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This blog was created to publish news on argentinean mining, thus complementing our website and presence in social networks. As all of our activities, it intends to connect the mining community in Argentina and provide a place to promote the activity in the world, developing business opportunities.

30 jul 2010

Troy Resources NL: Quarterly Report for the Fourth Quarter Ending 30 June 2010



PERTH, WESTERN AUSTRALIA--(Marketwire - July 30, 2010) - Troy Resources NL (TSX:TRY)(ASX:TRY) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.


OVERVIEW

- Casposo gold-silver project within budget and on schedule to produce first gold in the September quarter, 12 months after construction first commenced.

- Signed LOI to monetize the iron ore on the Andorinhas leases.

- Quarterly gold production of 12,644oz.

- Improved performance at Andorinhas with 17.7% higher production at 7,808oz and 15% lower unit cash costs at US$665/oz compared to the March quarter.

- Both tranches of the US$25m revolving debt facility with Investec Bank (Australia) approved and available for drawdown.

- Net cash and bullion of over A$11m as at June 30, 2010.

OPERATIONS

Brazil - Andorinhas

- The plant processed 59,750t which was 2% higher than the previous quarter bringing total throughput for the financial year to 232,718t - 9% higher than the previous financial year.

- Grade at 4.43g/t was 14% higher than the previous quarter.

- The higher throughput, grade and metallurgical recovery (91.7% vs 90.6%) resulted in gold production of 7,808oz, 17.7% higher than the previous quarter and a 15% reduction in unit cash costs to US$655/oz.

- The improved quarterly results were driven by a very strong performance in June where mined grades underground benefited from areas of higher grade, wider ore zones and lower dilution. June performance included a head grade of 6.7g/t and production of 4,080oz.

- Reserve and mine plans for Andorinhas are currently being updated to incorporate the latest drilling which has increased the drilling density for the lower parts of the Mamao and M2 orebodies and additional drilling at the Barbosa East and Coruja NE deposits. A more detailed guidance on Life of Mine production and costs will be available for communication in September.

- Signed Letter of Intent with Mineracao Floresta Do Araguaia ("MFA") for the sale of the high grade colluvial iron ore found on the Andorinhas Gold Mine leases. From the date of signing the LOI, MFA have 30 days to complete Due Diligence. The companies are targeting to complete and sign a Definitive Agreement within 30 days of the close of the Due Diligence period.

- Iron ore transaction includes payments to Troy of US$4m over FY2011 and FY2012, and yearly royalty based payments of over US$3m based on current iron ore prices and expected production tonnages.

Australia - Sandstone

- Sandstone commenced the quarter processing low grade stockpiles. Material from the last remaining pit to be mined, Eureka, entered the mill feed in June. As such, grade and production were down and costs up for the quarter. Grade at 1.39g/t gold (2.64g/t Q3) leading to production at 4,836oz (7,994oz Q3) and a unit cash cost of A$1,227 per oz (A$1039 per oz Q3).

- The delay in accessing the Eureka pit will now see mining continue into early August and processing to continue through to around mid September.

- The site is expected to then move to care and maintenance.

PROJECT DEVELOPMENT

Argentina - Casposo

- Casposo gold-silver project within budget and on schedule to produce first gold in the September quarter, 12 months after construction first commenced.

- Mining of the Kamila open pit is continuing and by the end of the quarter, ore stockpiles were 17,983t at 9.54 g/t Au_eq.

- Commissioning of the crushing conveying system commenced.

EXPLORATION

Argentina - Casposo

- The new 400m long, east-west striking Casposo Norte quartz-calcite epithermal vein was discovered, located about 4km north of the mill. The vein is open along strike under shallow soil cover and down dip. "First Pass" rock chip channel sampling yielded a number of encouraging results over a strike length of 200m including 1.35m at 8.55g/t Au_eq and 1.0m at 6.97g/t Au_eq.

- At the Julieta Prospect, 6km from the Casposo Plant site, an initial shallow Inferred Resource of 268,700t grading 3.21g/t gold and 15.44g/t silver (3.43g/t Au_eq) for 29,700 Au_eq ounces has been reported.

Brazil - Andorinhas

- Underground Resource infill drilling was completed within the deeper portion of the Melechete Lode. The best intercepts reported included 2.95m at 26.56g/t gold from 189.60m downhole, 3.45m at 32.57g/t gold from 40.45m downhole and 3.20m grading 27.44g/t gold from 131.80m downhole.

- Resource infill drilling was completed within the deepest portion of the M2 Lode with the best gold interval reported being 5.02m at 44.48g/t gold from 179.88m downhole.

CORPORATE

- Finalised conditions precedent for the A$25m Investec Revolving Credit Facility - both tranches are now available for drawdown.

COMMENTARY

Commenting on the quarter, Troy CEO Paul Benson said, "There was good progress in a number of areas during the quarter. Obviously the main focus is Casposo. Despite losing almost a week due to some exceptionally cold weather, the project remains on schedule and within budget for the first gold pour this September quarter. All the main plant components are on site and now it's just a matter of finalising smaller pieces of instrumentation and equipment which are still in transit.

"We've run the front-end crushing and conveying and the Kamila pit is starting to take shape. We already have about half a month of mill feed stockpiled running at 9.5g/t Au_eq.

"The improvement at Andorinhas is very pleasing. Production was up over 17% and unit cash costs down 15% compared to the previous quarter. This was primarily driven by better mining conditions in June with higher grades, wider ore and thus lower dilution. We will be in a position to provide more detailed Life of Mine production guidance in September once we complete an update of the mining Reserve incorporating all new drilling completed in the June quarter.

"The September quarter should really be one of transition as Sandstone finishes production and moves to care and maintenance and Casposo pours first gold."

OPERATIONS

ANDORINHAS - BRAZIL (Troy 100% through Reinarda Mineracao Ltda)

- The Andorinhas Plant treated 40,391t of underground Mamao ore for April and June, and in May, treated 19,358t of Lagoa Seca stockpiled ore. In total, some 59,750t of ore was treated for the fourth quarter.

- Underground development at Mamao is ahead of schedule, opening new faces for ore production.

- Gold production for the fourth quarter was 7,808 ounces, a 17.71% increase in production over the preceding (third) quarter, with a 15% reduction in the unit cash cost to US$665/oz.














Occupation, Health & Safety

A total of 151,888 personnel hours were worked during the quarter with no lost time injuries.

Results

For two of the three months of the fourth quarter underground ore was fed to the processing plant. The mill head grade for the quarter increased to 4.43g/t vs 3.90g/t in the previous quarter. The grade improvement is due to the increased ore body width and grade from the Melechete 1060 stope. As the mine production comes from lower levels of the ore body below Melechete 1040, the width and grade is forecast to increase further. The Andorinhas Plant continues to process lower grade Lagoa Seca ore at 2.21 g/t for one of the three months of each quarter. Melechete production is now from Mel-1100, Mel-1080 and Mel-1060. Ore production has also increased in the M2 stopes where the newly adopted open shrink system has increased production while at the same time significantly increasing mine safety.

The mine plan requires the treatment of stockpiled low grade Lagoa Seca ore for one month in three while underground Mamao ore is treated for the remaining two months. With the treatment of a lower grade ore, gold recovery is reduced and currently metallurgical gold recovery averages 90.87% compared to 89.94% for the third quarter. The mill feed achieved budget for the quarter and a 2.44% increase in throughput from the third quarter (59,750t vs 58,329t). Gold production for the quarter increased by 17.71% (7,808oz vs 6,633oz) as underground production, grade and metallurgy recovery increased. With a significant increase in gold production there was a corresponding reduction in the unit cash cost compared to the March quarter (US$665/oz vs US$768/oz).

Environment

There were no environmental incidents during the quarter. In accordance with the environment rehabilitation programme proposed by the PCA (Environmental Control Plan) and EIA-RIMA (Environmental Impact Study-Environmental Impact Report) the inherited Mandioca Garimpeiro Pit has been dewatered and is currently being filled with waste.

