bulyanhulu gold mine site visit september 15th,...

Bulyanhulu Gold Mine

Site Visit

September 15th, 2010

Buly June 2010BGML Cost Review – July 2010

Disclaimer

Important Notice

This presentation has been provided to you for information purposes only. It does not constitute an offer, solicitation, invitation or inducement to purchase, subscribe orotherwise acquire or to sell or otherwise dispose of any securities of African Barrick Gold plc ("ABG") or engage in any investment activity in connection with the capital of ABGin any jurisdiction. The information or opinions contained in this presentation shall not form the basis of, or be relied on in connection with, or act as any inducement to enterinto, any contract or commitment or investment decision whatsoever in connection with ABG.

The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to change without notice. ABG explicitly disclaimsany responsibility, obligation or undertaking to update or revise any information contained in this presentation after its date, whether as a result of new information, futureevents or otherwise. No reliance may be placed for any purpose whatsoever on the information or opinions contained in this presentation or on its completeness and no liabilitywhatsoever is accepted for any loss howsoever arising from any use of this presentation or its contents.

Certain information, statements, beliefs and opinions in this presentation are forward looking. Forward-looking statements are statements that are not historical facts. Thesestatements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations withrespect to future production, operations, costs, products and services, and statements regarding future performance. Forward-looking statements are generally identified bythe words "plans," "expect," "anticipates," "believes," "intends," "estimates" and other similar expressions. All forward-looking statements involve a number of risks,uncertainties and other factors. Although ABG’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors arecautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond thecontrol of ABG, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, forward-looking information andstatements contained in this presentation. Factors that could cause or contribute to differences between the actual results, performance and achievements of ABG include, butare not limited to, political, economic and business conditions, industry trends, competition, fluctuations in the spot and forward price of gold or certain other commodityprices, changes in regulation, currency fluctuations (including the US dollar, South African rand and Tanzanian shilling exchange rates), ABG’s ability to successfully integratefuture acquisitions, to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources orreserves and to timely and successfully process its mineral reserves, changes in its business strategy, as well as risks and hazards associated with the business of mineralexploration, development, mining and production. Accordingly, investors should not place reliance on forward-looking statements contained in this presentation. Any forward-looking statements in this presentation speak only as of the date of this presentation and only reflect information available at the time of preparation. Subject to therequirements of the Disclosure and Transparency Rules and the Listing Rules or applicable law, ABG explicitly disclaims any obligation or undertaking publicly to update orrevise any forward-looking statements contained in this presentation, whether as a result of new information, future events or otherwise.

No statements made in this presentation regarding expectations of future profits are profit forecasts or estimates, and no statements made in this presentation should beinterpreted to mean that ABG’s profits or earnings per share for any future period will necessarily match or exceed the historical published profits or earnings per share of ABGor any other level.

You are reminded that you have received this presentation subject to the disclaimer and important notices contained herein and on the basis that you are a person to whomthis presentation may be lawfully made and delivered in accordance with the laws of the jurisdiction in which you are located. You may not and are not authorised to: (i)reproduce or publish this presentation; or (ii) distribute, disclose or pass on this presentation to any other person, in whole or in part, by any medium or in any form, whetherelectronically or otherwise. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS PRESENTATION IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TOCOMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF APPLICABLE SECURITIES LAWS.

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Bulyanhulu History

Safety & Health Performance

Operation Overview

– Business Environment

– Asset Overview

– Geology, Reserve/Resource

– Mining

– Processing

– 2010 Performance Summary

Strategic Priorities

Project Pipeline

Bulyanhulu History


BulyanhuluLocation/History

Asset LocationLocation Overview

Mine History

High grade, narrow vein, steeply dipping orebody

Underground gold mine owned and operated, by Bulyanhulu Gold Mine Ltd

Located in the Kahama District, in the Shinyanga Province of northwest Tanzania, 55km south of Lake Victoria

Access to Bulyanhulu is by road from Mwanza (155km) or Kahama (55km) and by air through a owner-operated airstrip within the property

Well-established mine site with an administration office, a mill, laboratory, warehouse, clinic, security installations, housing, and other support structure

