">227</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      54,578</b></font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">66,312</font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>197</b></font></td>
      <td WIDTH="82" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2">248</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="70" align="right"><font FACE="Times New Roman" SIZE="2"><b>198</b></font></td>
      <td WIDTH="72" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Times New Roman" SIZE="2">250</font></td>
    </tr>
    <tr>
      <td WIDTH="357" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>31,639</b></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">34,443</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>199</b></font></td>
      <td WIDTH="82" 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">
      <font FACE="Times New Roman" SIZE="2">165</font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>200</b></font></td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">167</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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"><b>2,217,125</b></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">2,512,961</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>225</b></font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</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">207</font></td>
      <td WIDTH="70" 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"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>227</b></font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">208</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" 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="63" 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="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1117" COLSPAN="11">
      <font FACE="Times New Roman" style="font-size: 9pt"><sup>A</sup> For an
      explanation of the use of non-GAAP performance measures, refer to pages 27
      to 30.</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<p>In third quarter 2004, production was in line with plan, but total cash costs
per ounce were slightly higher than plan primarily because of higher costs at
Goldstrike Underground and Hemlo. The region produced 20% less gold in third
quarter 2004 compared with the prior-year quarter mainly because of planned
mining of lower-grade ore at the Goldstrike Open Pit. When compared to the
prior-year quarter, total cash costs per ounce were 17% higher as a result of
the lower production levels and planned mining of lower-grade ore at Goldstrike.
The region is expected to meet its production plan for the full year 2004, and
be within the range of guidance for total cash costs as lower costs at Eskay
Creek are expected to be partly offset by slightly higher costs at Hemlo. </p>
<p>Total cash costs for the North America Region were not significantly affected
by changes in market currency exchange rates or fuel prices. The Company has
protected substantially all of its total cash costs that are denominated in
Canadian dollars through its currency hedge program, and a significant portion
of its expected consumption of fuel over the next two to three years through its
fuel hedge program. </p>
<b>
<p>Goldstrike, United States </p>
</b><font FACE="Interstate">
<p>Gold production at the open pit was higher than plan in third quarter 2004,
and total cash costs were in line with plan. The Company processed more ore from
the open pit as a substitute for ore from the underground mine. With the planned
mining of lower-grade ore during 2004, production was 28% lower and total cash
costs were 17% higher than the prior-year quarter. </p>
<p>At the underground mine, production was below plan due to lower than planned
availability of the Rodeo backfill raise, a change in the mining sequence and a
lower mining rate. Total cash costs per ounce were 16% higher than plan due to
the lower production volumes and higher backfill haulage costs. Production was
similar to the prior-year quarter but total cash costs per ounce were 6% higher
than plan due to the lower volumes of ore processed. </p>
<p>The Goldstrike property is expected to achieve its production plan for the
full year. </p>
</font><font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">9</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font><b>
<p>Eskay Creek, Canada </p>
</b>
<p>Production for third quarter 2004 was lower than plan due to mining in areas
that had lower than expected ore grades. Total cash costs per ounce were better
than plan due to higher by-product credits caused by the positive impact of
higher silver prices on the value of silver contained in ore processed. The mine
is expected to be slightly below plan for production for the year, but at lower
total cash costs because of higher than planned silver by-product credits.
Compared to the prior-year quarter, as expected, production was 32% lower
because the quantity of ore processed was 13% lower, and ore grades were 25%
lower. Total cash costs per ounce were lower in the prior-year quarter because
higher silver content in the ore led to higher by-product credits in 2003. </p>
<b>
<p>Round Mountain, United States</b></font><font FACE="Times New Roman" size="2">
</p>
</font><font FACE="Interstate" SIZE="2">
<p>Production and total cash costs were both higher than plan in third quarter
2004. Production was positively impacted by the recovery of gold from leach pads
where ore was placed in prior years. Total cash costs per ounce were impacted by
higher than plan usage of cyanide and other consumables. Round Mountain is
expected to exceed its production plan for the full year, at total cash costs
within the range of guidance. Compared to the prior-year quarter, gold
production was higher due to increased quantities of ore processed, partly
offset by an expected decline in ore grades. Total cash costs per ounce
increased by 18% compared to the prior-year quarter as a result of mining
lower-grade ore and higher cyanide and other consumables usage in 2004. Also, in
third quarter 2003, higher volumes of low-cost leach pad ounces were mined in
comparison with third quarter 2004 when the mine processed greater quantities of
low-grade stockpiled ore at higher total cash costs per ounce. </p>
<b>
<p>Hemlo, Canada</b> </p>
<font FACE="Interstate">
<p>Production was lower than plan and total cash costs were higher than plan in
third quarter 2004. Ground stability issues caused mining to occur in
lower-grade areas of the mine. For the full year, the mine is expected to
marginally underperform against plan. The mine produced 27% less gold than the
prior-year quarter due to a 25% decline in ore grades, which also resulted in
27% higher total cash costs. </p>
</font><b>
<p>Holt-McDermott, Canada</b> </p>
<font FACE="Interstate">
<p>In October 2004, Barrick closed the sale of the Holt-McDermott mine, adjacent
land holdings and the mill and mill-related facilities to Newmont Canada
Limited. Newmont will assume the asset retirement and other environmental
obligations associated with the mine. A gain on disposal of $2 million will be
recorded in fourth quarter 2004. </p>
</font><b>
<p>Nevada Power Plant</b> </p>
<font FACE="Interstate">
<p>In Nevada, Barrick has received principal permits for the 115-megawatt
natural gas-fired power plant that will supply its Goldstrike property. Early in
fourth quarter 2004, an agreement was entered into with Wartsila to provide a
turnkey power facility. Site preparation will commence in early November and
delivery of the first engines is anticipated early in second quarter 2005. The
plant is expected to commence operation in fourth quarter 2005. </p>
</font><b>
<p>East Archimedes, United States</b><font FACE="Arial" SIZE="2"> </p>
</font><font FACE="Interstate">
<p>In September 2004, a decision was made to proceed with the East Archimedes
project at Ruby Hill. An expected two-year construction phase will begin once
permitting has been secured. Archimedes reserves are comprised of proven
reserves of 13.99 million tons at an average grade of 0.061 ounces per ton and
probable reserves of 2.58 million tons at an average grade of 0.057 ounces per
ton. </p>
</font><font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">10</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="400">&nbsp;</td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="58" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" SIZE="2"><b>South America</b></font></td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="54" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="58" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="400">&nbsp;</td>
      <td WIDTH="89" align="center">&nbsp;</td>
      <td WIDTH="89" align="center">&nbsp;</td>
      <td WIDTH="236" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2"><b>Total Cash Costs</b>- per Gold</font></td>
      <td WIDTH="241" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2"><b>Total Cash Costs</b> -</font></td>
    </tr>
    <tr>
      <td WIDTH="400"><font FACE="Interstate" size="2">Pierina Mine</font></td>
      <td WIDTH="178" align="center" colspan="2">
      <font FACE="Interstate" size="2"><b>Production</b></font></td>
      <td WIDTH="236" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2">Institute Production Cost</font></td>
      <td WIDTH="241" align="center" colspan="4">
      <font FACE="Interstate" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="178" align="center" colspan="2" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(attributable ounces)</font></td>
      <td WIDTH="236" COLSPAN="4" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Standard<sup>A</sup> ($/oz)</font></td>
      <td WIDTH="241" align="center" colspan="4" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the periods ended September 30</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="118" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="59" 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="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="119" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Three months ended</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>133,132</b></font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">215,237</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>118</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">81</font></td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>124</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">84</font></td>
    </tr>
    <tr>
      <td WIDTH="400" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Nine months ended</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>551,861</b></font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">705,871</font></td>
      <td WIDTH="54" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>99</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">81</font></td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>104</b></font></td>
      <td WIDTH="58" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">84</font></td>
    </tr>
    <tr>
      <td WIDTH="400">&nbsp;</td>
      <td WIDTH="89">&nbsp;</td>
      <td WIDTH="89">&nbsp;</td>
      <td WIDTH="54">&nbsp;</td>
      <td WIDTH="64">&nbsp;</td>
      <td WIDTH="63">&nbsp;</td>
      <td WIDTH="55">&nbsp;</td>
      <td WIDTH="59">&nbsp;</td>
      <td WIDTH="63">&nbsp;</td>
      <td WIDTH="58">&nbsp;</td>
      <td WIDTH="61">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1055" COLSPAN="11">
      <font FACE="Interstate" style="font-size: 9pt"><sup>A</sup> For an
      explanation of the use of non-GAAP performance measures, refer to pages 27
      to 30.</font></td>
    </tr>
  </table>
  </center>
</div>
<b>
<p>Pierina, Peru </p>
</b><font FACE="Interstate">
<p>Production was in line with plan, but total cash costs were 16% higher than
plan in third quarter 2004 due to the processing of lower-grade ore. Access to
higher-grade areas of the ore body was delayed due to a change in the mining
plan to adjust for minor pit slope instability in the west pit wall. Higher fuel
prices and lower byproduct credits, due to lower quantities of silver contained
in the ore processed in 2004, also contributed to total cash costs per ounce
being slightly higher than plan. Production in 2004 is expected to be slightly
lower than plan at slightly higher total cash costs for the full year. Compared
to the prior-year quarter, as expected, production was 38% lower and total cash
costs per ounce were 46% higher, due to the mining of lower-grade ore in 2004.
</p>
</font><b>
<p>Lagunas Norte, Alto Chicama District in Peru </p>
</b><font FACE="Interstate">
<p ALIGN="JUSTIFY">The project remains on schedule for its first gold pour in
the second half of 2005. Highlights during third quarter 2004 include: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<ul>
  <li></font><font FACE="Interstate">Construction of the overall Project was
  about 55% complete, with about 4,000 workers on-site. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">Capital of $83 million was spent, of which
  $34 million relates to the purchase of the mine fleet, main auxiliary mine
  equipment and other mine equipment. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The leach pad construction is underway.
  </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">Access road construction was completed.
  </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The power line construction is now about
  70% complete and the electric towers have been erected. </li>
</ul>
</font><b>
<p>Veladero, Argentina </p>
</b><font FACE="Interstate">
<p>The project remains on schedule for its first gold pour in late 2005.
Construction of the plant facilities is well advanced and preparation of the
valley fill leach facility embankment commenced during the quarter. The mining
operations are ramping up and unanticipated ore was encountered in the waste
cap. Construction capital is expected to increase approximately 10 - 15% from
the previous guidance of $475 million due to a number of factors including:
increases in commodity prices, such as fuel, concrete and steel; exchange rate
variations; higher labor costs; increased winter operations costs and some
preliminary changes to the scope of the project. Estimated future total cash
costs are also being affected by similar cost pressures. The Company is
currently evaluating a number of alternatives which will mitigate a good portion
of the cost increases, but may require some additional capital investment.
Highlights during third quarter 2004 include: </p>
</font>
<ul>
  <li><font FACE="Interstate">Capital of $65 million was spent and the overall
  project is about 50% complete. </li>
  </font>
  <li><font FACE="Interstate">Internal mine road construction is now 68%
  complete. </li>
  </font>
  <li><font FACE="Interstate">Work on the interior of the truck shop building
  continued with completion expected in fourth quarter 2004. </li>
  </font>
  <li><font FACE="Interstate">Concrete installation in the crushing facilities
  is progressing on schedule. </li>
  </font>
  <li><font FACE="Interstate">Construction of the assay lab is almost complete.
  </li>
  </font>
  <li><font FACE="Interstate">Pre-strip activities are behind schedule due to
  poor weather, delays in equipment deliveries and lower initial equipment
  productivity. Plans have been implemented to address the shortfall and the
  pre-strip is expected to be completed to enable production startup by late
  2005. </li>
  </font>
  <li><font FACE="Interstate">The permit for the leach pad embankment was
  received with the additional required sectoral permits expected in due course.</font><b><font FACE="Interstate">
  </li>
</ul>
<p>Pascua-Lama, Chile/Argentina</font></b><font FACE="Interstate"> </p>
<p>At Pascua-Lama, efforts have been focused on community/government relations,
permitting, protocol implementation and tax stability. Highlights during third
quarter 2004 include: </p>
</font>
<ul>
  <li><font FACE="Interstate">The mining protocol for the project that straddles
  the border of Chile and Argentina was signed by both governments. The protocol
  provides the framework for resolving certain issues such as border crossings
  by personnel and materials. </li>
  </font>
  <li><font FACE="Interstate">Work continues on updating the environmental
  impact assessments, which are expected to be filed by year end. </li>
</ul>
</font><font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">11</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="348"><font FACE="Interstate" size="2"><b>Australia/Africa</b></font></td>
      <td WIDTH="108" align="right">&nbsp;</td>
      <td WIDTH="106" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="80" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="348">&nbsp;</td>
      <td WIDTH="108" align="center">&nbsp;</td>
      <td WIDTH="106" align="center">&nbsp;</td>
      <td WIDTH="274" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2"><b>Total Cash Costs </b>- per Gold</font></td>
      <td WIDTH="281" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2"><b>Total Cash Costs</b> -</font></td>
    </tr>
    <tr>
      <td WIDTH="348">&nbsp;</td>
      <td WIDTH="214" align="center" colspan="2">
      <font FACE="Interstate" size="2"><b>Production</b></font></td>
      <td WIDTH="274" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2">Institute Production Cost</font></td>
      <td WIDTH="281" align="center" colspan="4">
      <font FACE="Interstate" SIZE="2">per US GAAP</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="214" COLSPAN="2" align="center">
      <font FACE="Interstate" size="2">(attributable ounces)</font></td>
      <td WIDTH="274" align="center" colspan="4">
      <font FACE="Interstate" SIZE="2">Standard<sup>A</sup> ($/oz)</font></td>
      <td WIDTH="281" align="center" colspan="4">
      <font FACE="Interstate" SIZE="2">($/oz)</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the three months ended September 30</font></td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Kalgoorlie (50% owned)</font></td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>128,873</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">109,306</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>224</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">195</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>233</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">197</font></td>
    </tr>
    <tr>
      <td WIDTH="348"><font FACE="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="108" align="right"><font FACE="Interstate" size="2"><b>72,259</b></font></td>
      <td WIDTH="106" align="right"><font FACE="Interstate" size="2">96,420</font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" size="2"><b>221</b></font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" size="2">179</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="80" align="right"><font FACE="Interstate" size="2"><b>223</b></font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" size="2">179</font></td>
    </tr>
    <tr>
      <td WIDTH="348" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Darlot</font></td>
      <td WIDTH="108" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>42,160</b></font></td>
      <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">37,452</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>193</b></font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">163</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>194</b></font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">163</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Lawlers</font></td>
      <td WIDTH="108" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>28,916</b></font></td>
      <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">25,154</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>247</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">201</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>249</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">202</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>272,208</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">268,332</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>221</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">186</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>226</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">187</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Bulyanhulu</font></td>
      <td WIDTH="108" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>83,347</b></font></td>
      <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">67,940</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>279</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">277</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>280</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">279</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>355,555</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">336,272</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>237</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">203</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>241</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">204</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="108" align="right" 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">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" 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="80" 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="75" 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="348" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">For the nine months ended September 30</font></td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>2004</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Kalgoorlie (50% owned)</font></td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>334,201</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">320,600</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>228</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">207</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>232</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">210</font></td>
    </tr>
    <tr>
      <td WIDTH="348"><font FACE="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="108" align="right"><font FACE="Interstate" size="2"><b>230,604</b></font></td>
      <td WIDTH="106" align="right"><font FACE="Interstate" size="2">245,714</font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font FACE="Interstate" size="2"><b>214</b></font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" size="2">192</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="80" align="right"><font FACE="Interstate" size="2"><b>215</b></font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" size="2">192</font></td>
    </tr>
    <tr>
      <td WIDTH="348" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Darlot</font></td>
      <td WIDTH="108" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>112,304</b></font></td>
      <td WIDTH="106" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">117,641</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>199</b></font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">159</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>199</b></font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">159</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Lawlers</font></td>
      <td WIDTH="108" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>81,779</b></font></td>
      <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">71,868</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>245</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">242</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>246</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">243</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>758,888</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">755,823</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>221</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">198</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>223</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">199</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Bulyanhulu</font></td>
      <td WIDTH="108" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>261,303</b></font></td>
      <td WIDTH="106" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">234,814</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>270</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">229</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="80" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>299</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">230</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="108" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>1,020,191</b></font></td>
      <td WIDTH="106" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">990,637</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>233</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">205</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="80" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>242</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">207</font></td>
    </tr>
    <tr>
      <td WIDTH="348" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="108" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="106" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="75" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="63" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="80" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="63" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="75" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1117" COLSPAN="11">
      <font FACE="Interstate" style="font-size: 9pt"><sup>A</sup> For an
      explanation of the use of non-GAAP performance measures, refer to pages 27
      to 30.</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate">
<p>Gold production in third quarter 2004 was higher than plan mainly due to the
mining of higher-grade ore at Kalgoorlie. Total cash costs per ounce were also
higher than plan mainly due to higher costs at Plutonic and Bulyanhulu. For the
full year, the region is expected to exceed its production plan, and total cash
costs are expected to be at the high end of the range of guidance. In third
quarter 2004, gold production was 6% higher than the prior-year quarter as
higher production at Kalgoorlie and Bulyanhulu was partly offset by lower
production from Plutonic. Total cash costs per ounce were 17% higher than the
prior-year quarter mainly because of the processing of lower-grade ore at
Plutonic, combined with the effect of changes in Australian dollar currency
hedge rates. </p>
<p>Total cash costs were not significantly affected by changes in market
currency exchange rates because they are protected through the currency hedge
program. However, total cash costs in 2004 increased because the average rates
under currency hedge contracts designated for 2004 were higher than 2003. The
average exchange rate under the hedge contracts in third quarter 2004 was $0.57
compared to $0.55 in third quarter 2003. </p>
</font><b>
<p>Kalgoorlie, Australia </p>
</b><font FACE="Interstate">
<p>Production and total cash costs were better than plan in third quarter 2004
due to higher than expected ore grades. Kalgoorlie is expected to produce more
gold than plan for the full year, with total cash costs at the low end of the
range of guidance for the full year. Compared with the prior-year quarter, gold
production was 18% higher due to the processing of more higher-grade open-pit
ore. Although ore grades were better in third quarter 2004, total cash costs per
ounce were 15% higher than third quarter 2003 primarily due to higher
maintenance costs, higher fuel prices, and the effect of currency hedge rates.
</p>
</font><b>
<p>Plutonic, Australia </p>
</b><font FACE="Interstate">
<p>Production during third quarter 2004 was lower than plan and total cash costs
were higher than plan primarily due to the mining of greater quantities of
lower-grade open-pit ore. Temporary problems with ground conditions restricted
mining of higher-grade ore in the Timor underground area, and consequently the
mine processed more open-pit ore than planned. The mine is expected to achieve
its production plan for the year, but at slightly higher total cash costs due to
the mining of more lower-grade pit ore than plan. Compared with the prior-year
quarter, gold production was 25% lower mainly due to a 20% decrease in ore tons
processed and 6% lower ore grades. In 2003, ore tons processed were higher
because a secondary mill was operating but the secondary mill ceased operating
in mid-2004. Total cash costs were 23% higher than the prior-year quarter due to
the combined effect of processing lower-grade ore, higher fuel costs and the
effect of currency hedge rates. </p>
</font><font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">12</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font><b>
<p>Darlot, Australia </p>
</b><font FACE="Interstate">
<p>Gold production for third quarter 2004 was higher than plan due to better
than expected ore grades, combined with slightly higher processing rates than
plan, partly offset by slightly lower gold recovery rates due to higher sulphide
content in the ore. Total cash costs were in line with plan. Darlot is expected
to meet its plan for the full year. Compared with the prior-year quarter, gold
production was 13% higher due to the processing of higher-grade ore in 2004.
Although ore grades were better in 2004, total cash costs per ounce were 18%
higher due to unscheduled maintenance of the site generator, and the effect of
currency hedge rates.</font><b><font FACE="Interstate"> </p>
</font><font FACE="Interstate" SIZE="2">
<p>Bulyanhulu, Tanzania </p>
</font></b><font FACE="Interstate">
<p>Gold production in third quarter 2004 was lower than plan and total cash
costs were higher than plan. Both production and total cash costs were impacted
by higher ore dilution, which caused a 15% decline in ore grades processed
compared with plan. Bulyanhulu is expected to slightly underperform against its
plan for the full year due to the higher ore dilution that has led to lower
processed ore grades. Compared with the prior-year quarter, gold production was
23% higher mainly because increased quantities of ore were processed with
improved mill performance. Total cash costs per ounce in third quarter 2004 were
slightly higher than the prior-year quarter as a result of higher mine site
administration costs, and underground maintenance costs, partly offset by higher
copper by-product credits due to higher market copper prices.</font><b><font FACE="Interstate">
</p>
</font><font FACE="Interstate" SIZE="2">
<p>Cowal, Australia </p>
</font></b><font FACE="Interstate">
<p>The Cowal project is targeted for its first gold pour in first quarter 2006.
Highlights during third quarter 2004 include: </p>
</font>
<ul>
  <li><font FACE="Interstate">Capital expenditures were $13 million. Capital
  expenditures of $11 million originally expected to take place in 2006 have
  been brought forward to 2005 to maximize construction efficiencies.</font></li>
  <li><font FACE="Interstate">The pipeline for water supply has been completed.</font></li>
  <li><font FACE="Interstate">Bulk excavation of the process plant site has been
  completed and backfilling has started.</font></li>
  <li><font FACE="Interstate">Pit dewatering is progressing and the pipeline
  supply contract for pit dewatering was awarded.</font></li>
  <li><font FACE="Interstate">Engineering is progressing with the completion of
  detailed drawings for the mills and leach tanks.</font></li>
  <li><font FACE="Interstate">Purchase orders were placed for major mining
  equipment items.</font></li>
  <li><font FACE="Interstate">The construction contract of the electricity
  transmission line was awarded to a contractor and the construction of the
  conductor and power poles has begun.</font></li>
  <li><font FACE="Interstate">The principal authorizations necessary for
  construction of Cowal have been obtained or are in process, with the
  additional required sectoral permits expected in due course. </li>
</ul>
</font><font FACE="Interstate" SIZE="2"><b>
<p>Tulawaka, Tanzania</b> </p>
</font><font FACE="Interstate">
<p>The 70%-owned Tulawaka project is on schedule to begin production in first
quarter 2005. Highlights during third quarter 2004 include: </p>
</font>
<ul>
  <li><font FACE="Interstate">Capital expenditures were $12 million. </li>
  </font>
  <li><font FACE="Interstate">Earthworks are progressing well with completion of
  the main access road and dams for water storage and storm water management.