SEMA, the Para State environmental authority completed an environmental inspection of Lagoa Seca and Mamao sites during May. This was completed without incident or further requirement from SEMA.

Mine development and production, Mamao underground mine

Jumbo development: A total of 908m was developed for the quarter. Ore produced for the quarter was 42,897t at 5.77 g/t gold.

Permitting

Andorinhas received the signed LI (Installation License) on April 8. Within this approval Reinarda was required to complete 18 reports and submit these to SEMA. These reports have been completed and submitted. In July the Company will focus on obtaining the LO (Operations License).

The Mamao gold and iron ore Reserves and Resources were approved by the DNPM geologists.

General Comments

The reliability of the electricity supply to Andorinhas continued to improve. The local power authority, CELPA have connected the mine to a new more effective substation. As a result power supply to the mine, although not perfect, is much improved.

Processing

The acacia and elution tanks have been successfully installed and the system is fully operational and working well. The plant is currently going through a full maintenance programme to improve the efficiency of the intensive leach and gold carbon extraction system, to increase gold metallurgical recovery. Maintenance to the major plant components was completed in mid July, and is expected to improve processing performance towards the budgeted recovery for Mamao ore treatment of 94%.

Underground Mining Operations

Development of the Melechete ore body continues in accordance with the mine plan. Due to deteriorating ground conditions cable bolting has been introduced particularly around stope access areas. Mining has been completed on Melechete Mel-1140 and Mel-1120 levels. The Melechete 1060 sill drive has been completed and is now a production stope. In addition, the Melechete ramp has crossed over to the footwall and will now access the ore body from the footwall in a bid to further improve stoping support.

Since May, the development of the M2 Ramp has been temporarily stopped to allow definition and exploration drilling to take place. All M2 stopes are now functioning using the open shrink stope method. The one drawback of shrink stoping is broken ore remains in the stope for a greater period. This drawback is compensated by much improved mine safety, increased production and better stope management. Increasing mine flexibility allows improved sequencing of ore extraction allowing the technical services department to direct production requirements more effectively. Open shrink stoping is in operation on M2-1140, M2-1120 and M2-1100 levels. The M2-1080 sill drive development is nearing completion.

The introduction of open shrink stoping in M2 with the introduction of the cable bolting system in Melechete has increased safety and ore production tonnages. Grades have increased on the Melechete 1060 level and are expected to improve as the ore body grades and width continue to increase with depth. The M2 conventional mining, shrink stope crews and technical services department are becoming well accustomed to the new system and grade and production will increase as a result of reduced dilution.

Community

Despite the armed robbery of Andorinhas in February 2010, the Company has been able to support its employees through the difficult period that followed and also continue interacting with the local community. The Company continues to support the Floresta do Araguaia football park development. Reinarda also played a prominent role on Environmental Day and participated at the Floresta region schools fiesta with an environmental presentation followed by the donation of a computer system and printer to all local schools.

Meetings continue to be held with Floresta and Rio Maria representatives to review future company sponsored community projects.

SANDSTONE - AUSTRALIA (Troy 100%)















Health, Safety and Environment

There were no lost time injuries recorded during the quarter.

Extensive rehabilitation work has commenced on the old tailings dams TSF1 and TSF2. The dams will be capped with waste then covered with topsoil and ripped prior to seeding. The Lord Nelson, Lord Henry and Bulchina waste dumps have been ripped and seeded and are awaiting the winter rains to germinate.

Fences are currently being sourced to enclose the waste dumps to prevent the destruction of the rehabilitated areas by feral goats.

Mining

Mining of the Eureka pit finally commenced in May 2010 after long delays in the permitting approval process. A total of 99,669 bcms of material was mined from this pit during the quarter, including 7,568t of ore at a grade of 2.64g/t gold. It is anticipated that mining will be completed in the first week of August 2010.

Processing

116,317t of ore at a grade of 1.39g/t gold was milled during the quarter yielding 4,836oz of fine gold. Mill throughput increased during the quarter due to improved mechanical availability and the blend of softer mineralised waste from the Lord Nelson stockpiles.

Milling recoveries increased while the purity of the gold bars was similar to the March quarter. The mill recovery averaged 92.9% for the quarter.

General

Site morale continues to remain high in spite of the imminent closure of the Sandstone operations. It is anticipated that the Sandstone operations will be put on care and maintenance in September 2010.

PROJECT DEVELOPMENT

CASPOSO - ARGENTINA (Troy 100% through Troy Argentina Ltd)

Occupational Health and Safety

During the quarter five minor safety accidents were recorded by Troy's contractors.

The Safety and First Aid facility was completed and brought into use at the end of the June quarter. The facility is under the control of a local doctor and is manned 24 hours a day. The First Aid Station has been certified by the Argentine government inspectors and licensed under State rules.

Safety department procedures are being upgraded to replicate those used in the Company's other operations, and structured training of Troy personnel is scheduled to start at the end of July 2010. The department is operated under the control of a contract Safety Engineer and staffing will be increased in July and August.

Environment

The Company continued the environmental monitoring work as required and participated in some community events by invitation. The department purchased an additional weather station to be used when others are being calibrated. The section also employed a trainee Environmental Technician.

There were no environmental issues except minor problems with one monitoring bore which appears to have since been rectified.

Mining

During the quarter the pre-strip of the Kamila deposit continued and a total of 158,492bcms was excavated including 17,983t of ore at an average grade of 9.54g/t Au_eq. Part of the waste production was used to form the tailings dam basement preparing for the clay lining. Several internal roads were constructed and the main waste dump established. Main issues related to mining were the availability of suitable equipment but this is now largely resolved.

During the quarter a new mine design and mining schedule were completed following further optimisations, the result of additional Reserves and a new cost study aimed at defining the optimum open pit and underground change over position. A major cost study covering underground development and stoping was concluded as was a new geotechnical study by the University of Western Australia's, Centre for Geomechanics.

Mining continues to be controlled by personnel seconded from the Brazilian operation.

Construction

All service buildings were completed during the quarter as was the refinery building. The crusher station and crusher have been completed and commissioned during the quarter with the ore feed system to the mill also completed except for instrumentation. The borefield was commissioned and put in production following the issue of the water usage license. The total waste water system including digesters was commissioned and registered with the authorities.

The main grinding and leaching plant was 80% completed at the end of the quarter including grinding thickener and cyanide mixing plant.

Construction of the CCD section, belt filter assembly, detox-system and most pressure filters was completed to approx 75%. Similarly the Merrill Crowe smelting and clarification sections were completed to approx 75%. Remaining construction risks are related to late arrival of goods from overseas.

Electrical installations were progressed during the quarter including installation of the internal power lines for the 33kV incoming line, design and manufacture of switchboards, cabling of pump and equipment motors, and buildings and construction of MCC cubicles. A decision was made to procure an Emerson control system to replace the old PLC system and this is expected to be completed by the end of July and will provide total plant automation.

The government installation of the 500kV power line, to which Troy is contributing US$14 million, has been delayed requiring the acquisition of additional diesel electrical generation capacity. This plant is scheduled to be installed first week in August. The capital cost of this additional equipment has been funded within existing project contingencies and will not impact the forecast project capital cost.

The explosives magazines and other special storages were completed. Chemical consumables, grinding balls and spare parts were purchased with most on site at the end of June.

At the end of June around 200 persons were employed on site in construction.

The project remains on budget and within schedule to pour first gold in the September quarter 2010.

Administration

The administration and supervision on site was strengthened with the employment of a Human Resources Accountant, Senior Metallurgist, Plant Manager and a Mechanical Engineer. In addition, a specialist Electrician/Supervisor was contracted for site. The administration systems and communications were improved with the installation of new equipment both in the head office and the various site offices. At the end of the month assaying personnel and a Head Chemist with more than 20 years experience in Chemistry and Metallurgy was added to management. The majority of operating and supervisory staff for operations will be recruited in July. During the period administration entered contracts for fuel, lime, and cyanide supply, and refining and security contracts were under negotiation at the end of the quarter.

