Cash Offer for all shares at C$18.00 per share

C$773 million aggregate cash purchase price for the outstanding shares (on a fullydiluted basis)

Unanimous recommendation of the Arizona Star board of directors

Lock-ups representing approximately 35.4% of the outstanding Arizona Star shares on a fully-diluted basis

$27 million non-completion fee and right to match

The Support Agreement provides for, among other things, customary board support and nonsolicitation covenants (subject to customary "fiduciary out" provisions that entitle Arizona Star to consider and accept a superior proposal), a five business day right to match in favour of Barrick, and the payment to Barrick of the non-completion fee.

In connection with the Offer, all of the directors and officers of the Company, and FCMI Resources Ltd., a company beneficially controlled by Albert D. Friedberg and members of his immediate family, representing approximately 35.4% of the outstanding Arizona Star shares (calculated on a fully-diluted basis) have entered into lock-up agreements with Barrick pursuant to which they have agreed to, among other things, tender all their Arizona Star shares to the Offer.

Paul A. Parisotto, President and CEO of Arizona Star, commented, “The primary goal of the Board of Directors has always been to maximize shareholder value. Our Special Committee, with the assistance of its financial advisor, conducted a rigorous process which included contacting more than 30 potential purchasers. The Board determined that this cash offer from Barrick should be accepted by shareholders”.

The Offer will be open for acceptance for a period of not less than 35 days and is conditional upon, among other things, valid acceptances of the Offer by Arizona Star shareholders owning not less than 66 2/3% of the outstanding Arizona Star shares (calculated on a fullydiluted basis). In addition, the Offer will be subject to certain customary conditions, relevant regulatory approvals and the absence of any material adverse change with respect to Arizona Star. Barrick may waive the conditions of the Offer in certain circumstances. If its Offer is successful, Barrick has agreed to take steps available to it under relevant securities laws to acquire any remaining outstanding Arizona Star shares.

Citigroup Global Markets Inc. is acting as financial advisor to the special committee of the board of directors of Arizona Star and Fraser Milner Casgrain LLP and Dorsey & Whitney LLP are acting as legal counsel to Arizona Star. The special committee of the board of directors of Arizona Star has received an opinion, dated October 28, 2007, from its financial advisor, Citigroup Global Markets Inc., to the effect that, as of the date of such opinion and based on and subject to the limitations and qualifications set forth in such opinion, the Offer Price to be received by Arizona Star shareholders (other than Barrick and its affiliates) was fair, from a financial point of view, to such shareholders.

Davies Ward Phillips & Vineberg LLP is acting as legal counsel to Barrick.