  Full clearance of the open-pit and waste rock storage area, development of the
  process plant and ROM pad, as well as ongoing earthworks at the tailings pond,
  were also completed. </li>
  </font>
  <li><font FACE="Interstate">The mining contract has been awarded to an
  external contractor. </li>
  </font>
  <li><font FACE="Interstate">Following rain shortfalls, the drainage system to
  collect rainwater has been expanded to ensure adequate water supply for
  operations. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The principal authorizations necessary for
  construction of Tulawaka have been obtained, with the additional required
  sectoral permits expected in due course. </li>
</ul>
</font><font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">13</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">OPERATING AND FINANCIAL SUMMARY</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1055" COLSPAN="10"><font FACE="Interstate" SIZE="6">
      <a name="Consolidated Statements of Income"></a>Consolidated Statements of Income</font></td>
    </tr>
    <tr>
      <td WIDTH="579">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="169" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Three months ended</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="171" align="right" colspan="3">
      <font FACE="Interstate" SIZE="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" size="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="169" align="right" colspan="3">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="171" align="right" colspan="3">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" size="2">(in millions of United
      States dollars, except per share data) (Unaudited)</font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Gold sales (notes 4 and 5)</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>500</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">549</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,431</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,499</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Costs and expenses</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" 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="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cost of sales and other
      operating expenses<sup>1</sup> (note 6)</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>298</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">290</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>841</b></font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">824</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Amortization (note 4)</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>117</b></font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">134</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2"><b>352</b></font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">390</font></td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>57</b></font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">63</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Exploration, development and business
      development</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>38</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">38</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>101</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">101</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>471</b></font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">483</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,351</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,378</font></td>
    </tr>
    <tr>
      <td WIDTH="579" 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="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other income/expense
      (note 7)</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">24</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>31</b></font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">39</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Interest expense</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>(6)</b></font></td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">(12)</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2"><b>(18)</b></font></td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">(36)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Non-hedge derivative gains (losses) (note
      11E)</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(21)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">25</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Income before income taxes and other
      items</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>37</b></font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">57</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">149</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Income tax expense (note 8)</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(22)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Income before cumulative effect of
      changes in accounting principles</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">140</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Cumulative effect of changes in
      accounting principles (note 3)</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(17)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net income for the period</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="579" 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="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" 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="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>Earnings per share
      data (note 9):</b></font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2"><b>Income before
      cumulative effect of changes in accounting principles</b></font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Basic and diluted</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="44" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.07</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.17</b></font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.26</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2"><b>Net income</b></font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="44" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and
      diluted</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="44" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">0.07</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>0.17</b></font></td>
      <td WIDTH="49" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">0.23</font></td>
    </tr>
    <tr>
      <td WIDTH="579" 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="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="44" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1055" colspan="10">
      <font FACE="Interstate" style="font-size: 9pt"><sup>1 </sup>Exclusive of
      amortization (note 6).</font></td>
    </tr>
    <tr>
      <td WIDTH="1055" COLSPAN="10">
      <font FACE="Interstate" style="font-size: 9pt">
      <a href="#Notes" style="text-decoration: none">The accompanying notes are
      an integral part of these unaudited interim consolidated financial
      statements.</a></font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">14</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1055" COLSPAN="10"><font FACE="Interstate" size="6">
      <a name="Consolidated Statements of Cash Flows"></a>Consolidated Statements of Cash Flow</font></td>
    </tr>
    <tr>
      <td WIDTH="579">&nbsp;</td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="169" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Three months ended</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="171" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" size="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="169" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="171" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: none; border-bottom-width: medium">&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="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>OPERATING ACTIVITIES</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Net income for the period</font></td>
      <td WIDTH="46" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Amortization (note 4)</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>117</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">134</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>352</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">390</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Non-hedge derivative
      (gains) losses</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">(25)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Deferred income tax
      expense (credit) (note 8)</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(20)</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(33)</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(65)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other items (note 12)</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">17</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(26)</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(44)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Net cash provided by operating
      activities</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>152</b></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">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">187</font></td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" 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="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>386</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">379</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>INVESTING ACTIVITIES</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Property, plant and
      equipment</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Capital expenditures (note 4)</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>(218)</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">(81)</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>(536)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">(216)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Sales proceeds</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">38</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Purchase of investments
      (note 13)</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>(45)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(7)</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net cash used in investing activities</b></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="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(219)</b></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="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(58)</font></td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: none; border-bottom-width: medium">&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="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(577)</b></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="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(178)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>FINANCING ACTIVITIES</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Capital stock</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds from shares issued on exercise of stock options</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>29</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchased for cash (note 17A)</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">(91)</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>(95)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">(154)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Long-term debt</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Proceeds (note 16)</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>167</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>167</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="579" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Repayments</font></td>
      <td WIDTH="46" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(27)</b></font></td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Dividends</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>(59)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">(60)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items</font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net cash provided by (used in)
      financing activities</b></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="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>154</b></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="64" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(83)</font></td>
      <td WIDTH="43" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></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="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(212)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Effect of exchange rate changes on
      cash and equivalents</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="43" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="579"><font FACE="Interstate" SIZE="2">Net increase (decrease)
      in cash and equivalents</font></td>
      <td WIDTH="46" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Interstate" SIZE="2"><b>87</b></font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">46</font></td>
      <td WIDTH="43" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2"><b>(192)</b></font></td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Interstate" SIZE="2">(11)</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at beginning of
      period</b></font></td>
      <td WIDTH="46" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>685</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">992</font></td>
      <td WIDTH="43" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>970</b></font></td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,044</font></td>
    </tr>
    <tr>
      <td WIDTH="579" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at end of period</b></font></td>
      <td WIDTH="46" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,039</font></td>
      <td WIDTH="43" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,039</font></td>
    </tr>
    <tr>
      <td WIDTH="1055" COLSPAN="10">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1055" COLSPAN="10">
      <font FACE="Interstate" style="font-size: 9pt">
      <a href="#Notes" style="text-decoration: none">The accompanying notes are
      an integral part of these unaudited interim consolidated financial
      statements.</a></font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">15</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1048" colspan="6"><font FACE="Interstate" SIZE="6">
      <a name="Consolidated Balance Sheets"></a>Consolidated
      Balance Sheets</font></td>
    </tr>
    <tr>
      <td WIDTH="620">&nbsp;</td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" size="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="182" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">As at September 30,</font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="177" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">As at December 31,</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>ASSETS</b></font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">Current assets</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cash and equivalents</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">970</font></td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>75</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Inventories (note 13)</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>183</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">157</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other current assets (note 13)</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>138</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">169</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,171</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,365</font></td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Investments (note 13)</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>144</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">127</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Property, plant and equipment (note 14)</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3,326</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,131</font></td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Capitalized mining costs (note 15)</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>230</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Unrealized fair value of derivative contracts (note 11C)</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">256</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other assets</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>307</b></font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">248</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total assets</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="137" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>5,385</b></font></td>
      <td WIDTH="69" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>LIABILITIES AND SHAREHOLDERS' EQUITY</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Current liabilities</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accounts payable</font></td>
      <td WIDTH="45" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>310</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">245</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other current liabilities</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2"><b>118</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6" style="border-bottom-style: solid; border-bottom-width: 1"><font FACE="Interstate" SIZE="2">105</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" SIZE="2"><b>428</b></font></td>
      <td WIDTH="69" 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="130" align="right" style="border-top-style: solid; border-top-width: 1"><font FACE="Interstate" SIZE="2">350</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Long-term debt (note 16)</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>867</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">719</font></td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Other long-term obligations</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>546</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">569</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred income tax liabilities</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>164</b></font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">230</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities</b></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="137" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2,005</b></font></td>
      <td WIDTH="69" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,868</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Shareholders' equity</b></font></td>
      <td WIDTH="45" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: none; border-top-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Capital stock (note 17)</font></td>
      <td WIDTH="45" align="right">&nbsp;</td>
      <td WIDTH="137" align="right"><font FACE="Interstate" SIZE="2"><b>4,109</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right">&nbsp;</td>
      <td WIDTH="130" align="right"><font FACE="Interstate" SIZE="2">4,115</font></td>
    </tr>
    <tr>
      <td WIDTH="620" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Deficit</font></td>
      <td WIDTH="45" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(721)</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(694)</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Accumulated other comprehensive income (loss) (note 10)</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">73</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3,380</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3,494</font></td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Contingencies (note 19)</font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="620" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities and shareholders'
      equity</b></font></td>
      <td WIDTH="45" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="137" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>5,385</b></font></td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="47" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="130" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
    </tr>
    <tr>
      <td WIDTH="1048" colspan="6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="1048" colspan="6"><font FACE="Interstate" size="2">
      <a href="#Notes" style="text-decoration: none">The
      accompanying notes are an integral part of these unaudited interim
      consolidated financial statements.</a></font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">16</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="838" COLSPAN="5"><font FACE="Interstate" SIZE="6">
      <a name="Consolidated Statements of Shareholders Equity and Comprehensive Income">
      </a>Consolidated
      Statements of Shareholders' Equity</font></td>
    </tr>
    <tr>
      <td WIDTH="547">&nbsp;</td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="93" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="547"><font FACE="Interstate" size="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="56" align="right">&nbsp;</td>
      <td WIDTH="93" align="right">&nbsp;</td>
      <td WIDTH="53" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Common shares</b> (number in millions)</font></td>
      <td WIDTH="89" 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="93" 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="547"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>535</b></font></td>
      <td WIDTH="93" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">542</font></td>
    </tr>
    <tr>
      <td WIDTH="547" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Issued for cash/on exercise of stock options</font></td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="93" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchased for cash (note 17A)</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At September 30</font></td>
      <td WIDTH="89" 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="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>532</b></font></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">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">534</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Common shares</b> (dollars in
      millions)</font></td>
      <td WIDTH="89" 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="93" 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="547" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,115</b></font></td>
      <td WIDTH="93" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4,148</font></td>
    </tr>
    <tr>
      <td WIDTH="547"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Issued for cash/on exercise of stock options</font></td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>29</b></font></td>
      <td WIDTH="93" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchased for cash (note 17A)</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(35)</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(67)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At September 30</font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>4,109</b></font></td>
      <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">4,097</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Deficit</b></font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="93" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="547"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="89" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>(694)</b></font></td>
      <td WIDTH="93" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">(689)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Net income</font></td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="93" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="547"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Dividends</font></td>
      <td WIDTH="89" align="right">&nbsp;</td>
      <td WIDTH="56" align="right"><font FACE="Interstate" SIZE="2"><b>(59)</b></font></td>
      <td WIDTH="93" align="right">&nbsp;</td>
      <td WIDTH="53" align="right"><font FACE="Interstate" SIZE="2">(60)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Repurchase of common shares<sup>1</sup></font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(60)</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(87)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At September 30</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(721)</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(713)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Accumulated other comprehensive loss
      (note 10)</font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(12)</font></td>
    </tr>
    <tr>
      <td WIDTH="547" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity at
      September 30</b></font></td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="56" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>3,380</b></font></td>
      <td WIDTH="93" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="53" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3,372</font></td>
    </tr>
    <tr>
      <td WIDTH="547">&nbsp;</td>
      <td WIDTH="89">&nbsp;</td>
      <td WIDTH="56">&nbsp;</td>
      <td WIDTH="93">&nbsp;</td>
      <td WIDTH="53">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="838" colspan="5">
      <font FACE="Interstate" style="font-size: 9pt"><sup>1</sup> Represents the
      excess of cash paid over the average book value repurchased as part of the
      share buyback plan (note 17A).</font></td>
    </tr>
  </table>
  </center>
</div>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="937" COLSPAN="7">&nbsp;</td>
      <td WIDTH="23">&nbsp;</td>
      <td>&nbsp;</td>
      <td WIDTH="92">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10"><font FACE="Interstate" SIZE="2">
      <font FACE="Interstate" SIZE="6">Consolidated Statements of Comprehensive
      Income</font></font></td>
    </tr>
    <tr>
      <td WIDTH="588">&nbsp;</td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="211" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Three months ended</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="210" COLSPAN="3" align="right">
      <font FACE="Interstate" size="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="588"><font FACE="Interstate" size="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="211" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="210" align="right" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="588" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(in millions of United States dollars) (Unaudited)</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="588" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income</font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="588"><font FACE="Interstate" SIZE="2">Foreign currency
      translation adjustments (note 10)</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="94" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2">(4)</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Interstate" SIZE="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="588" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Transfers of hedge gains
      to earnings (note 10)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(19)</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(55)</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(44)</font></td>
    </tr>
    <tr>
      <td WIDTH="588"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness
      transferred to earnings (note 10)</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="94" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2">(3)</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="588" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Change in fair value of
      cash flow hedges (note 10)</font></td>
      <td WIDTH="21" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>48</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(5)</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">149</font></td>
    </tr>
    <tr>
      <td WIDTH="588"><font FACE="Interstate" SIZE="2">Impairment charges on
      available-for-sale securities (note 10)</font></td>
      <td WIDTH="21" align="right">&nbsp;</td>
      <td WIDTH="94" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="95" align="right"><font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="92" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="588" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Change in fair value of
      available-for-sale securities (note 10)</font></td>
      <td WIDTH="21" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">10</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="95" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(20)</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="92" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="588" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Comprehensive income</b></font></td>
      <td WIDTH="21" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></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="Interstate" SIZE="2"><b>68</b></font></td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="95" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="92" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">236</font></td>
    </tr>
    <tr>
      <td colspan="10">&nbsp;</td>
    </tr>
    <tr>
      <td colspan="10"><font FACE="Interstate" style="font-size: 9pt">
      <a href="#Notes" style="text-decoration: none">The
      accompanying notes are an integral part of these unaudited interim
      consolidated financial statements.</a></font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Franklin Gothic" SIZE="1"><b>
<table style="BORDER-COLLAPSE: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">17</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></b></font><b><font FACE="Franklin Gothic" SIZE="6">
<p align="left"><a name="Managements Discussion and Analysis"></a>Management's Discussion and Analysis </p>
</font></b><font FACE="Franklin Gothic" SIZE="2">
<p>This portion of the Quarterly Report, in combination with the Operating and
Financial Summary, 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 nine month periods ended September 30,
2004, in comparison to the corresponding prior-year periods. This Management's
Discussion and Analysis has been prepared as of October 20, 2004. The unaudited
consolidated interim financial statements prepared in accordance with US
generally accepted accounting principles (US GAAP) are on pages 14 to 17. This
Management's Discussion and Analysis is intended to supplement and complement
the unaudited interim consolidated financial statements and notes thereto for
the three and nine month periods ended September 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, the related
annual Management's Discussion and Analysis included in the 2003 Annual Report,
as well as the first quarter 2004 and second quarter 2004 reports, 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. </p>
<font FACE="Times New Roman">
<p><b><a name="Income Statement"></a>INCOME STATEMENT </b></p>
</font><font FACE="Times New Roman" SIZE="2">
<p><b><a name="Gold Production and Sales"></a>Gold Production and Sales </b></p>
</font><font FACE="Times New Roman">
<p>In third quarter 2004, production from Barrick's portfolio of mines was in
line with plan, but, as expected, 17% less than the prior-year quarter, as lower
production at Goldstrike, Pierina, Eskay Creek, Hemlo and Plutonic was partly
offset by higher production at Bulyanhulu and Kalgoorlie. Ounces sold decreased
by 16% compared to the prior-year quarter due to the lower production levels.
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 by 2007. </p>
<p>By choosing to deliver most of its
gold production into the gold spot market, Barrick realized an average price of
$395 per ounce for the quarter, compared to $365 per ounce in third quarter 2003
when average market gold prices were lower (third quarter 2004 - $401 per ounce,
third quarter 2003 - $364 per ounce). The price realized for gold sales for the
remainder of 2004 will depend upon market conditions and the selling prices of
any gold sales contracts into which the Company voluntarily delivers, and could
be below average spot market prices. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="807" COLSPAN="9"><font FACE="Times New Roman" SIZE="2">
      <a name="Cost of Sales and Other Operating Expenses"></a>Cost of
      Sales and Other Operating Expenses</font></td>
    </tr>
    <tr>
      <td WIDTH="807" COLSPAN="9" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">Total cash costs for the period
      ended Sept. 30 (dollars per ounce)</font></td>
    </tr>
    <tr>
      <td WIDTH="338" 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="206" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">Three months</font></td>
      <td WIDTH="28" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="207" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">Nine months</font></td>
    </tr>
    <tr>
      <td WIDTH="338" 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="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2"><b>2004</b></font></td>
      <td WIDTH="28" 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">
      <font FACE="Times New Roman" size="2">2003</font></td>
      <td WIDTH="28" 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">
      <font FACE="Times New Roman" size="2"><b>2004</b></font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="338" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">Cost of sales<sup>A</sup></font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>$</b></font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>251</b></font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">201</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>$</b></font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>244</b></font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">$</font></td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">204</font></td>
    </tr>
    <tr>
      <td WIDTH="338"><font FACE="Times New Roman" size="2">Currency hedge gains</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="89" align="right"><font FACE="Times New Roman" size="2"><b>(20)</b></font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="89" align="right"><font FACE="Times New Roman" size="2">(11)</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="89" align="right"><font FACE="Times New Roman" size="2"><b>(20)</b></font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="90" align="right"><font FACE="Times New Roman" size="2">(10)</font></td>
    </tr>
    <tr>
      <td WIDTH="338" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">By-product credits</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>(26)</b></font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">(22)</font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>(28)</b></font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">(20)</font></td>
    </tr>
    <tr>
      <td WIDTH="338" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">Cash operating costs</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2"><b>205</b></font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">168</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2"><b>196</b></font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" size="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="338" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">Royalties</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2"><b>10</b></font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">9</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="89" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2"><b>10</b></font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="90" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" size="2">9</font></td>
    </tr>
    <tr>
      <td WIDTH="338" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">Production taxes</font></td>
      <td WIDTH="28" 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">
      <font FACE="Times New Roman" size="2"><b>3</b></font></td>
      <td WIDTH="28" 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">
      <font FACE="Times New Roman" size="2">3</font></td>
      <td WIDTH="28" 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">
      <font FACE="Times New Roman" size="2"><b>2</b></font></td>
      <td WIDTH="28" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="90" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="338" 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">Total cash costs<sup>B</sup></font></td>
      <td WIDTH="28" 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"><b>$</b></font></td>
      <td WIDTH="89" 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"><b>218</b></font></td>
      <td WIDTH="28" 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">$</font></td>
      <td WIDTH="89" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2">180</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" size="2"><b>$</b></font></td>
      <td WIDTH="89" 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"><b>208</b></font></td>
      <td WIDTH="28" 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="90" 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">186</font></td>
    </tr>
    <tr>
      <td WIDTH="338" 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="89" 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="89" 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="89" 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="90" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="807" COLSPAN="9"><font FACE="Times New Roman" SIZE="2"><sup>A</sup>
      At market currency exchange rates.</font></td>
    </tr>
    <tr>
      <td COLSPAN="9" width="807"><font FACE="Times New Roman" SIZE="2"><sup>B</sup>
      For an explanation of the use of non-GAAP performance measures, refer to
      pages 27 to</font><font FACE="Franklin Gothic" SIZE="2"><font FACE="Times New Roman" size="2">
      30.</font></font></td>
    </tr>
  </table>
  </center>
</div>
<p>As expected, total cash costs for third quarter 2004 were higher than the
full-year guidance, primarily due to mine sequencing changes at Pierina, and
processing lower-grade ore at Eskay Creek, Hemlo and Bulyanhulu. Also as
expected, total cash costs in third quarter 2004 were higher than the prior-year
quarter, due to the processing of lower-</font><font FACE="Times New Roman" SIZE="2">grade
ore at Goldstrike Open Pit, Eskay Creek and Pierina, combined with the effect of
changes in currency hedge rates on the Australian mines. </p>
<p><b><a name="Currency Hedging"></a>Currency Hedging </b></p>
<p>Like many other gold producers, the Company's operations in Australia and
Canada were affected by the performance of the Australian and Canadian dollar
against the US dollar because a portion of its cash operating costs are
denominated in local currencies. The Company's currency hedge positions provide
a level of protection for its Australian and Canadian dollar operating costs and
capital expenditures for about the next two and a half years. </p>
<p>At September 30, 2004, the Company had approximately C$740 million of its
Canadian dollar exposures hedged at an average rate of $0.69 and approximately
A$1.6 billion of its Australian dollar exposures hedged at an average rate of
$0.62. The Company may add to its currency hedge position during the remainder
of 2004, subject to market conditions. </p>
<p><b><a name="Fuel Hedging"></a>Fuel Hedging </b></p>
<p>Over the next three years the Company expects to consume about 1.3 - 1.7
million barrels of fuel annually at its operations. To protect against the
impact of rising fuel prices on the Company's total cash costs, and also on
construction activities, at its North and South America operating mines and
development projects, the Company </p>
<b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">18</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></b><font FACE="Times New Roman" SIZE="2">
<p>has put in place a fuel hedge position for a total of 2.2 million barrels, as
disclosed in note 11 to the Financial Statements. The fuel hedge contracts will
help protect the Company from the effect of rising oil prices on total cash
costs and construction costs over the next three years. The Company may add to
the fuel hedge position during the remainder of 2004, subject to market
conditions. </p>
<p><b><a name="Amortization"></a>Amortization </b></p>
<p>Amortization expense mainly arises on property, plant and equipment at
Barrick's operating mines. The majority of these assets are amortized on a units
of production basis. Amortization expense is affected by the overall quantity of
gold produced and sold, changes in reserve estimates, and the mix of production
from its mines. The </font>combined effect of a 16% decrease in ounces sold, a
change in production mix, and reserve increases at the end of 2003 caused an
overall $17 million decrease in amortization expense in third quarter 2004
compared to the prior-year quarter. In third quarter 2004, amortization was $89
per ounce, slightly higher than third quarter 2003 when the Company produced and
sold more gold at the Goldstrike Open Pit, which has a relatively low
amortization expense on a per ounce basis. For details of the impact of changes
in reserve estimates on amortization expense in 2004, refer to page 22. For an
explanation of how the Company calculates amortization per ounce, refer to page
30. </p>
<font SIZE="2">
<p><b><a name="Administration"></a>Administration </b></p>
</font>
<p>In third quarter 2004, administration costs were $3 million lower than the
prior-year quarter primarily due to the effect of severance costs incurred in
third quarter 2003. </p>
<b>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="865" COLSPAN="5"><font SIZE="2"><b>
      <a name="Exploration, Development and Business"></a>Exploration, Development and
      Business</b></font></td>
    </tr>
    <tr>
      <td WIDTH="865" COLSPAN="5"><font SIZE="2"><b>Development Expense</b></font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="238" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font size="2">Three months ended</font></td>
      <td WIDTH="238" COLSPAN="2" align="center" style="border-top-style: solid; border-top-width: 1">
      <font size="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="238" COLSPAN="2" align="center"><font size="2">September 30,</font></td>
      <td WIDTH="238" COLSPAN="2" align="center"><font size="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="118" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">2004</font></b></td>
      <td WIDTH="120" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">2003</font></td>
      <td WIDTH="121" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">2004</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font size="2"><b>Exploration costs</b></font></td>
      <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North
      America</font></td>
      <td WIDTH="118" align="right"><b><font size="2">$ 7</font></b></td>
      <td WIDTH="120" align="right"><font size="2">$ 4</font></td>
      <td WIDTH="121" align="right"><b><font size="2">$ 19</font></b></td>
      <td WIDTH="117" align="right"><font size="2">$ 8</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Australia/Africa</font></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><b><font size="2">9</font></b></td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font size="2">3</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font size="2">18</font></b></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font size="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South
      America</font></td>
      <td WIDTH="118" align="right"><b><font size="2">4</font></b></td>
      <td WIDTH="120" align="right"><font size="2">5</font></td>
      <td WIDTH="121" align="right"><b><font size="2">14</font></b></td>
      <td WIDTH="117" align="right"><font size="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other
      countries</font></td>
      <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font size="2">2</font></b></td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">1</font></td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font size="2">5</font></b></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="389">&nbsp;</td>
      <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">22</font></b></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">13</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 size="2">56</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6"><font size="2"><b>Mine development costs</b></font></td>
      <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Veladero</font></td>
      <td WIDTH="118" align="right"><b><font size="2">-</font></b></td>
      <td WIDTH="120" align="right"><font size="2">7</font></td>
      <td WIDTH="121" align="right"><b><font size="2">-</font></b></td>
      <td WIDTH="117" align="right"><font size="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Lagunas Norte</font></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><b><font size="2">-</font></b></td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font size="2">7</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font size="2">9</font></b></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font size="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Other projects</font></td>
      <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">7</font></b></td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">8</font></td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">16</font></b></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">16</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="118" 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">7</font></b></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">22</font></td>
      <td WIDTH="121" 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">25</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">55</font></td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2"><b>Mine start-up costs</b></font></td>
      <td WIDTH="118" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="121" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Veladero</font></td>
      <td WIDTH="118" align="right" bgcolor="#E6E6E6"><b><font size="2">3</font></b></td>
      <td WIDTH="120" align="right" bgcolor="#E6E6E6"><font size="2">-</font></td>
      <td WIDTH="121" align="right" bgcolor="#E6E6E6"><b><font size="2">3</font></b></td>
      <td WIDTH="117" align="right" bgcolor="#E6E6E6"><font size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="389"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp; Lagunas Norte</font></td>
      <td WIDTH="118" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">2</font></b></td>
      <td WIDTH="120" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">-</font></td>
      <td WIDTH="121" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font size="2">2</font></b></td>
      <td WIDTH="117" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="389" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="118" 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">5</font></b></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">-</font></td>
      <td WIDTH="121" 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">5</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2"><b>Business development/other</b></font></td>
      <td WIDTH="118" align="right" 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="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">3</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 size="2">15</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="389" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="118" 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">$ 38</font></b></td>
      <td WIDTH="120" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">$ 38</font></td>
      <td WIDTH="121" 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">$ 101</font></b></td>
      <td WIDTH="117" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">$ 101</font></td>
    </tr>
  </table>
  </center>
</div>
</b><font FACE="Interstate">
<p>In third quarter 2004, Barrick spent more on its exploration program than in
the prior-year quarter. Higher activity at the Rossi property and various
targets at Goldstrike, Eskay Creek and Round Mountain led to an increase in
North America. Higher activity in Tanzania, primarily at the Buzwagi project,
led to an increase in Australia/Africa. </p>
<p>Under US GAAP, mine development costs are not capitalized until after
mineralization is classified as a proven and probable reserve in accordance with
SEC rules. The Company expensed mine 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,
mine development costs at Veladero have been capitalized. At Lagunas Norte, the
Company capitalized mine development costs from May 1, 2004 onwards. </p>
<p>Exploration, development and business development expense is now expected to
be about $135-$140 million for the full year, $10 million higher than the
previous guidance, due primarily to additional activity at a number of
exploration properties. This guidance reflects present funding plans for various
exploration projects. Barrick may spend more or less on these projects,
depending on the results of ongoing exploration activities, and may also fund
other exploration projects not presently included in its plans. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Interest Expense"></a>Interest Expense </b></p>
</font><font FACE="Interstate">
<p>Barrick incurred $12 million in interest costs in both third quarter 2004 and
third quarter 2003. Following the decision to proceed with the Pascua-Lama
project, the Company began capitalizing interest on this project in third
quarter 2004. In third quarter 2004, the Company capitalized $6 million of
interest at Veladero, Cowal, Lagunas Norte, Pascua-Lama and Tulawaka, and
expensed $6 million. In third quarter 2003 all interest costs were expensed. </p>
<p>Barrick uses interest rate swaps to manage the effective rates of interest it
pays on its long-term debt. Barrick has taken advantage of low floating market
interest rates to convert the fixed 7.5% interest rate on its $500 million
debenture to floating rates, and also to fix the interest rate on its Bulyanhulu
financing for the remaining term at a rate of about 7.8%. </p>
<p>The Company finalized project financing for Veladero in third quarter 2004,
and expects to issue further new long-term debt obligations by the end of 2004,
as described on page 21. The Company expects that the earnings impact of any
extra interest it incurs on any new debt obligations in 2004 will be largely
offset by extra </p>
</font><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    <td width="95"><font face="Interstate" size="2"><b>
    <p align="center">19</b></font></td>