A stores control system was added to the accounting system with user training under way.

Licensing

A number of licenses were acquired during the quarter including the borefield water usage, tailings deposit approval, building licenses for all service buildings, waste water license, chemical storage license, registration of the First Aid facility under the State Health Regulations, and the Company name change and registration with local State and Federal agencies.

Numerous smaller construction type permits and licenses were also secured. Licenses still in process include the explosive permit which is ready for approval, the license for use of radioactive sources which is applied for and awaiting approval and the fire department license which is also ready for issue.

The final exploitation license for plant operation is expected to be issued by the end of July.

Community

The Company continued its training and education programs for the community and also provided some equipment to some of the smaller schools in the local communities. A program to assist the local hospital was also started and will continue until a system using medical insurance funding is available. The Company is providing assistance to complete this process. The program funds some purchases of essential drugs used in the hospital.

The Company was again involved in community activities, and supported a youth sporting programme as an added activity during holidays and weekends. The social office continues to function well and has been upgraded to provide better facilities for training and visits.

EXPLORATION REPORT

EXPLORATION - ARGENTINA

Casposo Project (Troy 100%)

Recent surface exploration has identified a new outcropping vein, known as Casposo Norte located about 4km north of the mill at the Casposo Project in San Juan Province, Argentina. The new discovery is an east-west striking outcropping quartz - calcite epithermal vein hosted within andesite. The vein dips at about 60 degrees to the south and outcrops over a length of 400m within a 560m long east-west structural corridor. The vein is open along strike under shallow soil cover and down dip. The average vein width is 1.5m but reaches a maximum of 4m. The western half is dominated by banded quartz-calcite veins with colloform-crustiform textures. Thin stockworks veining, of similar texture and composition, extends outwards into the host andesite parallel to the main vein.

To view Figure 1: Casposo Project Brownfields Targets Location Plan, please click on the following link: http://media3.marketwire.com/docs/try730i.jpg

Of the 6 initial rock chip samples collected at about 50m spacings along the vein, 4 samples returned with encouraging gold and silver grades with a peak value of 7.47g/t of gold and 41g/t of silver (8.06g/t Au_eq) (see Table 1).

Additional channel sampling and detailed mapping is ongoing. A total of 12 rock chip channel samples have been collected along the vein at 25m intervals. "First Pass" rock chip channel sampling yielded a number of encouraging results over a strike length of 200m including 1.35m at 8.55g/t Au_eq and 1.0m at 6.97g/t Au_eq (see Table 2).

Mapping and sampling are ongoing with a preliminary Reverse Circulation "RC" drill test planned to commence in the September quarter.

To view Figure 2: Casposo Norte - Geology, Channel Sampling and Results, please click on the following link: http://media3.marketwire.com/docs/try730ii.jpg

The Julieta Prospect was discovered in 2005 and has been the focus of several Diamond Core "DC" drilling campaigns and most recently RC drilling. Following completion of the RC program (10 holes/1043m) in February 2010, a geological model and initial Resource estimate for the Julieta Prospect was completed. This work has defined an Initial shallow Inferred Resource of 268,700t grading 3.21g/t gold and 15.44g/t silver (3.43g/t Au_eq) for 29,700 Au_eq ounces (see Table 1).

The Julieta Main Zone vein system is a structurally controlled low-sulphidation quartz-calcite-adularia vein system within a 1km northwest-southeast trending structural corridor. The vein system is well exposed as two outcropping veins along a ridge line having an average width of about 1.7m and maximum widths of 5m. The drilling, at shallow depths (about 140m below the ridge line) focussed on the Julieta Main Zone.

Drilling and mapping confirmed quartz-calcite veins, as well as banded-brecciated quartz veins with sections of well developed crustiform/colloform textures. Both northwest-southeast and north-south striking veins were recorded.

The veins are hosted within a package of rocks that include porphyritic andesite, rhyolitic flows and minor andesite ashflow tuff. A series of felsic and mafic dykes (late) cut the veins. The host rocks exhibit weak to moderate propylitic-argillic alteration.

To view Figure 3: Julieta Target Plan of Outcropping Veins and Drill Collars, please click on the following link: http://media3.marketwire.com/docs/try730iii.jpg

During the quarter the final 4 holes (RC-10-37 to RC-10-40) at the Mercado NW Prospect were completed for a total of 744m drilled. Three of the four holes intersected the Mercado NW Structure below 2400m RL. All assay results are pending.

The Cerro Norte Prospect consists of three east-west trending quartz-carbonate veins (North, Central and South) and subsidiary stockworks veining, hosted in rhyolite-andesite volcanic sequence flows. Each vein set is 2m to 3m wide and outcrops for approximately 1000m. A "first pass" drilling program to test the continuity of the three set of veins at depth (50m below surface) was completed in June.

Significant rock chip channel samples from the three veins are as follows:

- South Vein: TRCN88 1.5m at 6.23g/t gold and 41g/t silver and TRCN88: 1.5m at 1.68g/t gold and 4.85g/t silver.

- Central Vein: TRCN90 3.4m at 1.65g/t gold and 8.5g/t silver.

- North Vein: TRCN13: 2m at 4.43g/t gold and 9.45g/t silver and TRCN15 2m at 3.43g/t gold and 14.5g/t silver.

Four holes were drilled targeting the best surface trenching results. RC-10-41 targeted the South Vein from the lower access track and intercepted minor quartz-calcite veins at 23m and, 24m, 34m - 35m; and brecciaed vein zones from 73m - 76m, and 91m to 96m. The South "Main" Vein was intercepted from 81m to 83m. RC-10-42 targeted the South Vein from the upper road cut veins and breccia veins were intersected from 69m - 71m, 86m - 89m and 90m - 91m. RC-10-43 targeted the Central Vein from the upper road and cut veins and stockworks zones from 24m - 26m, 32m - 35m, 72m - 73m and 127m to 128m (see Figure below). RC-10-44 targeted the North Vein and cut minor veining from 35.5m - 36.5m. All assays are pending.

To view Figure 4: Cerro Norte Target Geology & Reverse Circulation Drill Collar Location Plan, please click on the following link: http://media3.marketwire.com/docs/try730iv.jpg

At Castano Nuevo, reconnaissance mapping and selective sampling of the joint venture tenements was completed. All major vein systems, splay veins, veinlets structures and major lithological units have been identified on the ground. And a detailed channel sampling and mapping program has started (see Figure 5).

The San Agustin Vein is the westernmost of the outcropping veins at Castano and extends for more than 1100m, striking between 150 degrees to 170 degrees and dipping 80 degrees to the west. It is characterized by strong colloform banding with adularia and milky quartz. Channel sampling was completed over the entire strike length at 25m intervals.

Encouraging assay results were obtained from rock grab sampling (see Figure 4). The best results are as follows:

- North of San Agustin Vein: 33.75g/t gold and 776g/t silver taken from a 1.5m wide vein;

- North of Dios Protege Vein: 10.35g/t gold and 5.2g/t silver taken from a 1.0m wide vein;

- Northern half of Dios Protege Vein: 27.60g/t gold and 688g/t silver taken from a 0.4m wide vein.

The environmental permitting is progressing with the inventory of the historic workings and surface disturbance (roads, mining tracks, and waste ore dumps) completed.

To view Figure 5: Castano Nuevo Channel and Chip Sampling Location with Results, please click on the following link: http://media3.marketwire.com/docs/try730v.jpg

EXPLORATION - AUSTRALIA

Sandstone Nickel JV (Western Areas earning up to 70%)

Exploration was dominated by the continued assessment of the Area C and Area D Prospects. Three DC holes (613.8m) and three RC holes (374m) were drilled at Area C in March/April for a total of 987.8m. WAD002 intersected disseminated and vein style sulphides over a wide interval from the base of oxidation to approximately 90m downhole depth. The host is a strongly carbonated ultramafic sequence.

