ACA.L Regulatory News (ACA)

15th January 2014 African Barrick Gold plc (the "Company" or "ABG") Exploration Update * Bulyanhulu exploration drilling confirms extensions to Reef 1 and Reef 2 Mineralisation * Positive initial results from Aircore drilling on Kenyan Joint Venture Properties ABG is pleased to announce initial positive results from exploration drillingon the Bulyanhulu project from both surface and underground drill programmes,as well as Aircore drilling from the Joint Venture properties in Kenya. Keyintersections from the exploration programmes include: Bulyanhulu Reef 1 Western Extensions: * BGMDD0054W1: 1.64m @ 11.7g/t Au from 1,434m incl. 0.68m @ 23.8g/t Au from 1,435m * BGMDD0054W2: 4.0m @ 8.42g/t from 1,637m incl. 1.0m @ 24.3g/t Au from 1,638m Bulyanhulu Reef 2 East Deeps: * UX4700-407: 1.28m @ 76.7g/t Au from 1,203m including 0.71m @ 108g/t Au from 1,204m West Kenya Joint Venture Aircore Drilling: * KDAC0152: 6m @ 30.9 g/t Au from 29m * KDAC0161: 3.5m @ 4.20 g/t Au from 47m Bulyanhulu Western Extension Step Out Drilling - Reef 1 In Q4 2013 ABG commenced a deep-hole exploration programme to test thepotential Western extension of the Reef 1 gold system at Bulyanhulu. Theprogramme is targeting an area located between 400 metres and 1,200 metres westof the current Bulyanhulu Reef 1 resource area and is testing a potential newzone and plunge extensions of the Main Zone within the mine to depths ofbetween 1.0 kilometre and 2.5 kilometres vertical. The results from the first two holes to intersect Reef 1, located approximately400m west of the current resource area, both returned significantintersections: * BGMDD0054W1: 1.64m @ 11.7g/t Au from 1,434m incl. 0.68m @ 23.8g/t Au from 1,435m * BGMDD0054W2: 4.0m @ 8.42g/t from 1,637m incl. 1.0m @ 24.3g/t Au from 1,638m These holes are potentially significant in demonstrating that reserve gradegold mineralisation and average reef widths continue west of the mine whichwould open the potential for a significant expansion of the footprint ofBulyanhulu. The drilling programme will continue through 2014 and will comprisea further approximate 15,000 metres of diamond core drilling from the threeplanned drill sites including 18-23 daughter holes utilising conventionalwedging and navigational drilling. This programme will form an important partof our assessment of how to most effectively develop the mine over thelong-term. Fig 1: Reef 1 Long Section showing location of Western Extension Programme See www.africanbarrickgold.com for picture Bulyanhulu East Deeps Underground Drilling - Reef 2 The East Deeps drilling programme is targeting down dip mineralisation of theBulyanhulu Reef 2 system which is outside the current resource block. Theprogramme is being drilled from an underground location and is aimed at addinghigh grade gold resources on the East Zone. Drilling commenced in Q3 2013 with the results received from one hole to datereturning the following significant intersections: * UX4700-407: 1.28m @ 76.7g/t Au from 1,203m including 0.71m @ 108g/t Au from 1,204m Whilst the ultimate target was Reef 2 mineralisation, due to the location ofthe drill pad, the hole also intersected Reef 1, returning 0.50m @ 62.8g/t Aufrom 134.7m. The Reef 2 significant intersection has proved continuity at depth of themineralisation with high grade. Should this be confirmed by further results,this has the potential to add significantly to the mine resource and increasethe life of mine. An additional 3 holes are targeted for completion duringearly 2014 at which time the programme will be reviewed before more drilling isundertaken. Fig 2: Reef 2 Long Section showing drill programme for East Deeps Underground See www.africanbarrickgold.com for picture Fig 3: Reef 2 Cross Section showing pierce points of drill Programme for EastDeeps Underground See www.africanbarrickgold.com for picture Kenya - West Kenya JV and Advance Gold JV Properties In Kenya, exploration programmes have consisted of soil sampling and Aircoredrilling across our two joint venture properties, the Advance Gold JVProperties and the West Kenya JV Properties. A total of 15,656 soil sampleshave been collected across the projects and they have delineated and expandedmore than 45 existing and new kilometre scale soil anomalies. On the AdvanceGold JV Properties we have completed the drilling of 325 Aircore holes for12,494 metres with results received for 192 holes. Over 20% of the holesassayed to date have returned significant intercepts of greater than 0.1 g/tAu. Fig 4: Map of gold in soil anomalies within the Kenya JV License areas See.www.africanbarrickgold.com for picture Initial results from