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16 Feb 2012

Based on IFRS and expressed in US Dollars

African Barrick Gold plc (“ABG”) reports full year 2011 results
→ Strong earnings growth supports trebling of proposed final dividend

Financial Highlights

• Revenue of US$1,218 million, up 25% on 2010.
• EBITDA² of US$544 million, up 30% on 2010.
• Record cash margin² of US$895 per ounce, an increase of 33% on 2010.
• Net profit attributable to owners of US$275 million, with EPS of US67.0 cents, up 26% on 2010.
• Operational cash flow of US$498 million, an increase of 44% on 2010.
• Cash position of US$584 million as at 31 December 2011.
• Proposed final dividend of US13.1 cents per share; total dividend for 2011 of US16.3 cents per share, up 208% on 2010.

Operational Highlights

• Attributable gold sales¹ for the year of 699,539 ounces (Group sales¹ of 724,574 ounces), a 3% decrease on 2010.
• Attributable gold production¹ of 688,278 ounces (Group production¹ of 713,508 ounces), 2% below 2010 production.
• Increase in full year production at Bulyanhulu, Buzwagi and Tulawaka, with lower production at North Mara due to the planned focus on waste stripping.
• Cash costs² of US$692 per ounce, an increase of 22% on 2010 due principally to a combination of industry cost inflation, increased diesel usage and higher headcount.
• Launch of the ABG Development (Maendeleo) Fund, the largest community development fund in Tanzania.
• Highly successful drilling campaign at Nyanzaga led to a fourfold increase in the in-pit Mineral Resource at the Tusker deposit to 3.5Moz Au Indicated and 0.6Moz Au Inferred.

¹ Group production and sold ounces consolidate 100% of Tulawaka’s production and sales base. Attributable production and sold ounces reflect equity ounces which exclude 30% of Tulawaka’s production and sales base.
² Cash costs per ounce sold, average realised gold price, EBITDA and cash margin are non-IFRS financial performance measures with no standard meaning under IFRS. Refer to “Non-IFRS measures” on page 31 for the definitions of each measure.

Results Conference Call
African Barrick Gold ("ABG") will host a presentation for analysts and investors on Thursday 16 February 2012 at 9:30am GMT.