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></b><font FACE="Interstate">
<p>interest income, and interest capitalized at Pascua-Lama in the second half
of 2004. The actual amount of interest incurred and expensed could vary due to
any changes in the planned timing and amount of new debt issued, as well as
changes in market interest rates. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Other Income/Expense"></a>Other Income/Expense </b></p>
</font><font FACE="Interstate">
<p>In third quarter 2004, Barrick earned interest income of $7 million, $2
million lower than in third quarter 2003, primarily due to lower average cash
balances in third quarter 2004. Through the use of interest-rate swaps, the
Company earned a fixed rate of 3.4% in third quarter 2004 on most of its cash
balances, with any excess cash balances earning interest at market interest
rates. </p>
<p>In third quarter 2004, the Company recorded pre-tax gains of $2 million on
the sale of various assets, compared to pre-tax gains of $17 million on various
assets and investments in the prior-year quarter. 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 or losses on disposal that would generally be reflected in earnings of the
period in which a transaction closes. In August 2004, the Company entered into
an agreement to sell a parcel of timber land in the United States for $27
million that, subject to fourth quarter closing, would lead to the recognition
of an estimated pre-tax gain of $27 million in fourth quarter 2004. The Company
is also discussing a potential earn-in arrangement on the Kabanga Nickel project
with Falconbridge that may result in a small gain to be recorded in earnings on
closing. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Non-Hedge Derivative Gains and Losses"></a>Non-Hedge Derivative Gains and Losses </b></p>
</font><font FACE="Interstate">
<p>Non-hedge derivative gains and losses arise on derivative instruments, used
in Barrick's risk management strategy, that do not qualify for hedge accounting
treatment. The gains and losses occur primarily because of changes in commodity
prices, currency exchange rates and interest rates. Non-hedge derivative gains
and losses do not include any unrealized mark-to-market gains or losses on the
Company's forward gold and silver sales contracts. Non-hedge derivative gains of
$8 million in third quarter 2004, and losses of $21 million in the prior-year
quarter, related primarily to the impact of changes in US dollar interest rates
and gold lease rates on non-hedge interest rate contracts. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Income Taxes"></a>Income Taxes </b></p>
</font><font FACE="Interstate">
<p>Income tax expense of $5 million in third quarter 2004 was lower than third
quarter 2003 mainly due to the higher levels of pre-tax income in third quarter
2003, as well as the impact of non-hedge derivative gains and losses in a low
tax-rate jurisdiction, and tax credits recorded in third quarter 2004. </p>
<p>The Company's underlying effective tax rate of 28% was higher in 2004 than in
2003 primarily due to higher market gold prices. Should spot gold prices for
2004 average about $400 per ounce, the Company expects its underlying effective
tax rate in 2004 to be about 28%. The expected underlying tax 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; the
effect of any tax credits arising from the change in Australian tax regime; and
the release of deferred tax valuation allowances. </p>
<p>Income tax expense is affected by changes in the level of valuation
allowances recorded against deferred tax assets. Valuation allowances are
recorded where there is substantial uncertainty over the realization of a tax
asset. Among other things, a continued positive trend in gold prices may result
in further releases of valuation allowances with corresponding tax credits
recorded in earnings. In particular, the Company may be able to utilize
alternative minimum tax credits in the United States in a higher gold price
environment, which could result in the release of a portion of a deferred tax
valuation allowance that was set up in prior years against the full tax benefit
of these credits. </p>
<p>At the end of third quarter 2004, a Peruvian Tax Court issued a decision in
the Company's favor with respect to a tax assessment in 2002 that was being
appealed by the Company. The Peruvian tax authority, SUNAT, has until early
January 2005, to appeal the Tax Court's decision. If this litigation is
ultimately resolved in Barrick's favor, a gain would be recorded in earnings in
the period that it is resolved, as disclosed in note 8 to the Financial
Statements. </p>
<p><b><a name="STATEMENT OF COMPREHENSIVE INCOME"></a>STATEMENT OF COMPREHENSIVE INCOME </b></p>
<p>Comprehensive income consists of net income or loss, together with certain
other economic gains and losses that collectively are described as &quot;other
comprehensive income&quot;, and excluded from the income statement. </p>
<p>In third quarter 2004, other comprehensive income mainly included gains of
$48 million on hedge contracts designated for future periods caused primarily by
changes in currency exchange rates and fuel prices; hedge gains totaling $19
million on hedge contracts designated for third quarter 2004 that were
transferred </p>
</font><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font></b></font><b><font SIZE="1"><font SIZE="2">
    <td width="95"><font FACE="Franklin Gothic" SIZE="1"><b>
    <font face="Interstate" size="2">
    <p align="center">20</font></b></font></td>
    </font></font><font FACE="Times New Roman" SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b><font FACE="Times New Roman" SIZE="2">
<font FACE="Interstate">
<p>to earnings; and a $7 million increase in unrealized mark-to-market gains on
investments. </p>
<p>Included in other comprehensive income at September 30, 2004 were unrealized
pre-tax gains on currency hedge contracts totaling $198 million, based on
September 30, 2004 market foreign exchange rates. The related hedge contracts
are designated against operating costs and capital expenditures primarily over
the next three years, and are expected to help protect against the impact of
strengthening of the Australian and Canadian dollar against the US dollar. The
hedge gains are expected to be recorded in earnings at the same time as the
corresponding hedged operating costs and amortization of capital expenditures
are also recorded in earnings. </p>
<p><b><a name="CASH FLOW STATEMENT"></a>CASH FLOW STATEMENT </b></p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Liquidity and Capital Resources"></a>Liquidity and Capital Resources </b></p>
</font><font FACE="Interstate">
<p>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. In the last three fiscal years, Barrick has generated in total an
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
can maintain present production levels, and also providing that there is no
material decline in the spot price of gold. </p>
<p>Current debt facilities include Barrick's publicly traded debentures, the
Bulyanhulu and Veladero project financings. </p>
<p>Alternatives for sourcing Barrick's future capital needs include the
Company's significant cash position, its $1 billion credit facility, future
operating cash flow, project financings and public debt financings. These
alternatives are always being evaluated to determine the optimal mix of capital
resources for the Company's needs. </p>
<p>The Company expects that, absent a material adverse change in a combination
of its sources of liquidity, present levels of liquidity will be adequate to
meet its expected capital needs. If the Company is unable to access project
financing due to unforeseen political or other problems, Barrick expects that it
will be able to access public debt markets as an alternative source of
financing. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Capital structure"></a>Capital structure </b></p>
</font><font FACE="Interstate">
<p>Barrick regularly reviews its capital structure with an overall goal of
lowering its cost of capital, while preserving the balance sheet strength and
flexibility that is important due to the cyclical nature of commodity markets,
and to ensure access to cash for strategic purposes. </p>
<p>Following a review of its capital structure during 2003, 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 the then current share price represented an attractive buying opportunity,
the Company concluded that a share buyback program would be consistent with
these overall goals. The share buyback program was completed in first quarter
2004, and the Company has no current plans to buy back any further common
shares. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Operating Activities"></a>Operating Activities </b></p>
</font><font FACE="Interstate">
<p>Operating cash flow is significantly affected by the volume of gold sales,
realized gold prices, cash operating costs and changes in non-cash working
capital. In third quarter 2004, operating cash flow benefited from a $30 per
ounce increase in the average realized gold price, offset by a $38 per ounce
increase in total cash costs, compared to the prior-year quarter. The net effect
of these variances, combined with a 16% decrease in the volume of ounces sold,
was a $54 million decrease in operating cash flow compared to the prior-year
quarter. Third quarter 2004 operating cash flow was also impacted by other
items, such as the level of income tax instalments and changes in working
capital, which caused a net increase of operating cash flow by $16 million
compared to third quarter 2003. </p>
</font><font FACE="Interstate" SIZE="2">
<p><b><a name="Investing Activities"></a>Investing Activities </b></p>
</font><font FACE="Interstate">
<p>The most significant ongoing investing activities are capital expenditures at
the Company's development projects. Barrick expects to spend approximately $2.6
billion through the end of 2009 on the construction of its Veladero, Cowal,
Lagunas Norte, Tulawaka and Pascua-Lama development projects, of which $0.5
billion had been spent at September 30, 2004. The vast majority of estimated
mine construction costs will qualify for capitalization under US GAAP, but a
small amount for various start-up activities will be expensed under exploration,
development and business development costs. The Company also expects to spend
about $100 million at the Nevada Power Plant and between $100 and $200 million
per year for sustaining capital at its operating mines. </p>
<p>The increase in capital expenditures in third quarter 2004 compared to the
prior-year quarter mainly related to $181 million spent at the Company's
development projects - principally for construction activity at Veladero </p>
</font><b><font FACE="Interstate" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">21</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b>
<p>and Lagunas Norte. Capital expenditures for the full year are expected to be
approximately $900 million, principally for construction activity at the
development projects. </p>
<font SIZE="2">
<p><b><a name="Financing Activities"></a>Financing Activities </b></p>
</font>
<p>The Company finalized a $250-million Veladero project financing in third
quarter 2004 with a group of commercial banks and export credit agencies. The
most significant financing activity in third quarter 2004 was a drawdown of
funds under the Veladero project financing. </p>
<p><b><a name="CRITICAL ACCOUNTING POLICIES AND ESTIMATES"></a>CRITICAL ACCOUNTING POLICIES AND ESTIMATES </b></p>
<font SIZE="2">
<p><b>Accounting Policy Changes </b></p>
</font>
<p>There were no changes in accounting policies in third quarter 2004 that
significantly impacted Barrick's earnings. As disclosed in note 3D to the
Financial Statements, the Company may be required to change its accounting
policy for stripping costs once the EITF has completed its deliberations and
approved EITF Abstract No. 04-6. </p>
<font SIZE="2">
<p><b>Critical Accounting Estimates </b></p>
</font>
<p>Critical accounting estimates, which represent estimates that are highly
uncertain, and for which changes in those estimates could materially impact the
Company's financial statements include the following: </p>
<font FACE="Symbol MT" LANG="JA" SIZE="1">
<ul>
  <li></font>Amortization of property, plant and equipment and capitalized
  mining costs; </li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font>Impairment assessments of long-lived assets and investments; </li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font>Asset retirement obligations; </li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font>The measurement of deferred income tax assets and liabilities and
  assessments of the amounts of valuation allowances recorded; </li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font>The valuation of derivative instruments and measurement of hedge
  gains and losses that are recorded in other comprehensive income; and </li>
  <font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font>Contingencies. </li>
</ul>
<b><font SIZE="2">
<p>Amortization of Capitalized Mining Costs </p>
</font></b>
<p>Effective January 1, 2004, the Company reduced the stripping ratio at the
Goldstrike Open Pit from 112:1 to 109:1 and increased the stripping ratio at
Pierina from 48:1 to 60:1. The effect of these changes in estimates on
amortization of capitalized mining costs was a net increase of $1 million in
third quarter 2004, and a net increase of $4 million in the first nine months of
2004. </p>
<b><font SIZE="2">
<p>Amortization Expense </p>
</font></b>
<p>Barrick amortizes a large portion of its property, plant and equipment using
the units of production method, <font FACE="Interstate">based on proven and
probable reserves. Changes in reserve estimates are generally calculated at the
end of the year and cause amortization expense to increase or decrease
prospectively. The mines listed below each had reserve estimate changes (other
than production) of greater than 10% at the end of 2003. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="55%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="807" COLSPAN="6"><font FACE="Interstate" size="2">Impact of
      Changes in Reserve Estimates on Amortization</font></td>
    </tr>
    <tr>
      <td WIDTH="807" COLSPAN="6"><font FACE="Interstate" size="2">(in millions
      of dollars, except reserves which are in millions of contained ounces)</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="155" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Reserves</font></td>
      <td WIDTH="371" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Amortization</font></td>
    </tr>
    <tr>
      <td WIDTH="281">&nbsp;</td>
      <td WIDTH="155" align="center"><font FACE="Interstate" size="2">increase</font></td>
      <td WIDTH="371" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2">increase (decrease) for the period</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="155" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(decrease)</font></td>
      <td WIDTH="371" COLSPAN="4" align="center">
      <font FACE="Interstate" size="2">ended Sept. 30/04</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="155" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">At Dec. 31/03</font></td>
      <td WIDTH="188" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Three months</font></td>
      <td WIDTH="183" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Nine months</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Goldstrike</font></td>
      <td WIDTH="155" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="281"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Underground</font></td>
      <td WIDTH="155" align="center"><font FACE="Interstate" size="2"><b>0.2</b></font></td>
      <td WIDTH="112" align="right"><font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="76" align="right"><font FACE="Interstate" size="2"><b>(2)</b></font></td>
      <td WIDTH="115" align="right"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="281" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Open Pit</font></td>
      <td WIDTH="155" align="center" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>1.5</b></font></td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>(2)</b></font></td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(5)</font></td>
    </tr>
    <tr>
      <td WIDTH="281"><font FACE="Interstate" size="2">Plutonic</font></td>
      <td WIDTH="155" align="center"><font FACE="Interstate" size="2"><b>0.5</b></font></td>
      <td WIDTH="112" align="right">&nbsp;</td>
      <td WIDTH="76" align="right"><font FACE="Interstate" size="2"><b>-</b></font></td>
      <td WIDTH="115" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="281" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Eskay Creek</font></td>
      <td WIDTH="155" align="center" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>(0.1)</b></font></td>
      <td WIDTH="112" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2"><b>1</b></font></td>
      <td WIDTH="115" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="281"><font FACE="Interstate" size="2">Kalgoorlie</font></td>
      <td WIDTH="155" align="center"><font FACE="Interstate" size="2"><b>0.9</b></font></td>
      <td WIDTH="112" align="right">&nbsp;</td>
      <td WIDTH="76" align="right"><font FACE="Interstate" size="2"><b>(1)</b></font></td>
      <td WIDTH="115" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Pierina</font></td>
      <td WIDTH="155" align="center" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>0.3</b></font></td>
      <td WIDTH="112" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="76" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2"><b>(2)</b></font></td>
      <td WIDTH="115" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="281" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="155" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>3.3</b></font></td>
      <td WIDTH="112" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>$</b></font></td>
      <td WIDTH="76" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2"><b>(6)</b></font></td>
      <td WIDTH="115" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(19)</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2"><b>
<p>Impairment Assessment of Long-Lived Assets and Investments</b></font><font FACE="Interstate">
</font></p>
<p><font FACE="Interstate">The Company monitors possible indicators of
impairment of long-lived assets on an ongoing basis. Events or circumstances
that could possibly lead to an impairment occurring are in many cases outside
the Company's control, and could occur with little advance notice. Such events
or circumstances include, but are not limited to: a significant deterioration in
market gold prices; changes in Barrick's planned use of an asset; the results of
exploration activity; and a prolonged decline in the market value of an
investment. On determination that an event or circumstance has occurred that
suggests a long-lived asset may be impaired, the Company conducts a formal
impairment assessment, which may or may not result in the Company recording an
impairment charge. </p>
</font><b><font FACE="Interstate">
<p><a name="OFF-BALANCE SHEET ARRANGEMENTS"></a>OFF-BALANCE SHEET ARRANGEMENTS </p>
</font><font FACE="Interstate" SIZE="2">
<p><a name="Forward Gold Sales Contracts"></a>Forward Gold Sales Contracts </p>
</font></b><font FACE="Interstate">
<p>Prior to the adoption of a No-Hedge policy in fourth quarter 2003, Barrick
historically entered into fixed-price forward sales contracts as part of a gold
hedging program designed to manage exposure to market gold prices and protect
its earnings and cash flow from declining gold prices. Following the adoption of
its No-Hedge policy, no new gold hedge contracts will be added, and the Company
is pursuing opportunities to reduce its </p>
</font><font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Interstate" SIZE="2"><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">22</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font><font FACE="Interstate">
<p>gold hedge position. In third quarter 2004, the hedge position was reduced by
0.2 million ounces to 13.7 million ounces, which represents 16%<sup>1</sup></font><font FACE="Interstate" SIZE="2">
</font><font FACE="Interstate">of the Company's yearend reserves. Barrick's
forward gold sales contracts permit the Company to sell its gold production in
the gold spot market at the higher spot price, or deliver under the contract at
the contract price. The Company has taken advantage of declines in the market
gold price over the first nine months of 2004 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. </p>
<p>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 $45 per ounce at the delivery date. These floating
spot-price contracts were previously fixed-price contracts, which, under the
price-setting mechanisms in its Master Trading Agreements (MTAs), the Company
elected to receive a price based on the floating gold spot-price adjusted by the
difference between the spot price and the contract price at the time of such
election.</p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td COLSPAN="3" width="1055"><font FACE="Interstate" SIZE="2"><b>
      Fixed-price Forward Gold Sales Contracts (&quot;The Gold Hedge Position&quot;)</b></font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2"><font FACE="Interstate" size="2">(as of September 30,
      2004)</font></td>
      <td WIDTH="528">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6" colspan="2">
      <font FACE="Interstate" size="2">Gold ounces hedged</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">13.7 million ounces (or the equivalent of
      less than 2.5 years of expected</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" colspan="2">&nbsp;</td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">future production)</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" colspan="2">
      <font FACE="Interstate" size="2">Current termination date of gold sales
      contracts</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2014 in most cases</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" colspan="2">
      <font FACE="Interstate" size="2">Average estimated realizable gold sales
      contract price at 2014 termination</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$419/oz<sup>A</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" colspan="2">
      <font FACE="Interstate" size="2">date.</font></td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1" colspan="2">
      <font FACE="Interstate" size="2">Delivery obligations</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Barrick will deliver gold production from
      operations against gold sales</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">contracts by the
      termination date (which is currently 2014 in most cases).</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">However, Barrick may
      choose to settle any gold sales contract in advance of</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">this termination date at
      any time, at its discretion. Historically, delivery has</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">occurred in advance of
      the contractual termination date. This means Barrick</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">can deliver gold at spot
      prices, or prices under the hedge contracts, until the</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">termination date of these
      contracts.</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6" colspan="2">
      <font FACE="Interstate" size="2">Unrealized mark-to-market loss at
      September 30, 2004</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$1,711 million<sup>B</sup>. The
      mark-to-market would approach zero (breakeven) at a</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" colspan="2">&nbsp;</td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">spot gold price of $294 per ounce,
      assuming all other variables are constant.</font></td>
    </tr>
    <tr>
      <td WIDTH="527" colspan="2">&nbsp;</td>
      <td WIDTH="528">&nbsp;</td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top"><font size="2"><sup>A&nbsp;&nbsp;
      </sup></font></td>
      <td COLSPAN="2" width="1012"><font FACE="Times New Roman" SIZE="2">
      <font FACE="Interstate" size="2">
      Approximate estimated value based on current market US dollar interest
      rates and an average lease rate assumption of 1%. Accelerating gold
      deliveries would likely lead to</font><font FACE="Interstate"> reduced
      contango that would otherwise have built up over time.</font></font></td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top"><font size="2"><sup>B&nbsp;&nbsp;
      </sup></font></td>
      <td width="484"><font FACE="Interstate" SIZE="2">At a spot gold price of $418 per ounce.
        Includes floating spot-price contracts.</font></td>
      <td width="528">&nbsp;</td>
    </tr>
    <tr>
      <td width="43">&nbsp;</td>
      <td width="484">&nbsp;</td>
      <td width="528">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate">
<p>Barrick's fixed-price gold sales contracts are agreements to sell gold in the
future at prices set under the terms of the MTAs. The estimation of a
&quot;break-even&quot; price on any contract involves a comparison of the present value of
the fixed price under the contract to the theoretical market price at which no
mark-to-market gain or loss <sup>1</sup> would occur. Barrick provides two
prices in its disclosure: </p>
<ol>
  <li><b>$419/oz</b> - the estimated price at the contract termination date
  (2014 in most cases); and </li>
  <li><b>$294/oz</b> - the estimated price if the contract had been voluntarily
  settled at September 30, 2004. </li>
</ol>
<p>The two numbers differ because the price on a gold sales contract varies
depending on when it is settled. Barrick has an obligation to deliver gold by
the termination date, but it has no obligation to deliver gold at the present
time. Barrick provides the $294/oz voluntary settlement price and the $419/oz
average estimated realizable gold sales contract price at 2014 termination date
for information purposes only. These two prices are estimates that could change
over time due to a number of factors, including; but not limited to: US dollar
interest rates, gold lease rates, and extensions of the termination </p>
</font>
<table id="AutoNumber2" style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="5%" 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" valign="top">
    <p align="right"><sup><font style="font-size: 9pt">1&nbsp;&nbsp;&nbsp;&nbsp;
    </font></sup></td>
    <td width="96%" colSpan="2" style="border-style: none; border-width: medium">
    <font FACE="Interstate" style="font-size: 9pt" SIZE="2">
    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 and the East
      Archimedes project where reserves have been calculated as at September 30,
      2004, using an assumed gold price of $350 per ounce. For additional
      information on reserves, see the most recent Annual Information Form /
      Form 40-F.
    </font></td>
  </tr>
  <tr>
    <font FACE="Franklin Gothic">
    <td width="5%" style="border-right-style: none; border-right-width: medium; border-top-style: none; border-top-width: medium">&nbsp;</td>
    </font>
    <td width="46%" style="border-style: none; border-width: medium">&nbsp;</td>
    <td width="50%" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
  </tr>
</table>
<b><font FACE="Interstate" SIZE="2"><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">23</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b><font FACE="Interstate">
<p>date. These prices, which are an average for the total gold hedge position,
are not necessarily representative of the prices that may be realized each
quarter for actual deliveries into forward gold sales contracts. </p>
<i>
<p>Impact of US dollar interest rates on the estimated future price at the
termination date of the forward gold sales contracts ($419/oz): </p>
</i>
<p>Barrick typically fixes the price of gold under its forward gold sales
contracts to a date that is earlier than the termination date of the contract
(referred to as the &quot;interim price-setting date&quot;). The actual realized price on
the contract termination date (2014 in most cases) depends upon the gold market
forward premium (&quot;contango&quot;) between the interim price-setting date and the
termination date. The gold market forward premium is typically closely
correlated with the difference between US dollar interest rates and gold lease
rates. All other things being equal, an increase or decrease in US dollar
interest rates would generally lead to a corresponding increase or decrease in
the gold market forward premium, and therefore the estimated future price of the
contract at the termination date. Furthermore, the greater the time period
between the interim price-setting date and the termination date, the greater the
sensitivity of the final realized price to the gold market forward premium. </p>
<i>
<p>Impact of interest rates on the estimated price if the forward gold sales
contracts had been voluntarily settled on September 30, 2004 ($294/oz): </p>
</i>
<p>The present value of a fixed cash flow is generally sensitive to interest
rates. The price that could have been realized on a voluntary settlement of a
forward gold sales contract prior to the termination date is a function of the
fixed price at the interim price-setting date, and a discount factor. This
discount factor is largely affected by changes in US dollar interest rates. If
US dollar interest rates were to increase, and therefore the discount factor
were to decrease, the &quot;breakeven price&quot; of a contract (if voluntarily settled
today) would decrease, and vice versa. </p>
<p>A short-term spike in gold lease rates would not have a material negative
impact on Barrick because it is not exposed under its fixed-price forward gold
sales contracts to short-term gold lease rate variations. A prolonged rise in
gold lease rates could result in lower contango (or negative contango i.e.
&quot;backwardation&quot;) and therefore a smaller gold market forward premium (or
backwardation) under its contracts. Gold lease rates have historically tended to
be low, and any spikes short-lived, because of the large amount of Central Bank
gold available for lending relative to demand. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td COLSPAN="2" width="1055"><font FACE="Interstate" SIZE="2"><b>
      Fixed-price Forward Silver Sales Contracts (&quot;The Silver Hedge Position&quot;)</b></font></td>
    </tr>
    <tr>
      <td WIDTH="527"><font FACE="Interstate" size="2">(as of September 30,
      2004)</font></td>
      <td WIDTH="528">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Silver ounces hedged</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">15.9 million ounces</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">
      <font FACE="Interstate" size="2">Current termination date of silver sales
      contracts</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1">
      <font FACE="Interstate" size="2">2014 in most cases</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Average estimated
      realizable silver sales contract price at 2014 termination</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$7.91/oz<sup>A</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">date.</font></td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Delivery obligations</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Barrick will deliver silver production
      from operations against silver sales</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">contracts by the
      termination date (which is currently 2014 in most cases).</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">However, Barrick may
      choose to settle any silver sales contract in advance of</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">this termination date at
      any time, at its discretion. Historically, delivery has</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">occurred in advance of
      the contractual termination date. This means Barrick</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528"><font FACE="Interstate" size="2">can deliver silver at
      spot prices, or prices under the hedge contracts, until</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">the termination date of these contracts.</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Unrealized mark-to-market loss at
      September 30, 2004</font></td>
      <td WIDTH="528" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$30 million<sup>B</sup>. The
      mark-to-market would approach zero (breakeven) at a spot</font></td>
    </tr>
    <tr>
      <td WIDTH="527" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="528" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">silver price of $5.33 per ounce, assuming
      all other variables are constant.</font></td>
    </tr>
    <tr>
      <td WIDTH="527">&nbsp;</td>
      <td WIDTH="528">&nbsp;</td>
    </tr>
    </table>
  </center>
</div>
<font FACE="Interstate">
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>A&nbsp;&nbsp;
      </sup></font></td>
      <td COLSPAN="2" width="1012"><font FACE="Times New Roman" SIZE="2">
      <font FACE="Interstate" style="font-size: 9pt">
      Approximate estimated value based on current market US dollar
        interest rates and an average lease rate assumption of 1%. Accelerating
        silver deliveries could potentially lead to reduced contango that would
        otherwise have built up over time.</font></font></td>
      </font>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>B&nbsp;&nbsp;
      </sup></font></td>
      <td width="484">
        <font FACE="Interstate" style="font-size: 9pt" SIZE="2">At a spot silver price of
        $6.88 per ounce.</font></td>
      <td width="528">&nbsp;</td>
      </font>
    </tr>
  </table>
  </center>
</div>
<p>In addition to the fixed-price forward silver sales contracts, Barrick has
floating spot-price silver sales contracts under which it is committed to
deliver 9 million ounces of silver over the next ten years at spot prices, less
an average adjustment of $0.76 per ounce at the delivery date. </p>
</font><font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Interstate" SIZE="2"><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">24</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font><font FACE="Interstate">
<p>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: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<ul>
  <li></font><font FACE="Interstate">The counterparties do not have unilateral
  and discretionary &quot;right to break&quot; provisions. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">There are no credit downgrade provisions.</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The Company is not subject to any margin
  calls &#151 regardless of the price of gold or silver.</li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The Company has the right to accelerate the
  delivery of gold or silver at any time during the life of its contracts. This
  flexibility is demonstrated by the terms that allow it to deliver under its
  forward gold and silver sales contracts at any time on two days notice, or
  keep these forward gold and silver sales 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). </li>
</ul>
<p>The Company's MTAs with its counterparties do provide for early close out of
certain transactions in the event of a material adverse change in the ability of
Barrick or its principal hedging subsidiary to perform its gold and silver
delivery and other obligations under the trading agreements and related parent
guarantees or a lack of gold or silver market, and for customary events of
default such as covenant breaches, insolvency or bankruptcy. The principal
financial covenants are: </p>
</font><font FACE="Symbol MT" LANG="JA" SIZE="1">
<ul>
  <li></font><font FACE="Interstate">Barrick must maintain a minimum
  consolidated net worth of at least $2 billion &#151 currently, it is $3.4 billion.
  </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">Barrick must maintain a maximum long-term
  debt to consolidated net worth ratio of 2:1 &#151 currently, it is under 0.35:1.
  </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">Barrick's MTAs exclude unrealized
  mark-to-market valuations in the calculation of consolidated net worth. </li>
  </font><font FACE="Symbol MT" LANG="JA" SIZE="1">
  <li></font><font FACE="Interstate">The foregoing information is a summary of
  certain aspects of the Company's forward sales program and is not intended to
  be comprehensive. For a more complete understanding, reference should be made
  to pages 51 to 55 of the Company's 2003 Annual Report and its website (www.barrick.com).
  </li>
</ul>
<p>In most cases, under the terms of Barrick's 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. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="629"><font FACE="Interstate" size="2"><b>Fair Value of
      Derivative Instruments</b></font></td>
      <td WIDTH="96" align="right">&nbsp;</td>
      <td WIDTH="82" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="629" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">At Sept. 30/04</font></td>
      <td WIDTH="178" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Gain/(Loss)</font></td>
    </tr>
    <tr>
      <td WIDTH="629" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Forward gold sales
      contracts<sup>A</sup></font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(1,711)</font></td>
    </tr>
    <tr>
      <td WIDTH="629"><font FACE="Interstate" size="2">Forward silver sales
      contracts</font></td>
      <td WIDTH="96" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" size="2">(30)</font></td>
    </tr>
    <tr>
      <td WIDTH="629" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Foreign currency
      contracts</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="629"><font FACE="Interstate" size="2">Interest rate contracts</font></td>
      <td WIDTH="96" align="right">&nbsp;</td>
      <td WIDTH="82" align="right"><font FACE="Interstate" size="2">26</font></td>
    </tr>
    <tr>
      <td WIDTH="629" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Fuel contracts</font></td>
      <td WIDTH="96" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="82" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="629" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="96" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="82" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">(1,529)</font></td>
    </tr>
    <tr>
      <td WIDTH="629">&nbsp;</td>
      <td WIDTH="96" align="right">&nbsp;</td>
      <td WIDTH="82" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td COLSPAN="3" width="807">
      <font FACE="Interstate" style="font-size: 9pt"><sup>A</sup> Based on the
      closing spot gold price of $418 per ounce and market rates for</font><font FACE="Interstate" style="font-size: 9pt">
      LIBOR and gold lease rates on September 30, 2004.</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate">
<p>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 mark-to-market
value represents the replacement value of these contracts based on current
market levels, and does not represent an immediate economic obligation for
payment by Barrick. Barrick's obligations under the gold forward sales contracts
are to deliver an agreed upon quantity of gold at a contracted price by the
termination date of the contracts (currently 2014 in most cases). </p>
<p>In accordance with hedge accounting rules, the positive mark-to-market value
of $212 million relating to the Company's currency, interest rate and fuel hedge
programs is recorded on the balance sheet. The economic impact of these sales
contracts is reflected in the financial statements as the Company physically
delivers gold and silver under the contracts. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2"><b>Change in the Fair
      Value of</b></font></td>
      <td WIDTH="74" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="525" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2"><b>Forward Sales Contracts</b></font></td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">Gold</font></td>
      <td WIDTH="141" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" size="2">Silver</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Unrealized loss at
      January 1, 2004</font></td>
      <td WIDTH="74" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">1,725</font></td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2">Impact of change in spot
      price<sup>A</sup></font></td>
      <td WIDTH="74" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" size="2">42</font></td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Contango earned in the
      period</font></td>
      <td WIDTH="74" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(90)</font></td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(2)</font></td>
    </tr>
    <tr>
      <td WIDTH="525"><font FACE="Interstate" size="2">Impact of change in
      valuation inputs<sup>B</sup></font></td>
      <td WIDTH="74" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" size="2">101</font></td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" size="2">(3)</font></td>
    </tr>
    <tr>
      <td WIDTH="525" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">Mark-to-market impact of
      deliveries into sales contracts</font></td>
      <td WIDTH="74" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">(67)</font></td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="525" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Unrealized loss at September 30, 2004</font></td>
      <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">&nbsp;1,711</font></td>
      <td WIDTH="73" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">30</font></td>
    </tr>
    </table>
  </center><font FACE="Interstate">
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td width="1012">&nbsp;</td>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>A&nbsp;&nbsp;
      </sup></font></td>
      <td width="1012"><font FACE="Times New Roman" SIZE="2">
      <font FACE="Interstate" size="2">
      From $415 per ounce to $418 per ounce for gold, and $5.92 per ounce
        to $6.88 per ounce for silver.</font></font></td>
      </font>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>B&nbsp;&nbsp;
      </sup></font></td>
      <td width="1012">
      <font FACE="Interstate" size="2">
      Other than spot metal prices (i.e. interest rates and gold and
        silver lease rates).</font></td>
      </font>
    </tr>
  </table>
  <p align="left">In third quarter 2004, the unrealized mark-to-market loss
  changed primarily due to higher spot gold prices at quarter end (third quarter
  2004 - $418 compared to second quarter 2004 - $393). The mark-to-market value
  </p>
  </font>
  <p align="left">&nbsp;</div>
<b><font FACE="Interstate" SIZE="2"><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">25</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<p>of the contracts would approach zero (breakeven) at a spot gold price of
approximately $294 per ounce, assuming all other variables are constant. </p>
<b>
<p><a name="Contractual Obligations and Commitments"></a>Contractual Obligations and Commitments </p>
</b>
<p>Purchase obligations for capital expenditures include only those items where
binding commitments have been entered into. They do not include the full amount
of future capital expenditures required to complete construction of the
Company's development projects, because commitments have yet to be made for a
large portion of these estimated future capital costs. Significant changes to
the December 31, 2003, contractual obligations and commitments include $383
million of capital commitments at the development projects, including the Nevada
Power Plant, for expenditures that the Company expects to incur mainly in 2004
and 2005. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="1054" colspan="17"><font FACE="Times New Roman" SIZE="2"><b>
      <a name="QUARTERLY INFORMATION"></a>QUARTERLY INFORMATION</b></font></td>
    </tr>
    <tr>
      <td WIDTH="1054" colspan="17"><font FACE="Times New Roman" SIZE="2">(in
      millions, except per share and per ounce data)</font></td>
    </tr>
    <tr>
      <td WIDTH="347" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27" 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">Sep 30</font></td>
      <td WIDTH="89" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Jun 30</font></td>
      <td WIDTH="27" 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">Mar 31</font></td>
      <td WIDTH="27" 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">Dec 31</font></td>
      <td WIDTH="91" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Sep 30</font></td>
      <td WIDTH="92" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Jun 30</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Mar 31</font></td>
      <td WIDTH="29" 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">Dec 31</font></td>
    </tr>
    <tr>
      <td WIDTH="347" 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="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2004</font></td>
      <td WIDTH="28" 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">2004</font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2004</font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2002</font></td>
    </tr>
    <tr>
      <td WIDTH="347" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Gold sales</font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">500</font></td>
      <td WIDTH="28" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">454</font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">477</font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">536</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">549</font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">491</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="60" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">459</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">526</font></td>
    </tr>
    <tr>
      <td WIDTH="347"><font FACE="Times New Roman" SIZE="2">Average spot gold
      price per ounce</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">401</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Times New Roman" SIZE="2">393</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">408</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">392</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">364</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">347</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Times New Roman" SIZE="2">352</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">323</font></td>
    </tr>
    <tr>
      <td WIDTH="347" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Average realized
      gold price per ounce</font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">395</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">372</font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">382</font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">394</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">365</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">352</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">355</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">343</font></td>
    </tr>
    <tr>
      <td WIDTH="347"><font FACE="Times New Roman" SIZE="2">Net income</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">32</font></td>
      <td WIDTH="28" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Times New Roman" SIZE="2">34</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">26</font></td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">77</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">35</font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">59</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="60" align="right"><font FACE="Times New Roman" SIZE="2">29</font></td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">54</font></td>
    </tr>
    <tr>
      <td WIDTH="347" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Net income per share<sup>A</sup></font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.06</font></td>
      <td WIDTH="28" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.06</font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.05</font></td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.14</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.07</font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.11</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="60" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.05</font></td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">0.10</font></td>
    </tr>
    <tr>
      <td WIDTH="347" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Operating cash flow</font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">152</font></td>
      <td WIDTH="28" 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">108</font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">126</font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">134</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">187</font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">62</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="60" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">130</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">195</font></td>
    </tr>
    <tr>
      <td WIDTH="347" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="28" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="27" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="30" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="60" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="29" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="347"><font FACE="Times New Roman" SIZE="2"><sup>A</sup> Basic
      and diluted.</font></td>
      <td WIDTH="27">&nbsp;</td>
      <td WIDTH="59">&nbsp;</td>
      <td WIDTH="28">&nbsp;</td>
      <td WIDTH="61">&nbsp;</td>
      <td WIDTH="27">&nbsp;</td>
      <td WIDTH="59">&nbsp;</td>
      <td WIDTH="27">&nbsp;</td>
      <td WIDTH="59">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="62">&nbsp;</td>
      <td WIDTH="30">&nbsp;</td>
      <td WIDTH="62">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="60">&nbsp;</td>
      <td WIDTH="29">&nbsp;</td>
      <td WIDTH="59">&nbsp;</td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2"><b>
<p><a name="CANADIAN SUPPLEMENT"></a>CANADIAN SUPPLEMENT </p>
</b>
<p>In note 20 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. 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 20 to the Financial Statements. </p>
<p>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, it was the most significant project in 2004 that was affected
by this GAAP difference. Other projects affected by this GAAP difference in 2004
include Kabanga and Buzwagi. </p>
<p>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. 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. </p>
<b>
<p><a name="OUTSTANDING SHARE DATA"></a>OUTSTANDING SHARE DATA </p>
</b>
<p>As at October 15, 2004, 531.8 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. In connection with Barrick's acquisition of Homestake Mining Company
effective December 14, 2001, the </p>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">26</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<p>outstanding exchangeable shares (&quot;BGI Exchangeable Shares&quot;) of Homestake
Canada Inc. (now renamed Barrick Gold Inc.) became exchangeable at any time for
0.53 of a Common Share. Each BGI Exchangeable Share entitles the holder to
exercise the same voting rights as a holder of 0.53 of a Common Share.
