"We continue to look at just about everything in the marketplace, and there may be some opportunities out there that could appeal to us," he said on a conference call to discuss the group's third-quarter results.

Despite recent weakness in bullion prices, Barrick continues to hold an "exceptionally positive" view of gold going forward, chairperson and interim CEO Peter Munk said.

Bullion has fallen from a record high in March this year of $1 030,80/oz, to around $740/oz on Thursday afternoon.

He attributed the price declines of the last three months to sales by "hundreds and hundreds of individuals and institutions who, in this crisis of the last two months, were looking for US dollar liquidity".

Although it could take as long as six months to a year, Munk was adamant that the liquidity that has been injected into global markets in the form of US dollars has to translate into weakness in the American currency.

"You cannot go through these kinds of financial crisis, you cannot pump that much liquidity into the system without exceedingly increasing the supply and creating a weakening of that currency."

He also pointed to a "flawless" inverse correlation between gold and the US dollar, which, he believes, can only bode well for bullion prices.

"If that [correlation] continues to hold true, I think the outlook for gold is a hell of a lot more positive than anything else you can think of."

In September, Barrick completed a $1,25-billion bond offering - the group's biggest ever - and now has a fully undrawn credit facility of $1,5-billion.

When combined with a cash position of $1,7-billion, this puts the Toronto-based miner in a position to take advantage of opportunities when they arise, Sokalsky said.

BUDGET REVIEW

Still, like many of its peers, Barrick is relooking at its spending plans in the light of softening metals prices, and may reconsider the timing of certain projects, including those in Canada, the Dominican Republic and Chile.

It will also look at trimming project budgets to take into account declining costs for commodities like oil, steel and consumables, which could have a "dramatic" effect on project and operational costs, Munk suggested.

Energy and consumable costs account for a combined 50% of group operating costs, and are expected to drop significantly thanks to lower prices for oil, steel, sulphuric acid and other inputs.

Meanwhile, the group's three largest projects under way, Buzwagi, in Tanzania, Cortez Hills, in Nevada, and Pueblo Viejo, in the Dominican Republic, are all on schedule and within budget.

Buzwagi will start production in the middle of next year, and Cortez Hills is scheduled for start-up in the first half of 2010.

The company is also in "detailed negotiations" with a group of export credit agencies, international financial institutions and commercial banks, for $1-billion in project financing for the Pueblo Viejo project, and expects to have the funds in place by early 2009, Sokalsky said.

The company owns 60% of Pueblo Viejo, and fellow Canadian Goldcorp holds the balance.

The two companies will then raise a total of $1,7-billion in equity to complete the financing for the project.

EARNINGS FALL ON IMPAIRMENT

Barrick posted third quarter net income of $254-million, 26% lower than a year ago, after the company wrote down its interest in LSE-listed Highland Gold.

Before one-time items, net income was $351-million, compared with $354-million a year earlier.

Third-quarter profit was also affected by the timing of some gold shipments, as production of the yellow metal exceeded sales by 136 000 oz during the three months.

Gold production rose to 1,95-million ounces, at total cash costs of $466/oz, compared with 1,93-million ounces in the third quarter of 2007, at cash costs of $365/oz.

Toronto-based Barrick realised anaverage gold price during the quarter of $872/oz, up from $681/oz in the same period a year ago.

"While gold prices have been volatile in the face of a global credit crisis as investors have liquidated positions across all asset classes, we continue to be positive about the underlying fundamentals of the gold market and the long-term prospects of Barrick," said Munk.

Barrick holds a 20% interest in Highland Gold, while Russian billionaire Roman Abramovich's Millhouse LLC bough a 40% stake in the company last year.

The group maintained its previous full-year production guidance of 7,6-million to 7,8-million ounces of gold, and total cash costs are still expected to come in at between $425/oz and $445/oz.

However, copper production in 2008 is now expected be between 360-million and 370-million pounds, down from a previous forecast of between 380-million and 390-million pounds.

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