BARRICK TO ELIMINATE GOLD HEDGES

Welcome To The Guyana Goldfields Inc. HUB On AGORACOM

Guyana Goldfields is a mineral exploration Company primarily focused on the exploration and development of gold deposits in the Guiana Shield of South America.

Dear Agoracom Family,

I want to thank all of you for your patience with us over the past 48 hours and apologize for what was admittedly a botched launch of our new site.

As you can see, we have reverted back to the previous version of the site while we address multiple forum functionality flaws that inexplicably made their way into the launch.

To this end:

1.We have identified 8 fundamental but easily fixable flaws that will be corrected in the coming week, so that you can continue to use the forums exactly as you've been accustomed to.

2.Additionally we will also be implementing a couple of design improvements to "tighten up" the look and feel of the forums.

Have a great Sunday, especially those of you like me that are celebrating Orthodox Easter ... As well as those of you who are also like me and mourning another Maple Leafs Game 7 exit ... Ugggh!

Sincerely,

George et al

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BARRICK TO ELIMINATE GOLD HEDGES

posted on Sep 10, 2009 11:22AM

Barrick Gold arranges $3-billion (U.S.) financing

Sept. 8, 2009 - News Release

BARRICK ANNOUNCES PLAN TO ELIMINATE GOLD HEDGES

Barrick Gold Corp. has entered into an agreement with a syndicate of underwriters, led by RBC Capital Markets, Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc. and Scotia Capital Inc., for a bought-deal public offering for gross proceeds of approximately $3.0-billion representing 81.2 million common shares of Barrick at a price of $36.95 per share. All amounts are expressed in U.S. dollars unless otherwise indicated.

Barrick intends to use $1.9-billion of the net proceeds to eliminate all of its fixed-priced (non-participating) gold contracts (the gold hedges) within the next 12 months and approximately $1.0-billion to eliminate a portion of its floating spot price (fully participating) gold contracts (the floating contracts). A $5.6-billion charge to earnings will be recorded in the third quarter as a result of a change in accounting treatment for the contracts.

Barrick has made this strategic decision to gain full leverage to the gold price on all future production due to:

An increasingly positive outlook on the gold price. The company expects global monetary and fiscal reflation will be necessary for years to come, resulting in an increased risk of higher inflation and a future negative impact on the value of global currencies;
Continuing robust gold supply/demand fundamentals. ----.

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