Name of the Project
Donlin gold project.

Location
Alaska, in the US.

Project Owner/s
Donlin Gold is equally owned by Canada-based miners Barrick Gold Corp and NovaGold Resources. The land is owned by the Calista Corporation – a community organisation comprising the Kuskokwim Corporation (TKC) – and the mineral rights by Alaska Native corporation for the Yukon–Kuskokwim region.

Project Description
The Donlin gold (formerly Donlin Creek) project, as currently envisioned, will be one of only a handful of gold mines worldwide that produce more than one-million ounces of gold a year.

The 109 km2 Donlin Creek property, which is part of the Kuskokwim gold belt, is one of the largest undeveloped gold resources in the world, containing estimated proven and probable reserves of about 504.8-million ounces of gold at a grade of 2.09 g/t.

The project is expected to produce 1.5-million ounces of gold a year in the first five years of operation, and an average of 1.1-million ounces of gold a year over its projected 27-year mine life.

The project is also being updated to include power generation using natural gas delivered to the site through a 500 km pipeline from the Cook Inlet to the mine site.

Net Present Value/Internal Rate of Return
At a base case gold price of $1 200/oz, the Donlin feasibility study, last updated in 2011, calculated an internal rate of return of 6% and a net present value, at a 5% discount rate, of $547-million.

Potential Job Creation
Up to 3 000 jobs will be created during construction and up to 1 400 jobs during operation.

Capital Expenditure
Initial capital costs for the project in April 2009 were estimated at $4.5-billion. This has now been revised upwards to $6.7-billion.

Planned Start/End Date
Production is expected to begin in late 2017 or early 2018.

Latest Development
A feasibility study on the Donlin project will be updated in 2022, Barrick and Novagold have said, as the partners agree on the key work plans to advance the project.

The recently completed 2021 drill campaign, which sought to validate and increase confidence in geological modelling concepts for feasibility work, continues to yield high-grade intercepts and demonstrated grade continuity.

The 2021 drill programme was completed in September, with 79 holes drilled for a total of 24 264 m. To date, Donlin has reported assays for 36 complete holes and 22 partial holes, encompassing 15 700 m of length drilled. The last core was logged in mid-October, with final samples sent off site to laboratories for further processing. Final results are due in 2022.

Donlin has a measured and indicated mineral resource of 39-million ounces of gold grading 2.24 g/t.

Key Contracts, Suppliers and Consultants
SRK Consulting (technical report) and AMEC Americas (lead feasibility study consultant).

Contact Details for Project Information
Barrick Gold investor relations manager Joyce Davies, tel +1 416 307 7354, fax +1 416 861 0727 or email jdavies@barrick.com.
NovaGold Donlin Creek, tel +1 888 225 7590, fax +1 907 273 0201 or email info@donlincreek.com.
SRK Consulting, tel +1 907 677 3520, fax +1 907 677 3620 or email anchorage@srk.com.