Assay results for the disseminated zone in WAD002 returned 26.2m at 0.4% nickel from 60.3m downhole including a narrow interval of semi massive sulphides which analyzed 0.2m at 4.1% nickel from 86.3m downhole. WAD004 was drilled below WAD002 and did not replicate the sulphides intersected in WAD002. Initial interpretation suggests that the mineralisation is associated with a folded sequence of orthocumulate ultramafic rocks.

Western Areas have commenced a program of detailed relogging of RAB drill spoils over the main Target "A" to Target "D" area in an attempt to better define the mafic-ultramafic stratigraphy. The aim of this effort which is expected to take from 2 to 3 months is to framework the ultramafic stratigraphy and attempt to define the basal sequence which is the prime nickel sulphide target.

Detailed relogging of RAB drill spoils has also been extended over the broader region of the Sandstone tenement package.

EXPLORATION - BRAZIL

Andorinhas Project (Troy 100%)

Diamond drilling beneath the proposed pit at the Coruja NE Deposit (8 holes/1,068m) was completed. The final two holes drilled, BBD030 and BBD031, tested a possible northeasterly dip of the mineralisation, for a total of 216.50m. The best assays returned included BBD026: 1.0m at 10.54g/t gold from 92m downhole, BBD030: 3.05m at 4.17g/t gold from 84.90m downhole (including 1.02m at 6.49g/t gold from 86.93m) and BBD031: 2.09m at 3.81g/t gold from 93.18m downhole (including 0.97m at 7.03g/t gold from 94.30m) (see Figure 6 and Table 4). Both holes have confirmed the lode system is dipping to the northeast and continues at depth below the current interpretation. The lode is narrow and associated with gold grades up to 7g/t over a 1m width.

To view Figure 6: Coruja NE Deposit Geology and Drill Collar Plan with Assay Rsults, please click on the following link: http://media3.marketwire.com/docs/try730vi.jpg

Mamao Mine Exploration

Exploration during the reporting period consisted mainly of drilling at Mamao to better define existing high grade zones within the M2 and Melechete Resource and test for possible extensions.

The program focused on infill drilling within the lower portion of the Melechete Lode Resource, infill drilling within the lower part of the M2 Lode and drill testing of the Barbosa East Target. The Barbosa East target is considered to be the extension of the Mamao system east of the old Barbosa underground garimpo workings.

DC infill drilling was completed within the deepest portion of the M2 Lode (6 holes/1,164.72m). The M2 Lode was intersected in all holes and consisted of quartz veining within sheared silica and biotite altered zone. The best gold assay intervals included MMD044: 4.98m at 4.35g/t gold from 184.41m downhole, MMD048: 1.0m grading 7.92g/t gold from 164.88m downhole and MMD049: 5.02m at 44.48g/t gold from 179.88m downhole (see Figure 7 and Table 5).

To view Figure 7: Surface Diamond Core Drill Plan and Assay Results M2 Lode, please click on the following link: http://media3.marketwire.com/docs/try730vii.jpg

Underground DC infill drilling was completed within the deeper portion of the Melechete Lode (15 holes/2,491.50m). The Melechete Lode was intersected in all holes and typically comprised quartz veining within a sheared silica and biotite altered zone. The best intersections reported included MUD087: 1.10m at 19.37g/t gold from 189.60m downhole and 0.8m at 58.10g/t gold from 191.75m downhole and 0.8m at 49.57g/t gold from 193.35m downhole, MUD091: 4.80m grading 10.93g/t gold from 146.70m downhole, MUD094: 3.45m at 32.57g/t gold from 40.45m downhole, MUD96: 3.20m grading 23.36g/t gold from 131.80m downhole, MUD097: 2.0m grading 16.52g/t gold from 154.75m downhole and MUD098: 2.20m at 12.00g/t gold from 175.65m downhole (see Table 6).

Diamond drilling from surface of the Barbosa East Target was completed in June with nine (9) holes for a total of 1,009.86m which included 91.49m of RC pre-collar drilling and 918.37m of DC drilling. Assay results include MMD034: 3.03m at 6.07g/t gold from 123.12m downhole and, MMD040: 1.01m at 2.84g/t gold from 83.84m (see Figure 8 and Table 7 below).

To view Figure 8: Surface Diamond Drill Collar Positions and Assay Results at Barbosa East, please click on the following link: http://media3.marketwire.com/docs/try730viii.jpg

Final assays were received for the four underground drill holes that targeted the lower portion of the Barbosa East Zone (MUD075 to MUD078). MUD075 and MUD076 hit the Melechete Lode with 3.30m at 10.66g/t gold from 153.0m downhole and 1.15m at 4.47g/t gold from 150.15m downhole. MUD077 and MUD078 did not intercept the Melechete Lode but cut the M1 Lode with 2.0m at 13.93g/t gold from 93.6m downhole and 1.0m at 19.94g/t gold from 92.75m downhole (see Table 8).

FINANCIAL REPORT

CASH POSITION

As at 30 June 2010, Troy within Australia held A$9.2 million in available cash with major Australian banks and 385 ounces of gold awaiting sale (A$0.6M at A$1,450 per ounce). This equates to a total of approximately A$9.8 million of liquid assets.

Troy's wholly owned Brazilian and Argentine subsidiaries held cash deposits of A$4.3 million. At quarter end, Reinarda Mineracao Ltda ("RML") in Brazil held 23 ounces of gold awaiting sale.

The Troy group's available cash and other liquid assets is approximately A$14.2 million as at 30 June 2010. In addition, Troy also held A$2.7 million in cash deposits as security for various environmental bonds and listed investment securities with a market value totalling A$2.7 million as at 30 June 2010.

DEBT FACILITY

Troy has a debt facility with Investec Bank (Australia) Limited with A$15.0 million available from Tranche A, as at 30 June 2010. Troy has drawn A$3.0 million against this facility to 30 June 2010 and therefore Net cash and liquid assets totalled approximately A$11.2 million.

Investec Bank (Australia) Limited (Investec) has confirmed that the Company has satisfied the key conditions precedent to Tranche B of the Revolving Loan Facility and that the full A$25 million loan amount will be available for drawing. Under the terms of the loan facility, the Company will issue 632,912 call options over Company shares to Investec at an exercise price of A$3.16 per share with an expiry date 3 years from the date of issue.

GOLD SALES

Gold sales from the Sandstone operation for the quarter were 4,943 ounces at an average price of A$1,335 per ounce. The average Cash Cost was A$1,227 per ounce which gives a Cash Margin of $108 per ounce for the quarter.

During the quarter, RML sold 9,199 ounces of gold at an average price of US$1,221 per ounce. The average Cash Cost was US$655 per ounce, which gives a Cash Margin of US$566 per ounce for the quarter. Approximately 1,400 ounces of gold was realised out of the circuit for the quarter.

INSURANCE RECEIPT

The full insurance claim was received during the quarter for the gold stolen in the armed robbery at Andorinhas on the 22 February 2010, the equivalent of 1,835 ounces of fine gold.

HEDGING

The Troy group is totally unhedged.

EXPLORATION EXPENDITURE

During the quarter, exploration expenditure incurred was A$1.7 million of which A$0.7 million was incurred in Argentina, A$0.6 million in Brazil, and the balance of A$0.4 million in Australia. Troy also received payment from Western Areas for 12 months worth of shared rents and rates relating to the Nickel JV totaling A$0.2 million during the quarter.

