The gold miner says it will use the money from the sale to pay down debt.
Barrick has been looking to sell non-core assets as it streamlines its operations and cuts costs.
The sale of Cowal is expected to help reduce general and administrative costs as it closes its office in Perth, Australia.
Evolution Mining is a mid-tier Australian gold miner with five gold and silver mines in Queensland and Western Australia.
The sale is expected to close in the third quarter.