these 192 reconnaissance Aircore drill holes include 44significant intercepts (≥0.1g/t Au) from drilling within Kakamega Dome, and ofthese 10 holes returned assays >0.5g/t Au including: * KDAC0125: 3m @ 3.35 g/t Au from 29m * KDAC0135: 10m @ 1.75 g/t Au from 0m * KDAC0152: 6m @ 30.9 g/t Au from 29m * KDAC0161: 3.5m @ 4.20 g/t Au from 47m Average drilling depth from the Aircore drilling is relatively shallow at 30metres and the KDAC0152 hole ended in mineralisation. The extensive soil sampling and the Aircore drilling programme have formed thebulk of our planned exploration programme in Kenya in 2013 and these verypromising initial results have reaffirmed our belief in the prospectively ofthe land package. The Aircore drilling programme continues, with more resultsexpected in Q1 2014 from additional scout holes and infill drill lines and willbe integrated together with the soil sampling and mapping that has taken placein 2013 to continue to enhance our understanding of the licence area and toassist in the targeting of future drilling programmes. Fig 5: Aircore significant intercepts on newly mapped provisional Kakamega DomeCamp geology See www.africanbarrickgold.com for picture The Bulyanhulu brownfields exploration and West Kenya greenfields explorationform the bulk of our 2014 planned exploration activity and these positiveresults underpin our confidence in the assets and demonstrate the potential forresource additions as we move forward. ENQUIRIES For further information contact: African Barrick Gold plc +44 (0)207 129 7150 Andrew Wray, Chief Financial OfficerGiles Blackham, Investor Relations Manager Bell Pottinger +44 (0)207 861 3232 Daniel Thöle About ABG ABG is Tanzania‟s largest gold producer and one of the largest gold producersin Africa. We have three producing mines, all located in Northwest Tanzania,and several exploration projects at various stages of development in Tanzaniaand Kenya. We have a high-quality asset base, solid growth opportunities and aclear strategy of optimising, expanding and growing our business. Maintaining our licence to operate through acting responsibly in relation toour people, the environment and the communities in which we operate is centralto achieving our objectives. ABG is a UK public company with its headquarters in London. We are listed onthe Main Market of the London Stock Exchange under the symbol ABG and have asecondary listing on the Dar es Salaam Stock Exchange. Historically and priorto our initial public offering (IPO), our operations comprised the Tanzaniangold mining business of Barrick Gold Corporation, our majority shareholder. Disclaimer and forward-looking statements This announcement is for information purposes only and does not constitute aninvitation or offer to underwrite, subscribe for or otherwise acquire ordispose of any securities of ABG in any jurisdiction. This announcement includes "forward-looking statements" that express or implyexpectations of future events or results. Forward-looking statements arestatements that are not historical facts. These statements include, withoutlimitation, financial projections and estimates and their underlyingassumptions, statements and information regarding plans, objectives andexpectations with respect to future production, exploration programmes,operations and projects, costs, products, services and the operational review,and statements regarding future performance. Forward-looking statements aregenerally identified by the words "plans," "expects," "anticipates,""believes," "intends," "estimates" "will" and other similar expressions. Allforward-looking statements involve a number of risks, uncertainties and otherfactors, many of which are beyond the control of ABG, which could cause actualresults and developments to differ materially from those expressed in, orimplied by, the forward-looking statements. Although ABG's management believesthat the expectations reflected in such forward-looking statements arereasonable, ABG cannot give assurances that such statements will prove to becorrect. Accordingly, investors should not place reliance on forward-lookingstatements in this announcement. Any forward-looking statements in thisannouncement only reflect information available at the time of preparation.Subject to the requirements of the Disclosure and Transparency Rules and theListing Rules or applicable law, ABG explicitly disclaims any obligation orundertaking publicly to release the result of any revisions to anyforward-looking statements in this announcement that may occur due to anychange in ABG's expectations or to reflect events or circumstances after thedate of this announcement.