Generally, a holder of a BGI Exchangeable Share may exercise his or her voting
right by either providing voting instructions to Computershare or attending a
meeting of holders of Common Shares and voting in person. As at October 15,
2004, there were 1.4 million BGI Exchangeable Shares outstanding that were not
owned by Barrick, which would entitle the holders of the BGI Exchangeable Shares
to cast 0.7 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 October 15, 2004, options to purchase 20.2 million Common Shares were
outstanding under Barrick's option plan. In addition, as at October 15, 2004,
options to purchase 2.1 million Common Shares were outstanding under certain
option plans inherited by Barrick in connection with prior acquisitions. </p>
</font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="535"><font FACE="Times New Roman" SIZE="2"><b>
      <a name="NON-GAAP PERFORMANCE MEASURES"></a>NON-GAAP
      PERFORMANCE MEASURES</b></font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="535"><font FACE="Times New Roman" SIZE="2">(in millions, except
      per ounce information)</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="59" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="62" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="535" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="264" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="256" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="535">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="535" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Total cash production costs &#151 per US
      GAAP<sup>A</sup></font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>280</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">274</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>795</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">787</font></td>
    </tr>
    <tr>
      <td WIDTH="535"><font FACE="Times New Roman" SIZE="2">Accretion expense
      and reclamation costs at the operating mines</font></td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Times New Roman" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="59" align="right"><font FACE="Times New Roman" SIZE="2">(3)</font></td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Times New Roman" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="62" align="right"><font FACE="Times New Roman" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="535" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Total cash production costs &#151 per
      Gold Institute Production Cost Standard</font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>276</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">271</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>780</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">780</font></td>
    </tr>
    <tr>
      <td WIDTH="535" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>1,267</b></font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="59" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">1,505</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3,736</b></font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="62" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">4,193</font></td>
    </tr>
    <tr>
      <td WIDTH="535" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Total cash costs&#151
      per US GAAP (dollars)<sup>B</sup></font></td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>221</b></font></td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">182</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2"><b>213</b></font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">188</font></td>
    </tr>
    <tr>
      <td WIDTH="535" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2">Total cash costs &#151
      per Gold Institute Production Cost Standard (dollars)<sup>B</sup></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2"><b>218</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="59" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2">180</font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2"><b>208</b></font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="62" align="right" style="border-bottom-style: solid; border-bottom-width: 2"><font FACE="Times New Roman" SIZE="2">186</font></td>
    </tr>
    </table>
  </center>
</div>
<font FACE="Interstate" SIZE="2">
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td width="1012">&nbsp;</td>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>A&nbsp;&nbsp;
      </sup></font></td>
      <td width="1012"><font FACE="Times New Roman" SIZE="2">
      <font FACE="Times New Roman" style="font-size: 9pt">Equal to cost of sales
      and other operating expenses less accretion expense and reclamation costs
      at non-operating mines.</font></font></td>
      </font>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>B&nbsp;&nbsp;
      </sup></font></td>
      <td width="1012">
      <font FACE="Times New Roman" style="font-size: 9pt">Per ounce weighted
      average.</font></td>
      </font>
    </tr>
  </table>
  </center>
</div>
<p>Barrick has included total cash costs per ounce data because it understands
that certain investors use this information to assess the Company's performance.
The inclusion of total cash costs per ounce statistics enables investors to
better understand year-on-year changes in production costs, which in turn affect
profitability and the ability to generate operating cash flow for use in
investing and other activities. 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 the Company 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 costs 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 costs&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. </p>
<p>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. </p>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">27</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="775" COLSPAN="9" 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>
      <td WIDTH="41" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="33" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="160" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" SIZE="2">Goldstrike -</font></td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="165" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 2">
      <font FACE="Times New Roman" SIZE="2">Goldstrike -</font></td>
      <td WIDTH="41" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="68" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="68" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="68" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="33" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
      <td WIDTH="68" align="center" style="border-top-style: solid; border-top-width: 2">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" 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="160" 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="29" 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">Underground</font></td>
      <td WIDTH="41" 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">Eskay Creek<sup>2</sup></font></td>
      <td WIDTH="29" align="center" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="169" 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="396" 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 three months ended September
      30</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">&nbsp;</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="Times New Roman" SIZE="2"><b>2004</b></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">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1"><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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right"><font FACE="Times New Roman" SIZE="2"><b>89.4</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">109.3</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>35.1</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">35.7</font></td>
      <td WIDTH="41" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>3.9</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">0.9</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>20.8</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">16.1</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Accretion expense
      and reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.6)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.6)</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.2)</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" 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="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.4)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.4)</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>88.8</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">108.7</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>35.0</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">35.5</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3.8</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">0.8</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>20.4</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">15.7</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>360</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">514</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>125</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">136</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>60</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">87</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>102</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">93</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>248</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">213</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>280</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">262</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>64</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">10</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>205</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">174</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>247</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">212</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>279</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">262</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>63</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">9</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>201</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">170</font></td>
    </tr>
    <tr>
      <td WIDTH="396" 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="67" align="right" 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="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&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="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&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="68" 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="396" 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="160" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Hemlo</font></td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="165" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Holt-McDermott</font></td>
      <td WIDTH="41" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="165" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Marigold</font></td>
      <td WIDTH="198" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Total North America</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">For the three months ended September
      30</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style:solid; border-bottom-width:1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1"><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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right"><font FACE="Times New Roman" SIZE="2"><b>14.9</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">15.9</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>3.8</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">4.8</font></td>
      <td WIDTH="41" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>2.4</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">2.4</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>
      170.3</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">185.1</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Accretion expense
      and reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" 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="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>-</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" 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="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(1.3)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(1.5)</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Institute Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>14.8</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">15.8</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>3.8</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">4.8</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>2.4</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">2.3</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>169.0</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">183.6</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>55</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">75</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>24</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">24</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>12</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">13</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>738</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">941</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>269</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">212</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>157</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">202</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>202</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">173</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>231</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">197</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>268</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">211</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>157</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">202</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>202</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">173</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>229</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">195</font></td>
    </tr>
    <tr>
      <td WIDTH="396" 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="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="160" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" SIZE="2">Pierina</font></td>
      <td WIDTH="194" COLSPAN="4" 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">
      <p align="center">Total South America</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="165" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" SIZE="2">Plutonic</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="169" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" SIZE="2">Darlot</font></td>
    </tr>
    <tr>
      <td WIDTH="396" 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 three months ended September
      30</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">&nbsp;</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="Times New Roman" SIZE="2"><b>2004</b></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">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right"><font FACE="Times New Roman" SIZE="2"><b>19.0</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">18.5</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>19.0</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">18.5</font></td>
      <td WIDTH="41" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>16.3</b></font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">16.6</font></td>
      <td WIDTH="29" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2"><b>8.3</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right"><font FACE="Times New Roman" SIZE="2">6.0</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Accretion expense
      and reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.9)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.8)</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.9)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(0.8)</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <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">&nbsp;</td>
      <td WIDTH="67" align="right" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" 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="68" 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="68" 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="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Institute Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>18.1</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">17.7</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>18.1</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">17.7</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>16.2</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">16.6</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>8.2</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">6.0</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>153</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">220</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>153</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">220</font></td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>73</b></font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">93</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>43</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">37</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Times New Roman" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="41" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; per
      US GAAP (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>124</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">84</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>124</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">84</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>223</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">179</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>194</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">163</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="41" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>118</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">81</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>118</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">81</font></td>
      <td WIDTH="41" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>221</b></font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">179</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>193</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">163</font></td>
    </tr>
    </table>
  </center>
</div>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td COLSPAN="2" width="1012">&nbsp;</td>
    </tr>
    <tr>
      <font FACE="Times New Roman">
      <td width="43" align="right" valign="top"><font style="font-size: 9pt"><sup>1&nbsp;&nbsp;
      </sup></font></td>
      </font>
      <font FACE="Times New Roman" SIZE="2">
      <td COLSPAN="2" width="1012">
      <font FACE="Times New Roman" style="font-size: 9pt" SIZE="2">
      Represents cost of sales and other operating costs (excluding
        amortization and accretion expense and reclamation costs for
        non-operating mines).</font></font><font FACE="Times New Roman" style="font-size: 9pt"></li></font></td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top">
      <font FACE="Times New Roman" style="font-size: 9pt">
      <sup>2</sup></font><font FACE="Times New Roman"><font style="font-size: 9pt"><sup>&nbsp;&nbsp; </sup></font></font>
      </td>
      <td COLSPAN="2" width="1012">
        <font FACE="Times New Roman" style="font-size: 9pt">
        Eskay Creek's total cash costs in third quarter 2004 are impacted by
        higher silver prices which the Company treats as by-product. Total cash
        costs on a co-product basis are: third quarter 2004 - gold $221 per
        ounce, silver $3.69 per ounce (2003 third quarter - gold $163 per ounce,
        silver $2.25 per ounce).</font><font style="font-size: 9pt"></li> </font> </td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top">
      <font style="font-size: 9pt" FACE="Times New Roman"><sup>3&nbsp;&nbsp; </sup></font>
      </td>
      <td COLSPAN="2" width="1012">
        <font FACE="Times New Roman" style="font-size: 9pt">
        Represents total cash production costs per US GAAP divided by ounces
        sold.</font><font style="font-size: 9pt"></li> </font> </td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top">
      <font FACE="Times New Roman">
      <font style="font-size: 9pt"><sup>4&nbsp;&nbsp;
      </sup></font></td>
      </font>
      <font FACE="Times New Roman" SIZE="2">
      <td COLSPAN="2" width="1012">
        <font FACE="Times New Roman" style="font-size: 9pt">
        Represents total cash production costs per Gold Institute Production
        Cost Standard divided by ounces sold.</font></td>
      </font>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43">&nbsp;</td>
      <td width="484">&nbsp;</td>
      <td width="528">&nbsp;</td>
      </font>
    </tr>
  </table>
  </center>
</div>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">28</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&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: 2">
      <font FACE="Interstate" SIZE="2">Lawlers</font></td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&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: 2">
      <font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
      <td WIDTH="35" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="163" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
      <td WIDTH="201" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Total Australia/Africa</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the three months ended September 30</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs -</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="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="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>7.4</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">5.1</font></td>
      <td WIDTH="29" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>29.4</b></font></td>
      <td WIDTH="27" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2">24.3</font></td>
      <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>29.1</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">18.1</font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>90.5</b></font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">70.1</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1.1)</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.2)</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1.5)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.3)</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs per Gold</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="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="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7.3</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5.1</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>28.3</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">24.1</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>29.0</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">18.0</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>89.0</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">69.8</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>30</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">25</font></td>
      <td WIDTH="29" 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">
      <font FACE="Interstate" SIZE="2"><b>126</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">123</font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>104</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">65</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>376</b></font></td>
      <td WIDTH="32" 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">
      <font FACE="Interstate" SIZE="2">344</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>249</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">202</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>233</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">197</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>280</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">279</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>241</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">204</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold -</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" 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="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>247</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">201</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>224</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">195</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>279</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">277</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>237</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">203</font></td>
    </tr>
    <tr>
      <td WIDTH="396" 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="68" align="right" 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="69" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&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="65" 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="71" 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="66" 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="396" 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="162" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Goldstrike -</font></td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="168" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Goldstrike -</font></td>
      <td WIDTH="35" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="163" align="center" colspan="3" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="162" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Open Pit</font></td>
      <td WIDTH="29" align="center" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="168" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Underground</font></td>
      <td WIDTH="35" align="center" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="163" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Eskay Creek<sup>2</sup></font></td>
      <td WIDTH="32" align="center" style="border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="169" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Round Mountain</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the nine months ended September 30</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs -</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="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="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>251.1</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">284.4</font></td>
      <td WIDTH="29" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>104.9</b></font></td>
      <td WIDTH="27" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2">107.9</font></td>
      <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>8.8</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">16.9</font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>60.3</b></font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">49.7</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1.7)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(1.7)</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.2)</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.2)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.2)</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(1.2)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(1.2)</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs per Gold</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="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="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>249.4</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">282.7</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>104.7</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">107.8</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8.6</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">16.7</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>59.1</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">48.5</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>979</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,243</font></td>
      <td WIDTH="29" 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">
      <font FACE="Interstate" SIZE="2"><b>396</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">429</font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>216</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">271</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>285</b></font></td>
      <td WIDTH="32" 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">
      <font FACE="Interstate" SIZE="2">289</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>256</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">229</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>265</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">252</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>41</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">62</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>212</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">172</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold -</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" 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="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>254</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">227</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>264</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">251</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>40</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">62</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="396" 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="68" align="right" 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="69" 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="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" 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="162" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Hemlo</font></td>
      <td WIDTH="29" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="168" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Holt-McDermott</font></td>
      <td WIDTH="35" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="163" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Marigold</font></td>
      <td WIDTH="201" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total North America</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the nine months ended September 30</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="29" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 2; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">Total cash production
      costs -</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>43.9</b></font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right"><font FACE="Interstate" SIZE="2">45.2</font></td>
      <td WIDTH="29" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right"><font FACE="Interstate" SIZE="2"><b>12.3</b></font></td>
      <td WIDTH="27" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2">16.5</font></td>
      <td WIDTH="35" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2"><b>6.3</b></font></td>
      <td WIDTH="33" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right"><font FACE="Interstate" SIZE="2">5.8</font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right"><font FACE="Interstate" SIZE="2"><b>487.6</b></font></td>
      <td WIDTH="32" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">526.4</font></td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.2)</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.2)</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(3.7)</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(3.6)</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs per Gold</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="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="27" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>43.7</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">45.0</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>12.2</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">16.4</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6.2</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5.7</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>483.9</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">522.8</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>180</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">199</font></td>
      <td WIDTH="29" 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">
      <font FACE="Interstate" SIZE="2"><b>62</b></font></td>
      <td WIDTH="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">66</font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>31</b></font></td>
      <td WIDTH="33" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2,149</b></font></td>
      <td WIDTH="32" 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">
      <font FACE="Interstate" SIZE="2">2,531</font></td>
    </tr>
    <tr>
      <td WIDTH="396"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="69" align="right">&nbsp;</td>
      <td WIDTH="29" align="right">&nbsp;</td>
      <td WIDTH="70" align="right">&nbsp;</td>
      <td WIDTH="27" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="33" align="right">&nbsp;</td>
      <td WIDTH="65" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="32" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>3</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>244</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">227</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>198</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">250</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>200</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">167</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>227</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">208</font></td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold -</font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" 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="27" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" 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="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="69" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="29" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="70" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="27" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="65" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="396" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Cost Standard
      (dollars)<sup>4</sup></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>243</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="69" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">226</font></td>
      <td WIDTH="29" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="70" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>197</b></font></td>
      <td WIDTH="27" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">248</font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="33" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="65" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">165</font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>225</b></font></td>
      <td WIDTH="32" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">207</font></td>
    </tr>
    </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td COLSPAN="2" width="1012">&nbsp;</td>
    </tr>
    <tr>
<font FACE="Times New Roman">
      <td width="43" align="right" valign="top"><font style="font-size: 9pt"><sup>1&nbsp;&nbsp;
      </sup></font></td>
      </font>
      <font FACE="Times New Roman" SIZE="2">
      <td COLSPAN="2" width="1012">
      <font FACE="Interstate" 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></font><font FACE="Times New Roman" style="font-size: 9pt"></li> </td>
      </font>
    </tr>
    <tr>
<font FACE="Franklin Gothic" style="font-size: 9pt">
      <td width="43" align="right" valign="top"><font style="font-size: 9pt" FACE="Times New Roman"><sup>
      2&nbsp;&nbsp; </sup></font>
      </td>
    </font>
<font FACE="Franklin Gothic" SIZE="1">
      <td COLSPAN="2" width="1012">
        <font FACE="Interstate" style="font-size: 9pt">
        Eskay Creek's total cash costs in nine months ended September 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: nine months
        ended September 30, 2004 - gold $200 per ounce, silver $3.35 per ounce
        (nine months ended September 30, 2003 - gold $176 per ounce, silver
        $2.31 per ounce).</font><font FACE="Franklin Gothic" style="font-size: 9pt"></li> </td>
    </font>
    </font>
    </tr>
    <tr>
<font FACE="Franklin Gothic">
      <td width="43" align="right" valign="top">
      <font style="font-size: 9pt" FACE="Times New Roman"><sup>3&nbsp;&nbsp; </sup></font>
      </td>
    </font>
<font FACE="Franklin Gothic" SIZE="1">
      <td COLSPAN="2" width="1012">
        <font FACE="Interstate" style="font-size: 9pt">
        Represents total cash production costs per US GAAP divided by ounces
        sold.</font></font><font FACE="Franklin Gothic" style="font-size: 9pt"></li> </td>
    </font>
    </tr>
    <tr>
      <td width="43" align="right" valign="top"><font FACE="Times New Roman">
      <font style="font-size: 9pt"><sup>4&nbsp;&nbsp;
      </sup></font></td>
      </font>
      <font FACE="Times New Roman" SIZE="2">
      <td COLSPAN="2" width="1012">
        <font FACE="Interstate" style="font-size: 9pt">
        Represents total cash production costs per Gold Institute Production
        Cost Standard divided by ounces sold.</font></td>
      </font>
    </tr>
    <tr>
<font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2">
      <td width="43">&nbsp;</td>
      </font>
    </font>
<font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2">
      <td width="484">&nbsp;</td>
      </font>
    </font>
<font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Times New Roman" SIZE="2">
      <td width="528">&nbsp;</td>
      </font>
    </font></b></font>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b><font SIZE="2">
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">29</font></font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Pierina</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="16%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Total South America</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Plutonic</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="9%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Darlot</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the nine months ended September 30</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs -</font></td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" 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>
      <td WIDTH="3%" 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="3%" 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>
      <td WIDTH="3%" 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="3%" 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="3%" 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>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>57.2</b></font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">57.1</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>57.2</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">57.1</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>51.0</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">46.4</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>22.7</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">18.9</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>(2.6)</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">(2.4)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>(2.6)</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">(2.4)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs per Gold</font></td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" 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>
      <td WIDTH="3%" 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="3%" 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>
      <td WIDTH="3%" 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="3%" 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="3%" 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>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>54.6</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">54.7</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>54.6</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">54.7</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>50.9</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">46.3</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>22.7</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">18.9</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>553</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">675</font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2"><b>553</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">675</font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2">242</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>114</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">119</font></td>
    </tr>
    <tr>
      <td WIDTH="33%"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>2</sup></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>104</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">84</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>104</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">84</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>215</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">159</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold -</font></td>
      <td WIDTH="2%" 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="2%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="33%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>3</sup></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>99</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>99</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>214</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 2" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">159</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="2%" 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">&nbsp;</td>
      <td WIDTH="2%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
      <td WIDTH="3%" 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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Lawlers</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Kalgoorlie</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="20%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Interstate" SIZE="2">Total Australia/Africa</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">For the nine months ended September 30</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs -</font></td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" 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>
      <td WIDTH="3%" 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="3%" 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>
      <td WIDTH="3%" 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="3%" 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="3%" 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>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per US GAAP<sup>1</sup></font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>21.1</b></font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">17.5</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>78.7</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">66.2</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>76.8</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">54.9</font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>250.3</b></font></td>
      <td WIDTH="3%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">203.9</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accretion expense and
      reclamation</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; costs at
      operating mines</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>(0.1)</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">(0.1)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>(1.5)</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">(0.8)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>(7.4)</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">(0.3)</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>(9.1)</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">(1.3)</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Total cash production costs per Gold</font></td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" 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>
      <td WIDTH="3%" 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="3%" 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>
      <td WIDTH="3%" 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="3%" 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="3%" 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>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Institute
      Production Cost Standard</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>21.0</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">17.4</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>77.2</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">65.4</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>69.4</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">54.6</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>241.2</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">202.6</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Ounces sold (thousands)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>86</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">72</font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2"><b>339</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">316</font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2"><b>257</b></font></td>
      <td WIDTH="3%" 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">
      <font FACE="Interstate" SIZE="2">238</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2"><b>1,034</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">987</font></td>
    </tr>
    <tr>
      <td WIDTH="33%"><font FACE="Interstate" SIZE="2">Total cash costs per
      ounce sold</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; per US GAAP
      (dollars)<sup>2</sup></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>246</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">243</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>232</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">210</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>299</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">230</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>242</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">207</font></td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total cash costs per ounce sold -</font></td>
      <td WIDTH="2%" 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="2%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="3%" 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="33%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      per Gold Institute Production</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="33%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Cost Standard (dollars)<sup>3</sup></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>245</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">242</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>228</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">207</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>270</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">229</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>233</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">205</font></td>
    </tr>
    </table>
  </center>
</div>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Times New Roman" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td width="1012">&nbsp;</td>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top"><font size="2"><sup>1&nbsp;&nbsp;
      </sup></font></td>
      <td width="1012">
      <font FACE="Interstate" 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></td>
      </font>
    </tr>
    <tr>
      <td width="43" align="right" valign="top"><font FACE="Times New Roman" SIZE="2">
      <sup>2</sup><font size="2"><sup>&nbsp;&nbsp; </sup></font></font>
      </td>
      <td width="1012">
        <font FACE="Interstate" style="font-size: 9pt">
        Represents total cash production costs per US GAAP divided by ounces
        sold.</font></li></td>
    </tr>
    <tr>
      <td width="43" align="right" valign="top"><font FACE="Times New Roman" SIZE="2">
      <font size="2"><sup>3&nbsp;&nbsp; </sup></font></font>
      </td>
      <td width="1012">
        <font FACE="Interstate" style="font-size: 9pt">
        Represents total cash production costs per Gold Institute Production
        Cost Standard divided by ounces sold.</font></td>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="2">
      <td width="43" align="right" valign="top">&nbsp;</td>
      <td width="1012">&nbsp;</td>
      </font>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="95%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="60%" COLSPAN="2"><b><font size="2">Reconciliation of
      Amortization per Ounce to Financial Statements</font></b></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>
      <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="54%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="24%" COLSPAN="4" style="border-top-style: solid; border-top-width: 1" align="right">
      <font size="2">Three months ended</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1" align="right">&nbsp;</td>
      <td WIDTH="19%" COLSPAN="3" style="border-top-style: solid; border-top-width: 1" align="right">
      <font size="2">Nine months ended</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font size="2">September 30,</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="19%" COLSPAN="3" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font size="2">September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" 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="right">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" align="right">
      <b><font 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="right">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" align="right">
      <font 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">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" align="right">
      <b><font 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">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style:solid; border-bottom-width:1" align="right">
      <font size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font size="2">
      Amortization expense per consolidated financial statements</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><b><font size="2">
      $</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><b><font size="2">
      117</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font size="2">
      $</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font size="2">
      134</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><b><font size="2">
      $</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><b><font size="2">
      352</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font size="2">
      $</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6" style="border-top-style: solid; border-top-width: 1"><font size="2">
      390</font></td>
    </tr>
    <tr>
      <td WIDTH="54%"><font size="2">Amortization expense recorded on property,
      plant and equipment</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="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="54%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font size="2">&nbsp;&nbsp;&nbsp;&nbsp; not at operating mine sites</font></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <b><font size="2">4</font></b></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font size="2">6</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <b><font size="2">17</font></b></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right">
      <font size="2">21</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">Amortization expense for per ounce calculation</font></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">$</font></b></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">113</font></b></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">$</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">128</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">$</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" bgcolor="#E6E6E6">
      <b><font size="2">335</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" bgcolor="#E6E6E6">
      <font size="2">$</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">369</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font size="2">Ounces sold (thousands)</font></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">&nbsp;</td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">
      <b><font size="2">1,267</font></b></td>
      <td WIDTH="5%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">
      <font size="2">1,505</font></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">
      <b><font size="2">3,736</font></b></td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">&nbsp;</td>
      <td WIDTH="6%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2" align="right">
      <font size="2">4,193</font></td>
    </tr>
    <tr>
      <td WIDTH="54%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font size="2">Amortization per ounce (dollars)</font></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">$</font></b></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">89</font></b></td>
      <td WIDTH="5%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">$</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">85</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">$</font></b></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <b><font size="2">90</font></b></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">$</font></td>
      <td WIDTH="6%" style="border-bottom-style: solid; border-bottom-width: 1" align="right" bgcolor="#E6E6E6">
      <font size="2">88</font></td>
    </tr>
  </table>
  </center>
</div>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
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    <td width="95"><font FACE="Interstate" SIZE="2"><b>
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    <p align="center">30</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MANAGEMENT'S DISCUSSION AND ANALYSIS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></font></font></font></font>
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</font></font></font></font></font></font></font></font></font></font></font>
</font></font></font></font></font></font></font></b></font>

<font FACE="Interstate">
<p><b><font size="6"><a name="Notes"></a>Notes to Unaudited Interim Consolidated Financial Statements
</font></b> </p>
</font><font FACE="Interstate" SIZE="2">
<p align="justify">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>
  <p align="justify"><b>&nbsp;&nbsp;&nbsp; 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NATURE OF OPERATIONS
  </b>&nbsp;&nbsp;&nbsp; </p>
<blockquote>
  <p align="justify">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 mining
  activities are mainly located in the United States, Canada, Australia, Peru,
  Tanzania, Chile, Argentina and Russia. They require specialized facilities and
  technology, and we rely on those facilities to support our production levels.
  The market price of gold, quantities of gold mineral reserves and future gold
  production levels, future cash operating costs, foreign currency exchange
  rates, market interest rates and the level of exploration expenditures are
  some of the things that could materially affect our operating cash flow and
  profitability. Due to the global nature of our operations, we are also
  affected by government regulations, political risk and the interpretation of
  taxation laws and regulations. We seek to mitigate these risks and, in
  particular, we use derivative instruments as part of a risk management program
  that seeks to mitigate the effect of volatility in commodity prices, interest
  rates and foreign currency exchange rates. Many of the factors affecting these
  risks are beyond our control and their effects could materially impact our
  consolidated financial statements. </p>
</blockquote>
</font>
<font FACE="Interstate" SIZE="2">
  <p align="justify">&nbsp;&nbsp;&nbsp; <b><font size="2">2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </font>BASIS OF PREPARATION</b></p>
<blockquote>
  <p align="justify">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>
</blockquote>
<dir>
  <p align="justify">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 ALIGN="justify">The preparation of financial statements under US GAAP
  requires us to make estimates and assumptions that affect: </p>
</dir>
<blockquote>
  <ul>
    <li>
    <p ALIGN="justify">the reported amounts of assets and liabilities; </li>
    <li>
    <p ALIGN="justify">disclosures of contingent assets and liabilities; and
    </li>
    <li>
    <p ALIGN="justify">revenues and expenses recorded in each reporting period.
    </li>
  </ul>
</blockquote>
<dir>
  <p ALIGN="justify">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>
</dir>
<blockquote>
  <ul>
    <li>
    <p ALIGN="justify">decisions as to whether exploration and mine development
    costs should be capitalized or expensed; </li>
    <li>
    <p ALIGN="justify">assessments of whether property, plant and equipment, ore
    in stockpiles, capitalized mining costs and investments may be impaired;
    </li>
    <li>
    <p ALIGN="justify">assessments of our ability to realize the benefits of
    deferred income tax assets; </li>
    <li>
    <p ALIGN="justify">the useful lives of long-lived assets and the rate at
    which we record amortization in earnings; </li>
    <li>
    <p ALIGN="justify">the estimated fair value of asset retirement obligations;
    </li>
    <li>
    <p ALIGN="justify">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="justify">the estimated fair values of derivative instruments; </li>
    <li>
    <p ALIGN="justify">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="justify">assessments of the likelihood and amounts of
    contingencies. </li>
  </ul>
  <p ALIGN="justify">We regularly review the estimates and assumptions that
  affect our financial statements; however, what actually happens could differ
  from those estimates and assumptions. </p>
</blockquote>
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  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font></font></font></font></font></font></font></font></font></font>
    </font></font></font></font></font></font></font></font></font></font>
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    <td width="95"><font FACE="Interstate" SIZE="2"><b>
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    <p align="center">31</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">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></font>
</font></font></font></font></font></font></font></font></font></b></font>
<blockquote>
  <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.
  Intercompany balances and transactions are eliminated on consolidation. </p>
  <p>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 a 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>
</blockquote>
</font>
  <b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACCOUNTING CHANGES
<p>&nbsp;&nbsp;&nbsp; A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FAS 143, Accounting for asset retirement obligations
</p>
<blockquote>
  </font></b><font FACE="Interstate" SIZE="2">
  <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 of $39 million; an increase in
  other long-term obligations of $32 million; and an increase in deferred income
  tax liabilities of $3 million. We recorded in our income statement a $4
  million credit for the cumulative effect of this accounting change. </p>
  </font><b><font FACE="Interstate" size="2">
</blockquote>
&nbsp;&nbsp;&nbsp; B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of underground development costs
</font></b>
<blockquote>
  <font FACE="Interstate" size="2">
  <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>
  </font><b><font FACE="Interstate" size="2">
</blockquote>
&nbsp;&nbsp;&nbsp; C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EITF Issue No. 03-1, The Meaning of
  Other-Than-Temporary Impairment and Its Application to Certain Investments
  </font></b>
<blockquote>
  <font FACE="Interstate" size="2">
  <p>EITF 03-1 was issued in 2004 and establishes guidance to be used in
  determining when an investment is considered impaired, whether that impairment
  is other than temporary, and the measurement of an impairment loss. Under the
  application of our previous accounting policy for impairment of investments,
  an impairment on a specific investment was recorded in earnings on
  determination that the impairment was other than temporary or after an
  investment had been impaired for six months, whichever is the earlier. Under
  EITF 03-1, there is no requirement to automatically record an impairment loss
  in earnings after a six-month period, instead the recognition of impairment
  losses in earnings is based on the assessment of whether the loss is other
  than temporary. The adoption of the measurement requirements of EITF 03-1 in
  third quarter 2004 had no effect on impairment losses recorded in earnings.