CAPITAL EXPENDITURE

Capital and development expenditure during the quarter was $A14.7 million. Capital and development expenditure on the Casposo Project in Argentina totaled $A11.5 million. Plant and equipment expenditure at the Andorinhas Project in Brazil totaled A$0.3 million while ongoing underground development for the Project totaled A$2.9 million.

ATTRIBUTION STATEMENTS

Geological information in this Report has been compiled by Troy's Vice President Exploration & Business Development, Peter Doyle, who:

- Is a full time employee of Troy Resources NL

- Has sufficient experience which is relevant to the type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'

- Is a Member of the Australasian Institute of Mining and Metallurgy

- Has consented in writing to the inclusion of this data

Information of a scientific or technical nature in this report was prepared under the supervision of Peter J. Doyle, Vice President Exploration and Business Development of Troy, a "qualified person" under National Instrument 43-101 - "Standards of Disclosure for Mineral Projects", a Fellow of the Australasian Institute of Mining and Metallurgy. Mr. Doyle has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a "competent person" as defined in the 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Doyle has reviewed and approved the information contained in this report. For further information regarding the Company's projects in Brazil, Australia and Argentina, including a description of Troy's quality assurance program, quality control measures, the geology, samples collection and testing procedures please refer to the technical reports filed which are available under the Company's profile at sedar.com or on the company's website.

This report contains forward-looking statements. These forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. A number of factors could cause actual results, performance, or achievements to differ materially from the results expressed or implied in the forward looking statements. Such factors include, among others, future prices of gold, the actual results of current production, development and/or exploration activities, changes in project parameters as plans continue to be refined, variations in ore grade or recovery rates, plant and/or equipment failure, delays in obtaining governmental approvals or in the commencement of operations.

This Quarterly Report is available on Troy's Website at www.try.com.au and under Troy's profile on SEDAR at sedar.com.









Lithium One Announces Inclusion in World's First Lithium ETF and Issues Update on Field Activities


Highlights

- Lithium One Selected for the New Global X Lithium Exchange Traded Fund (ETF)

- Near-Surface Brine Sampling at Sal De Vida Project Yields 765 mg/L Lithium and 0.76 wt % Potassium With Low Magnesium and Sulphate

- Hazen Research Produces First Lithium Carbonate From James Bay Spodumene Concentrate

VANCOUVER, CANADA--(Marketwire - July 29, 2010) - Lithium One Inc. (the "Company") (TSX VENTURE:LI), is pleased to report the Company's inclusion in the Global X Lithium ETF and provide an update on field activities in Argentina and Quebec. Additional results from the Sal de Vida Project emphasize the quality chemistry of the brine as well as its consistency and scope, while the James Bay project has reached the milestone of producing its first lithium carbonate from spodumene.

Lithium One President and CEO Patrick Highsmith commented on the significance of these recent events, "We continue to demonstrate the quality and viability of our projects, and have now been included as one of only eight lithium mining and exploration companies in the world's first lithium ETF. We see this as international recognition of Lithium One's progress towards being amongst the next generation of large-scale lithium producers. The ETF offers us the opportunity for exposure to a new and diverse investor base."

New York-based Global X Funds has launched the Global X Lithium ETF to offer a vertically-integrated investment focused on the rapidly expanding lithium battery market for electric vehicles and energy storage.

"It is appropriate that a lithium ETF include developers, producers and end-users, since the future of this commodity will be driven by relationships throughout the value chain. This is exemplified by our partnership with Korea Resources Corporation and by their close relationships with Korean industrial groups and end-users, such as GS Caltex and LG International" Highsmith remarked.

"As we progress our Sal de Vida lithium brine project towards a feasibility study, it is fitting for Lithium One to be included in the growth component of the ETF. This will augment the returns yielded by the existing major lithium producers such as FMC Corporation, our immediate neighbour at Salar del Hombre Muerto."

Sal de Vida Project Update

The Company has also recently concluded the near-surface brine sampling program at the Sal de Vida property. The cumulative average values are 765 mg/L (650 ppm) lithium, 8,976 mg/L (0.76 %) potassium, and a Mg:Li ratio of 1.77. These results demonstrate that the brines are consistently rich in lithium and potash over a contiguous area of more than 225 km2.

In addition, the magnesium and sulfate contents of brines from Sal de Vida are among the lowest of any salar in North or South America*, which is an important positive consideration when evaluating the economics of a brine resource. The lithium and magnesium results also continue to compare favourably to estimates for the adjacent Fénix lithium mine: 600 to 650 ppm Li and Mg:Li of 1.5*.



The Company continues to secure minor mineral property rights around the core property at Sal de Vida, increasing the total land holdings to 365 km2.

Core drilling is currently testing the heart of the brine reservoir, recovering discrete brine and porosity samples from depth. Lithium One is on schedule to report an NI 43-101 resource before the end of 2010.

Please refer to the Lithium One website (www.lithium1.com) for additional discussion of these results, maps and figures, as well as photos from the field.

James Bay Project Update

Hazen Research reports that it has prepared the first lithium carbonate from James Bay spodumene concentrates. A number of processing tests have been conducted on the mini-bulk sample from James Bay, and the material has responded well to conventional flotation, calcining, and acid baking/leaching. Assays of lithium carbonate purity are pending.

The Company is mobilizing the geological team to the James Bay Project in northwestern Quebec. The focus of this year's program will be to augment the drilling database with a high resolution topographic survey and surface diamond saw channel sampling of the exposed pegmatite. The data from this program will be incorporated into the block model, which will support the calculation of a NI 43-101 resource before the end of 2010.

Review by Qualified Person

The contents of this news release, analytical data, and quality control procedures have been reviewed and approved by Dr. Jeffrey Jaacks. Dr. Jaacks is a Certified Professional Geologist (C.P.G.) with the American Institute of Professional Geologists (CPG# 11249) and a qualified person as defined by NI 43-101. He is an independent consultant to the Company, holding no shares or options.

About Lithium One:

Lithium One Inc. is a Canadian-based explorer and developer of mineral properties with a specific focus on lithium. The Company has two major established lithium projects: the brownfields Sal de Vida lithium brine deposit in Argentina and the James Bay bulk tonnage spodumene deposit in Quebec. Korea Resources Corporation (KORES) is earning a 30% interest in the Sal de Vida Project by carrying Lithium One through US$15 million of exploration and resource development work and delivering a Definitive Feasibility Study. KORES will also secure the debt portion of project construction costs and purchase 30 to 50 percent of future lithium production. The Company continues to advance both its projects toward resource definition, expecting NI 43-101 compliant resource estimates before the end of 2010.

ON BEHALF OF THE BOARD OF DIRECTORS,

Patrick Highsmith, M.Sc., President and Chief Executive Officer
Lithium One Inc.
1238-200 Granville Street
Vancouver, BC V6C 1S4 Canada
Email: info@lithium1.com

Website: www.lithium1.com

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). All statements, other than statements of historical fact, included herein including, without limitation statements relating to; the completion of a Feasibility Study, securing of debt for future project construction, purchase of future mine production, the timing for completion of an NI 43-101 compliant resource and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.

* Economics of Lithium 11th Edition, Roskill Information Services (2009)

NEWS RELEASE: 10-09

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact
Investor Inquiries:
Lithium One Inc.
Robert Orr
604-697-6259
604-408-4799 (FAX)
ro@lithium1.com
or
Media Inquiries:
Lithium One Inc.
Chantelle Krish
604-681-1407
604-681-9816 (FAX)
media@lithium1.com
www.lithium1.com


29 jul 2010

Barrick Reports Q2 2010 Financial and Operating Results



TORONTO, ONTARIO--(Marketwire - July 29, 2010) - Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) -

SECOND QUARTER REPORT 2010

Based on US GAAP and expressed in US dollars

For a full explanation of results, the Financial Statements and Management Discussion & Analysis, and mine statistics please see the Company's website, www.barrick.com.

