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Veladero Gains IntelliMine® System Tucson, Arizona – May 4, 2004 Barrick Gold Corporation has selected Modular Mining's IntelliMine® integrated mine management system to maximize productivity at its new Veladero open pit development project, currently under construction. Veladero is located 370 kilometers northwest of San Juan, Argentina in one of the world's largest undeveloped world-class gold districts. Veladero is the second Barrick site in Latin America, and the third worldwide, to choose Modular's state-of-the-art IntelliMine® system. The IntelliMine® system selected by Veladero will manage all its equipment, allowing for very precise mining using Modular's ProVision™ high-precision GPS and DISPATCH® mine management systems to ensure maximum productivity and optimization. The MasterLink® wireless communications backbone brings it all together by providing increased data bandwidth throughout the site and allowing personnel to stay connected while working in the field. "Veladero wanted a proven mine-management system they could rely on," stated Scott Baker, General Manager of Modular's Latin American Division. "Modular's years of experience at Barrick's Goldstrike property and our ability to provide a system that will grow with them well into the future gave them that confidence." Veladero will deploy the IntelliMine® system on a variety of equipment including: 16 trucks, 3 HP shovels, 4 HP drills, 2 HP loaders, 5 dozers, 6 foreman systems, and 7 pieces of auxiliary equipment. Installation is scheduled for May 2004. About Barrick Veladero: The Veladero project, owned by Barrick Gold Corporation (NYSE:ABX - Toronto: ABX.TO), is located in the Cuyo region of western Argentina, a region hosting numerous world-class gold deposits. Veladero's proven and probable gold reserves are estimated at 11.1 million ounces, with annual production expected to average 525,000 - 550,000 ounces per year. Barrick is one of the largest gold producers in the world with operations and development projects in the United States, Canada, Peru, Chile, Argentina, Australia, and Tanzania. The company also has one of the largest gold reserves, at 86 million ounces and the industry's only A-rated balance sheet. Corporate-wide production for 2004 is estimated to be 4.9 - 5.0 million ounces of gold. Barrick's shares trade under the ticker symbol ABX on the Toronto, New York, London, and Swiss stock exchanges, as well as the Paris Bourse. About Modular Mining Systems, Inc. Modular, headquartered in Tucson, Arizona, is the market share leader in providing powerful information management solutions to meet the needs of both open pit and underground mining operations worldwide. The company's products range from fully automated, total mine management and control systems using the latest high-precision global positioning systems for surface applications, to proven mining cycle control, monitoring, and identification systems for underground mines. Modular has sales and support offices located in all key world-mining markets. For more information on Modular, the IntelliMine® system, or the company's new, revolutionary systems for rail management and equipment automation, visit the Modular website at http://www.modularmining.com.
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