  </p>
  <p>EITF 03-1 also provides the guidance on accounting subsequent to the
  recognition of an other-than-temporary impairment and requires certain
  disclosures about impairment losses included in other comprehensive income
  that have not been recorded in earnings. The measurement requirements of EITF
  03-1 were effective for the fiscal quarter ended September 30, 2004, but the
  disclosure requirements are not effective until fiscal 2005. </p>
  </font>
</blockquote>
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    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
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    <p align="center">32</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">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></font>
</font></font></font></font></font></font></font></font></font>
  <p ALIGN="JUSTIFY">&nbsp;&nbsp;&nbsp; D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EITF Issue No. 04-6, Accounting for Stripping Costs
  Incurred during Production in the Mining Industry
</font><font FACE="Interstate" SIZE="1">
<dir>
  </font></b><font FACE="Interstate" size="2">
  <p>In the mining industry, companies may be required to remove overburden and
  other mine waste materials to access mineral deposits. The costs of removing
  overburden and waste materials are often referred to as &quot;stripping costs.&quot;
  During the development of a mine (before production begins), it is generally
  accepted in practice that stripping costs are capitalized as part of the
  depreciable cost of building, developing, and constructing the mine. Those
  capitalized costs are typically amortized over the productive life of the mine
  using the units-of-production method. A mining company may continue to remove
  overburden and waste materials, and therefore incur stripping costs, during
  the production phase of the mine. Questions have been raised about the
  appropriate accounting for stripping costs incurred during the production
  phase, and diversity in practice exists. In response to these questions, the
  EITF has undertaken a project to develop an Abstract to address the questions
  and clarify the appropriate accounting treatment for stripping costs under US
  GAAP. The EITF is in the process of deliberating these questions and upon
  completion of their deliberations they will issue EITF 04-6, which will
  represent an authorative US GAAP pronouncement for stripping costs. Our
  accounting policy for stripping costs is disclosed in note 15. EITF 04-6 is
  expected to be approved and issued in fourth quarter 2004, following which we
  may be required to change our accounting policy for stripping costs. </p>
</dir>
<b>
&nbsp;&nbsp;&nbsp; E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in estimates
<dir>
  <p>Classification of mineralization at Lagunas Norte as a reserve </p>
  </b>
  <p>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 $83 million of
  mine development costs for the three month period ended September 30, 2004,
  and $105 million for the nine month period ended September 30, 2004. </p>
  </font>
</dir>
<dir>
  <font FACE="Interstate" SIZE="2"><b>
  <p>Amortization of property, plant and equipment</b> </p>
  <p>Effective December 31, 2003, we updated our estimates of proven and
  probable gold mineral reserves. Following the update of these estimates, we
  revised our calculations of amortization of property, plant and equipment. The
  effect of the change in reserve estimates on amortization of property, plant
  and equipment for the three months ended September 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 nine
  months ended September 30, 2004, a decrease in amortization of property, plant
  and equipment of $19 million. </p>
  <b>
  <p>Amortization of capitalized mining costs</b> </p>
  <p>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. </p>
</dir>
</font><b>
  <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SEGMENT INFORMATION</font><font FACE="Times New Roman" SIZE="2">
  </font></b>
<dir>
  <font FACE="Interstate" SIZE="2">
  <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 start-up costs as well as 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>
  </font>
</dir>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Interstate" SIZE="2">
<font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
<font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
<font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
<font FACE="Times New Roman" SIZE="2"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Times New Roman" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1"><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font></font></font></font></font></font></font></font></font></font>
    </font></font></font></font></font></font></font></font></font></font>
    </font></font></font></font></font></font>
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Interstate" SIZE="2"><font FACE="Interstate" SIZE="2">
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Interstate" SIZE="2"><font FACE="Interstate" SIZE="2">
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Times New Roman" SIZE="2"><font FACE="Times New Roman" SIZE="2">
    <font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">33</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">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></font>
</font></font></font></font></font></font></font></font></font></b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Income statement information</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="30%" 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>
    <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">&nbsp;</td>
    <td WIDTH="20%" COLSPAN="3" align="right"><font FACE="Interstate" SIZE="2">
    <p align="center">Total cash</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="18%" COLSPAN="3" align="center"><font FACE="Interstate" SIZE="2">
    Segment income (loss)</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" 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">&nbsp;</td>
    <td WIDTH="19%" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Gold sales</font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="20%" COLSPAN="3" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">
    <p align="center">production costs<sup>1</sup></font></td>
    <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="18%" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">before income taxes</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">For the three months ended September 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">&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="Interstate" SIZE="2">2004</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">&nbsp;</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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</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">&nbsp;</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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</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">&nbsp;</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="Interstate" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Operating mines</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="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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">190</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">235</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">124</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">145</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">27</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">47</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pierina</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">60</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">79</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">18</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">17</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Bulyanhulu</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">44</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">29</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">18</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(4)</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Kalgoorlie</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">50</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">46</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">28</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">24</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">17</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Eskay
    Creek</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">24</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">32</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Hemlo</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">21</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">28</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Plutonic</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">29</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">34</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">10</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Round
    Mountain</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">40</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">35</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">20</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">16</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">14</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Other
    operating mines</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">42</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">37</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">22</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">17</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><b><font FACE="Interstate" SIZE="2">Development projects</font></b></td>
    <td WIDTH="5%" align="right">&nbsp;</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>
    <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="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Veladero</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(3)</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Lagunas
    Norte</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">(2)</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">(7)</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cowal</font></td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="30%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pascua-Lama</font></td>
    <td WIDTH="5%" align="right">&nbsp;</td>
    <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right">&nbsp;</td>
    <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Tulawaka</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="Interstate" 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="Interstate" SIZE="2">-</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="Interstate" 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="Interstate" SIZE="2">-</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="Interstate" 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="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Segment total</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="Interstate" 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="Interstate" SIZE="2">500</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="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">549</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">276</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="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">271</font></td>
    <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">105</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="Interstate" 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="Interstate" SIZE="2">136</font></td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt"><sup>
<p>1</sup></font><font style="font-size: 9pt"> </font>
<font FACE="Interstate" style="font-size: 9pt">
Includes cost of sales, by-product revenues, royalty expenses and production
taxes (note 6). Excludes accretion expense, other reclamation and closure costs,
and amortization. </p>
</font>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="29%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" 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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="20%" COLSPAN="3" align="center" height="19">
    <font FACE="Interstate" SIZE="2">Total cash</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="18%" COLSPAN="3" align="center" height="19">
    <font FACE="Interstate" SIZE="2">Segment income (loss)</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="5%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="18%" align="center" height="19" colspan="3" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Gold sales</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="21%" COLSPAN="3" align="center" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">production costs<sup>1</sup></font></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="18%" COLSPAN="3" align="center" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">before income taxes</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">For the nine months ended September 30,</font></td>
    <td WIDTH="5%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2004</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2003</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2004</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2003</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">2004</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Operating mines</font></b></td>
    <td WIDTH="5%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike</font></td>
    <td WIDTH="5%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">
    525</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    598</font></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">
    354</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
    390</font></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">60</font></b></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" height="15" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">90</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Pierina</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">
    210</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">
    241</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">55</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">55</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">64</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">63</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Bulyanhulu</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">
    102</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="Interstate" SIZE="2">86</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="Interstate" 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="Interstate" SIZE="2">55</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="Interstate" SIZE="2">5</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="Interstate" SIZE="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Kalgoorlie</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">
    131</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">
    114</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">77</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">65</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">38</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">34</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Eskay Creek</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">82</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="Interstate" SIZE="2">96</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="Interstate" 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="Interstate" SIZE="2">17</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="Interstate" SIZE="2">36</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="Interstate" SIZE="2">43</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Hemlo</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">68</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">71</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">44</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">45</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">18</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Plutonic</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">91</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="Interstate" SIZE="2">87</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="Interstate" SIZE="2">51</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="Interstate" SIZE="2">46</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="Interstate" SIZE="2">32</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="Interstate" SIZE="2">35</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Round Mountain</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">
    109</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">
    103</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">59</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">49</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">34</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">39</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Other operating mines</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">
    113</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="Interstate" SIZE="2">
    103</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="Interstate" SIZE="2">62</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="Interstate" SIZE="2">58</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="Interstate" SIZE="2">32</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="Interstate" SIZE="2">26</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><b><font FACE="Interstate" SIZE="2">Development
    projects</font></b></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Veladero</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">
    (3)</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="Interstate" SIZE="2">
    (18)</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Lagunas Norte</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">
    (11)</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">
    (21)</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Cowal</font></td>
    <td WIDTH="5%" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" bgcolor="#E6E6E6"><b><font FACE="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">
    (1)</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="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Pascua-Lama</font></td>
    <td WIDTH="5%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Tulawaka</font></td>
    <td WIDTH="5%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="6%" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="29%" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</font></td>
    <td WIDTH="5%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">1,431</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">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">1,499</font></td>
    <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</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">
    <b>
    <font FACE="Interstate" SIZE="2">780</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">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">780</font></td>
    <td WIDTH="6%" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</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">
    <b>
    <font FACE="Interstate" SIZE="2">301</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">
    <font FACE="Interstate" 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">
    <font FACE="Interstate" SIZE="2">311</font></td>
  </tr>
</table>
<font FACE="Interstate" style="font-size: 9pt"><sup>
<p>1</sup></font><font style="font-size: 9pt"> </font>
<font FACE="Interstate" style="font-size: 9pt">
Includes cost of sales, by-product revenues, royalty expenses and production
taxes (note 6). Excludes accretion expense, other reclamation and closure costs,
and amortization. </p>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Times New Roman" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">34</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></b></font>
</font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="40%"><b><font FACE="Interstate" SIZE="2">Asset information</font></b></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>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Amortization</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">&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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="29%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended September 30,</font></td>
    <td WIDTH="34%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Nine months ended September 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" 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="Interstate" 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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Operating mines</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">&nbsp;</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">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">43</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">111</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">118</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pierina</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">25</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">40</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">91</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">123</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Bulyanhulu</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">12</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">9</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">28</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Kalgoorlie</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Eskay
    Creek</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">13</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">37</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">36</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Hemlo</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">9</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">8</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Plutonic</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Round
    Mountain</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">16</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">15</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Other
    operating mines</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">6</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">19</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><b><font FACE="Interstate" SIZE="2">Development projects</font></b></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>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Veladero</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Lagunas
    Norte</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cowal</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pascua-Lama</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Tulawaka</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="Interstate" SIZE="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="Interstate" 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">
    <b>
    <font FACE="Interstate" SIZE="2">-</font></b></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="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</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="Interstate" SIZE="2">113</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="Interstate" SIZE="2">128</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">335</font></b></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">369</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other amortization outside operating
    segments</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="Interstate" SIZE="2">4</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="Interstate" SIZE="2">6</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">
    <b>
    <font FACE="Interstate" SIZE="2">17</font></b></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="Interstate" SIZE="2">21</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" 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="Interstate" 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">
    <b>
    <font FACE="Interstate" SIZE="2">117</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">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">134</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">352</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">
    <font FACE="Interstate" 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="Interstate" SIZE="2">390</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" 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">&nbsp;</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">&nbsp;</td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Segment capital expenditures</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">&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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="29%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended September 30,</font></td>
    <td WIDTH="34%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Nine months ended September 30,</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" 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="Interstate" 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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Operating mines</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">&nbsp;</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">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Goldstrike</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">10</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">39</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pierina</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Bulyanhulu</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">8</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">26</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">27</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
    Kalgoorlie</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">10</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Eskay
    Creek</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">1</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Hemlo</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Plutonic</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">15</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">40</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Round
    Mountain</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Other
    operating mines</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">18</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">25</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><b><font FACE="Interstate" SIZE="2">Development projects</font></b></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>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Veladero</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">65</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">12</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">207</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Lagunas
    Norte</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">83</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">115</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">2</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Cowal</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">13</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">6</font></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">44</font></b></td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">16</font></td>
  </tr>
  <tr>
    <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pascua-Lama</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">1</font></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">18</font></b></td>
    <td WIDTH="8%" align="right">&nbsp;</td>
    <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">7</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Tulawaka</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="Interstate" SIZE="2">12</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="Interstate" 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">
    <b>
    <font FACE="Interstate" SIZE="2">27</font></b></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="Interstate" SIZE="2">-</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">Segment total</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="Interstate" SIZE="2">212</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="Interstate" SIZE="2">80</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">528</font></b></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
    <font FACE="Interstate" SIZE="2">213</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">Other capital expenditures outside
    operating segments</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="Interstate" SIZE="2">6</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="Interstate" SIZE="2">1</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">
    <b>
    <font FACE="Interstate" SIZE="2">8</font></b></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="Interstate" SIZE="2">3</font></td>
  </tr>
  <tr>
    <td WIDTH="40%" 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="Interstate" 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">
    <b>
    <font FACE="Interstate" SIZE="2">218</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">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">81</font></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">536</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">
    <font FACE="Interstate" 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="Interstate" SIZE="2">216</font></td>
  </tr>
</table>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Times New Roman" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">35</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></b></font>
<blockquote>
<table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
  <tr>
    <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
    <b>
    <font FACE="Interstate" SIZE="2">Reconciliation of segment income to
    enterprise net income</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">&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">&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">&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">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    <td WIDTH="32%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Three months ended September 30,</font></td>
    <td WIDTH="29%" COLSPAN="4" align="right"><font FACE="Interstate" SIZE="2">
    Nine months ended September 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">2003</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" 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="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">105</font></b></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">136</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</font></b></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">301</font></b></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">311</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font FACE="Interstate" 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="Interstate" SIZE="2">(22)</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(19)</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(61)</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(44)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Interstate" 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="Interstate" SIZE="2">(4)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(6)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(17)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(21)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font FACE="Interstate" SIZE="2">Exploration and business
    development costs outside</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="7%" align="right">&nbsp;</td>
  </tr>
  <tr>
    <td WIDTH="43%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; operating
    segments</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(32)</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(24)</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(86)</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(62)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Administration</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(18)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(21)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(57)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(63)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font FACE="Interstate" SIZE="2">Other income/expense</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">6</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">24</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">31</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">39</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Interstate" 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="Interstate" SIZE="2">(6)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(12)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(18)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(36)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%"><font FACE="Interstate" SIZE="2">Non-hedge derivative gains
    (losses)</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(21)</font></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
    <td WIDTH="7%" align="right">&nbsp;</td>
    <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">25</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Income tax expense</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(22)</font></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(9)</font></td>
  </tr>
  <tr>
    <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
    <font FACE="Interstate" SIZE="2">Cumulative effect of changes in accounting
    principles</font></td>
    <td WIDTH="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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">32</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="Interstate" SIZE="2">$</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <font FACE="Interstate" SIZE="2">35</font></td>
    <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
    <b>
    <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">92</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="Interstate" 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="Interstate" SIZE="2">123</font></td>
  </tr>
</table>
</blockquote>
<b><font FACE="Interstate" SIZE="2">
&nbsp;&nbsp;&nbsp; 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
REVENUE RECOGNITION AND COMMODITY CONTRACTS</font><font FACE="Times New Roman" SIZE="2">
  </font></b>
  <b><font FACE="Interstate" SIZE="2">
<blockquote>
<p>Gold contracts </p>
</font></b><font FACE="Interstate" SIZE="2">
<p>We have fixed-price forward gold sales contracts with various counterparties
for 13.7 million ounces of future gold production. The terms of the contracts
are governed by master trading agreements that we have in place with the
counterparties to the contracts. Contract prices are established at inception
through to an interim date, which may be materially in advance of the
termination date (2014 in most cases) of the master trading agreements. If we
choose not to 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,
which is commonly referred to as contango, (in most cases) based on the
difference between the forward price of gold and the current market price of
gold. For the majority of fixed-price forward gold sales contracts, selling
prices are fixed through 2006. The contracts have final delivery dates primarily
in approximately 10 years, but we have the right to settle these contracts at
any time over these periods. If at an interim date we opt for a floating price,
the floating price represents the spot market price of gold plus or minus the
difference between the previously fixed price and the market gold price at that
interim date. Forward gold market prices are principally influenced by the
current market price of gold, gold lease rates and US dollar interest rates. The
final realized selling price under a contract will depend on the timing of the
actual future delivery date, the market price of gold at the start of the
contract and the actual amount of the premium of the forward price of gold over
the spot price of gold for the periods that fixed selling prices are set. The
largest single counterparty as of September 30, 2004 made up 11% 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 9 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 forward 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, adjusted by the difference
  between the spot price and the contract price at the time of such election.
  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 </p>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Times New Roman" SIZE="2">
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">36</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font></b></font>
<blockquote>
  <p>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
  September 30, 2004) was negative $37 million, which is included in the
  mark-to-market value of our total forward gold and silver sales contract
  positions. The $37 million equates to an average reduction to the future spot
  sales price of approximately $45 per ounce on gold and $0.76 per ounce on
  silver when we deliver gold and silver at spot prices against these contracts.
  </p>
  <b>
  <p>Silver contracts </p>
  </b>
  <p>Forward silver sales contracts have similar delivery terms and pricing
  mechanisms as forward gold sales contracts. At September 30, 2004, we had
  fixed-price commitments to deliver 15.9 million ounces of silver over periods
  primarily of up to approximately 10 years. </p>
</blockquote>
</font>
  <b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; COST OF SALES AND OTHER
  OPERATING EXPENSES</font><font FACE="Times New Roman" SIZE="2">
<dir>
  </font></b>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="4%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="35%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" style="border-bottom-style: solid; border-bottom-width: 1" colspan="2">&nbsp;</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="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6" colspan="2">
      <font FACE="Interstate" SIZE="2">Cost of sales<sup>1</sup></font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">292</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">286</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">836</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">818</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" colspan="2"><font FACE="Interstate" SIZE="2">By-product revenues</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">(33)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">(33)</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">(103)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">(86)</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" bgcolor="#E6E6E6" colspan="2"><font FACE="Interstate" SIZE="2">Royalty expenses</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">13</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">37</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">36</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" colspan="2"><font FACE="Interstate" SIZE="2">Production taxes</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">10</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" bgcolor="#E6E6E6" colspan="2"><font FACE="Interstate" SIZE="2">Accretion expense</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">6</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" colspan="2"><font FACE="Interstate" SIZE="2">Payroll tax expense<sup>2</sup></font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">7</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" bgcolor="#E6E6E6" colspan="2"><font FACE="Interstate" SIZE="2">Reclamation and closure
      costs/other</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">15</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">37</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" style="border-bottom-style: solid; border-bottom-width: 1" colspan="2">
      <font FACE="Interstate" SIZE="2">Pension expense</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="Interstate" SIZE="2">1</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="Interstate" SIZE="2">1</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="Interstate" SIZE="2">3</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="35%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6" colspan="2">&nbsp;</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="Interstate" 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="Interstate" SIZE="2">298</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">290</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">841</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">824</font></td>
    </tr>
    <tr>
      <td WIDTH="4%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium" align="right" valign="top">&nbsp;</td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; " colspan="9">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">
      <sup><font size="2">1&nbsp;&nbsp; </font></sup></td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; " colspan="9">
  <p ALIGN="JUSTIFY">
  <font FACE="Interstate" style="font-size: 9pt">Cost of sales includes all
  costs that are capitalized to inventory, except for amortization of property,
  plant and equipment. The amount of amortization excluded from cost of sales,
  and presented separately on the income statement, was $13 million in the three
  months ended September 30, 2004 (2003 - $128 million), and $335 million for
  the nine months ended September 30, 2004 (2003 - $369 million).</p>
        </font>
      </td>
    </tr>
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">
      <sup><font size="2">2&nbsp;&nbsp; </font></sup></td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; " colspan="9">
  <font FACE="Interstate" style="font-size: 9pt">In second quarter 2004, a $7
  million payroll tax adjustment was recorded. The adjustment relates to periods
  prior to 2004.
        </font>
      </td>
    </tr>
    </table>
</dir>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="315" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">Pension Expense</font></b></td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" 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>
    </tr>
    <tr>
      <td WIDTH="315" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="287" COLSPAN="4" align="right"><font SIZE="2">Three months
      ended September 30,</font></td>
      <td WIDTH="285" COLSPAN="4" align="right"><font SIZE="2">Nine months ended
      September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="315" 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="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">2004</font></b></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">2003</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">2004</font></b></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="315" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">Expected return on plan assets</font></td>
      <td WIDTH="74" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">(3)</font></b></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">(3)</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">(8)</font></b></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">$</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="315"><font SIZE="2">Interest cost on benefit obligation</font></td>
      <td WIDTH="74" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><b><font SIZE="2">4</font></b></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><font SIZE="2">4</font></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="71" align="right"><b><font SIZE="2">10</font></b></td>
      <td WIDTH="71" align="right">&nbsp;</td>
      <td WIDTH="72" align="right"><font SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="315" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">Actuarial losses</font></td>
      <td WIDTH="74" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">-</font></b></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">-</font></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">1</font></b></td>
      <td WIDTH="71" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="72" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="315" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</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 SIZE="2">$</font></b></td>
      <td WIDTH="71" align="right" 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="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">$</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">1</font></td>
      <td WIDTH="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="71" align="right" 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="71" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">$</font></td>
      <td WIDTH="72" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">3</font></td>
    </tr>
  </table>
  </blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">37</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<b>
  <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OTHER INCOME/EXPENSE</font><font FACE="Times New Roman" SIZE="2">
  <dir>
  </font></b>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="33%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" 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="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></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">
      <b>
      <font FACE="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Interest income</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">7</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">23</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">25</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Interstate" SIZE="2">Gains on sale of
      long-lived assets</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Foreign currency
      translation gains (losses)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">4</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Interstate" SIZE="2">Realized gains on sale of
      available-for-sale securities</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Impairment charge on
      available-for-sale securities</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Interstate" SIZE="2">Impairment charge on
      royalty interest</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items</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="Interstate" 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="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="7%" 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">
      <b>
      <font FACE="Interstate" SIZE="2">6</font></b></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="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" 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="Interstate" 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">
      <b>
      <font FACE="Interstate" SIZE="2">6</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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">24</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</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">
      <b>
      <font FACE="Interstate" SIZE="2">31</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">
      <font FACE="Interstate" 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="Interstate" SIZE="2">39</font></td>
    </tr>
  </table>
</dir>
<b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INCOME TAX EXPENSE</font><font FACE="Times New Roman" SIZE="2">
  <dir>
  </font></b>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Three months ended September 30,</font></td>
      <td WIDTH="31%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" size="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Income tax expense</font></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" 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="Interstate" size="2">2003</font></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" 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="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Current</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">3</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">42</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">33</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">74</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Deferred</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="Interstate" size="2">10</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="Interstate" size="2">(20)</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="Interstate" size="2">5</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="Interstate" size="2">(44)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" 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">
      <b>
      <font FACE="Interstate" size="2">13</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">
      <font FACE="Interstate" size="2">22</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="Interstate" size="2">38</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="Interstate" size="2">30</font></td>
    </tr>
    <tr>
      <td WIDTH="43%"><font FACE="Interstate" size="2">Recognition of deferred
      tax assets</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" size="2">(8)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" size="2">-</font></td>
      <td WIDTH="16%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" size="2">(38)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" size="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Release of deferred tax valuation
      allowances recorded in prior years</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="Interstate" size="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="Interstate" 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="Interstate" size="2">-</font></b></td>
      <td WIDTH="7%" 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="Interstate" size="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" 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="Interstate" 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">
      <b>
      <font FACE="Interstate" size="2">5</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">
      <font FACE="Interstate" size="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">22</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">$</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">
      <b>
      <font FACE="Interstate" 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">
      <font FACE="Interstate" 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="Interstate" size="2">9</font></td>
    </tr>
  </table>
  <p>&nbsp;</p>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the three months ended September 30,</font></td>
      <td WIDTH="30%" align="center" colspan="5" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="31%" align="center" colspan="5" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" 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>
      <td WIDTH="6%" align="right" 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="13%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Income tax</font></b></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">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Income tax</font></td>
    </tr>
    <tr>
      <td WIDTH="39%">&nbsp;</td>
      <td WIDTH="16%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">Pre-tax</font></b></td>
      <td WIDTH="9%" align="right"><b><font FACE="Interstate" SIZE="2">Effective</font></b></td>
      <td WIDTH="13%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">expense</font></b></td>
      <td WIDTH="16%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">Pre-tax</font></td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">Effective</font></td>
      <td WIDTH="10%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">expense</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Effective income tax rates on elements of
      income</font></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">income</font></b></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">tax rate</font></b></td>
      <td WIDTH="13%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(recovery)</font></b></td>
      <td WIDTH="16%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">income</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">tax rate</font></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(recovery)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income excluding elements set out
      below</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">40</font></b></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">28%</font></b></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">11</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">61</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">25%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Impact of deliveries into
      forward gold sales contracts</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" 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="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; in a low
      tax-rate jurisdiction</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="9%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Non-hedge derivative
      gains (losses)</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">8</font></b></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(12%)</font></b></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(21)</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1%</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" 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="Interstate" SIZE="2">(3)</font></b></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">33%</font></b></td>
      <td WIDTH="3%" 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="Interstate" 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="Interstate" SIZE="2">17</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">41%</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">7</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" 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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">37</font></b></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">24%</font></b></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">9</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">57</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">39%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">22</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">Tax only items:</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" 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="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Recognition of deferred
      tax assets</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(20%)</font></b></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" 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="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">10%</font></b></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">4</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="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">-</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="Interstate" SIZE="2">Actual income tax rate</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="Interstate" 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="Interstate" SIZE="2">37</font></b></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">14%</font></b></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">5</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">57</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">39%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" 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="Interstate" SIZE="2">22</font></td>
    </tr>
  </table>
</dir>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">38</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">For the nine months ended September 30,</font></td>
      <td WIDTH="30%" align="center" colspan="5" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="30%" align="center" colspan="5" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" 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>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="12%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Income tax</font></b></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">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="9%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Income tax</font></td>
    </tr>
    <tr>
      <td WIDTH="40%">&nbsp;</td>
      <td WIDTH="14%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">Pre-tax</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">Effective</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">expense</font></b></td>
      <td WIDTH="14%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">Pre-tax</font></td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">Effective</font></td>
      <td WIDTH="9%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">expense</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Effective income tax rates on elements of
      income</font></td>
      <td WIDTH="14%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">income</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">tax rate</font></b></td>
      <td WIDTH="12%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(recovery)</font></b></td>
      <td WIDTH="14%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">income</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">tax rate</font></td>
      <td WIDTH="9%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(recovery)</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income excluding elements set out
      below</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">158</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">28%</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">44</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">90</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">20%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">18</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font FACE="Interstate" SIZE="2">Impact of deliveries into
      forward gold sales contracts</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="4%" 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="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; in a low
      tax-rate jurisdiction</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">(67)</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Non-hedge derivative
      gains (losses)</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">400%</font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(4)</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">25</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1%</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" 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="Interstate" SIZE="2">2</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(50%)</font></b></td>
      <td WIDTH="4%" 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="Interstate" 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="Interstate" SIZE="2">34</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">35%</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" 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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">92</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">42%</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">39</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">149</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">20%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">30</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font FACE="Interstate" SIZE="2">Tax only items:</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="4%" 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="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Recognition of deferred
      tax assets</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(41%)</font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(38)</font></b></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="40%"><font FACE="Interstate" SIZE="2">Release of deferred tax
      valuation allowances recorded in</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="4%" 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="9%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="40%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; prior years</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">(14%)</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">(21)</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items</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="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">(1%)</font></b></td>
      <td WIDTH="4%" 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="Interstate" SIZE="2">(1)</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="Interstate" SIZE="2">-</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="40%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Actual income tax rate</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="Interstate" 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="Interstate" SIZE="2">92</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">
      <b>
      <font FACE="Interstate" 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">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">149</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">6%</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">9</font></td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2"><b>
  <p>Peruvian tax assessment </p>
  </b>
  <p>In 2002, one of our Peruvian subsidiaries 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 related 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. 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>We believe that the tax assessment is incorrect and appealed the assessment
  to the Tax Court. On September 30, 2004 the Tax Court issued its decision in
  our favor. SUNAT has until early January 2005 to appeal the Tax Court's
  decision. If we are successful and our original valuation is confirmed as the
  appropriate tax basis of the Pierina assets, we would benefit from a $141
  million reduction in current and deferred tax liabilities. The effect of this
  contingent gain, if any, will be recorded in the period the contingency is
  fully resolved, once all avenues of appeal have been explored by either
  Barrick or SUNAT. </p>
  <p>In the event SUNAT successfully appeals the September 30, 2004 Tax Court
  ruling, Peruvian law will not require us to make payment of the disputed
  current taxes for the years covered by the tax assessment, pending the outcome
  of any final appeal process, a process which can take several years.
  Currently, the amount of income taxes potentially payable is $83 million. </p>
  <p>We have not provided for $65 million of potential interest and penalties on
  the income tax assessed. Even if SUNAT were to prevail on appeal, 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 on appeal. </p>
  <b>
  <p>Change in Australian tax regime </p>
  </b>
  <p>A new consolidation tax law has been enacted in Australia that allows
  wholly-owned groups of companies resident in Australia to elect to be treated
  as a single entity and to file consolidated tax returns. This new regime is
  elective and the election is irrevocable. An election is filed with a
  company's income tax returns, which are due by July 1 after each fiscal year
  and effective from January 1 of the applicable year covered by the tax return.
