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<SEC-DOCUMENT>0000950157-05-000712.txt : 20070207
<SEC-HEADER>0000950157-05-000712.hdr.sgml : 20070207
<ACCEPTANCE-DATETIME>20051209160921
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950157-05-000712
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051209

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title>
      Correspondence
</title>
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[Letterhead
      of]</font></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><strong>CRAVATH,
      SWAINE &amp; MOORE LLP</strong></div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">[New
      York Office]</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font size="2">(212)
      474-1293</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">December
      9, 2005</font>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Placer
      Dome Inc.</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Schedule
      TO-T Filed by Barrick Gold Corporation on November 10, 2005 </u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>SEC
      File No. 005-52643</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dear
      Ms.
      Murphy:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      behalf
      of Barrick Gold Corporation (the &#8220;Offeror&#8221; or &#8220;Barrick&#8221;), a corporation
      organized under the laws of the Province of Ontario, set forth below are the
      responses of Barrick to comments of the staff of the Division of Corporation
      Finance (the &#8220;Staff&#8221;) regarding its filing referenced above, which you delivered
      in a letter dated December&#160;2, 2005 (the &#8220;Comment Letter&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
      your
      convenience, the text of the Staff&#8217;s comments is set forth below and is followed
      by Barrick&#8217;s response to such comment. Capitalized terms defined in the Schedule
      TO and used in the following responses without definition shall have the
      meanings specified in the Schedule TO.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>General</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>1.&#160;&#160;&#160;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Prior
      Comment 1. We last noted that Goldcorp played a significant role in initiating,
      structuring, and negotiating the tender offer with Barrick Gold Corporation,
      appears to have some control over some of terms of the tender offer, including,
      but not limited to any potential increase in offer price, will own assets of
      the
      target company, </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Placer
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Dome,
      in the tender offer, and is providing financing for the proposed transaction.
      We
      asked you to provide a detailed analysis explaining why Goldcorp has not been
      identified as a bidder on your Forms 425 or has not separately filed Schedules
      TO-T. In the alternative, we asked that you add Goldcorp to an amended Schedule
      TO-T promptly and confirm</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left">
      <div style="MARGIN-LEFT: 15pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>that
        future Form 425 filings will identify Goldcorp as a bidder in this tender
        offer.
</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Further
        and in addition to this comment, </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>please
        inform us what consideration has been given to whether the addition of Goldcorp
        as a bidder will constitute a material change to the tender offer materials.
        When preparing your response, please discuss the applicability of the
        requirements under Rule 14d-4(d)(2) and the number of business days that
        would
        need to remain in the offer if Goldcorp is added as a bidder. Advise us of
        your
        intentions with regard to actual dissemination of such material amendment
        in
</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>the
        </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>form
        of a supplement to Placer Dome security holders.</em></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 3pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      respectfully refers the Staff to our letter dated December 5, 2005 in response
      to the Staff&#8217;s letter dated November 22, 2005 (the &#8220;First Response Letter&#8221;),
      where we discuss our view of the definition of &#8220;bidder&#8221; under Rule 14d-1(g)(2)
      of the Securities Exchange Act of 1934 and the interpretation of that rule
      provided in the Division of Corporation Finance&#8217;s November 14, 2000 Current
      Issues Outline (the &#8220;Outline&#8221;) under Section II.D.1 Mergers and
      Acquisitions&#160;<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8212;</font>&#8220;Identifying
      the
      Bidder in a Tender Offer.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>2.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      bring your attention to the requirement that any communications made in
      connection with an offer registered under the Securities Act of 1933 need be
      filed as Form 425 filings pursuant to Rule 14d-2 under the Exchange Act. In
      this
      regard, we note that Goldcorp issued a press release and held an analysts&#8217; call,
      available via webcast on Goldcorp<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8217;</font></em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>s
      website on the date the offer was announced, each of which would constitute
      &#8220;written communications&#8221; relating to </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>the
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>offer
      that, if Goldcorp is deemed to be a <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>bidder&#8221;</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>,
      would be required to be filed with the Commission. In addition, it appears
      that
      Ian Telfer, President and CEO of Goldcorp, has made numerous communication
      regarding his assessment of the merits of the offer and the likelihood of
      alternatives emerging. Please file all communications made by Goldcorp and
      its
      representatives and provide us with a complete list of such communications
      made
      to date and required Form 425 </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>filings.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      respectfully refers the Staff to the First Response Letter, where we make clear
      that, consistent with our analysis as referenced in response to Comment
      1,&#160;Goldcorp should not be identified as a bidder in the Offer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Summary
      Historical and Unaudited Pro For</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ma
      Consolidated Financial Information page 12</font></u></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>3.&#160;&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Prior
      Comment 7. In our prior comment 7 we requested that you revise the pro forma
      financial information. In addition, we note that the pro forma statements
      provided in the offer documents do not show the effect of the sale of assets
      to
      Goldcorp on the combined company&#8217;s financial position and results of operations.
