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Harmony Disposes Of Its 17% Shareholding In High River Gold

Release Date: 17/10/2003 17:55:19      Code(s): HAR
Harmony Disposes Of Its 17% Shareholding In High River Gold                     
Harmony Gold Mining Company Limited                                             
(NYSE: HMY JSE: HAR)                                                            
ISIN: ZAE000015228                                                              
HARMONY DISPOSES OF ITS 17% SHAREHOLDING IN HIGH RIVER GOLD                     
Johannesburg, 17 October 2003                                                   
Harmony Gold Mining Company Limited (NYSE: HMY JSE: HAR) today announced that it
had sold 17 074 861 common shares of High River Gold in a placing arranged by   
BMO Nesbitt Burns. The price of C$1.75 per share achieved represents a 12,5%    
discount on the previous day"s closing price.                                   
The company realised an amount of US$22,5 million representing a 55% return on  
the US$14,5 million originally invested in November 2002. The strengthening of  
the SA Rand by some 28% since the time of making the investment, resulted in a  
profit of only R16,2 million.                                                   
Following the company"s disposal of its 31,7% shareholding in Highland Gold     
Limited earlier in the week, the Board was of the opinion that the relevance of 
the stake in High River Gold had decreased and a decision to disinvest was      
taken.                                                                          
The company has over the past week crystallized value from two of its strategic 
investments, thereby strengthening its balance sheet. The company is now well   
positioned to fund its future growth.                                           
Ends                                                                            
Issued by Harmony Gold Mining Company Limited                                   
17 October 2003                                                                 
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                                                             
Mobile +27(0)83 380 6614                                                        
cbobbert@harmony.co.za                                                          
www.harmony.co.za                                                               
JSE:        HAR                                                                 
NYSE:       HMY                                                                 
ISIN No.:   ZAE000015228                                                        
ISIN No.:   ZAE000015228                                                        
Date: 17/10/2003 05:55:21 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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