  </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 was to record a $30
  million deferred tax asset and a corresponding deferred income tax credit. </p>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">39</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
</font>
<b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EARNINGS PER SHARE</font><font FACE="Times New Roman" SIZE="2">
  <dir>
  </font></b>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="31%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="31%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">($ millions, except shares in millions
      and per share amounts)</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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">Income available to common stockholders</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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">32</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">35</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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">92</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Weighted average shares outstanding -
      basic</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="Interstate" 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="Interstate" SIZE="2">536</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="Interstate" SIZE="2">533</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">540</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Effect of dilutive stock options</font></td>
      <td WIDTH="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="Interstate" SIZE="2">1</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="Interstate" SIZE="2">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="Interstate" 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="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Weighted average shares outstanding on
      assumed conversions</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="Interstate" SIZE="2">533</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="Interstate" SIZE="2">538</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="Interstate" 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="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">540</font></td>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Earnings per share</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="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>
    </tr>
    <tr>
      <td WIDTH="43%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Basic and diluted</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">0.06</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.07</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">0.17</font></b></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.23</font></td>
    </tr>
  </table>
</dir>
<b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 10&nbsp;&nbsp;&nbsp;&nbsp; COMPREHENSIVE INCOME</font><font FACE="Times New Roman" SIZE="2">
  </font></b><font FACE="Interstate" SIZE="2">
<blockquote>
  <p>Comprehensive income consists of net income and other gains and losses that
  are excluded from net income. These other gains and losses consist mainly of
  gains and losses on derivative instruments accounted for as cash flow hedges;
  unrealized gains and losses on available-for-sale securities; and foreign
  currency translation adjustments. </p>
</blockquote>
<dir>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Accumulated other comprehensive income
      (loss) (OCI)</font></b></td>
      <td WIDTH="4%" 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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&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="4%" align="right" 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">&nbsp;</td>
      <td WIDTH="11%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" 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">&nbsp;</td>
      <td WIDTH="5%" align="right" 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">&nbsp;</td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" 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">&nbsp;</td>
      <td WIDTH="5%" 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="39%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">Pre-tax</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="10%" COLSPAN="2" align="right">
      <b>
      <font FACE="Interstate" SIZE="2">Post-tax</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">
      <font FACE="Interstate" SIZE="2">Pre-tax</font></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="10%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">Post-tax</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Amount</font></b></td>
      <td WIDTH="11%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Tax effect</font></b></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Amount</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="Interstate" SIZE="2">Amount</font></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Tax effect</font></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">amount</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Foreign currency translation adjustments</font></b></td>
      <td WIDTH="4%" 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="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">(147)</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">(147)</font></b></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(144)</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(144)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Translation adjustments
      recorded in the period</font></td>
      <td WIDTH="4%" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">(5)</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="Interstate" SIZE="2">-</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="Interstate" SIZE="2">(5)</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="Interstate" SIZE="2">At September 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">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(147)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" 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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(147)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(149)</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(149)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Accumulated gains on cash flow hedges</font></b></td>
      <td WIDTH="4%" 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="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">288</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">(99)</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">189</font></b></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(17)</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">32</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Changes in
      fair value of cash flow hedges (note 11D)</font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">230</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(81)</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">149</font></td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Transfer of
      hedge gains to earnings (note 11D)</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">(85)</font></b></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">30</font></b></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">(55)</font></b></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(62)</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(44)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Hedge ineffectiveness
      transferred to earnings (note 11D)</font></td>
      <td WIDTH="4%" 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="Interstate" SIZE="2">(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="Interstate" 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="Interstate" SIZE="2">(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="Interstate" SIZE="2">(10)</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="Interstate" SIZE="2">3</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="Interstate" 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="Interstate" SIZE="2">At September 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">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">193</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(66)</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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">127</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">207</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(77)</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">130</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Unrealized gains (losses) on
      available-for-sale securities</font></b></td>
      <td WIDTH="4%" 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="5%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">38</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right"><b><font FACE="Interstate" SIZE="2">38</font></b></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Changes in
      fair value of securities</font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(20)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(20)</font></b></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Impairment charges recorded
      in earnings (note 7)</font></td>
      <td WIDTH="4%" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">-</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="Interstate" 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="Interstate" SIZE="2">At September 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">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">19</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" 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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">19</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">14</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">14</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Additional minimum pension liability</font></b></td>
      <td WIDTH="4%" 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="5%" 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="Interstate" SIZE="2">At January 1 and September 30</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(7)</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(7)</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Total accumulated OCI at September 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">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">58</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(66)</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="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">65</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(77)</font></td>
      <td WIDTH="5%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(12)</font></td>
    </tr>
  </table>
</dir>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">40</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<b><font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp; 11&nbsp;&nbsp;&nbsp;&nbsp; DERIVATIVE INSTRUMENTS
<p>&nbsp;&nbsp;&nbsp; A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Use of derivative instruments
</p>
<blockquote>
  </font></b>
  <font FACE="Interstate" SIZE="2">
  <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 fuel),
  interest rates and foreign currency exchange rates. Because we produce gold
  and silver, incur costs in foreign currencies, and invest and borrow in US
  dollars and are therefore subject to US interest rates, our derivative
  instruments cover natural underlying asset or liability positions. The purpose
  of the hedging elements of our derivative program is so that changes in the
  values of cash flows from or fair values of hedged items are offset by
  equivalent changes in the values of derivative instruments. </p>
  <p>We do not hold derivatives for the purpose of speculation; our risk
  management programs are designed to enable us to plan our business effectively
  and, where possible, mitigate adverse effects of future movements in gold,
  silver and fuel prices, interest rates and foreign currency exchange rates.
  For a more detailed description of the types of derivative instruments we use,
  and our accounting policies for derivative instruments, refer to note 11 to
  our audited consolidated financial statements for the three years ended
  December 31, 2003. </p>
</blockquote>
<b>
&nbsp;&nbsp;&nbsp; B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments outstanding as at September 30, 2004
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="303" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Maturity</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">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2004</font></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="61" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2005</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2006</font></td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2007</font></td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2008+</font></td>
      <td WIDTH="64" 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">
      <font FACE="Interstate" SIZE="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Interest rate contracts</font></b></td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="63" 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="63" 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="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="64" 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>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Receive-fixed swaps</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Notional
      amount (millions)</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">150</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">75</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">100</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">725</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">100</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Fixed rate
      (%)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.6%</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2.7%</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.0%</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.4%</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4.1%</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3.4%</font></td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">Pay-fixed swaps</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Notional
      amount (millions)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">664</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">664</font></td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Fixed rate
      (%)</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">5.5%</font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">5.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Bond Forward Contract</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Notional amount (millions)</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">50</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: none; border-bottom-width: medium">
      <font FACE="Interstate" SIZE="2">50</font></td>
    </tr>
    <tr>
      <td WIDTH="303" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Fixed rate (%)</font></td>
      <td WIDTH="61" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5.6%</font></td>
      <td WIDTH="61" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="63" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" 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" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" 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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5.6%</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Net notional position</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">100</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">75</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">100</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">725</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(564)</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">436</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Foreign currency contracts</font></b></td>
      <td WIDTH="61" 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="61" 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="63" 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="63" 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="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" 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="303"><font FACE="Interstate" SIZE="2">Canadian dollar forward
      purchase</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; contracts</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; C$
      (millions)</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">41</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">316</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">222</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">139</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">22</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">740</font></td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Average
      price (US&#162)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.67</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.67</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.73</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.69</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.68</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.69</font></td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">Australian dollar forward
      purchase</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; contracts</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; A$
      (millions)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">159</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">723</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">370</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">355</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">19</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,626</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Average price (US&#162)</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.60</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.63</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">
      <font FACE="Interstate" SIZE="2">0.63</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">
      <font FACE="Interstate" SIZE="2">0.63</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.53</font></td>
      <td WIDTH="64" 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="Interstate" SIZE="2">0.62</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Fuel contracts</font></b></td>
      <td WIDTH="61" 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="61" 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="63" 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="63" 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="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" 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="303"><font FACE="Interstate" SIZE="2">Min-max options</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Barrels WTI
      (thousands)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">90</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">504</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">648</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,242</font></td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Cap</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">30</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right"><font FACE="Interstate" SIZE="2">36</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">40</font></td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right"><font FACE="Interstate" SIZE="2">38</font></td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Floor</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">23</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">28</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">30</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="303"><font FACE="Interstate" SIZE="2">Forward purchase
      contracts</font></td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="61" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="63" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="303" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Barrels WTI
      (thousands)</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="61" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">264</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">340</font></td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">378</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="63" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">982</font></td>
    </tr>
    <tr>
      <td WIDTH="303" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Average price</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="61" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">41</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">38</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">37</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="63" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">39</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">41</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Classification of interest rate, foreign
      currency and fuel contracts</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">&nbsp;</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">&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">&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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="13%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">Cash flow</font></td>
      <td WIDTH="13%" COLSPAN="2" align="right">
      <font FACE="Interstate" SIZE="2">Fair value</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">&nbsp;</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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">At September 30, 2004</font></td>
      <td WIDTH="13%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">hedge</font></td>
      <td WIDTH="13%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">hedge</font></td>
      <td WIDTH="14%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Non-hedge</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">
      <font FACE="Interstate" SIZE="2">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Interest rate contracts</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">&nbsp;</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>
    </tr>
    <tr>
      <td WIDTH="46%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Receive-fixed swaps on cash balances</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">650</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">650</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Receive-fixed swaps on
      debentures</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">
      <font FACE="Interstate" SIZE="2">-</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">
      <font FACE="Interstate" 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="Interstate" 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="Interstate" SIZE="2">500</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" 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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">650</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" 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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">1,150</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Pay-fixed swaps on
      Bulyanhulu project financing</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">164</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">164</font></td>
    </tr>
    <tr>
      <td WIDTH="46%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Pay-fixed swaps on lease rate swaps</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">150</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">150</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Pay-fixed swaps on expected debt issuance<sup>1</sup></font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">350</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">350</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Bond forward on
      expected debt issuance<sup>1</sup></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">
      <font FACE="Interstate" SIZE="2">50</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">
      <font FACE="Interstate" 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">
      <font FACE="Interstate" 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">
      <font FACE="Interstate" SIZE="2">50</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">&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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">564</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">150</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">714</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" 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">&nbsp;</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">&nbsp;</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="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">&nbsp;</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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Canadian dollar contracts</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">&nbsp;</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>
    </tr>
    <tr>
      <td WIDTH="46%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">740</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(15)</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">725</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Capital expenditures</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">
      <font FACE="Interstate" SIZE="2">15</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">
      <font FACE="Interstate" 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="Interstate" 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="Interstate" SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" 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">
      <font FACE="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">755</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">C$</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="Interstate" 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="Interstate" SIZE="2">C$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(15)</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">C$</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="Interstate" SIZE="2">740</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">Australian dollar contracts</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">&nbsp;</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>
    </tr>
    <tr>
      <td WIDTH="46%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Operating costs and expenses</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">1,241</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">1,254</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Capital expenditures</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">
      <font FACE="Interstate" SIZE="2">372</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">
      <font FACE="Interstate" 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="Interstate" 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="Interstate" SIZE="2">372</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" 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">
      <font FACE="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,613</font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">A$</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="Interstate" 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="Interstate" SIZE="2">A$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">A$</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="Interstate" SIZE="2">1,626</font></td>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Fuel contracts </b>(Barrels WTI thousands)</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="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>
    </tr>
    <tr>
      <td WIDTH="46%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Operating costs and
      expenses</font></td>
      <td WIDTH="13%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2,066</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">
      <font FACE="Interstate" 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">
      <font FACE="Interstate" SIZE="2">158</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">
      <font FACE="Interstate" SIZE="2">2,224</font></td>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">&nbsp;</td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; ">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">
      <sup><font size="2">1&nbsp;&nbsp; </font></sup></td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; ">
  <font FACE="Interstate" style="font-size: 9pt">In anticipation of issuing
  long-term debt obligations in fourth quarter 2004, we have entered into
  interest rate contracts for a total notional amount of $400 million that are
  designated as interest rate hedges and fix the underlying treasury interest
  rate component of the obligations.</font></td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2">
  <p>We also held gold lease rate swaps at September 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>
  <b>
</blockquote>
&nbsp;&nbsp;&nbsp; C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized fair value of
  derivative instruments (excluding normal sales contracts)
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="37%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="34%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="33%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" 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 SIZE="2">2004</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 SIZE="2">2003</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 SIZE="2">2004</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 SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">Beginning of period</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">166</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">262</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">337</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">29</font></td>
    </tr>
    <tr>
      <td WIDTH="37%"><font SIZE="2">Derivative instruments settled</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font SIZE="2">(34)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font SIZE="2">(25)</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font SIZE="2">(101)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font SIZE="2">(55)</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" bgcolor="#E6E6E6"><font SIZE="2">Change in fair value of derivative
      instruments:</font></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>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="37%"><font SIZE="2">&nbsp;&nbsp;&nbsp; Non-hedge derivatives</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font SIZE="2">8</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font SIZE="2">(25)</font></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><b><font SIZE="2">(3)</font></b></td>
      <td WIDTH="8%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp;&nbsp; Cash flow hedges</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font SIZE="2">76</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font SIZE="2">11</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font SIZE="2">(8)</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font SIZE="2">230</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">&nbsp;&nbsp;&nbsp; Fair value hedges</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 SIZE="2">4</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 SIZE="2">(3)</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 SIZE="2">(5)</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 SIZE="2">1</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">End of period</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 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 SIZE="2">220<sup>1</sup></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 SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">220</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</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 SIZE="2">220</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 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 SIZE="2">220</font></td>
    </tr>
  </table>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">&nbsp;</td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; ">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">
      <sup><font size="2">1&nbsp;&nbsp; </font></sup></td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; ">
  <font FACE="Interstate" style="font-size: 9pt">Recorded on the balance sheet
  as follows: $101 million in other current assets; $207 million in non-current
  assets as unrealized fair value of derivative contracts; $27 million in other
  current liabilities; and $61 million in other long-term obligations.</font></td>
    </tr>
  </table>
  <p>
  <font FACE="Interstate" style="font-size: 9pt">&nbsp;</font><font FACE="Interstate" size="2">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 September 30, 2004.</p>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">42</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font><b>
&nbsp;&nbsp;&nbsp; D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in gains (losses) accumulated in OCI for cash flow hedge contracts
  </b>
</font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="21%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Foreign currency</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Interest rate</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="21%">&nbsp;</td>
      <td WIDTH="19%" COLSPAN="4" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Commodity contracts</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center">
      <font FACE="Interstate" SIZE="2">contracts</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center">
      <font FACE="Interstate" SIZE="2">contracts</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="12%" COLSPAN="3" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Fuel Contracts</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="13%" COLSPAN="3" align="right">
      <font FACE="Interstate" SIZE="2">
      <p align="center">Total</font></td>
    </tr>
    <tr>
      <td WIDTH="21%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="10%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="8%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="21%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At January 1</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">280</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">26</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">9</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">288</font></b></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">49</font></td>
    </tr>
    <tr>
      <td WIDTH="21%"><font FACE="Interstate" SIZE="2">Changes in fair value</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><font FACE="Interstate" SIZE="2">216</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">(16)</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><font FACE="Interstate" SIZE="2">11</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">13</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><b><font FACE="Interstate" SIZE="2">(8)</font></b></td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right"><font FACE="Interstate" SIZE="2">230</font></td>
    </tr>
    <tr>
      <td WIDTH="21%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Hedge gains transferred
      to</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="21%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      earnings</font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-<sup>1</sup></font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(10)<sup>1</sup></font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(75)<sup>2</sup></font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(41)<sup>2</sup></font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(8)<sup>3</sup></font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(11)<sup>3</sup></font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(2)<sup>2</sup></font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-<sup>2</sup></font></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(85)</font></b></td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="4%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(62)</font></td>
    </tr>
    <tr>
      <td WIDTH="21%"><font FACE="Interstate" SIZE="2">Hedge ineffectiveness</font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
      <td WIDTH="4%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="21%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; transferred to
      earnings</font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(2)</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(9)</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(2)</font></b></td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="4%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(10)</font></td>
    </tr>
    <tr>
      <td WIDTH="21%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">At September 30</font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" 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">
      <b>
      <font FACE="Interstate" 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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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">
      <b>
      <font FACE="Interstate" SIZE="2">198</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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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">
      <b>
      <font FACE="Interstate" SIZE="2">(15)</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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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">
      <b>
      <font FACE="Interstate" SIZE="2">10</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">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="4%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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">
      <b>
      <font FACE="Interstate" SIZE="2">193</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">
      <font FACE="Interstate" 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">
      <font FACE="Interstate" SIZE="2">207</font></td>
    </tr>
  </table>
  <font FACE="Interstate" style="font-size: 9pt"><sup>
  <p>1</sup></font><font style="font-size: 9pt"> </font>
  <font FACE="Interstate" style="font-size: 9pt">Included under revenues and
  by-product credits. <sup><br>
  2</sup></font><font style="font-size: 9pt"> </font>
  <font FACE="Interstate" style="font-size: 9pt">Included under operating
  expenses. <sup><br>
  3</sup></font><font style="font-size: 9pt"> </font>
  <font FACE="Interstate" style="font-size: 9pt">Included under interest income.
  </p>
  </font><font FACE="Interstate" size="2">
  <p>Based on the fair value of cash flow hedge contracts at September 30, 2004,
  in the next twelve months we expect to transfer hedge gains of $116 million
  from OCI to earnings, to be matched with the related hedged items. These gains
  will primarily be reflected as a reduction in cash operating costs and as a
  component of interest income. </p>
  </font>
</blockquote>
<font FACE="Interstate" SIZE="2"><b>
&nbsp;&nbsp;&nbsp; E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-hedge derivative gains (losses)
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="37%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="34%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="34%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="17%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="17%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="17%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Change in fair value of non-hedge
      derivatives</font></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>
      <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>
      <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>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="37%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Commodity contracts</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">(6)</font></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Currency contracts</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Interest and lease
      rate contracts</font></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">
      <b>
      <font FACE="Interstate" SIZE="2">3</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="Interstate" SIZE="2">(17)</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="Interstate" SIZE="2">11</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="Interstate" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" 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">
      <b>
      <font FACE="Interstate" SIZE="2">8</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="Interstate" SIZE="2">(25)</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="Interstate" SIZE="2">(3)</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="Interstate" SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Hedge ineffectiveness recorded in
      earnings<sup>1</sup></font></td>
      <td WIDTH="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">
      <b>
      <font FACE="Interstate" 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="Interstate" SIZE="2">4</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="Interstate" SIZE="2">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="Interstate" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="37%" 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="Interstate" 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="Interstate" SIZE="2">8</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(21)</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(1)</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="Interstate" 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="Interstate" SIZE="2">25</font></td>
    </tr>
  </table>
</blockquote>
<dir>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="4%" style="border-style:none; border-width:medium; " align="right" valign="top">
      <sup><font size="2">1&nbsp;&nbsp; </font></sup></td>
      <td WIDTH="96%" style="border-style:none; border-width:medium; ">
  <font FACE="Interstate" style="font-size: 9pt">During 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 $nil on these contracts were transferred out of OCI
  to earnings for the three months ended September 30, 2004 (2003 - $4 million)
  and $2 million for the nine months ended September 30, 2004 (2003 - $10
  million).
  </font>
      </td>
    </tr>
  </table>
</dir>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">43</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp; 12&nbsp;&nbsp;&nbsp; COMPONENTS OF OTHER NET OPERATING
  ACTIVITIES</b></font><font FACE="Times New Roman" SIZE="2">
<dir>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="44%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="33%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" 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="Interstate" 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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Add (deduct):</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="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="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Foreign currency translation (gains) losses excluding the effect</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="7%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; of
      exchange rate changes on cash and equivalents</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(12)</font></b></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      (Gains) losses on available-for-sale securities recorded in</font></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="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      earnings</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(5)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Gains
      on sale of long-lived assets</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(2)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(12)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(5)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(29)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Cumulative effect of changes in accounting policies</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Accretion expense</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">6</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">14</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp; Changes in
      capitalized mining costs</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">2</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">5</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">34</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">Changes in operating
      assets and liabilities:</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="7%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Accounts receivable</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(1)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(6)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Inventories</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">(26)</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">(3)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Accounts payable and accrued liabilities</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">11</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">31</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(13)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Current income taxes accrued</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">3</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">42</font></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><b><font FACE="Interstate" SIZE="2">33</font></b></td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">74</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Other
      assets and liabilities</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(2)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(21)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">-</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(18)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%"><font FACE="Interstate" SIZE="2">Cash payments:</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="7%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="44%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;
      Reclamation and closure costs</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(7)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(2)</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">(24)</font></b></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(20)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Income tax refunds
      (payments)</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="Interstate" SIZE="2">11</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="Interstate" SIZE="2">(32)</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="Interstate" SIZE="2">(40)</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="Interstate" SIZE="2">(119)</font></td>
    </tr>
    <tr>
      <td WIDTH="44%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; Other net operating
      activities</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="Interstate" 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="Interstate" 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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">17</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">(26)</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(44)</font></td>
    </tr>
  </table>
</dir>
<font FACE="Interstate" SIZE="2"><b>&nbsp;&nbsp;&nbsp; 13&nbsp;&nbsp;&nbsp; INVENTORIES, OTHER CURRENT ASSETS AND
  INVESTMENTS
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="32%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">At September 30, 2004</font></b></td>
      <td WIDTH="31%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">Inventories</font></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font SIZE="2">&nbsp;&nbsp;&nbsp; Gold in process and ore
      in stockpiles</font></td>
      <td WIDTH="15%" align="right"><b><font SIZE="2">$</font></b></td>
      <td WIDTH="15%" align="right"><b><font SIZE="2">112</font></b></td>
      <td WIDTH="15%" align="right"><font SIZE="2">$</font></td>
      <td WIDTH="16%" align="right"><font SIZE="2">99</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">&nbsp;&nbsp;&nbsp; Mine operating supplies</font></td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">71</font></b></td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">58</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">183</font></b></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">$</font></td>
      <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">157</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">Other current assets</font></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="39%"><font SIZE="2">&nbsp;&nbsp;&nbsp; Derivative assets (note
      11C)</font></td>
      <td WIDTH="15%" align="right"><b><font SIZE="2">$</font></b></td>
      <td WIDTH="15%" align="right"><b><font SIZE="2">101</font></b></td>
      <td WIDTH="15%" align="right"><font SIZE="2">$</font></td>
      <td WIDTH="16%" align="right"><font SIZE="2">154</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" bgcolor="#E6E6E6"><font SIZE="2">&nbsp;&nbsp;&nbsp; Income taxes recoverable</font></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6"><b><font SIZE="2">11</font></b></td>
      <td WIDTH="15%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="16%" align="right" bgcolor="#E6E6E6"><font SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">&nbsp;&nbsp;&nbsp; Prepaid expenses</font></td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font SIZE="2">26</font></b></td>
      <td WIDTH="15%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="16%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font SIZE="2">15</font></td>
    </tr>
    <tr>
      <td WIDTH="39%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font SIZE="2">$</font></b></td>
      <td WIDTH="15%" 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">138</font></b></td>
      <td WIDTH="15%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">$</font></td>
      <td WIDTH="16%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font SIZE="2">169</font></td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2">
  <p>Gold in process and ore in stockpiles excludes $81 million (December 31,
  2003 &#151 $64 million) of stockpiled ore that we do not expect to process in the
  following 12 months. This amount is included in other assets. </p>
  <b>
  <p>Investments </p>
  </b>
  <p>In first quarter 2004, we purchased a further 7% interest in the common
  shares of Highland Gold for cash consideration of $41 million. Combined with
  an initial investment made in fourth quarter 2003, we own a 17% interest in
  the outstanding common shares of Highland Gold. The investment is being accounted for as an available-for-sale security, with unrealized gains and
  losses recorded in other comprehensive income. </p>
</blockquote>
<b>&nbsp;&nbsp;&nbsp; 14&nbsp;&nbsp;&nbsp; PROPERTY, PLANT
  AND EQUIPMENT
</b></font>
<blockquote>
  <font FACE="Interstate" size="2">
  <p>At September 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>
  </font>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">44</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Carrying amount</font></td>
      <td WIDTH="21%" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Carrying amount</font></td>
      <td WIDTH="21%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Targeted timing of</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Property</font></td>
      <td WIDTH="32%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">at September 30, 2004</font></td>
      <td WIDTH="21%" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">at December 31, 2003</font></td>
      <td WIDTH="21%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">production start up</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Veladero</font></td>
      <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">275</font></b></td>
      <td WIDTH="10%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="11%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">68</font></td>
      <td WIDTH="21%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="30%"><font FACE="Interstate" SIZE="2">Lagunas Norte</font></td>
      <td WIDTH="14%" align="right">&nbsp;</td>
      <td WIDTH="14%" align="right"><b><font FACE="Interstate" SIZE="2">129</font></b></td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="11%" align="right"><font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="21%" align="right"><font FACE="Interstate" SIZE="2">2005</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cowal</font></td>
      <td WIDTH="14%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="14%" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">93</font></b></td>
      <td WIDTH="10%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="11%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">49</font></td>
      <td WIDTH="21%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">2006</font></td>
    </tr>
    <tr>
      <td WIDTH="30%"><font FACE="Interstate" SIZE="2">Pascua-Lama</font></td>
      <td WIDTH="14%" align="right">&nbsp;</td>
      <td WIDTH="14%" align="right"><b><font FACE="Interstate" SIZE="2">207</font></b></td>
      <td WIDTH="10%" align="right">&nbsp;</td>
      <td WIDTH="11%" align="right"><font FACE="Interstate" SIZE="2">189</font></td>
      <td WIDTH="21%" align="right"><font FACE="Interstate" SIZE="2">2009</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other properties</font></td>
      <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="14%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">240</font></b></td>
      <td WIDTH="10%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="11%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">213</font></td>
      <td WIDTH="21%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Total</font></td>
      <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="14%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">944</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="Interstate" SIZE="2">$</font></td>
      <td WIDTH="11%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">528</font></td>
      <td WIDTH="21%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
  </table>
</blockquote>
<dir>
  <font FACE="Interstate" SIZE="2"><b>
  <p>Capital commitments</b></font><font FACE="Times New Roman" SIZE="2"> </p>
  </font><font FACE="Interstate" SIZE="2">
  <p>In addition to entering into various operational commitments in the normal
  course of business, the Company has entered into a commitment of $70 million
  to be paid during 2004 and 2005 for the construction of a power plant for the
  Goldstrike mine. </p>
</dir>
</font><b>
  <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 15&nbsp;&nbsp;&nbsp; CAPITALIZED MINING COSTS</font><font FACE="Times New Roman" SIZE="2">
  </font></b>
<dir>
  <font FACE="Interstate" SIZE="2">
  <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;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 September 30, 2004 (2003 &#151 $18 million lower), and $5 million lower for
  the nine months <font FACE="Interstate">ended September 30, 2004 (2003 - $34
  million lower).</font><font FACE="Times New Roman" SIZE="2"> </p>
  </font><font FACE="Interstate">
  <p>Capitalized mining costs represent the excess of costs capitalized over
  amortization recorded, although it is possible that a liability could arise if
  cumulative amortization exceeds costs capitalized. The carrying amount of
  capitalized mining costs is grouped with related mining property, plant and
  equipment for impairment testing purposes.</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><font FACE="Interstate">
  <p>Effective January 1, 2004, we revised the estimated stripping ratios used
  for amortization purposes with a decrease in the stripping ratio at Goldstrike
  Open Pit and an increase in the stripping ratio at Pierina. The effect of this
  change in the three months ended September 30, 2004 was to reduce amortization
  of capitalized mining costs at Goldstrike Open Pit by $1 million, and increase
  amortization of capitalized mining costs at Pierina by $2 million. The effect
  of this change in the nine months ended September 30, 2004 was to reduce
  amortization of capitalized mining costs at Goldstrike Open Pit by $2 million,
  and increase amortization of capitalized mining costs at Pierina by $6
  million. </p>
  <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>
  </font>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">Average stripping ratios<sup>1</sup></font></b></td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35%" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">Three months ended September 30,</font></td>
      <td WIDTH="36%" COLSPAN="2" align="right">
      <font FACE="Interstate" size="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">2004</font></b></td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">Goldstrike Open Pit</font></td>
      <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">109:1</font></b></td>
      <td WIDTH="17%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">112:1</font></td>
      <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" size="2">109:1</font></b></td>
      <td WIDTH="18%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" size="2">112:1</font></td>
    </tr>
    <tr>
      <td WIDTH="30%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">Pierina</font></td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">60:1</font></b></td>
      <td WIDTH="17%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">48:1</font></td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" size="2">60:1</font></b></td>
      <td WIDTH="18%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" size="2">48:1</font></td>
    </tr>
  </table>
  <font FACE="Interstate"><sup>
</dir>
<blockquote>
  <p>1</sup></font> <font FACE="Interstate">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. </p>
</blockquote>
</font><font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">45</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font></font>
<b>
  <font FACE="Interstate" size="2">&nbsp;&nbsp;&nbsp; 16&nbsp;&nbsp;&nbsp;&nbsp; LONG-TERM DEBT
<blockquote>
  <p>Project financing - Veladero </p>
  </font></b><font FACE="Interstate" size="2">
  <p>One of our wholly-owned subsidiaries, Minera Argentina Gold S.A. in
  Argentina has a limited recourse amortizing loan for $250 million. We have
  guaranteed the loan until completion occurs. After completion, the loan will
  become non-recourse. The loan is insured for political risks by branches of
  the Canadian and German governments. The first drawdown on the loan occurred
  on August 31, 2004. The total drawdown as of September 30, 2004 was $167
  million. The effective interest rate for third quarter 2004, including
  amortization of debt-issue costs and political risk insurance, was 5%.
