NEVADA SPECIAL — Barrick invests US$1 billion in Betze-Post mine

Since acquiring the Goldstrike property in 1986, Barrick Gold (ABX-T) has paid more than US$1 billion in capital and operating costs at the Betze-Post mine.

Situated in Nevada’s Carlin trend, the open-pit mine moves about 150 million tons of material annually and processes 17,500 tons per day, up from 16,000 tons as a result of a US$20-million expansion completed last year.

Betze-Post produced 2.03 million oz. gold in 1995, a 10% increase over the 1.85 million oz. produced in 1994. Operating costs were US$149 per oz., down from US$151 the year before.

Of the 29.9 million oz. of gold reserves at Goldstrike, the Betze-Post portion constitutes 23.3 million oz.