      You state that you did not include the effect of the sale of the assets to
      Goldcorp in the pro forma information because of a &#8220;lack of complete publicly
      available information relating to the assets, liabilities, revenues and
      expenses&#8221; of the assets to be sold to Goldcorp. Please see Note 1 on page A-5 of
      the offer circular. We note, however, that you publicly disclose to analysts
      and
      security holders pro</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="HDR">
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;&#160;
      &#160;&#160; </em></font>&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>forma
      estimates of the combined entity&#8217;s 2005 production, revenue, cash position, net
      debt and earnings before interest, taxes and depreciation, which are adjusted
      to
      take into account the impact of the sale of the assets to Goldcorp. We refer
      you
      to slides 11 and 12 in your analyst presentation dated November 14, 2005 filed
      as an exhibit to Amendment No. 2 to your Schedule TO filed on November 15,
      2005.
      Item 10 of Schedule TO requires a bidder to furnish pro forma information
      disclosing the effect of the transaction on the target company&#8217;s financial
      statements, if material. Please revise your pro forma information to provide
      the
      information required by Item 1010(b) of Regulation M-A to show the effect of
      the
      sale of the assets to Goldcorp on the combined company&#8217;s financial position and
      results of operations. Alternatively, tell us why you do not believe that you
      can provide such information in light of the information contained in Amendment
      No. 2 to the Schedule TO.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      respectfully submits to the Staff that while certain effects of the sale of
      the
      Placer Dome assets to Goldcorp following the successful completion of the Offer
      are known, in order to prepare pro forma financial information regarding the
      effect of the sale of assets to Goldcorp on the combined company&#8217;s financial
      position and results of operations, Barrick would need to be able to value
      each
      of Placer Domer&#8217;s assets. Barrick notes that the objective of pro forma
      financial information is to illustrate the impact of a transaction on its
      financial position and results of operations by adjusting its historical
      financial statements to give effect to the transaction. Barrick also notes
      that
      in its Training Manual the Commission defines pro forma adjustments as:
&#8220;Acceptable Adjustments - Pro forma adjustments shall be limited to those which
      are directly attributable to a specific completed or proposed transaction for
      which there are firm commitments and for which the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>complete
      financial effects are objectively determinable&#8221; </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(emphasis
      added).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      preparing the pro forma financial information contained in the Offer and
      Circular, Barrick carefully considered which pro forma adjustments were
      objectively determinable, considering the limited publicly available information
      relating to Placer Dome. In preparing the pro forma financial information,
      Barrick evaluated the limited publicly available information relating to the
      assets to be sold to Goldcorp, which is primarily located in the segment
      information note in Placer Dome&#8217;s financial statements. While this information
      includes segment revenues and mine operating earnings, in Barrick&#8217;s view the
      information is not sufficiently comprehensive to enable the impact of the sale
      of assets to Goldcorp on net income or on the individual balance sheet items
      to
      be objectively measured. After giving careful consideration to the available
      information, Barrick concluded that any pro forma adjustments to reflect the
      effect of the sale of the assets to Goldcorp were not objectively determinable,
      and consequently no such adjustments were included in the pro forma financial
      information. Barrick provided disclosure in the notes to the pro forma financial
      information confirming that adjustments for the sale of assets to Goldcorp
      had
      not been reflected and the reasons why any such adjustments could not be
      calculated.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      slides
      11 and 12 to Barrick&#8217;s analyst presentation dated November 14, 2005, Barrick
      provided certain selected pro forma data for gold production,
      revenues,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4</font></div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EBITDA,
      cash and net debt. Barrick concluded that while the comprehensive effects of
      the
      sale of assets to Goldcorp on net income and each individual balance sheet
      item
      was not objectively determinable, the effect of the sale of assets to Goldcorp
      on these items of selected financial data was determinable and consequently
      Barrick included such information in its presentation. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><u><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Offer</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      page
      19</font></u></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>4.</em></font>&#160;&#160;
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Prior
      Comment 8. We previously asked to you to tell us your plans for relief regarding
      your multiple take-up dates. Please amend your disclosure to explain when or
      why
      multiple take-up dates would be utilized, how multiple take-up dates would
      affect a security holder&#8217;s withdrawal rights, when shares tendered would be
      taken-up and when a shareholder who tenders in the offer would receive
      p</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>ayment
      for such holders&#8217; shares.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      submitted a draft request for No Action Relief to the Staff on December 5,
      2005.
