The Cortez Hills project is located on the 1,080-km2 Cortez property 4 km southeast of the established Cortez milling complex. The new project includes development of two open-pits and twin exploration declines to delineate underground potential. Ore from the two pits will be conveyed across the valley to existing processing facilities. The project will generate significant production during the first half of 2010 and increase production from the Cortez property, including the Pipeline mine, to 1 million oz of gold for each of its first five years of full production. Capital expenditures are budgeted at about $500 million.

Barrick also announced that it has signed a collaborative agreement with leaders of several Western Shoshone communities in Nevada. The agreement enables Barrick and the communities to work together to improve education, business and employment opportunities for the Western Shoshone people, and also establishes a Western Shoshone Educational Legacy Fund tied directly to revenues from the Cortez Hills mine. The Fund is expected to provide financial support for generations of Western Shoshone seeking higher education.

The Barrick announcement also noted that the Cortez Hills project has been the object of criticism from activists who oppose mining and support failed claims of Native American title to much of Nevada’s public lands. These groups are threatening litigation against the BLM’s approval of the Cortez Hills EIS. Barrick will vigorously and expeditiously oppose any challenge, the Barrick statement said.