Barrick Announces Sale of its Shareholding in Highland Gold Mining for $130M

Barrick Gold Corporation

today announced the sale of its entire shareholding of approximately 20.4% in Highland Gold Mining Limited ("Highland"), the AIM-quoted Russian gold producer, consisting of approximately 66.2 million ordinary shares at a price of 120 pence per share for total gross proceeds of approximately $130 million. The shares were placed primarily with new and existing institutional shareholders of Highland. On February 13, 2012 Highland announced that Barrick had determined upon review that its shareholding in Highland was non-core to its business operations and strategy and that it intended to divest its shareholding in Highland in an orderly process which would deliver proper value to Barrick, while supporting the interests and aims of Highland and its shareholders.