Tanzanian workforce is drawn from surrounding communities

1980 to 1982: First exploration by State Mining Corporation

1983 to 1985: JV withOuto Kumpu and Kone Corp to conduct further drilling

1994

1976: Gold first discovered at Bulyanhulu

1976 1980 1999

1999: Acquisition of Sutton Resources by Barrick (8.8 Moz Resource)

1994: Prospecting license granted to Sutton Resources

1989 to 1992: Placer Dome JV to manage the property and conduct exploratory work

2001

2001: Commencement of production

19921985

North Mara

Buzwagi

Tulawaka Bulyanhulu

T A N Z A N I A

2009

2009: Produced ±2.7

Moz to date

2010

2010: H1 production 132koz


Bulyanhulu History


Operation Overview


– Asset Overview


– Mining

– Processing



Project Pipeline



Current Status

Strong corporate and regional focus on safety issues

Taproot investigation and presentation, Management Review

Site wide Risk Assessments

Good emergency response capability

Reduction of Lag Indicators

Significant reduction of Mobile equipments related incidences.

Effective use of RIMS for Action Plan tracking & Management

Future Opportunities

Further develop a risk aware culture

System focus needs to be balanced with behavioral focus

Improve Hazard Identification

Improve quality of frontline Safety Supervision

Security & Community related incidents

Health Issues – Malaria, HIV/AIDS

Increasing geotechnical and seismic related monitoring as depth increases

Improving lead indicators



Bulyanhulu History


Operation Overview


– Asset Overview


– Mining

– Processing



Project Pipeline

Operation Overview


Top External Forces

Political Government operation and government relations including legislative changes.

Media

Economic

Rising costs; Labor & commodities

Gold & Copper price

Challenging road / rail / port infrastructure

Social

Community unrest from failure to realize benefit

Basic infrastructure (education, health, security) is not optimum

Crime / Corruption and Legacy issues

Technological Sustainable power, water and energy

Business Environment


2007 2008 2010 H1

Production (koz) 243 249 132

Cash cost ($/oz) 456 651 540

Gold grades (g/t) 9.84 8.75 9.30

Capex ($mm) 60 60 33

BulyanhuluAsset Overview

Underground gold mine owned and operated, by Bulyanhulu Gold Mine Ltd

Located in the Kahama District, in the Shinyanga Province of northwest Tanzania, 55km south of Lake Victoria

Production commenced in 2001

High grade, narrow vein, steeply dipping orebody

Conventional gravity, sulphide flotation and carbon-in-leach (CIL) processing plant producing copper/gold concentrate and doré gold bars

Copper Concentrate at 14–18% Cu, includes high grade gold (200g/t Au) and silver (180g/t Ag)

The concentrate is sold to offshore copper smelters

Note: ¹ By-product credits have been included

Note: Mineral Resources are exclusive of Mineral Reserves

Capacity

Historical Operating Metrics

Mineral Reserves and Resources at 31st December 2009Asset Overview

Ore (Mt) Grade (g/t) Contained (Moz)

Reserves

Proven 1.3 13.01 0.537

Probable 23.8 12.80 9.783

Resources

Measured - - -

Indicated 10.3 10.83 3.584

Inferred 6.6 14.64 3.116

Total 42.0 12.61 17.054

– Ore production is currently ±3,300 tpd, (1.2 Mtpa)

– Shaft capacity is in the range of 5,000 -5,500 tpd

2009

200

638

8.99

56


Mining Highlights

Bulyanhulu is an underground mine with shaft and ramp access

Shaft Capacity is in the range of 5,000–5,500 tpd

Four current underground mining methods have been employed at BGML:

– Longhole sublevel stoping (62%)

– Conventional cut and fill stoping (12%)

– Mechanized drift and fill (overhand) stoping (7%)

– Alimak stoping (19%)

Life of Mine plan average mining rate 1 million tonnes of ore mined per annum mined from two reefs

Mobile equipment fleet includes drill jumbos, scoops, dump trucks, rail locomotives, utility vehicles and hand held equipment