      If the Staff grants the relief requested, Barrick will file an amendment with
      the appropriate disclosure. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>5.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      refer you to your discussion of pro-rationing procedures in section 1, &#8220;The
      Offer,&#8221; page 19. We note that you state that consideration to be received by
      each holder will be pro rated to ensure that the aggregate consideration to
      be
      received in the offer does not exceed the maximum aggregate amount of cash
      payable, or the maximum aggregate number of shares issuable, in the offer.
      We
      believe, however, that you should clarify how these procedures will work in
      practice. Please consider including illustrative examples or charts of a number
      of potential outcomes including the amount of cash and stock to be received
      by
      security holders so that security holders can easily understand the pro
      rationing mechanics.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      refers the Commission to page 20 of Section 1 &#8220;The Offer&#8221; of the Offer and
      Circular which provides for a very extensive and detailed analysis of how the
      pro-rationing mechanism works. If the Staff grants the relief sought in the
      No
      Action Relief request sent on December 5, 2005, as referenced in Comment 4,
      Barrick will provide, through an amendment to the Schedule TO, numerical
      examples of the pro rationing mechanism with and without multiple Take-Up Dates.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Conditions
      of the Offer, page 26</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>6.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      previously issued a number of comments related to your conditions of the offer.
      We direct your attention to condition &#8220;(h)&#8221;, the condition that, among other
      things, provides that no term or condition in any instrument or obligation
      to
      which Placer Dome is a party may reduce the expected economic value to Barrick
      or make it inadvisable to proceed with the offer, including any purchase right.
      It appears that Placer Dome&#8217;s 2.75% Convertible Senior Notes due 2023 have a
      provision that may require Barrick to offer to repurchase the notes upon its
      acquisition of all or substantially all of Placer Dome&#8217;s shares. This provision
      was</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="HDR">
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;&#160;</em></font>
      <div style="MARGIN-LEFT: 15pt; TEXT-INDENT: -3pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;&#160;apparently
        included in the indenture governing the notes when they were issued on March
        6,
        2003 and such indenture is publicly available. To the extent that a condition
        could not have been satisfied as of the date of the offering documents you
        should waive such conditions. Please tell us your plan with respect to this
        condition vis-&#224;-vis these notes and this indenture.</em></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      advises to the Staff that it was aware of the indenture for the Placer Dome&#8217;s
      2.75% Convertible Senior Notes due 2023 and the repurchase right contained
      therein. Barrick does not regard the existence of this repurchase right as
      giving rise to the failure of condition (h). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>7.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>In
      the future, to the extent that applicable offer conditions cannot be satisfied
      as of a subsequent date due to intervening events, Barrick should state promptly
      whether or not the conditions are being waived to the extent they are incapable
      of being satisfied. In this regard, we note Placer Dome&#8217;s public announcements
      of its intent to evaluate strategic alternatives. Generally, the progression
      of
      such matters may implicate various conditions in offers such as this offer
      which
      would make a condition incapable of being satisfied.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      acknowledges that, if any condition to the Offer cannot be satisfied as of
      a
      subsequent date due to intervening events and such condition is incapable of
      being satisfied, Barrick will be required to disclose promptly its position
      with
      respect to the assertion or waiver of such condition. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>8.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>We
      direct your attention to condition &#8220;(n)&#8221;, the condition that provides you with
      all non-public information relating to Placer Dome, including access to
      management of Placer Dome, as may be given, provided or made available by Placer
      Dome to any other potential acquirer. We note that in Barrack Gold&#8217;s press
      release issued on November 23, 2005, which was filed with the Commission
      pursuant to Rule 425 and incorporated by reference to your Schedule TO by means
      of Amendment No. 4 filed on November 25, 2005, you laid out several perceived
      advantages which, in Barrick&#8217;s view, makes the offer more attractive than
      alternatives that may be available to Placer Dome. One of the advantages cited
      by Gregory Wilkins, Barrick&#8217;s President and CEO, was that the offer is &#8220;not
      conditional on . . . completion of due diligence.&#8221; Please reconcile this
      statement made by Mr. Wilkins with the condition referenced above, that appears
      to require information consistent with due diligence. In the future, we believe
      that you should refrain from citing this as an advantage of the offer or
      alternatively waive your condition regarding access to non-public information
      and Placer Dome&#8217;s management.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      submits to the Staff that condition (n), which states in its entirety: &#8220;the
      Offeror shall have been provided with, or been given access to, in a timely
      manner, all non-public information relating to Placer Dome and its affiliates
      and subsidiaries, including access to management of Placer Dome, as may be
      given, provided or made available by Placer Dome or any of its affiliates or
      subsidiaries at any time on or after October 31, 2005 to any other potential
      acquiror considering (or seeking such</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        </div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: blue" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">6</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">information
      in order to consider) any take-over bid, merger, amalgamation, statutory
      arrangement, recapitalization, business combination, share exchange, joint
      venture or similar transaction involving Placer Dome or any of its affiliates
      or
      subsidiaries, on substantially the same terms and conditions as may be imposed
      on any such potential acquiror, provided that no such term or condition shall
      be
      imposed on the Offeror that would be inconsistent with or would render the
      Offeror unable to make the Offer or a revised offer or to complete the
      acquisition of the Shares pursuant to the terms of the Offer or a Compulsory
      Acquisition or Subsequent Acquisition Transaction,&#8221; is a standard condition
      related to uniform access to information compared with competing bidders.
