announcement, page-8

miningnews.net miningnews.net
Barrick steps up work on Sub-Sahara property
Friday, October 07, 2005
SUB-Sahara Resources expects Barrick Gold to have earned a 51% stake in its Nyanzaga gold project in Tanzania by the end of the year based on the rate the Canadian major is currently spending on drilling.

Barrick currently has four drill rigs – two RC and two diamond rigs – operating at Nyanzaga focused on the Tusker and Kilimanjaro prospects, where Sub-Sahara said previous exploration has identified significant gold mineralisation.

Perth-based Sub-Sahara expected to receive the first results from this drilling from Barrick during this month.

Barrick has two operating mines in Tanzania - the Bulyanhulu underground mine, which last year produced 349,864 ounces of gold at a total cash cost of $US283 per ounce, and Tulawaka, which began operations in the first quarter of 2005.

Tulawaka is expected to produce 75,000-80,000oz this year at an average cash cost of $US255-265/oz.