Highlights

- Reported Q2 net income rose 59% to a record $783 million ($0.79 per share). Adjusted Q2 net income rose 76% to $759 million ($0.77 per share)(1) compared to $431 million ($0.49 per share) in Q2 2009. Operating cash flow rose 42% to $1.02 billion from $718 million in the prior year period and exceeded $2 billion in the first half of 2010.

- Q2 gold production of 1.94 million ounces at total cash costs of $457 per ounce(1) or net cash costs of $358 per ounce(1), was ahead of plan on strong performance from the North and South America regions. Barrick remains on track with its original full year production guidance of 7.6-8.0 million ounces at total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce(2).

- Lower cash costs in 2010 are expected to allow Barrick to fully capture the benefits of higher gold prices. Q2 cash margins increased 56% to $748 per ounce(1) from $479 per ounce in Q2 2009 and net cash margins increased 48% to $847 per ounce(1) from $571 per ounce in the prior year period.

- Cortez Hills continues to exceed plan following its successful ramp-up in Q1. The Cortez property produced 0.29 million ounces at total cash costs of $308 per ounce in Q2 and is on track to exceed its original production guidance for 2010.

- The Pueblo Viejo(3) and Pascua-Lama projects remain in line with their respective pre-production capital budgets with first production expected in Q4 2011 and Q1 2013, respectively. At full capacity and combined with Cortez Hills, these projects are forecast to contribute about 2.4 million ounces(4) of annual production at low cash costs.

- The terms for $1.035 billion (100% basis) in non-recourse project financing for the Pueblo Viejo project were finalized during the quarter and approximately $780 million (100% basis) has been received in the first draw on this financing.

- Barrick's Board of Directors has authorized a quarterly dividend of 12 cents per share, which represents a 20% increase from the previous dividend(5). The Company expects to move from a semi-annual dividend to a quarterly dividend going forward. The Company's positive outlook on the gold price, combined with a strong financial position, quarter-end cash of $3.9 billion and $2.1 billion of operating cash flow in H1 2010, has allowed Barrick to continue to make high return investments in its project pipeline and at the same time increase its dividend. As the gold price has increased in the last five years, Barrick has increased its dividend by almost 120%.

Q2 production of 1.94 million ounces of gold at total cash costs of $457 per ounce or net cash costs of $358 per ounce was ahead of plan primarily due to strong performances from Cortez, Goldstrike, and Lagunas Norte. The realized gold price for the quarter was $1,205 per ounce(1), $8 per ounce above the average spot price of $1,197 per ounce. Cash margins increased 56% to $748 per ounce from $479 per ounce in Q2 2009. Net cash margins increased 48% to $847 per ounce from $571 per ounce in the same prior year period.

Adjusted Q2 net income rose 76% to $759 million ($0.77 per share), reflecting higher production and sales in conjunction with higher realized gold prices, compared to $431 million ($0.49 per share) in Q2 2009. Reported Q2 net income of $783 million ($0.79 per share) before net adjustments of $24 million was a Company record. Operating cash flow rose 42% to $1.02 billion from $718 million in the prior year period.

"We had another good quarter with solid operational and financial results. Our operating costs were stable and when combined with the higher realized gold price led to significant margin expansion, record quarterly earnings and strong cash flow generation," said Aaron Regent, Barrick's President and CEO. "We continued to advance our project pipeline in line with our plans. In particular, Cortez Hills has been completed and is performing exceptionally well and the construction of Pueblo Viejo and Pascua-Lama continue to move forward. The outlook for the price of gold remains very positive and Barrick will continue to be a major beneficiary."

PRODUCTION AND COSTS

Q2 production of 1.94 million ounces at total cash costs of $457 per ounce or net cash costs of $358 per ounce exceeded plan. The Company continues to expect 2010 production to increase to 7.6-8.0 million ounces of gold at lower total cash costs of $425-$455 per ounce or net cash costs of $345-$375 per ounce. Total cash costs are expected to trend toward the higher end of the range primarily due to increased royalties as gold prices have traded higher(6) and as a result of a change in the production mix.

Following a strong Q1, the North America region delivered another quarter of results which were ahead of plan, producing 0.76 million ounces at total cash costs of $506 per ounce in Q2 on continued strong performances from Cortez and Goldstrike. With Cortez expected to exceed its original guidance, full year production for the region is now anticipated to increase to 3.125-3.175 million ounces of gold and total cash costs are anticipated to be at the higher end of the range of $450-$475 per ounce due to increased royalties and production taxes.

The Cortez property continued to exceed plan, producing 0.29 million ounces at total cash costs of $308 per ounce on higher than expected grades from the Cortez Hills open pit and underground. Cortez Hills continues to operate under the terms of the tailored injunction issued by the District Court while the Bureau of Land Management completes a Supplementary Environmental Impact Study (SEIS) on three aspects identified by the 9th Circuit Court of Appeals. The Company continues to expect completion of the SEIS and a Record of Decision to be issued by year-end.

The Goldstrike operation also performed ahead of plan, producing 0.30 million ounces at total cash costs of $566 per ounce in Q2 primarily due to better than expected grades from the open pit and higher roaster throughput. As planned, Goldstrike is expected to access higher grade material in the second half of the year.

The South American business unit produced 0.57 million ounces at total cash costs of $233 per ounce in Q2. Lagunas Norte exceeded plan, producing 0.25 million ounces at total cash costs of $163 per ounce due to changes in the mine plan. As a result, production at Lagunas Norte is expected to be lower in the second half of the year, before increasing again in early 2011. The Veladero mine produced 0.26 million ounces at total cash costs of $279 per ounce and is expected to produce over 1.0 million ounces in 2010. Full year production for the South America region is now expected to decrease to 2.05-2.10 million ounces of gold at total cash costs of $240-$270 per ounce, primarily as a result of the changes in the mine plan at Lagunas Norte.

The Australia Pacific business unit contributed production of 0.48 million ounces at total cash costs of $622 per ounce in Q2. The Porgera mine produced 0.12 million ounces at total cash costs of $617 per ounce. The region remains on track with its original production guidance of 1.85-2.00 million ounces of gold at total cash costs of $600-$625 per ounce.

Attributable production from African Barrick Gold plc in Q2 was 0.13 million ounces at total cash costs of $609 per ounce(7). Barrick's share of full year production is now expected to decrease to 0.60-0.64 million ounces at higher total cash costs of $560-$600 per ounce as the Buzwagi mine continues to work through lower grade transition ore. Plant availability in the quarter was also impacted by a series of power outages and equipment issues which are being addressed. Production at Buzwagi is expected to increase in the second half of the year as primary sulfide ore becomes available for processing.

Q2 copper production was 102 million pounds at total cash costs of $1.12 per pound and the Company remains on track with its full year copper production guidance of 340-365 million pounds at total cash costs of $1.10-$1.20 per pound.

Utilizing option collar strategies, we have put in place floor protection on approximately 75% of our expected copper production for the remainder of 2010 at an average price of $2.16 per pound and can participate in copper price upside on approximately 100% of our expected remaining 2010 copper production to a maximum average price of $3.69 per pound. We have also hedged approximately 35% of our expected 2011 production through the use of collars with an average floor price of $3.00 per pound and an average ceiling price of $4.18 per pound.

Barrick's production base is underpinned by the industry's largest, fully unhedged gold reserves of 139.8 million ounces, plus measured and indicated gold resources of 61.8 million ounces and inferred gold resources of 31.6 million ounces(8).