  Scheduled repayments for each of the next five years are 2004 - $nil, 2005 -
  $nil, 2006 - $30 million, 2007 - $58 million, 2008 - $47 million, 2009 and
  thereafter - $115 million. </p>
</blockquote>
</font><b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 17&nbsp;&nbsp;&nbsp;&nbsp; CAPITAL STOCK</font><font FACE="Times New Roman" SIZE="2">
  </font><font FACE="Interstate" size="2">
<p>&nbsp;&nbsp;&nbsp; A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchase program
</p>
<blockquote>
  </font></b><font FACE="Interstate" SIZE="2">
  <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 remaining six-month period ended
  September 30, 2004. </p>
</blockquote>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold Inc. (&quot;BGI&quot;) Exchangeable Shares
</font><font FACE="Interstate" SIZE="1">
<dir>
  </font></b><font FACE="Interstate" size="2">
  <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 September 30, 2004, 1.4 million BGI exchangeable shares were outstanding
  (excluding those held by Barrick and its subsidiaries), which are equivalent
  to 0.7 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="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="36%" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">Summarized financial information for BGI</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="36%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35%" COLSPAN="4" align="right">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="33%" COLSPAN="4" align="right">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="36%" 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="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</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="Interstate" SIZE="2">2004</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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="36%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total revenues and other income</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">46</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">60</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">158</font></b></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">165</font></td>
    </tr>
    <tr>
      <td WIDTH="36%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Costs and expenses</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(65)</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(59)</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(149)</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(175)</font></td>
    </tr>
    <tr>
      <td WIDTH="36%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Income (loss) before taxes</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">(19)</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Interstate" SIZE="2">9</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(10)</font></td>
    </tr>
    <tr>
      <td WIDTH="36%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Net income (loss)</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">(22)</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(4)</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">1</font></b></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(24)</font></td>
    </tr>
  </table>
</dir>
<font FACE="Times New Roman" SIZE="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">46</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" 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; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="186" COLSPAN="2" 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">At September 30, 2004</font></b></td>
      <td WIDTH="186" COLSPAN="2" 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">At December 31, 2003</font></td>
    </tr>
    <tr>
      <td WIDTH="426" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Assets</font></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="426"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Current assets</font></td>
      <td WIDTH="94" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="94" align="right"><b><font FACE="Times New Roman" SIZE="2">100</font></b></td>
      <td WIDTH="94" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="94" align="right"><font FACE="Times New Roman" SIZE="2">72</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Non-current
      assets</font></td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <b>
      <font FACE="Times New Roman" SIZE="2">189</font></b></td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">233</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <b>
      <font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="94" 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">289</font></b></td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="94" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 2">
      <font FACE="Times New Roman" SIZE="2">305</font></td>
    </tr>
    <tr>
      <td WIDTH="426" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">Liabilities and
      shareholders' equity</font></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="426"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other current liabilities</font></td>
      <td WIDTH="94" align="right"><b><font FACE="Times New Roman" SIZE="2">$</font></b></td>
      <td WIDTH="94" align="right"><b><font FACE="Times New Roman" SIZE="2">35</font></b></td>
      <td WIDTH="94" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="94" align="right"><font FACE="Times New Roman" SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="426" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Intercompany notes payable</font></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">543</font></b></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">546</font></td>
    </tr>
    <tr>
      <td WIDTH="426"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Other long-term liabilities</font></td>
      <td WIDTH="94" align="right">&nbsp;</td>
      <td WIDTH="94" align="right"><b><font FACE="Times New Roman" SIZE="2">12</font></b></td>
      <td WIDTH="94" align="right">&nbsp;</td>
      <td WIDTH="94" align="right"><font FACE="Times New Roman" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="426" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Deferred income tax liabilities</font></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><b><font FACE="Times New Roman" SIZE="2">53</font></b></td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">67</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Shareholders' equity</font></td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <b>
      <font FACE="Times New Roman" SIZE="2">(354)</font></b></td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="94" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(339)</font></td>
    </tr>
    <tr>
      <td WIDTH="426" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="94" 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="94" 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">289</font></b></td>
      <td WIDTH="94" 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="94" 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">305</font></td>
    </tr>
  </table>
</blockquote>
<b><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp; 18&nbsp;&nbsp;&nbsp;&nbsp; EMPLOYEE STOCK-BASED COMPENSATION
  </font></b>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="65%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="352"><font FACE="Times New Roman" SIZE="2"><b>Common stock
      options</b></font></td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="352">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="101" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
      <td WIDTH="49" align="right">&nbsp;</td>
      <td WIDTH="102" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="352" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" 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="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="352" 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="101" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Average</font></td>
      <td WIDTH="102" 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="352" 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="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">price (C$)</font></td>
      <td WIDTH="102" 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$)</font></td>
    </tr>
    <tr>
      <td WIDTH="352" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">At January 1, 2004</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">21.5</font></td>
      <td WIDTH="101" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">2.3</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="352"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Granted</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">0.8</font></td>
      <td WIDTH="101" align="right"><font FACE="Times New Roman" SIZE="2">$
      27.62</font></td>
      <td WIDTH="102" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
      <td WIDTH="49" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="102" align="right"><font FACE="Times New Roman" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="352" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Exercised</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(1.1)</font></td>
      <td WIDTH="101" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$
      24.89</font></td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">(0.5)</font></td>
      <td WIDTH="49" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="102" align="right" bgcolor="#E6E6E6"><font FACE="Times New Roman" SIZE="2">14.36</font></td>
    </tr>
    <tr>
      <td WIDTH="352" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Canceled or
      expired</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">(0.9)</font></td>
      <td WIDTH="101" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">$ 27.93</font></td>
      <td WIDTH="102" 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">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="102" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">35.07</font></td>
    </tr>
    <tr>
      <td WIDTH="352" 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">At September 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" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">20.3</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">&nbsp;</td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">1.7</font></td>
      <td WIDTH="49" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
  </table>
  <font FACE="Interstate" SIZE="2">
  <p>Under Accounting Principles Board Opinion No. 25 (Accounting for Stock
  Issued to Employees) (APB 25), we record a compensation cost for stock options
  in earnings based on the excess, if any, of the quoted market price of the
  stock at the grant date of the award over the option exercise price.
  Generally, the exercise price for stock options granted to employees equals
  the fair market value of our common stock at the date of grant, resulting in
  no compensation cost. </p>
  <p>FASB Statement No. 123 (Accounting for Stock-Based Compensation) (FAS 123)
  encourages, but does not require, companies to record compensation cost for
  stock-based employee compensation plans based on the fair value of options
  granted. We have elected to continue to account for stock-based compensation
  using the intrinsic value method prescribed in APB 25 and its related
  interpretations, and to provide disclosures of the pro forma effects of
  adoption had we recorded compensation expense under the fair value method.<b>
  </p>
  </b></font>
  <table CELLSPACING="0" BORDER="0" WIDTH="70%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="41%" 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="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>
      <td WIDTH="8%" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="33%" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Times New Roman" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" 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">
      <font FACE="Times New Roman" SIZE="2"><b>2004</b></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">
      <font FACE="Times New Roman" SIZE="2">2003</font></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="Times New Roman" SIZE="2"><b>2004</b></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="Times New Roman" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>Pro forma effects</b></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="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>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Times New Roman" SIZE="2">Net income, as
      reported</font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>32</b></font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">35</font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2"><b>92</b></font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Stock option expense</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(6)</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>(22)</b></font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">(18)</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">Pro forma net income</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></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="Times New Roman" SIZE="2"><b>24</b></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="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">29</font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></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="Times New Roman" SIZE="2"><b>70</b></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="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Times New Roman" SIZE="2">105</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>Net income per share</b></font></td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="41%"><font FACE="Times New Roman" SIZE="2">As reported<b><sup>1</sup></b></font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2">0.07</font></td>
      <td WIDTH="7%" align="right"><font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2"><b>0.17</b></font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right"><font FACE="Times New Roman" SIZE="2">0.23</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">Pro forma<b><sup>1</sup></b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>0.04</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">0.05</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>$</b></font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2"><b>0.13</b></font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Times New Roman" SIZE="2">&nbsp;0.19</font></td>
    </tr>
    <tr>
      <td WIDTH="41%" 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">&nbsp;</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">&nbsp;</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">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="8%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="100%" colspan="9">
      <font FACE="Interstate" style="font-size: 9pt"><sup>1</sup></font><font style="font-size: 9pt">
      </font><font FACE="Interstate" style="font-size: 9pt">Basic and diluted.</font></td>
    </tr>
  </table>
</blockquote>
<font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">47</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<b><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp; 19&nbsp;&nbsp;&nbsp;&nbsp; CONTINGENCIES </font>
  <font FACE="Times New Roman" SIZE="2">
</font></b><font FACE="Interstate" SIZE="2">
<blockquote>
<p>Certain conditions may exist as of the date the consolidated financial
statements are issued, which may result in a loss to the Company but which will
only be resolved when one or more future events occur or fail to occur.
Management and, where appropriate, legal counsel, assess such contingent
liabilities, which inherently involves an exercise of judgment. </p>
<p>In assessing loss contingencies related to legal proceedings that are pending
against us or unasserted claims that may result in such proceedings, the Company
and its legal counsel evaluate the perceived merits of any legal proceedings or
unasserted claims as well as the perceived merits of the amount of relief sought
or expected to be sought. </p>
<p>If the assessment of a contingency suggests that it is probable that a loss
has been incurred and the amount of the liability can be estimated, then the
estimated liability is accrued in the consolidated financial statements. If the
assessment suggests that a potentially material loss contingency is not
probable, but is reasonably possible, or is probable, but cannot be estimated,
then the nature of the contingent loss, together with an estimate of the range
of possible loss, if determinable, is disclosed. Loss contingencies considered
remote are generally not disclosed unless they involve guarantees, in which case
we disclose the nature of the guarantee. </p>
</font><b><font FACE="Interstate" SIZE="2">
  <p>Litigation and claims</font><font FACE="Times New Roman" SIZE="2"> </font>
  </p>
  <p><font FACE="Interstate" SIZE="2">Bre-X Minerals</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font></b><font FACE="Interstate" SIZE="2">
  <p>On April 30, 1998, we were added as a defendant in a class action lawsuit
  initiated against Bre-X Minerals Ltd., certain of its directors and officers
  or former directors and officers and others in the United States District
  Court for the Eastern District of Texas, Texarkana Division. The class action
  alleges, among other things, that statements made by us in connection with our
  efforts to secure the right to develop and operate the Busang gold deposit in
  East Kalimantan, Indonesia were materially false and misleading and omitted to
  state material facts relating to the preliminary due diligence investigation
  undertaken by us in late 1996.</font><font FACE="Times New Roman" SIZE="2">
  </p>
  </font><font FACE="Interstate" SIZE="2">
  <p>On July 13, 1999, the Court dismissed the claims against us and several
  other defendants on the grounds that the plaintiffs had failed to state a
  claim under United States securities laws. On August 19, 1999, the plaintiffs
  filed an amended complaint restating their claims against us and certain other
  defendants and on June 14, 2000 filed a further amended complaint, the Fourth
  Amended Complaint.<font FACE="Times New Roman" SIZE="2"> </font></p>
  <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>
  </font><b><font FACE="Interstate" SIZE="2">
  <p>Blanchard complaint</font><font FACE="Times New Roman" SIZE="2"> </p>
  </font></b><font FACE="Interstate" SIZE="2">
  <p>On January 7, 2003, we were served with a Complaint for Injunctive Relief
  by Blanchard and Company, Inc. (&quot;Blanchard&quot;), and Herbert Davies (&quot;Davies&quot;).
  The complaint, which is pending in the US District Court for the Eastern
  District of Louisiana, also names J.P. Morgan Chase &amp; Company (&quot;J.P. Morgan&quot;)
  as a defendant, along with an unspecified number of additional defendants to
  be named later. The complaint, which has been amended several times, alleges
  that we and bullion banks with which we entered into spot deferred contracts
  have manipulated the price of gold, in violation of US antitrust laws and the
  Louisiana Unfair Trade Practices and Consumer Protection Law. Blanchard
  alleges that it has been injured as a seller of gold due to reduced interest
  in gold as an investment. Davies, a customer of Blanchard, alleges injury due
  to the reduced value of his gold </p>
</blockquote>
</font><font FACE="Times New Roman" SIZE="2"><b>
<font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">48</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b>
<blockquote>
  <p>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. The discovery process between the
  parties is continuing and a trial date has been set for April 2005, but may be
  delayed. We intend to defend the action vigorously. </p>
  <b>
  <p>McKenzie complaint </p>
  </b>
  <p>On September 21, 2004, a putative class action complaint was filed in the
  U.S. District Court for the Eastern District of Louisiana against Barrick and
  J.P. Morgan. The plaintiffs, Dr. Gregg McKenzie, H.B.A. and H.B.I.A. AJM
  Corporation, and A.J. Miller, are alleged purchasers of gold and gold
  derivatives. The complaint alleges violations of the U.S. anti-trust laws and
  also of the Commodity Exchange Act, based upon the same conduct as alleged in
  the Blanchard complaint. The complaint seeks damages and an injunction
  terminating certain of our trading agreements with J.P. Morgan. Barrick has
  not been served with the complaint. If plaintiffs serve the complaint upon
  Barrick, we will defend the action vigorously. </p>
  </font><b><font FACE="Times New Roman" SIZE="2">
  <p>Wagner complaint </p>
  </font></b><font FACE="Times New Roman" SIZE="2">
  <p>On June 12, 2003, a complaint was filed against Barrick and several of its
  current or former officers in the US District Court for the Southern District
  of New York. The complaint is on behalf of Barrick shareholders who purchased
  Barrick shares between February 14, 2002 and September 26, 2002. It alleges
  that Barrick and the individual defendants violated US securities laws by
  making false and misleading statements concerning Barrick's projected
  operating results and earnings in 2002. The complaint seeks an unspecified
  amount of damages. Other parties on behalf of the same proposed class of
  Barrick shareholders filed several other complaints, making the same basic
  allegations against the same defendants. In September 2003, the cases were
  consolidated into a single action in the Southern District of New York. The
  plaintiffs filed a Consolidated and/or Amended Complaint on November 5, 2003.
  On January 14, 2004 Barrick <b>A </b>filed a motion to dismiss the Wagner
  complaint. On September 29, 2004, the Court issued an order granting in part
  and denying in part Barrick's motion to dismiss the action. The Court granted
  plaintiffs leave to file a Second Amended Complaint. The plaintiffs filed a
  second Amended Complaint on October 20, 2004. We intend to defend the action
  vigorously. </p>
  <b>
  <p>Wilcox complaint </p>
  </b>
  <p>On September 8, 2004, two of our U.S. subsidiaries, Homestake Mining
  Company of California (&quot;Homestake California&quot;) and Homestake Mining Company (&quot;Homestake&quot;)
  were served with a First Amended Complaint by persons alleging to be current
  or former residents of a rural area near the former Grants Uranium Mill, which
  was owned, at different times, by various partnerships in which Homestake
  California held interests or directly by Homestake California. The Complaint
  was filed in the U.S. District Court for the District of New Mexico. The
  Complaint identifies 26 plaintiffs. Homestake and Homestake California, along
  with an unspecified number of unidentified defendants, are named as
  defendants. The plaintiffs allege that they have suffered a variety of
  physical, emotional and financial injuries as a result of exposure to
  radioactive and other hazardous substances. The Complaint seeks an unspecified
  amount of damages. We intend to defend the action vigorously. </p>
  <b>
  <p>Other </p>
  </b>
  <p>From time to time, we are involved in various claims, legal proceedings and
  complaints arising in the ordinary course of business. We are also subject to
  reassessment for income and mining taxes for certain years. We do not believe
  that adverse decisions in any pending or threatened proceedings related to any
  potential tax assessments or other matters, or any amount which we may be
  required to pay by reason thereof, will have a material adverse effect on our
  financial condition or future results of operations. </p>
</blockquote>
</font><b><font FACE="Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp; 20&nbsp;&nbsp;&nbsp;&nbsp; DIFFERENCES FROM CANADIAN
  GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
</font></b><font FACE="Times New Roman" SIZE="2">
<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><b><font FACE="Times New Roman" size="2">
&nbsp;&nbsp;&nbsp; A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business combinations
</font></b><font FACE="Times New Roman" size="2">
<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</p>
</blockquote>
<b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">
    <p align="center">49</font></font></b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font><font FACE="Interstate" SIZE="2">
<blockquote>
  <p>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>
<b>
<p>&nbsp;&nbsp;&nbsp; B&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exploration and development expenditures</b>
</p>
<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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; C&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of property, plant and equipment
</font></b><font FACE="Interstate" size="2">
<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, 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><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; D&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets
</font></b><font FACE="Interstate" size="2">
<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</p>
</blockquote>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">50</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <p>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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; E&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill
</font></b><font FACE="Interstate" size="2">
<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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future income taxes
</font></b><font FACE="Interstate" size="2">
<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. Historically, 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 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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; G&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Impairment evaluations for long-lived assets
</font></b><font FACE="Interstate" size="2">
<blockquote>
  <p>In accordance with US GAAP, financing costs are excluded from the
  evaluation of long-lived assets for impairment purposes. Historically, 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.
  Current Canadian GAAP treatment conforms with current US GAAP treatment.</font><font FACE="Times New Roman" SIZE="2">
  </p>
</blockquote>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; H&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments
</font></b><font FACE="Interstate" size="2">
<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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative financial instruments
</font><font FACE="Interstate" SIZE="1">
<dir>
  </font></b><font FACE="Interstate" size="2">
  <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</p>
</dir>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">51</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font></font>
<dir>
  <font FACE="Interstate" SIZE="2">
  <p>fair value with a corresponding charge or credit recorded in Other
  Comprehensive Income. </p>
</dir>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; J&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum pension liability
</font></b><font FACE="Interstate" size="2">
<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>
</font><b><font FACE="Interstate" size="2">
&nbsp;&nbsp;&nbsp; K&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset retirement obligations
</font></b><font FACE="Interstate" size="2">
<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. 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>
<b>&nbsp;&nbsp;&nbsp; L&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency
</b>
<blockquote>
  <p>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>
  <b>
</blockquote>
&nbsp;&nbsp;&nbsp; M&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue
</b>
<blockquote>
  <p>Under Canadian GAAP purchase accounting rules, Homestake gold 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 recorded
  in the period of delivery. Differences between Canadian and US GAAP revenue
  arise from these different business combination accounting practices. </p>
  <b>
</blockquote>
&nbsp;&nbsp;&nbsp; N&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive income
</b>
<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>
  <b>
</blockquote>
&nbsp;&nbsp;&nbsp; O&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation
</b>
<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 requires the use of the fair value method of
  accounting for stock-based </p>
</blockquote>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">52</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<blockquote>
  <p>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.</font><font FACE="Interstate" SIZE="1">
  </p>
</blockquote>
</font><font FACE="Interstate" SIZE="2"><b>
&nbsp;&nbsp;&nbsp; P&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Balance Sheets
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="87%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="386" colspan="7" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">At September 30</font></td>
      <td WIDTH="36" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="276" COLSPAN="5" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">At December 31</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="386" colspan="7" align="right" style="border-top-style: solid; border-top-width: 1">
      <b>
      <font FACE="Interstate" SIZE="2">2004</font></b></td>
      <td WIDTH="36" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="276" colspan="5" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" 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">&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="103" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Canadian</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="104" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Canadian</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Notes</b></font></td>
      <td WIDTH="77" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>US GAAP</b></font></td>
      <td WIDTH="102" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Adjustments</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>GAAP</b></font></td>
      <td WIDTH="104" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">US GAAP</font></td>
      <td WIDTH="104" COLSPAN="2" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Adjustments</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">GAAP<sup>1</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>ASSETS</b></font></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" 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="35" 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="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Current assets</font></td>
      <td WIDTH="104" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cash and equivalents</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6"><b><font FACE="Interstate" SIZE="2">$</font></b></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>&nbsp;-</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">970</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">970</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Accounts receivable</font></td>
      <td WIDTH="104" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>75</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>75</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">69</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">69</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Inventories</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>A</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>183</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>185</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">157</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">160</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other current assets</font></td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>I, M</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>138</b></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 FACE="Interstate" SIZE="2"><b>(74)</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>64</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">169</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(112)</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">57</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,171</b></font></td>
      <td WIDTH="35" 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">
      <font FACE="Interstate" SIZE="2"><b>(72)</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,099</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,365</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(109)</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,256</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Investments</font></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>H</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>144</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>(19)</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>125</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">127</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(38)</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">89</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Property, plant and
      equipment</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>A, B, C,
      F, K</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>3,326</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>701</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>4,027</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,131</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">648</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">3,779</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Capitalized mining costs,
      net</font></td>
      <td WIDTH="104" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>230</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>230</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">235</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Intangible assets</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>A, D</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>655</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>655</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">683</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">683</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Goodwill</font></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>A, E</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>1,081</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>1,081</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">1,081</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">1,081</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Unrealized fair value of
      derivative contracts</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>I</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(207)</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">256</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(256)</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other assets</font></td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>A, I, M</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>307</b></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 FACE="Interstate" SIZE="2"><b>25</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>332</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">248</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">31</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">279</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total assets</font></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">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>5,385</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2,164</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>7,549</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2,040</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">7,402</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>LIABILITIES AND SHAREHOLDERS' EQUITY</b></font></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Accounts payable</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>310</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$ -</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>310</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">245</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">245</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other current liabilities</font></td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>I, K</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>118</b></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 FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>103</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">105</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">119</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>428</b></font></td>
      <td WIDTH="35" 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">
      <font FACE="Interstate" SIZE="2"><b>(15)</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>413</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">350</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">14</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">364</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Long-term debt</font></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>I</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>867</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>870</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">719</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">718</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Other long-term
      obligations</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>I, J, K</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>546</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(37)</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>509</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">569</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(43)</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">526</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Deferred income tax liabilities</font></td>
      <td WIDTH="104" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>F</b></font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>164</b></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 FACE="Interstate" SIZE="2"><b>158</b></font></td>
      <td WIDTH="35" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>322</b></font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">230</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">118</font></td>
      <td WIDTH="36" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">348</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities</b></font></td>
      <td WIDTH="104" 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="22" 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="55" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2,005</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>109</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2,114</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,868</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">88</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,956</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Capital stock</font></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>A</b></font></td>
      <td WIDTH="22" 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="Interstate" SIZE="2"><b>4,109</b></font></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">
      <font FACE="Interstate" SIZE="2"><b>869</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>4,978</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">4,115</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">874</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">4,989</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Retained earnings
      (deficit)</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>A</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(721)</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1,175</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>454</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(694)</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1,162</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">468</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Accumulated other
      comprehensive income</font></td>
      <td WIDTH="104" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">(loss)</font></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>N</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">73</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(73)</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="357" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Contributed surplus</font></td>
      <td WIDTH="104" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>O</b></font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>27</b></font></td>
      <td WIDTH="35" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>27</b></font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="36" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">13</font></td>
    </tr>
    <tr>
      <td WIDTH="357"><font FACE="Interstate" SIZE="2">Cumulative translation
      adjustments</font></td>
      <td WIDTH="104" align="right"><font FACE="Interstate" SIZE="2"><b>L</b></font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="55" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>(24)</b></font></td>
      <td WIDTH="35" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2"><b>(24)</b></font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(24)</font></td>
      <td WIDTH="36" align="right">&nbsp;</td>
      <td WIDTH="68" align="right"><font FACE="Interstate" SIZE="2">(24)</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Total shareholders' equity</b></font></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3,380</b></font></td>
      <td WIDTH="35" 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">
      <font FACE="Interstate" SIZE="2"><b>2,055</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>5,435</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3,494</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,952</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">5,446</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Total liabilities and shareholders'
      equity</b></font></td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="55" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>5,385</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2,164</b></font></td>
      <td WIDTH="35" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7,549</b></font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">5,362</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2,040</font></td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">7,402</font></td>
    </tr>
    <tr>
      <td WIDTH="357" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="104" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="22" 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">&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="35" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="36" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="68" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    </table>
<font FACE="Times New Roman" size="2"><b><font SIZE="1">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="87%" height="30">
    <tr>
      <td width="3%" valign="top" height="15">
      <p align="right"><font style="font-size: 9pt"><sup>1&nbsp;&nbsp; </font>
      </sup></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
      <td width="97%" height="30" rowspan="2">
      <font FACE="Interstate" 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 </font><font FACE="Franklin Gothic" SIZE="1">
      <font FACE="Interstate" style="font-size: 9pt" SIZE="1">
      pronouncements were adopted retroactively with restatement of prior
      periods.</font></font></td>
    </tr>
    <tr>
      <td width="3%" valign="top" height="15">
      </td>
    </tr>
  </table>
</blockquote>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">53</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font><font FACE="Interstate" SIZE="2"><b>
&nbsp;&nbsp;&nbsp; Q&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reconciliation of Consolidated Net Income
</b></font>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="110" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="274" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="277" COLSPAN="4" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="110" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Notes</font></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="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="137" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003<sup>4</sup></font></td>
      <td WIDTH="138" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="139" COLSPAN="2" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003<sup>4</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income - US GAAP</font></td>
      <td WIDTH="110" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">35</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>92</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">123</font></td>
    </tr>
    <tr>
      <td WIDTH="394"><font FACE="Interstate" SIZE="2">Amortization of property,
      plant and equipment</font></td>
      <td WIDTH="110" align="right"><font FACE="Interstate" SIZE="2">C</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>12</b></font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>35</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
    </tr>
    <tr>
      <td WIDTH="394" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Exploration and
      development expenditures</font></td>
      <td WIDTH="110" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">B</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">17</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>20</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">44</font></td>
    </tr>
    <tr>
      <td WIDTH="394"><font FACE="Interstate" SIZE="2">Amortization of
      intangible assets</font></td>
      <td WIDTH="110" align="right"><font FACE="Interstate" SIZE="2">D</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>(10)</b></font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">(10)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>(28)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">(29)</font></td>
    </tr>
    <tr>
      <td WIDTH="394" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Cumulative effect of
      accounting changes under US GAAP</font></td>
      <td WIDTH="110" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">C, K</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">17</font></td>
    </tr>
    <tr>
      <td WIDTH="394"><font FACE="Interstate" SIZE="2">Gains on asset sales<sup>1</sup></font></td>
      <td WIDTH="110" align="right"><font FACE="Interstate" SIZE="2">A</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">(3)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">(8)</font></td>
    </tr>
    <tr>
      <td WIDTH="394" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Future income tax expense<sup>2</sup></font></td>
      <td WIDTH="110" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">F</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(6)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(7)</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(14)</font></td>
    </tr>
    <tr>
      <td WIDTH="394"><font FACE="Interstate" SIZE="2">Deferred revenue</font></td>
      <td WIDTH="110" align="right"><font FACE="Interstate" SIZE="2">M</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">(8)</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">(22)</font></td>
    </tr>
    <tr>
      <td WIDTH="394" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Stock-based compensation
      expense</font></td>
      <td WIDTH="110" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">O</font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(6)</b></font></td>
      <td WIDTH="50" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(3)</font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="51" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">(9)</font></td>
    </tr>
    <tr>
      <td WIDTH="394"><font FACE="Interstate" SIZE="2">Homestake inventory<sup>3</sup></font></td>
      <td WIDTH="110" align="right"><font FACE="Interstate" SIZE="2">A</font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="50" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="87" align="right"><font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="51" align="right">&nbsp;</td>
      <td WIDTH="88" align="right"><font FACE="Interstate" SIZE="2">(1)</font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other</font></td>
      <td WIDTH="110" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="50" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="87" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="51" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="88" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Net income - Canadian GAAP</font></td>
      <td WIDTH="110" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>33</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</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="Interstate" SIZE="2">44</font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>98</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">153</font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Net income per share (dollars)</font></td>
      <td WIDTH="110" 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="50" 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="87" 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="50" 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="87" 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="51" 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="87" 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="51" 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="88" align="right" style="border-top-style: solid; border-top-width: 1; border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Basic and fully
      diluted</font></td>
      <td WIDTH="110" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="50" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>0.06</b></font></td>
      <td WIDTH="50" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="87" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.09</font></td>
      <td WIDTH="51" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="87" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>0.18</b></font></td>
      <td WIDTH="51" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="88" align="right" style="border-top-style: none; border-top-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">0.29</font></td>
    </tr>
    <tr>
      <td WIDTH="394" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="110" 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="87" 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="87" 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="87" 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="88" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    </table>
<font FACE="Times New Roman" size="2"><b><font SIZE="1">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="85%">
    <tr>
      <td width="3%" valign="top" align="right">
      <font FACE="Times New Roman" style="font-size: 9pt">
      <p align="right"><sup>1</sup></font><b><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">&nbsp;&nbsp;
      </font></sup>
    </font></b></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
      <td width="97%">
      <font FACE="Interstate" style="font-size: 9pt">
      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.</font></td>
    </tr>
    </font><font style="font-size: 9pt">
    <tr>
      <td width="3%" valign="top" align="right">
    </font><font FACE="Times New Roman" style="font-size: 9pt">
      <p align="right"><sup>2</sup></font><b><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">&nbsp;&nbsp;
      </font></sup>
    </font></b></td>
      <font FACE="Franklin Gothic" SIZE="1">
      <td width="97%">
      <font FACE="Interstate" style="font-size: 9pt">
      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.</font></td>
    </tr>
    </font>
    <tr>
      <td width="3%" valign="top" align="right">
    </font><font FACE="Times New Roman" style="font-size: 9pt">
      <p align="right"><sup>3</sup></font><b><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">&nbsp;&nbsp;
      </font></sup>
    </font></b>
      </td>
      <font FACE="Franklin Gothic" SIZE="1">
      <td width="97%">
      <font FACE="Interstate" style="font-size: 9pt">
      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.</font></font><font FACE="Franklin Gothic"></li>
      </td>
    </tr>
    </font>
      <font FACE="Franklin Gothic" SIZE="1">
    <tr>
      <font FACE="Times New Roman" style="font-size: 9pt">
      <td width="3%" valign="top">
      <p align="right"><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">
      4&nbsp;&nbsp;
      </font></sup></td>
    </font>
      <td width="97%">
      <font FACE="Interstate" 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></td>
    </tr>
  </table>
</blockquote>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font>
    <font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">54</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></font>
</b>
<b><font size="2">&nbsp;&nbsp;&nbsp; R&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statements of Cash Flow under Canadian GAAP
  </font></b>
<blockquote>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="32" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="489" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="264" COLSPAN="4" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="267" COLSPAN="4" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="489" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2003<sup>2</sup></font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2003<sup>2</sup></font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>OPERATING ACTIVITIES</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" 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="521" COLSPAN="2" height="15"><font FACE="Interstate" SIZE="2">
      Net income</font></td>
      <td WIDTH="30" align="right" height="15"><font FACE="Interstate" SIZE="2">
      <b>$</b></font></td>
      <td WIDTH="100" align="right" height="15">
      <font FACE="Interstate" SIZE="2"><b>33</b></font></td>
      <td WIDTH="32" align="right" height="15"><font FACE="Interstate" SIZE="2">
      $</font></td>
      <td WIDTH="102" align="right" height="15">
      <font FACE="Interstate" SIZE="2">44</font></td>
      <td WIDTH="33" align="right" height="15"><font FACE="Interstate" SIZE="2">
      <b>$</b></font></td>
      <td WIDTH="102" align="right" height="15">
      <font FACE="Interstate" SIZE="2"><b>98</b></font></td>
      <td WIDTH="33" align="right" height="15"><font FACE="Interstate" SIZE="2">
      $</font></td>
      <td WIDTH="99" align="right" height="15"><font FACE="Interstate" SIZE="2">
      153</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Add (deduct):</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Amortization</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>115</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">124</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>345</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      370</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Non-hedge
      derivative (gains) losses</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">21</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (25)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Change in
      capitalized mining costs</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      34</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Future income
      taxes</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(14)</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(26)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (51)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Gains on sale
      of long-lived assets</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">(9)</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (21)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Foreign
      currency translation (gains) losses</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(13)</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">12</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(8)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      12</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Accretion
      expense</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>15</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      14</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Stock-based
      compensation expense</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>16</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      9</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">(Gains)
      losses on investments</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">(5)</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      3</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Changes in operating assets and liabilities:</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Accounts
      receivable</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(6)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      5</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Inventories</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(1)</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(25)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (2)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Accounts
      payable and accrued liabilities</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>31</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (13)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Current
      income taxes accrued</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">42</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>33</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      74</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Other assets
      and liabilities</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">(15)</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(2)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      2</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Cash payments:</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Reclamation
      and closure costs</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(7)</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">(2)</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(24)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (20)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Income tax refunds (payments)</font></td>
      <td WIDTH="30" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(32)</font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(40)</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(119)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net cash provided by operating
