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HARMONY GOLD MINING COMPANY LIIMTED - PRESS RELEASE

Release Date: 13/11/2003 08:03:00      Code(s): HAR
HARMONY GOLD MINING COMPANY LIIMTED - PRESS RELEASE                             
HARMONY GOLD MINING COMPANY LIMITED                                             
(Registration number 1950/038232/06)                                            
("Harmony" or the "company")                                                    
ISIN: ZAE000015228                                                              
JSE Share code: HAR                                                             
NYSE: HMY                                                                       
HARMONY ON TARGET WITH AVGOLD                                                   
Johannesburg, 13 November 2003 - Harmony Gold Mining Company Limited (NYSE: HMY 
JSE: HAR) today announced that it had reached in principle agreement regarding  
the acquisition of Avmin"s 286 305 263 shares or 42,2% interest in Avgold       
Limited (Avgold) at R10.11 per share. The consideration of R2,894 million will  
be settled by the issue of 28 630 526 new Harmony shares.                       
On 15 July 2003 the company announced that it had acquired 11,5% or 77 540 830  
shares in Avgold at a consideration of R7,91 per Avgold share.                  
If the acquisition of the Avgold shares becomes unconditional, the company will 
own approximately 54% of Avgold, and a mandatory offer of 1 Harmony share per 10
Avgold shares will be made to Avgold minorities. On an assumption of a 100%     
acceptance of the offer a total of 60 059 379 Harmony shares will be issued.  At
a Harmony share price of R98.50 per share the company will have a market        
capitalisation of R31.3 billion.                                                
Avgold owns the Target Mine in the Free State. The mine is expected to produce  
350 000 ounces per annum at a cash cost of US$180,00 per ounce over a life of   
mine of 18 years. Avgold also owns the prospective Target North Project area    
that has a resource of some 59,6 million ounces.                                
"Harmony has over the past three years upgraded its production base with arange 
of value enhancing acquisitions. This has resulted in the company being in a    
fortunate position compared to its peer group in that it is currently developing
five mines, which should result in the company"s underground recovery grade     
increasing by some 13% over the next four years. The acquisition of the Target  
Mine will further enhance the overall quality of the company"s production base,"
commented Bernard Swanepoel, Chief Executive.                                   
Harmony, South Africa"s largest gold producer, owns operations locally and in   
Australasia. The company already has a significant operational presence in the  
Free State, and with the inclusion of the Target Mine, sees this position       
increasing and realising a range of synergistic benefits.                       
ENDS                                                                            
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                                                             
Mobile +27(0)83 380 6614                                                        
Date: 13/11/2003 08:03:02 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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