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MERGED HARMONY TO BE WORLD"S LARGEST GOLD RESOURCE COMPANY

Release Date: 05/08/2003 12:43:30      Code(s): HAR HARW
MERGED HARMONY TO BE WORLD"S LARGEST GOLD RESOURCE COMPANY                      
Harmony Gold Mining Company Limited                                             
JSE:        HAR   HAR                                                           
NYSE:       HMY                                                                 
ISIN No.:   ZAE000015228                                                        
JSE:        HARW                                                                
NYSE:       HMYWS                                                               
ISIN No.:   ZAE000031209                                                        
MERGED HARMONY TO BE WORLD"S LARGEST GOLD RESOURCE COMPANY                      
Johannesburg, 5 August 2003 - Harmony Gold Mining Company Limited               
(NYSE: HMY JSE: HAR) today announced details on its annual re-statement of its  
ore reserves.                                                                   
"Excluding the ore reserves from ARMgold, Harmony will have grown its reserve   
base by 1 million ounces to 50 million ounces, year on year. This is over and   
above the 3 million ounces of gold mined during our previous financial year, and
the reduction of 800 000 ounces in our Australian reserves," commented Bernard  
Swanepoel, Harmony Chief Executive.                                             
Using a gold price of R93 000 per kilogram, the merged company will have grown  
its reserve base by 26% from 49 million ounces in June 2002, to 62 million      
ounces at a 3% higher underground grade of 6,24g/t. Harmony will also own the   
world"s largest gold resource base, comprising some 410 million ounces.         
The company has, in the light of the current strength of the Australian Dollar  
and the closure of the inherited hedge positions at these operations, restated  
its Australian reserve base. Although Harmony"s resource base in Australia      
remains at 11 million ounces, reserves have decreased from 2,3 million ounces in
2002 to 1,5 million ounces. This will result in the company taking a nett non-  
cash impairment charge of R598 million during its current financial year.       
"Due to limited exploration expenditure in the industry, reserve replacement has
become crucial to the future of gold mining companies globally. With its larger,
higher quality ore reserve base, the merged Harmony, as an unhedged producer, is
ideally positioned to deal with the volatility of both the US Dollar gold price 
and the South African Rand," concluded Bernard.                                 
ORE RESERVES        30 JUNE       30 JUNE      %                                
AS AT:-             2003          2002         VARIANCE                         
Gold price per kg   R93 000       R95 000      (2)                              
Average exchange                                                                
rate (SA Rand per   R8,50         R10,00       (15)                             
US$)                                                                            
Total resources                                                                 
including           410,2         295,6        39                               
project  ounces                                                                 
(Moz)                                                                           
Reserve base (Moz)  61,9          49,1         26                               
NOTE:                                                                           
Ore Reserve calculations include 100% of ARMgold reserves                       
Excludes Target"s ounces                                                        
RESERVES           2003                2002                                     
Harmony            50,1m               49,1m                                    
ARMgold            11,8m               -                                        
TOTAL              61,9m               49,1m                                    
RESOURCES          2003                2002                                     
Harmony            319,9m              295,6m                                   
ARMgold            90,3m               -                                        
TOTAL              410,2m              295,6m                                   
Issued by Harmony Gold Mining Company Limited                                   
For more details contact:                                                       
Bernard Swanepoel                                                               
on +27(0)83 303 9922                                                            
or                                                                              
Ferdi Dippenaar                                                                 
on +27(0)82 807 3684                                                            
Investor Relations Officer                                                      
Corne Bobbert                                                                   
Tel +27 11 684 0146                                                             
Fax +27 11 684 0188                                                             
Mobile +27(0)83 380 6614                                                        
cbobbert@harmony.co.za                                                          
www.harmony.co.za                                                               
Date: 05/08/2003 12:43:36 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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