PROJECTS UPDATE

The Pueblo Viejo project in the Dominican Republic is advancing in line with its $3.0 billion capital budget (100% basis) and initial production continues to be anticipated in the fourth quarter of 2011. At the end of the second quarter, overall construction was more than 25% complete, approximately 70% of the capital had been committed and engineering and procurement by major EPCM contractors was about 95% complete. About 92,000 cubic meters of concrete or about 60% of the total have been poured and 5,000 tons of steel, representing about 30% of the total, have been erected. Two of the autoclaves are in country, one of which is expected to arrive on site imminently, and all four mills have been installed on their footings. Work continues toward achieving key milestones including the connection of power to the site, which is necessary to commence commissioning activities in the second half of 2011. The terms for $1.035 billion (100% basis) in non-recourse project financing for the project were finalized during the quarter and approximately $780 million (100% basis) has been received in the first draw on this financing. Barrick's 60% share of annual gold production in the first full five years of operation is expected to average 625,000-675,000 ounces at total cash costs of $250-$275 per ounce(9).

At the Pascua-Lama project on the border of Chile and Argentina, detailed engineering and procurement is nearing completion and the project is on track to enter production in the first quarter of 2013. Major items that have been purchased or are subject to firm pricing include the mining equipment fleet, autogenous grinding (AG) and ball mills, the overland conveyor, and the primary and pebble crushers. The project remains in line with its pre-production capital budget of $2.8-$3.0 billion with over one-third of the capital committed. In Chile, the Barriales camp is essentially complete and substantial progress has been made on the Los Amarillos camp in Argentina. Construction of the Punta Colorada road is progressing well and earthworks have commenced with about 3.0 million tons moved to date. Average annual gold production is expected to be 750,000–800,000 ounces in the first full five years of operation at total cash costs of $20-$50 per ounce(10) assuming a silver price of $12 per ounce. For every $1 per ounce increase in the silver price, total cash costs are expected to decrease by about $35 per ounce over this period.

At the Cerro Casale project in Chile, the review of any additional permitting requirements before considering a construction decision is progressing. Engineering contractors have been selected and basic engineering has commenced. Pre-production capital is expected to be about $4.2 billion (100% basis) and Barrick's 75% share of average annual production is anticipated to be about 750,000-825,000 ounces of gold and 170-190 million pounds of copper in the first five full years of operation at total cash costs of about $240-$260 per ounce(11) assuming a copper price of $2.50 per pound. A $0.25 per pound change in the copper price would result in an approximate $50 per ounce impact on the expected total cash costs per ounce over this period.

At the 50% owned Donlin Creek project, further optimization studies are underway, primarily focused on the potential to utilize natural gas to reduce operating costs. Following completion of a scoping study for the natural gas option, in April 2010, the Board of Donlin Creek LLC approved a supplemental budget to proceed with revisions to the feasibility study to include the natural gas option. The feasibility study revisions are expected to be completed in the second quarter of 2011.

At the Reko Diq project, in which Barrick owns a 37.5% interest, the initial mine development feasibility study together with an environmental and social impact assessment are being finalized. The feasibility study indicates pre-production capital of approximately $3.3 billion (100% basis) based on a 120,000 ton per day processing plant, which is capable of future expansions. Barrick's share of average annual production for the first five full years of operation is expected to be about 100,000 ounces of gold at total cash costs of $420-$450 per ounce and 150-160 million pounds of copper at total cash costs of $1.00-$1.10 per pound(12). Discussions with the Governments of Pakistan and Balochistan continue on such matters as investment protection, the outcome of which will inform the next steps taken by Barrick to advance the project.

FINANCIAL POSITION

At June 30, 2010, Barrick had the gold industry's only 'A' credit rating, a cash balance of $3.9 billion and a $1.5 billion undrawn credit facility. The Company generated over $1 billion in operating cash flow during the quarter and $2.1 billion in operating cash flow in the first half of 2010. With the Company's strong financial position and its positive outlook on the gold price, Barrick's Board of Directors has authorized a quarterly dividend of 12 cents per share, which represents a 20% increase from the previous dividend. The quarterly dividend is to be paid on September 15, 2010 to shareholders of record as of the close of business on August 31, 2010. The Company expects to move from a semi-annual dividend to a quarterly dividend going forward(13).

Barrick's vision is to be the world's best gold company by finding, acquiring, developing and producing quality reserves in a safe, profitable and socially responsible manner. Barrick's shares are traded on the Toronto and New York stock exchanges.

(1) Adjusted net income, total cash costs per ounce, net cash costs per ounce, realized price, cash margins and net cash margins per ounce are non-GAAP financial measures. See pages 38-44 of Barrick's Second Quarter Report.

(2) Based on an expected realized copper price of $3.00 per pound for full year 2010.

(3) Barrick has a 60% share in the Pueblo Viejo project.

(4) 2.4 million ounces of production is based on the estimated cumulative average annual production in the first full 5 years once all are at full capacity, with the Cortez Complex including Pipeline.

(5) Calculated based on converting previous semi-annual dividend of $0.20 per share to a quarterly equivalent.

(6) Based on an increase in the gold price assumption to $1,150 per ounce from $1,050 per ounce.

(7) US GAAP basis. ABG reports under an IFRS basis.

(8) Calculated as at December 31, 2009 in accordance with National Instrument 43-101 as required by Canadian securities regulatory authorities. For United States reporting purposes, Industry Guide 7 (under the Securities Exchange Act of 1934), as interpreted by the Staff of the SEC, applies different standards in order to classify mineralization as a reserve. Accordingly, for U.S. reporting purposes, Cerro Casale is classified as mineralized material. For a breakdown of reserves and resources by category and additional information relating to reserves and resources, see pages 23-33 of Barrick's 2009 Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

(9) Based on gold price and oil price assumptions of $950 per ounce and $75 per barrel, respectively.

(10) Total cash costs are calculated net of silver credits assuming silver, gold, and oil prices of $12 per ounce, $950 per ounce, $75 per barrel, respectively.

(11) Based on gold price, copper price, and oil price assumptions of $950 per ounce, $2.50 per pound and $75 per barrel, respectively, and assuming a Chilean peso foreign exchange rate of 525:1.

(12) Based on copper and gold price assumptions of $2.20 per pound and $925 per ounce, respectively.

(13) The declaration and payment of dividends remains at the discretion of the Board of Directors and will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the Board.































(1) Production includes equity gold ounces in Highland Gold.
(2) Realized price is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 43 of the Company's MD&A.
(3) Total cash costs is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 40 of the Company's MD&A.
(4) Represents equity amortization expense, unrealized losses on non-hedge currency and commodity contracts and inventory purchase accounting adjustments at the Company's producing mines, divided by equity ounces of gold sold or pounds of copper sold.
(5) Net cash costs is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 40 of the Company's MD&A.
(6) Adjusted net income is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 38 of the Company's MD&A.
(7) Fully diluted, includes dilutive effect of stock options and convertible debt.
(8) Adjusted debt is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 44 of the Company's MD&A.
(9) Net debt is a non-GAAP financial performance measure with no standard meaning under US GAAP. See page 42 of the Company's MD&A.


































(1) Production includes an additional 50% interest in Hemlo from January 1, 2009 onwards and Barrick's share of total cash costs increased to 100% effective May 1, 2009.

(2) Total cash costs and net cash costs are non-GAAP financial performance measures with no standard meaning under US GAAP. See page 40 of the Company's MD&A.

(3) Represents unrealized losses on non-hedge currency and commodity contracts and the impact of Barrick Energy.

(4) Figures relating to African Barrick Gold are stated at 100% up to March 31, 2010 and 73.9% thereafter.


























The notes to these unaudited interim consolidated financial statements, which are contained in the Second Quarter Report 2010 available on our website, are an integral part of these consolidated financial statements.

























The notes to these unaudited interim consolidated financial statements, which are contained in the Second Quarter Report 2010 available on our website, are an integral part of these consolidated financial statements.
















































The notes to these unaudited interim consolidated financial statements, which are contained in the Second Quarter Report 2010 available on our website, are an integral part of these consolidated financial statements.

