BGD Barrick Gold

    FOR:  BARRICK GOLD CORPORATION

NYSE, TSX SYMBOL:  ABX
LSE SYMBOL:  BGD
Swiss SYMBOL:  ABX

October 31, 2006

Barrick Says NovaGold Shareholders Have a Choice on November 7th

NETORONTO, ONTARIO--(CCNMatthews - Oct. 31, 2006) - Barrick Gold Corporation
(NYSE:ABX)(TSX:ABX)(LSE:BGD)(SWX:ABX) announced today that it was disappointed but not surprised that NovaGold
has maintained its "go it alone" stance by issuing a recommendation to reject Barrick's offer.

"We believe that NovaGold shareholders should consider our premium all-cash offer of US$16 as money in the
bank," said Greg Wilkins, President and Chief Executive Officer. "The choice is cash in the bank versus
significant project risk and financial dilution."

"Barrick's offer eliminates the significant financing, development, operating, construction and commodity price
risks for NovaGold shareholders. NovaGold shareholders will experience significant dilution in financing of the
US$2.5-billion-plus required to construct the Donlin Creek and Galore Creek projects," said Mr. Wilkins.

Barrick said that the Galore Creek Feasibility announcement by NovaGold last week confirmed Barrick's
assessment of higher capital and operating costs and reinforces Barrick's view that its offer of US$16 per
common share is a fair price for NovaGold.

The US$16 offer price is approximately a 37 per cent premium to both the closing price of NovaGold shares prior
to the announcement of Barrick's offer and the price of NovaGold's public equity offering in February 2006.
This premium is consistent with takeover bid premiums in the gold industry. NovaGold has been unable to attract
a competing offer despite a full auction of the Company or to demonstrate additional value.

Mr. Wilkins noted that Barrick's premium offer has been supporting the NovaGold share price over the last three
months and asks NovaGold shareholders to consider where the share price will settle in the absence of the
Barrick offer.

Barrick's best and final offer price of US$16 per common share is subject to a minimum 50.1 per cent acceptance
condition and expires at 9:00 pm (Toronto time) on November 7, 2006, unless extended or withdrawn. The Circular
for Barrick's offer to acquire all of the outstanding common shares of NovaGold is available on Barrick's
website at www.barrick.com, from the Canadian System for Electronic Document Analysis and Retrieval at
www.sedar.com or on the SEC's website at www.sec.gov.

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality
reserves in a safe, profitable and socially responsible manner.

Additional Information

On August 4, 2006, Barrick Gold Corporation filed a tender offer statement related to its tender offer for the
outstanding common shares of NovaGold Resources Inc. Investors and security holders of NovaGold are urged to
read the tender offer statement, because it contains important information. Investors and security holders of
NovaGold may obtain a free copy of the tender offer statement and other documents filed by Barrick Gold
Corporation with the SEC at the SEC's website at www.sec.gov. The tender offer statement may
also be obtained for free from Barrick Gold Corporation on its website or by directing a request to Barrick
Gold Corporation's investor relations department.

Forward-Looking Statements

Certain information included in this press release, including any information as to our future financial or
operating performance and other statements that express management's expectations or estimates of future
performance, constitute "forward-looking statements." The words "expect", "will", "intend", "estimate" 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. 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 copper, silver, fuel and electricity) and currencies; charges in U.S. dollar
interest rates or gold lease rates; risks arising from holding derivative instruments; ability to successfully
integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the
Company carries on business; operating or technical difficulties in connection with mining or development
activities; employee relations; the speculative nature of gold exploration and development, including the risks
of diminishing quantities or grades of reserves; adverse changes in our credit ration; contests over title to
properties, particularly title to undeveloped properties; and the risks involved in the exploration,
development and mining business. These factors are discussed in greater detail in the Company's most recent
Form 40-F/Annual Information Form on file with the US Securities and Exchange Commission and Canadian
provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as
a result of new information, future events or otherwise, except as required by applicable law.


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FOR FURTHER INFORMATION PLEASE CONTACT:

INVESTOR CONTACTS:
Barrick Gold Corporation
James Mavor
Vice President, Investor Relations
(416) 307-7463
Email: jmavor@barrick.com

OR

Barrick Gold Corporation
Mary Ellen Thorburn
Director, Investor Relations
(416) 307-7363
Email: mthorburn@barrick.com

OR

MEDIA CONTACT:
Barrick Gold Corporation
Vincent Borg
Senior Vice President, Corporate Communications
(416) 307-7477
Email: vborg@barrick.com

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Barrick Gold Corporation



                                                                

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