      Barrick is not seeking additional information to validate or support the Offer;
      in condition&#160;(n)&#160;Barrick is seeking equal access with other bidders.
      On this basis, we believe condition&#160;(n) is not a &#8220;due diligence&#8221; condition
      and that Barrick and its management may continue to state that the Offer is
&#8220;not
      conditional upon due diligence.&#8221; Further, a key purpose of the equal access
      condition was to provide Barrick with additional means to credibly refute the
      claims that Barrick fully expected would be, and were indeed made, by Placer
      Dome that there is more value in Placer Dome than the Offer
      recognizes.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Right
      to Withdraw Deposited Shares, page 31</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 15pt; TEXT-INDENT: -15pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>9.&#160;&#160;
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Please
      amend your disclosure to distinguish between the notice of withdrawal
      requirements and the requirements for the physical release of withdrawn
      securities as provided by Rule 14d-7(b) of the Exchange Act. As currently
      drafted, your notice of withdrawal requirements include certificate numbers
      and
      a signed request for withdrawal accompanied by a signature guarantee, which
      may
      be conditions precedent to </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>the
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>physical
      release of withdrawn securities, but not the notice of
      withdrawal.</em></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Barrick
      respectfully advises the Staff that the language in the Offer and Circular
      discussing the requirements of the notice of withdrawal and the physical release
      of withdrawn securities is in compliance with Canadian securities law
      requirements. Additionally, Barrick respectfully submits to the Staff that
      our
      discussion of the requirements for a notice of withdrawal, as a policy matter,
      are in compliance with Rule 14d-7(b) Notice of Withdrawal, which states in
      its
      entirety: &#8220;Notice of withdrawal pursuant to this section shall be deemed to be
      timely upon the receipt by the bidder's depositary of a written notice of
      withdrawal specifying the name(s) of the tendering stockholder(s), the number
      or
      amount of the securities to be withdrawn and the name(s) in which the
      certificate(s) is (are) registered, if different from that of the tendering
      security holder(s). A bidder may impose other reasonable requirements, including
      certificate numbers and a signed request for withdrawal accompanied by a
      signature guarantee, as conditions precedent to the physical release of
      withdrawn securities.&#8221; Barrick respectfully submits to the Staff that the
      proviso which allows for &#8220;additional requirements&#8221; as conditions precedent to
      the physical release of withdrawn securities has been interpreted by Barrick,
      and the most efficient and reasonable formulation would be, to allow for such
      additional requirements to be added to the notice itself. Such a formulation
      allows for a one step process, whereby Shareholders can satisfy the notice
      requirements and upon delivery of a single document, such Shareholder, would
      also be</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      </div>
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      </div>
      <div id="HDR">
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      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">entitled
      to the physical release of the securities. Any other interpretation would
      require not only the delivery of a notice of withdrawal but also a second
      instrument which would include certificate numbers and a signed request for
      withdrawal accompanied by a signature guarantee. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Closing
      Comment</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      behalf
      of our client, Barrick Gold Corporation, we hereby confirm to you the Offeror&#8217;s
      acknowledgement of the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Offeror is responsible for the adequacy and accuracy of the disclosure
                in
                the filings;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">staff
                comments or changes to disclosure in response to staff comments in
                the
                filings reviewed by the staff do not foreclose the Commission from
                taking
                any action with respect to the filing;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                Offeror may not assert staff comments as defense in any proceeding
                initiated by the Commission or any person under the federal securities
                laws of the United States.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sincerely,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/Richard
      Hall</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 234pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Richard
      Hall</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Celeste
      M. Murphy, Esq.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font size="2">&#160;&#160;&#160;&#160;&#160;
<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Special
      Counsel</font></font></div>
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