ENVIRONMENTAL APPROVAL – Tanzania gives nod to Buzwagi

TANZANIA - The EIA for the Buzwagi gold project belonging to Toronto-based BARRICK GOLD has received approval from the Tanzanian government. The project, located 80 km south of the companys Bulyanhulu gold mine, carries an estimated capital cost of US$400 million. An open pit mine and gravity/leaching recovery plant are to be built.

The Buzwagi project will have an annual production rate of 250,000 oz of gold at US$280/oz for 10 years. Proven and probable reserves are 45.17 million t grading 0.058 g/t Au, or 2.65 million contained ounces of gold. The property also contains recoverable amounts of copper.

More about Barricks project pipeline is available on the companys website, www.Barrick.com.