2007 2008 2009 2010 H1

Ore Hoisted (tonnes) 830,015 727,153 966,900 470,000

Gold Head Grade (g/t) 9.84 8.99 8.75 9.30

BulyanhuluMining Operations


Processing Highlights

The following processes are utilized; Crushing,

Grinding, Gravity, Flotation, Carbon in Leach,

Thickening, cyanide destruction, Filtration and Paste

Backfill

Cyanide code compliant

Bulyanhulu produces two saleable products: doré

and copper concentrate

Doré bars are produced from gravity and CIL plants

Copper concentrate is produced from the flotation

plant and sold to copper smelters mainly in China

and Japan

The concentrate requires processing in a copper

smelter with a gold refinery

2007 2008 2009 2010 H1

Gold Production (oz) 242,693 200,361 248,991 132,856

Gold Head Grade Milled (g/t) 9.84 8.99 8.75 9.30

Gold Recovery (%) 89.3% 91.8% 92.1% 92.0%

Tonnes Processed (000’s) 860.3 754.5 959.2 477

BulyanhuluProcessing Operations


Cost Control Culture entrenched

Mabingwa 1 & 2 rolled out

Mining/Maint developed a number of Tanzanians into senior roles

Achieved Mine production targets

BAC project Completed without major incident

Developed an U/Ground Mine Training centre

CCF build-up 25% over target

Launched new Social Support Model

Very good Marsh audit

Year to Date Highlights


Advance key projects to increase ounce profile

Low grade ore from waste stockpile

Cost reduction and availability with FLAC management

Emulsion to increased face advance

Waste backfill into Alimak and CCF stopes

3980 workshop reduce tramming to maintenance

Reduce site losses from theft & fraud

Future Opportunities


Bulyanhulu History


Operation Overview


– Asset Overview


– Mining

– Processing


Project Pipeline



Top Strategic Priorities

Top Initiatives Planned (2010) Top Initiatives Planned (Medium Term)

Mining Production Targets

Accelerate mine development to ensure growth and flexibility

Increase productivity in Conventional Cut and Fill (CCF)

Refrigeration plant (Bulk Air Cooler) on schedule

Underground workshop on schedule

Ensure mine infrastructure is put in place for the LOM

Entrench mine standards and procedures

Comprehensive training program for CCF

CostManagement

Underground Consumable reduction

Advance development of Tanzanian leadership and workforce

Centralize purchasing

Standardize equipment and materials

Equipment Utilization and Availability

Reliability Centered Maintenance team

Focus on Fuel, Lubricant, Air & Coolant (FLAC)

Integrated maintenance plan using OEM expertise

Scheduled equipment re-build and replacement plan

Training and Development

Continue development of skilled and professional personnel

Tracking of employees after leaving Barrick as potential future resource pool

IMTT - Technical training college initiative to provide skilled labour pool

Community Development Plan Build strong Co-Operatives from the immediate

impact area

Extend the Co-Op model to the district

Establish a clear demarcation area around the mine

Bulyanhulu 2010 – 14 Strategic Priorities


Bulyanhulu History


Operation Overview


– Asset Overview


– Mining

– Processing



Project Pipeline Project Pipeline


2011 – 2015 Project Plan

Top Project Priorities

Project Development Planned (2011)

Project Development Planned (2012 – 15)

Upper East Mining Plan

Dewater Zone 3 and rehabilitate 500 meters

Develop zone 5 4616 ramp to Upper East

Complete Feasibility of Upper East

Design and plan ore development in Upper East

Design and plan stoping in Upper East

Design and Plan Ventilation in upper east

East Reef 1 & 2 Advance

Exploration

Surface Drilling

Met testwork and plant design

Plan potential Open pit for mining

Plan Box Cut to asses Reefs 2 & Reef 1 from surface

Deep Central Reef 2 (Super Ramp)

Waste development to access reef 2 3980

Waste development to access Reef 2 3940

Waste development to access Reef 2 4130

Definition drilling from 3980

Vent Design

Belt to extract ore from reefs 2 to shaft belt

Mine design for Alimak and CCF Stoping

Tails Re-treatment

Drill sampling program

Metallurgical testwork to establish recovery and treatment cost

Detailed plant design

Follow-up met testwork

Project execution

Narrow Alimak Mining (sub 2mts)

Equipment construction and certify

Trial Stope

Review opportunities for CCF conversion

bulyanhulu gold mine site visit september 15th,...

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