      activities<sup>1</sup></b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>158</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">204</font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>408</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">425</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>INVESTING ACTIVITIES</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" 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="521" COLSPAN="2" height="19"><font FACE="Interstate" SIZE="2">
      Property, plant and equipment</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">&nbsp;</td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">&nbsp;</td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">&nbsp;</td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Capital
      expenditures</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(224)</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(98)</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(558)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (262)</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Sales
      proceeds</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">23</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      38</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Purchase of investments</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(45)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Other items</font></td>
      <td WIDTH="30" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(4)</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(7)</b></font></td>
      <td WIDTH="33" 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 FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Net cash used in investing activities<sup>1</sup></b></font></td>
      <td WIDTH="30" align="right" 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="100" 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="Interstate" SIZE="2"><b>(225)</b></font></td>
      <td WIDTH="32" align="right" 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="102" 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="Interstate" SIZE="2">(75)</font></td>
      <td WIDTH="33" align="right" 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="102" 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="Interstate" SIZE="2"><b>(599)</b></font></td>
      <td WIDTH="33" align="right" 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="99" 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="Interstate" SIZE="2">(224)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>FINANCING ACTIVITIES</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Capital stock</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="32" height="19">&nbsp;</td>
      <td WIDTH="489" height="19"><font FACE="Interstate" SIZE="2">Proceeds from
      shares issued on exercise of stock options</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">8</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>29</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      11</font></td>
    </tr>
    <tr>
      <td WIDTH="32" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="489" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Repurchased
      for cash</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">(91)</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(95)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (154)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19"><font FACE="Interstate" SIZE="2">
      Long-term debt proceeds</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>167</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>167</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      -</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      Long-term debt repayments</font></td>
      <td WIDTH="30" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(27)</b></font></td>
      <td WIDTH="33" align="right" height="19" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      (9)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19"><font FACE="Interstate" SIZE="2">
      Dividends</font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(59)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (60)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Other items</font></td>
      <td WIDTH="30" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(16)</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Net cash provided by (used in)
      financing activities</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>154</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(83)</font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>(1)</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">(212)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Effect of foreign exchange rate
      changes on cash</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>(3)</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19"><font FACE="Interstate" SIZE="2">
      <b>Net increase (decrease) in cash and equivalents</b></font></td>
      <td WIDTH="30" align="right" height="19">&nbsp;</td>
      <td WIDTH="100" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>87</b></font></td>
      <td WIDTH="32" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2">46</font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="102" align="right" height="19">
      <font FACE="Interstate" SIZE="2"><b>(192)</b></font></td>
      <td WIDTH="33" align="right" height="19">&nbsp;</td>
      <td WIDTH="99" align="right" height="19"><font FACE="Interstate" SIZE="2">
      (11)</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at beginning of
      period</b></font></td>
      <td WIDTH="30" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="100" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>685</b></font></td>
      <td WIDTH="32" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">992</font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="102" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>970</b></font></td>
      <td WIDTH="33" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="99" align="right" height="19" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">1,044</font></td>
    </tr>
    <tr>
      <td WIDTH="521" COLSPAN="2" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Cash and equivalents at end of period</b></font></td>
      <td WIDTH="30" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="100" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="32" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="102" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,039</font></td>
      <td WIDTH="33" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="102" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>775</b></font></td>
      <td WIDTH="33" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="99" align="right" height="15" style="border-top-style: solid; border-top-width: 1; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1,039</font></td>
    </tr>
    </table>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
  <table border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse" bordercolor="#111111" width="85%">
    <tr>
      <td width="3%" valign="top" align="right">&nbsp;</td>
      <td width="97%">&nbsp;</td>
    </tr>
    <tr>
      <font FACE="Times New Roman" SIZE="1">
      <td width="3%" valign="top" align="right">
      <font FACE="Times New Roman" style="font-size: 9pt">
      <p align="right"><sup>1</sup></font><b><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">&nbsp;&nbsp;
      </font></sup>
    </font></b></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
      <td width="97%">
      <font FACE="Interstate" style="font-size: 9pt">
      Exploration and development expenditures, and interest expense, that
        were capitalized under Canadian GAAP, but expensed under US GAAP were $6
        million for the three months ended September 30, 2004 (2003 - $17
        million), and $22 million for the nine months ended September 30, 2004
        (2003 - $46 million), These amounts represent the differences in cash
        flows from operating and investing activities between US GAAP and
        Canadian GAAP.</font></td>
    </font>
    </tr>
    <tr>
<font FACE="Times New Roman" size="2">
      <td width="3%" valign="top" align="right">
      <font FACE="Times New Roman" style="font-size: 9pt">
      <p align="right"><sup>2</sup></font><b><font FACE="Times New Roman" SIZE="1"><sup><font style="font-size: 9pt">&nbsp;&nbsp;
      </font></sup>
    </font></b></td>
      <font FACE="Franklin Gothic" SIZE="1">
      <td width="97%">
      <font FACE="Interstate" 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></td>
    </font></font>
    </tr>
  </table>
</blockquote>
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">55</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">NOTES TO UNAUDITED FINANCIAL STATEMENTS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="6">
      <a name="Mine Statistics"></a>Mine Statistics</font></td>
      <td WIDTH="23">&nbsp;</td>
      <td WIDTH="66">&nbsp;</td>
      <td WIDTH="23">&nbsp;</td>
      <td WIDTH="66">&nbsp;</td>
      <td WIDTH="23">&nbsp;</td>
      <td WIDTH="66">&nbsp;</td>
      <td WIDTH="23">&nbsp;</td>
      <td WIDTH="66">&nbsp;</td>
      <td WIDTH="23">&nbsp;</td>
      <td WIDTH="67">&nbsp;</td>
      <td WIDTH="24">&nbsp;</td>
      <td WIDTH="67">&nbsp;</td>
      <td WIDTH="25">&nbsp;</td>
      <td WIDTH="67">&nbsp;</td>
      <td WIDTH="25">&nbsp;</td>
      <td WIDTH="66">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332">&nbsp;</td>
      <td WIDTH="720" align="center" colspan="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>UNITED STATES</b></font></td>
    </tr>
    <tr>
      <td WIDTH="332">&nbsp;</td>
      <td WIDTH="23" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="155" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Open Pit</b></font></td>
      <td WIDTH="23" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="155" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Underground</b></font></td>
      <td WIDTH="23" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="158" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Goldstrike Total</b></font></td>
      <td WIDTH="183" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Round Mountain</b></font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2"><b>34,432</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">35,714</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>365</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">426</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>34,797</b></font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2">36,140</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>4,925</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">5,116</font></td>
    </tr>
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>2,697</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">2,433</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>378</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">410</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>3,075</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">2,843</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>8,910</b></font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">7,688</font></td>
    </tr>
    <tr>
      <td WIDTH="332" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.153</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.244</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.412</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.390</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.185</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.265</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.014</b></font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.015</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>86.7%</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">83.3%</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>90.0%</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">89.5%</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>87.4%</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">84.6%</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>n/a</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">n/a</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2"><b>356</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">495</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>140</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">143</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>496</b></font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2">638</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>106</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">92</font></td>
    </tr>
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>229</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">194</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>257</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">245</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>236</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">204</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>178</b></font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">143</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>22</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">17</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>19</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>23</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">27</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2"><b>247</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">212</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>279</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">262</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>255</b></font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2">222</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>201</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">170</font></td>
    </tr>
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>60</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">49</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>134</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">132</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>80</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">66</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>52</b></font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">55</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>307</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">261</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>413</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">394</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>335</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">288</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>253</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">225</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="23" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">6</font></td>
      <td WIDTH="23" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>10</b></font></td>
      <td WIDTH="24" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">12</font></td>
      <td WIDTH="25" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="25" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="24" 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="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" 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="66" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="89" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      <b>104,266</b></font></td>
      <td WIDTH="89" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      108,545</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,200</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">1,211</font></td>
      <td WIDTH="90" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      <b>105,466</b></font></td>
      <td WIDTH="91" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      109,756</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>15,007</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">19,829</font></td>
    </tr>
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>8,109</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">7,596</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2"><b>1,221</b></font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">1,199</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2"><b>9,330</b></font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right"><font FACE="Interstate" SIZE="2">8,795</font></td>
      <td WIDTH="92" COLSPAN="2" align="right"><font FACE="Interstate" SIZE="2">
      <b>28,059</b></font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right"><font FACE="Interstate" SIZE="2">22,637</font></td>
    </tr>
    <tr>
      <td WIDTH="332" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.147</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.198</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.392</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.384</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.179</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.223</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.015</b></font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.018</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>84.6%</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">82.3%</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>89.3%</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">87.9%</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>85.2%</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">83.6%</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>n/a</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">n/a</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2"><b>1,009</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">1,235</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>427</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">404</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>1,436</b></font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2">1,639</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>298</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">302</font></td>
    </tr>
    <tr>
      <td WIDTH="332"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right">&nbsp;</td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="66" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="332" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>237</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">209</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>242</b></font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">232</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>239</b></font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">215</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>179</b></font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">148</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>17</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">18</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>22</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">19</font></td>
      <td WIDTH="23" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>18</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">19</font></td>
      <td WIDTH="25" align="right">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>28</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">20</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2"><b>254</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">227</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>264</b></font></td>
      <td WIDTH="23" 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">
      <font FACE="Interstate" SIZE="2">251</font></td>
      <td WIDTH="23" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>257</b></font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2">234</font></td>
      <td WIDTH="25" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>207</b></font></td>
      <td WIDTH="25" 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">
      <font FACE="Interstate" SIZE="2">168</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>61</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">52</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>129</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">123</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>81</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">70</font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="67" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>56</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">53</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>315</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">279</font></td>
      <td WIDTH="23" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>393</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">374</font></td>
      <td WIDTH="23" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>338</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">304</font></td>
      <td WIDTH="25" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>263</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">221</font></td>
    </tr>
    <tr>
      <td WIDTH="332" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>19</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="23" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="66" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>20</b></font></td>
      <td WIDTH="23" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">20</font></td>
      <td WIDTH="23" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>39</b></font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="67" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">40</font></td>
      <td WIDTH="25" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="67" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>4</b></font></td>
      <td WIDTH="25" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="66" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">56</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612"><font face="Interstate" size="2"><b>
    <p align="right">MINE STATISTICS</b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="6">Mine Statistics</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%">&nbsp;</td>
      <td WIDTH="70%" align="center" colspan="16" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>AUSTRALIA</b></font></td>
    </tr>
    <tr>
      <td WIDTH="31%">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="14%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Plutonic</b></font></td>
      <td WIDTH="2%" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Darlot</b></font></td>
      <td WIDTH="2%" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="14%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Lawlers</b></font></td>
      <td WIDTH="2%" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="18%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Kalgoorlie</b></font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>4,227</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">4,222</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>241</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">227</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>904</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">208</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>10,549</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">13,177</font></td>
    </tr>
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>596</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">768</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>226</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">220</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>229</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">191</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>1,839</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">1,883</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.130</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.139</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.197</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.176</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.132</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.138</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.079</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.069</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>90.2%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">90.2%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>94.6%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">96.4%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>95.2%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">95.6%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>88.2%</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">83.8%</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>72</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">96</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>42</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">37</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>29</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">25</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>129</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">109</font></td>
    </tr>
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>212</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">172</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>185</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">157</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>240</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">195</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>216</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">189</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">7</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">6</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">6</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">6</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>221</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">179</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>193</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">163</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>247</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">201</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>224</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">195</font></td>
    </tr>
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Amortization</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>34</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-right-style: none; border-right-width: medium">
      <font FACE="Interstate" SIZE="2">34</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-left-style: none; border-left-width: medium">
      <font FACE="Interstate" SIZE="2"><b>48</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium">
      <font FACE="Interstate" SIZE="2">53</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium">
      <font FACE="Interstate" SIZE="2"><b>42</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium">
      <font FACE="Interstate" SIZE="2">44</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium">
      <font FACE="Interstate" SIZE="2"><b>57</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">40</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>255</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">213</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>241</b></font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">216</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>289</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">245</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>281</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>3</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">15</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="3%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">3</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="2%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">10</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" 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">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="3%" 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>
      <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="2%" 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>
      <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="2%" align="right" 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>
    </tr>
    <tr>
      <td WIDTH="31%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>10,155</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">11,481</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>679</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">665</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>3,115</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">952</font></td>
      <td WIDTH="9%" COLSPAN="2" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">
      <b>34,028</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">36,229</font></td>
    </tr>
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>2,018</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2">2,279</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2"><b>646</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">655</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>649</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">597</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>5,272</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right"><font FACE="Interstate" SIZE="2">5,327</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.127</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.120</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.181</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.185</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.131</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.125</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.073</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.071</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>89.9%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">89.5%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>96.1%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">96.9%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>96.2%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">95.9%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>86.9%</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">85.1%</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>231</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">246</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>112</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">118</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>82</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">72</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>334</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">321</font></td>
    </tr>
    <tr>
      <td WIDTH="31%"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="9%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="31%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>206</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">184</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>191</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">152</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>238</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">235</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>220</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">199</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">8</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">7</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">7</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>214</b></font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2">192</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>199</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">159</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>245</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">242</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>228</b></font></td>
      <td WIDTH="2%" align="right" 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">
      <font FACE="Interstate" SIZE="2">207</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>32</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">24</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>50</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">50</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>48</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">37</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>47</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">47</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>246</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">216</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>249</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">209</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>293</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">279</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>275</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">254</font></td>
    </tr>
    <tr>
      <td WIDTH="31%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">40</font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">5</font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">13</font></td>
      <td WIDTH="2%" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>7</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="9%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">12</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">57</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612">
    <p align="right"><font FACE="Times New Roman" size="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">MINE
    STATISTICS</font></font></b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="48%"><font FACE="Interstate" SIZE="6">Mine Statistics</font></td>
      <td WIDTH="2%">&nbsp;</td>
      <td WIDTH="5%">&nbsp;</td>
      <td WIDTH="3%">&nbsp;</td>
      <td WIDTH="6%">&nbsp;</td>
      <td WIDTH="2%">&nbsp;</td>
      <td WIDTH="7%">&nbsp;</td>
      <td WIDTH="2%">&nbsp;</td>
      <td WIDTH="6%">&nbsp;</td>
      <td WIDTH="2%">&nbsp;</td>
      <td WIDTH="7%">&nbsp;</td>
      <td WIDTH="3%">&nbsp;</td>
      <td WIDTH="8%">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%">&nbsp;</td>
      <td WIDTH="53%" colspan="12" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>CANADA</b></font></td>
    </tr>
    <tr>
      <td WIDTH="48%">&nbsp;</td>
      <td WIDTH="2%" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="14%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Hemlo</b></font></td>
      <td WIDTH="2%" align="center" style="border-top-style: solid; border-top-width: 1">&nbsp;</td>
      <td WIDTH="15%" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Eskay Creek</b></font></td>
      <td WIDTH="20%" COLSPAN="4" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2"><b>Holt-McDermott</b></font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>1,172</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">1,050</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>69</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">71</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>106</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">132</font></td>
    </tr>
    <tr>
      <td WIDTH="48%"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>520</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">528</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>61</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">71</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>107</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">133</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.109</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.145</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1.050</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.387</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.152</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.192</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>94.0%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">95.3%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>92.1%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">93.7%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>93.6%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">94.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>54</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">73</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>60</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">87</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>15</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">24</font></td>
    </tr>
    <tr>
      <td WIDTH="48%"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>259</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">202</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>57</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>156</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">202</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">9</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>6</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">5</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">211</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>63</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">9</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>157</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">202</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>54</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">41</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>220</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">139</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>83</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">134</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>322</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">252</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>283</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">148</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>240</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">336</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>1</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">1</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="48%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>3,533</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">3,139</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>201</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">208</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>380</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">415</font></td>
    </tr>
    <tr>
      <td WIDTH="48%"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right"><font FACE="Interstate" SIZE="2"><b>1,512</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">1,457</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>193</b></font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right"><font FACE="Interstate" SIZE="2">211</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right"><font FACE="Interstate" SIZE="2"><b>394</b></font></td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right"><font FACE="Interstate" SIZE="2">409</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.127</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.147</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>1.194</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">1.417</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.149</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.172</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>94.2%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">95.0%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>93.0%</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">93.6%</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>93.1%</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">94.5%</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>181</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">203</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>216</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">269</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>55</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">66</font></td>
    </tr>
    <tr>
      <td WIDTH="48%"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="5%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="6%" align="right">&nbsp;</td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right">&nbsp;</td>
      <td WIDTH="3%" align="right">&nbsp;</td>
      <td WIDTH="8%" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="48%" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>234</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">218</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>35</b></font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">58</font></td>
      <td WIDTH="2%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>197</b></font></td>
      <td WIDTH="3%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">248</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>9</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">8</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">4</font></td>
      <td WIDTH="2%" align="right">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">-</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="2%" 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">
      <font FACE="Interstate" SIZE="2"><b>243</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">226</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>40</b></font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2">62</font></td>
      <td WIDTH="2%" align="right" style="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" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>197</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">248</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="2%" 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="Interstate" SIZE="2"><b>48</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">41</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>171</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">132</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>114</b></font></td>
      <td WIDTH="3%" 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="Interstate" SIZE="2">127</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>291</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">267</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>211</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">194</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>311</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">375</font></td>
    </tr>
    <tr>
      <td WIDTH="48%" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="5%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">7</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>5</b></font></td>
      <td WIDTH="2%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="6%" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="2%" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="7%" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="3%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="8%" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">58</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612">
    <p align="right"><font FACE="Times New Roman" size="2"><b>
    <font FACE="Franklin Gothic" SIZE="1"><font face="Interstate" size="2">MINE
    STATISTICS</font></font></b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="672"><font FACE="Interstate" SIZE="6">Mine Statistics</font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="157" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">PERU</font></td>
      <td WIDTH="22" align="center">&nbsp;</td>
      <td WIDTH="180" COLSPAN="3" align="center" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">TANZANIA</font></td>
    </tr>
    <tr>
      <td WIDTH="672">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="157" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Pierina</font></td>
      <td WIDTH="22" align="center">&nbsp;</td>
      <td WIDTH="180" COLSPAN="3" align="center" style="border-top-style: solid; border-top-width: 1">
      <font FACE="Interstate" SIZE="2">Bulyanhulu</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Three months ended September 30,</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2"><b>9,933</b></font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">11,067</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>292</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">215</font></td>
    </tr>
    <tr>
      <td WIDTH="672"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right"><font FACE="Interstate" SIZE="2"><b>4,571</b></font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>283</b></font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2">213</font></td>
    </tr>
    <tr>
      <td WIDTH="672" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.029</b></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.070</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.332</b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.360</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>88.5%</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">88.6%</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2"><b>133</b></font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">215</font></td>
      <td WIDTH="22" align="right" style="border-bottom-style: none; border-bottom-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>83</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">68</font></td>
    </tr>
    <tr>
      <td WIDTH="672"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>118</b></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>268</b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">265</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>11</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">12</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2"><b>118</b></font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium; border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>279</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">277</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>165</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">183</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>116</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">136</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>283</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">264</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>395</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">413</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">4</font></td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium; border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>8</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">8</font></td>
    </tr>
    <tr>
      <td WIDTH="672">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-right-style: none; border-right-width: medium">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-style: none; border-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-left-style: none; border-left-width: medium">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="22" align="right" style="border-top-style: none; border-top-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672">&nbsp;</td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="24" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="73" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="20" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="30" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: none; border-bottom-width: medium">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672" 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">
      <font FACE="Interstate" SIZE="2">Nine months ended September 30,</font></td>
      <td WIDTH="24" align="right" 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="73" align="right" 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">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="20" align="right" 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="64" align="right" 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">
      <font FACE="Interstate" SIZE="2">2003</font></td>
      <td WIDTH="22" align="right" style="border-left-style: none; border-left-width: medium; border-right-style: none; border-right-width: medium">&nbsp;</td>
      <td WIDTH="75" align="right" 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">
      <font FACE="Interstate" SIZE="2"><b>2004</b></font></td>
      <td WIDTH="30" align="right" 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="75" align="right" 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">
      <font FACE="Interstate" SIZE="2">2003</font></td>
    </tr>
    <tr>
      <td WIDTH="672" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Tons mined (thousands)</font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>30,568</b></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">29,395</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>860</b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">687</font></td>
    </tr>
    <tr>
      <td WIDTH="672"><font FACE="Interstate" SIZE="2">Tons processed
      (thousands)</font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right"><font FACE="Interstate" SIZE="2"><b>12,498</b></font></td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right"><font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2"><b>849</b></font></td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right"><font FACE="Interstate" SIZE="2">719</font></td>
    </tr>
    <tr>
      <td WIDTH="672" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">Average grade (ounces per
      ton)</font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.037</b></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.075</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>0.348</b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">0.371</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Recovery rate (percent)</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>88.4%</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">88.0%</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Production (thousands of ounces)</font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2"><b>552</b></font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">706</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>261</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">235</font></td>
    </tr>
    <tr>
      <td WIDTH="672"><font FACE="Interstate" SIZE="2"><br>
      Production costs per
      ounce</font></td>
      <td WIDTH="24" align="right">&nbsp;</td>
      <td WIDTH="73" align="right">&nbsp;</td>
      <td WIDTH="20" align="right">&nbsp;</td>
      <td WIDTH="64" align="right">&nbsp;</td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
      <td WIDTH="30" align="right">&nbsp;</td>
      <td WIDTH="75" align="right">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="672" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;
      Cash operating costs</font></td>
      <td WIDTH="24" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>99</b></font></td>
      <td WIDTH="20" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>258</b></font></td>
      <td WIDTH="30" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2">218</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Royalties and
      production taxes</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>-</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">-</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>12</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">11</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Total cash costs</font></td>
      <td WIDTH="24" 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">
      <font FACE="Interstate" SIZE="2"><b>99</b></font></td>
      <td WIDTH="20" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">81</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>270</b></font></td>
      <td WIDTH="30" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-top-style: solid; border-top-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">229</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp; Amortization</font></td>
      <td WIDTH="24" 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 FACE="Interstate" SIZE="2"><b>165</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">183</font></td>
      <td WIDTH="22" align="right">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>109</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">&nbsp;</td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">122</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">Total production costs</font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>264</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">264</font></td>
      <td WIDTH="22" align="right" bgcolor="#E6E6E6"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2"><b>379</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1" bgcolor="#E6E6E6">
      <font FACE="Interstate" SIZE="2">351</font></td>
    </tr>
    <tr>
      <td WIDTH="672" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">Capital expenditures (US$ millions)</font></td>
      <td WIDTH="24" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="73" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>2</b></font></td>
      <td WIDTH="20" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="64" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">9</font></td>
      <td WIDTH="22" align="right"><font FACE="Interstate" SIZE="2"><b>$</b></font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2"><b>26</b></font></td>
      <td WIDTH="30" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">$</font></td>
      <td WIDTH="75" align="right" style="border-bottom-style: solid; border-bottom-width: 1">
      <font FACE="Interstate" SIZE="2">27</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Times New Roman" size="2"><b><font FACE="Franklin Gothic" SIZE="1">
<table style="border-collapse: collapse" borderColor="#111111" cellSpacing="0" cellPadding="0" width="100%" border="0">
  <tr>
    <td width="530">&nbsp;</td>
    <td width="95">&nbsp;</td>
    <td width="612">&nbsp;</td>
  </tr>
  <tr>
    <td width="530"><b><font face="Interstate" size="2">BARRICK THIRD QUARTER
    2004</font></b></td>
    </font><font FACE="Interstate" SIZE="2"><font SIZE="2">
    <td width="95"><font FACE="Interstate" SIZE="2"><b>
    <p align="center">59</b></font></td>
    </font><font FACE="Franklin Gothic" SIZE="1">
    <td width="612">
    <p align="right"><font FACE="Times New Roman" size="2"><b>
    <font face="Interstate" size="2">MINE STATISTICS</font></b></font></td>
  </tr>
</table>
<hr><p Style='page-break-before:always'></font></font></b></font>
<div align="center">
  <center>
  <table CELLSPACING="0" BORDER="0" WIDTH="85%" cellpadding="0" style="border-collapse: collapse" bordercolor="#111111">
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>CORPORATE OFFICE</b></font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>TRANSFER AGENTS AND
      REGISTRARS</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>Barrick Gold
      Corporation</b></font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>CIBC Mellon Trust
      Company</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">BCE Place, Canada Trust
      Tower, Suite 3700</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">P.O. Box 7010, Adelaide
      Street Postal Station</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">161 Bay Street, P.O. Box
      212</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Toronto, Ontario M5C 2W9</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Toronto, Canada M5J 2S1</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Tel: (416) 643-5500</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Tel: (416) 861-9911 Fax:
      (416) 861-0727</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Toll-free throughout
      North America: 1-800-387-0825</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Toll-free within Canada
      and United States: 1-800-720-7415</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Fax: (416) 643-5501</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Email: investor@barrick.com</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Email: inquiries@cibcmellon.ca</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Website: www.barrick.com</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Website:
      www.cibcmellon.com</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>SHARES LISTED (ABX)</b></font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>Mellon Investor
      Services L.L.C.</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">The Toronto Stock
      Exchange</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">85 Challenger Road,
      Overpeck Center</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">The New York Stock
      Exchange</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Ridgefield Park, New
      Jersey 07660</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">The London Stock Exchange</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Tel: (201) 329-8660</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">The Swiss Stock Exchange</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Toll-free within the
      United States:</font></td>
    </tr>
    <tr>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">La Bourse de Paris</font></td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">1-800-589-9836</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Website:
      www.mellon-investor.com</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>INVESTOR CONTACT:</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>Darren Blasutti</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Vice President, Investor
      Relations</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7341</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Email: dblasutti@barrick.com</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533">&nbsp;</td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>MEDIA CONTACT:</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2"><b>Vincent Borg</b></font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Vice President, Corporate
      Communications</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Tel: (416) 307-7477</font></td>
    </tr>
    <tr>
      <td WIDTH="533">&nbsp;</td>
      <td WIDTH="533"><font FACE="Interstate" SIZE="2">Email: vborg@barrick.com</font></td>
    </tr>
  </table>
  </center>
</div>
<font FACE="Interstate" style="font-size: 9pt">
<blockquote>
  <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, 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>
</blockquote>
</font><hr>
<p>&nbsp;</p>

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