BGD Barrick Gold

    FOR:  BARRICK GOLD CORPORATION

NYSE, TSX SYMBOL:  ABX
LSE SYMBOL:  BGD

November 8, 2006

Barrick Extends US$16 Best and Final Offer to Acquire NovaGold

TORONTO, ONTARIO--(CCNMatthews - Nov. 8, 2006) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX)(LSE:BGD)
announced today that it has extended its offer to acquire all of the outstanding common shares of
NovaGold Resources Inc. at its best and final offer price of US$16.00 cash per share to 11:59 p.m.
(Toronto time) on November 21, 2006.

Approximately 20.6 million common shares of NovaGold have been deposited to Barrick's offer,
representing approximately 22.5 per cent of the outstanding common shares of NovaGold.

"Barrick is pleased with the significant increase in the number of shares tendered to our bid to
date," said Greg Wilkins, President and Chief Executive Officer of Barrick. "We are anticipating that
tenders to the bid will continue to increase during this extension as more NovaGold shareholders
choose the cash in the bank our offer provides, rather than the significant project risk and financial
dilution associated with remaining as a NovaGold shareholder."

Barrick's US$16.00 offer price represents a premium of approximately 37 per cent over both the closing
price of the NovaGold common shares on the AMEX on July 21, 2006, the last trading day prior to
Barrick's announcement of its intention to make the offer, and the price at which shares were issued
under NovaGold's February 2006 equity offering.

All Offer conditions remain unchanged including the minimum tender condition of 50.1%. 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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