PRESS RELEASE - October 24, 2006

Barrick Announces US$16.00 Best and Final Offer for NovaGold

Barrick Gold Corporation announced today that it has increased its all-cash offer to acquire the outstanding common shares of NovaGold Resources Inc. to US$16.00 per common share and extended its offer to 9:00 p.m. (Toronto time) on November 7, 2006. The increased price is Barrick's best and final offer price for NovaGold.

The US$16.00 offer price represents a premium of approximately 37% 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.

“This revised offer represents our best and final offer price for NovaGold,” said Greg Wilkins, President and Chief Executive Officer of Barrick. “We are confident that we have arrived at a price which strikes a balance between NovaGold shareholder expectations of value and a price that is acceptable to Barrick. We look forward to concluding this offer, advancing our pipeline of projects and pursuing other business opportunities.”

All Offer conditions remain unchanged including the minimum tender condition of 50.1%. At a price of US$16.00, the acquisition of NovaGold is now valued at approximately US$1.7 billion, based on the fully diluted shares disclosed by NovaGold on October 13, 2006. 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. For purposes of U.S. tender offer rules, Barrick discloses that 167,679NovaGold common shares have been validly tendered to date to the offer.

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.

INVESTOR CONTACTS:		MEDIA CONTACT:
James Mavor Vice President, Investor Relations Tel: (416) 307-7463 Email: jmavor@barrick.com	Mary Ellen Thorburn Director, Investor Relations Tel: (416) 307-7363 Email: mthorburn@barrick.com	Vincent Borg Senior Vice President, Corporate Communications Tel: (416) 307-7477 Email: vborg@barrick.com

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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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