Barrick Gold Corporation announced today that its acquisition of an additional 25% interest in the Cerro Casale Project in Chile from Kinross Gold Corporation ("Kinross"), previously announced on February 18, 2010, has closed. Barrick now owns a 75% interest in and gains control of one of the world's largest undeveloped gold-copper deposits.

Barrick acquired the additional 25% interest in the Cerro Casale Project for consideration of approximately $474 million comprised of $454 million cash and the elimination of a $20 million contingent obligation which was payable by Kinross to Barrick on a production decision. The cash portion of the consideration previously announced was adjusted on closing for working capital.