CORPORATE OFFICE
Barrick Gold Corporation
Brookfield Place, TD Canada Trust Tower
Suite 3700
161 Bay Street, P.O. Box 212
Toronto, Canada M5J 2S1
Tel: (416) 861-9911
Fax: (416) 861-0727
Toll-free throughout North America:
1-800-720-7415
Email: investor@barrick.com
Website: www.barrick.com

SHARES LISTED
ABX – The New York Stock Exchange
The Toronto Stock Exchange


CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information contained in this Second Quarter Report 2010, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, constitute "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "will", "anticipate", "contemplate", "target", "plan", "continue", "budget", "may", "intend", "estimate" and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Company cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of Barrick to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to: the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; changes in the worldwide price of gold, copper or certain other commodities (such as silver, fuel and electricity); fluctuations in currency markets; changes in U.S. dollar interest rates; risks arising from holding derivative instruments; ability to successfully complete announced transactions and integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; employee relations; availability and costs associated with mining inputs and labor; the speculative nature of exploration and development, including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves; changes in costs and estimates associated with our projects; adverse changes in our credit rating, level of indebtedness and liquidity, contests over title to properties, particularly title to undeveloped properties; the risks involved in the exploration, development and mining business. Certain of these factors are discussed in greater detail in the Company's most recent Form 40-F/Annual Information Form on file with the U.S. Securities and Exchange Commission and Canadian provincial securities regulatory authorities.

The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

For more information, please contact
INVESTOR CONTACT: Deni Nicoski
Vice President, Investor Relations
(416) 307-7410
Email: dnicoski@barrick.com
or
MEDIA CONTACT: Vincent Borg
Executive Vice President, Corporate Communications
(416) 307-7477
Email: vborg@barrick.com

28 jul 2010

Orocobre Selected in First Global Lithium ETF


- Orocobre selected in world's first lithium exchange traded fund

- Fund includes 20 major liquid lithium mining, refining and battery producing companies

- Further validation of positive outlook and investor support for lithium

BRISBANE, AUSTRALIA--(Marketwire - July 28, 2010) - Orocobre Ltd (TSX:ORL)(ASX:ORE) is pleased to announce it has been included in the world's first lithium based Exchange Traded Fund (ETF).

The ETF, launched by Global X Funds is designed to track performance of the largest and most liquid lithium mining, refining and battery producing companies in the world.

Managing Director, Mr. Richard Seville said "Orocobre's selection highlights the important position of Orocobre in the emerging lithium industry, and the promising outlook for Lithium as a strategic commodity."

"This is a vote of confidence in the lithium sector as a whole and follows strong support in the sector from major global motor vehicle suppliers and companies, such as our partner Toyota Tsushu."

"Investors are increasingly aware of lithium's important role in a variety of battery applications, in particular for use in electric propulsion."

"The inclusion as one of just 20 companies in the ETF highlights Orocobre's position as one of the world's next large scale, low cost lithium-potash brine producers."

Paul Crawford, Company Secretary

About Global X Funds

Global X Funds is has launched a range of exchange- traded funds including a suite of Brazil and China sector-specific ETFs and Silver and Copper Miners ETFs, among others.

About Orocobre Limited

Orocobre Limited is listed on the Australian Securities Exchange and Toronto Stock Exchange (TSX:ORL)(ASX:ORE) and is the leading lithium-potash developer in the lithium and potassium rich Puna Lithium Province of Argentina.

For further information, please visit www.orocobre.com.

This new release contains forward-looking information within the meaning of applicable Canadian securities legislation. Specifically, this press release contains forward-looking statements relating to the use of proceeds of the offering. The forward looking statements are based on certain key expectations and assumptions made by Orocobre, including assumptions concerning the timing of development, construction, and production from the Salar de Olaroz project, which expectations and assumptions management of Orocobre believes to be reasonable at this time. Although Orocobre believes that the expectations and assumptions on which such forward –looking statements are based are reasonable as of the date of this news release, undue reliance should not be placed on the forward – looking statements and information, as Orocobre can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their nature they involve inherent risks and uncertainties. The intended use of the proceeds of the offering by Orocobre may change if the board of directors of Orocobre determines that it would be in the best interests of Orocobre to apply the proceeds of the offering for some other purpose. The forward-looking statements contained in this news release are made as of the date hereof and Orocobre undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

ABN 31 112 589 910

For more information, please contact
Australia and Asia:
Orocobre Limited
Richard Seville
Managing Director
+61 7 3871 3985 or Mobile: +61 419 916 338
or
FD Third Person
Gemma Young
+61 8 9386 1233 or Mobile: +61 412 349 345
gemma.young@fdthirdperson.com.au
or
North America:
Orocobre Limited
James D. Calaway
Chairman
+1 (713) 366-0301 or Mobile: +1 (713)-818-1457
or
FD
Jessica Wagner
+1 (312) 861 4707 or Mobile: +1 (646) 258 7439
Jessica.wagner@fd.com

Marifil and NovaGold Advance San Roque Agreement


NovaGold Makes US$50,000 Payment to Marifil

LAS VEGAS, NEVADA--(Marketwire - July 28, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that NovaGold Resources Inc. ("NovaGold") has successfully completed its due diligence studies on Marifil's title to the San Roque project. NovaGold has delivered a check for US$50,000 to Marifil and is planning an exploration and drilling program. NovaGold now has the right to earn up to a 70% interest in Marifil's San Roque Project in Rio Negro Province, Argentina.

The San Roque project comprises eleven claims totalling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA ("MIM"). Marifil has the right to purchase a 100% interest in these claims for $400,000.

Under the terms of the Option Agreement ("Agreement") announced on June 23, 2010, NovaGold has an option to acquire a 49% interest by spending $3,000,000 during the first two years of the Agreement (including making the $400,000 payment to MIM) and paying Marifil $100,000 per year. After earning its 49% interest, NovaGold can earn an additional 2% interest by committing to a Phase 2 program. During the Phase 2 program NovaGold shall spend an additional $6,000,000 over the next three years and pay Marifil $100,000 per year to earn an additional 19% interest, bringing its total interest to 70%. All further expenditures shall be shared 70% NovaGold and 30% Marifil.

The San Roque property contains a large sulphide system defined by an induced polarization ("IP") survey and widespread drilling over an area measuring at least 3 kilometres by 4 kilometres. This area is the site of a coincident lead-zinc-gold-silver anomaly in soils and the IP geophysical anomaly. Marifil believes this mineralization lies within a collapsed caldera or diatreme structure. Widespread mineralization occurs throughout the volcanic rock types present within the postulated caldera/diatreme and mineralization also extends into the underlying basement schists.

The infrastructure is especially favourable at San Roque. The climate is mild and work can be carried out year round; the terrain is relatively flat, with elevations generally only 200 to 300 m above sea level, and abundant water is nearby. The property is located in a region with a large, skilled workforce and is accessible by a paved highway. A railroad crosses the south boundary of the claims, cheap hydroelectric power is available, and a deep water ocean port lies just 65 kilometres to the east.

Drilling by Marifil reveals significant disseminated and stockwork galena and sphalerite (ores of lead and zinc) mineralization containing gold, silver, and indium. Marifil believes mineralization at San Roque is analogous to the giant Penasquito deposit in Mexico, now being mined by Goldcorp, and the Camino Rojo and San Augustin deposits, also in Mexico. The Montana Tunnels deposit in western Montana is also a similar geologic model.

To learn more about Marifil Mines Ltd., please refer to the Company's filings available on SEDAR at www.sedar.com or at Marifil's website at www.marifilmines.com.

This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President under whose directions the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.

General Disclaimer

Marifil Mines Ltd. ("Marifil") has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information in this news release. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information in this news release, except for personal use, unless you have obtained our express written permission.

Forward-Looking Statements

This news release may contain forward-looking statements, including but not limited to comments regarding geologic models and estimates of mineralization within the San Roque property and other predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

For more information, please contact
Marifil Mines Ltd.
John Hite
President
509.467.5200
www.marifilmines.com
or
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
604.684.4743 ext. 243
hugh@ascentacapital.com