HARMONY ACQUIRES STAKE IN HIGH RIVER GOLD MINES LTD. Release Date: 11/11/2002 12:03:32 Code(s): HAR
HARMONY ACQUIRES STAKE IN HIGH RIVER GOLD MINES LTD.
Harmony Gold Mining Company Limited ("Harmony")
Johannesburg - 11 November 2002 - Harmony Gold Mining Company Limited
("Harmony") (NASDAQ: HGMCY) today
announced that it has entered into a share purchase agreement with Jipangu Inc.
to acquire 17 074 861 common shares of High River Gold Mines Limited ("High
River") representing an approximate 21% interest in the issued share capital of
the company. The transaction is scheduled to close on 22 November 2002. High
River (TSE:HRG) is a Toronto based company with gold interests in Russia, Canada
and West Africa.
The price payable is US$0.85 per High River Gold share which represents an
approximate 16% discount on the weighted average share price for the 30 day
trading period prior to the execution of the agreement. The total purchase
consideration amounts to US$14.5 million (R145 million).
The principle assets of High River Gold are:
* a 53% fully diluted equity interest in OJSC Buryatzoloto - the 5th largest
gold producer in Russia, with two operating mines producing a total of
approximately 150 000 oz per year.
As at the end of 2001 Buryatzoloto reported reserves and resources of 1.4
million ounces and 5.3 million ounces
* an agreement to acquire a 100% interest in the Berezitovoye
Project situated in Siberia, Russia. The Berezitovoye deposit
Issued by Harmony Gold Mining Company Limited
11 November 2002
For more details contact:
on +27(0)83 303 9922
on +27(0)82 807 3684
Tel +27 11 684 0146
Fax +27 11 684 0188 Mobile +27(0)83 380 6614
ISIN No.: ZAE000015228
Date: 11/11/2002 12:03:20 PM Supplied by www.sharenet.co.za
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