Eskay Creek Mine - Minerals North

Outline•Location•Geology•Production•Recent Exploration•Future of Eskay Creek

Location and TransportationFrom Kitwanga Ore and•Ore and Concentrate areConcentrate are Rail Shippedtrucked to Stewart andto the Horne Smelter inFrom Noranda, Kitwanga Stewart Quebec the Ore andConcentrate are OceanShipped to the Dowa Smelterin Japan.

132STIKINE ARCH12458Eskay CreekStewartEskay CreekMine SiteSmithers54StewartSmithersSKEENA ARCH50 kmSustut Basin (K)Bowser Basin (J-K)Hazelton Group (J)VancouverStuhini Gp & Stikine Assem. (D-Tr)Cache Creek Terrane (P-Tr)600 kmTakla Volcanics - Quesnellia (Tr-J)

SnipJohnnyMountainPSMountShirleyFaultEskayAnticlineRiverUnukSynclineEskayCreekAnticlinoriumSulphurets Thrust430,000 E6,280,000 NTreatyGlacierMcTaggSouth Unuk/ Harrymel FaultMitchellSulphuretsSnowfield6,260,000 N380 ,0 00 E0 5 10kmKerrBrucejackLakeBowser Lake GroupHazelton GroupUpper volcanic/sedimentary sequenceLower volcanic sequenceBasal sedimentary sequenceStuhini GroupUndifferentiated volcanic and sedimentary rocksPSStikine AssemblageCoast Plutonic ComplexJurassic Plutonic SuiteTriassic Plutonic SuiteMineral deposit / showingFaultTrace of synclineTrace of anticline

Eskay Creek #21 Zone• Variations in mineralogy, texture,ore grades, spatial distribution• Stratiform lenses in contact argillite• Discordant in footwall rhyolite• Fault bounded basinHWNEXArgillite Creek Fault21C21CAndesite Creek Fault21B109 ZoneEastBlock21EPumphousePortal Fault21APumphouseFault Zone500m

Genetic History of the Eskay Creek DepositBlack smoker

CONTACTHWFEEDER /RHYOLITEESKAYHORIZONSG:\group\geology\98reserv\pictures\strat.ppt

Minesite photo showing the generallayout and location of the orebodiesESKAY OREBODIESon the hillside.N

Plan View of ProjectedEskay Ore Zones500mEskay Creek Ore TypesNCS 10650NAndesiteCreekFaultPumphouseCreekFaultNEX Zone109HW Zone21B Zone21C Zone109 Zone#3BluffFaultLS 9950E21B Zone

Longitudinal Section Looking West Across The Deposit1000m# 3 BluffContactMudstoneBasaltsequence21B ZoneHW ZonesN800m600m400m200mRhyoliteFootwall sequence:109 ZoneDaciteAndesite tuffNEX ZoneConglomerate - sandstoneBowserSedimentsUpperMudstonemsl 0m500m

Cross Section 10650N900 m800 m700 m600 m500 mWestLimbWestBowserBasinAndesite Creek faultArgillite Creek faultHW Andesite21B Zone21C Mud ContactMudstone21C RhyRhyoliteFW PackagePumphouse Creek faultHinge ofEskay AnticlinePortal faultEast Break faultEastLimbEastBowserBasin0 50 100Scale (metres)LookingLookingGrid NorthNortheast

Mining Areas1000m900m100001020010400Pumphouse1060012E 21E1080021B1100010911200N114001000m800m700m21C -south podHW800m600m21C -north600m500mNEX400mResource modelsNEX&HW Deep400m300m

Important Geology Features• Strataform Massive Sulphide Deposit• Sea bed deposition• Feeder Structures• Extremely high precious metal grades• Extremely high Hg, Sb make it unique

Metal grades in Zn-Pb-Au-Ag-type VMS deposits worldwidedata from:Hannington et al. (1999)and Huston (2000)51.3 g/t100100002, 286 g/t1000 tonnes Ag10000 tonnes Ag (~300 million oz)100 tonnes Au (~3 million oz)Au (g/t)101Ag (g/t)1000100100 tonnes Ag1 tonne Au10 tonnes Au10 tonnes AgTotal base metal content(Zn + Pb + Cu) (%)0.10.1 1 10 1002.3 mt.Size of deposit (million tonnes)1001011 10 100 1000Ag/Au100.1 1 10 100Size of deposit (million tonnes)Production: Jan. 1995 - Dec. 2001:1.04 million tonnes containing2.1 million oz. Au91 million oz. AgProven and Probable Reserves @ Jan. 1, 2002:1.3 million tonnes containing1.8 million oz. Au84 million oz. Ag

Mining• Drift-and-fill mining method• 60% Underhand (7% Cement)• 40% Overhand (4% Cement)• 2.7m lifts• 2.4m min. mining width• Rock for fill mined from ariver bed and hauled 30 km tosite.• Contract Mining Crews• Barrick Supervision andEquipment.

Eskay Creek MineRecent Production2003 Year 352,000 ounces Au17.0 million ounces AgTotal Cash Cost $52 per ounce AuBarrick’s Lowest Cash Cost Producer in 2003!2004 Year 290,000 ounces Au15.8 million ounces Ag

ESKAY CREEK MINE ORE RESERVE HISTORY4,5004,000Au Ounces (000's)3,5003,0002,5002,0001,5001,000500-1,024 1,3597191,7202,0614462,4462092182,828150217234-3,1391981772901842,2742,418 2,531 2,6122,4092,1092,1182621,7091,4302559415141994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Year End Totals

Annual Ounces Produced400,00018,000,000350,00016,000,000300,00014,000,000Au Ounces250,000200,000150,000Au OuncesAg Ounces12,000,00010,000,0008,000,0006,000,000Ag Ounces100,0004,000,00050,0002,000,0000019951996199719981999200020012002200320042005 LOM200620072008

12876200820072006 LOMAnnual Tonnes Produced300250DSO Mill200116 115 1139815088725 56100Ore Tonnes (000's)50100 102 115 92 103 105 110 117 131 126019951996199719981999200020012002200320042005 LOM

22 Zone – Location Map>53>586∗8>54>5721 ZoneDeposits>56>5522 Zone0500metres1,000

Compilation Project• 1. Detailed model withinformation gained frommining.• 2. Review all drilling data• 3. Develop comprehensivelisting of targets.• 4. LOM drilling plan• 5. 46 targets have beenidentified.• 6. Testing them with UGDrilling in 2005• Results expected –modest gainsonly

Future of Eskay Creek• 1. Mine Life to Mid 2007• 2. Closure• 3. Rehabilitation• Barrick Exploration looking forsimilar properties elsewhere innorthern BC.