AVGOLD / HARMONY - SANCTIONING OF THE SCHEME OF ARRANGEMENT AND REMAINING       
                   SALIENT DATES                                                
Avgold Limited                                                                  
(Registration number 1990/007025/06)                                            
(Incorporated in the Republic of South Africa)                                  
JSE share code: AVG                                                             
ISIN: ZAE000012175                                                              
("Avgold")                                                                      
Harmony Gold Mining Company Limited                                             
(Registration number 1950/038232/06)                                            
(Incorporated in the Republic of South Africa)                                  
JSE share code: HAR                                                             
ISIN: ZAE000015228                                                              
("Harmony")                                                                     
SANCTIONING OF THE SCHEME OF ARRANGEMENT AND REMAINING SALIENT DATES            
1.   Introduction                                                               
     Shareholders of Avgold and Harmony are advised that:                       
     *    at the meeting held on 3 May 2004, the requisite majority of Avgold   
          shareholders approved the scheme of arrangement proposed by Harmony in
terms of section 311 of the Companies Act, 1973 (Act 61 of 1973), as  
          amended, between Avgold and its shareholders ("the scheme"), in terms 
          of which Harmony will acquire the Avgold shares from Avgold           
          shareholders by issuing one fully paid-up Harmony share for every 10  
Avgold shares held on Friday 21 May 2004 (the "scheme consideration");
     *    the scheme was sanctioned by the High Court of South Africa (Transvaal
          Provincial Division) on Tuesday 11 May 2004; and                      
     *    a copy of the Order of Court sanctioning the scheme will be lodged    
with the Registrar of Companies for registration shortly.             
     On registration of the Order of Court by the Registrar of Companies, the   
     last of the conditions precedent will have been fulfilled and the scheme   
     will become operative on Monday 24 May 2004.                               
2.   Reminder Of Remaining Salient Dates                                        
                                             2004                               
     Last day to trade for Avgold            Friday 14 May                      
     shareholders wishing to receive the                                        
scheme consideration (note 1)                                              
     Suspension of listing of Avgold         Monday 17 May                      
     shares at commencement of trading on                                       
     Consideration record date, being the    Friday 21 May                      
date on which Avgold shareholders                                          
     must be recorded in the share                                              
     register of Avgold to receive the                                          
     scheme consideration on                                                    
Operative date of the scheme at         Monday 24 May                      
     commencement of trading on                                                 
     Scheme consideration posted to          Monday 24 May                      
     certificated scheme participants (if                                       
documents of title are received on or                                      
     prior to the consideration record                                          
     date) on (note 2)                                                          
     Dematerialised scheme participants      Monday 24 May                      
have their safe custody accounts held                                      
     at their Central Securities                                                
     Depository Participant or broker                                           
     updated with the scheme consideration                                      
on                                                                         
     Termination of listing of Avgold        Tuesday 25 May                     
     shares on the JSE Securities Exchange                                      
     South Africa at commencement of                                            
trading on                                                                 
     Notes:                                                                     
     1.   No dematerialisation or rematerialisation of Avgold share certificates
          will take place after Friday 14 May 2004.                             
2.   Failing receipt of documents of title by the transfer secretaries on  
          or before the consideration record date, share certificates in respect
          of the scheme consideration will be posted by the transfer secretaries
          to certificated scheme participants within five business days of      
receipt of the documents of title.                                    
     3.   All dates and times referred to in this announcement are South African
          dates and times.                                                      
Johannesburg                                                                    
11 May 2004                                                                     
Independent advisor and sponsor to Avgold:                                      
Merrill Lynch South Africa (Pty) Limited                                        
Attorneys to Avgold:                                                            
Deneys Reitz Inc.                                                               
Reporting accountants:                                                          
PricewaterhouseCoopers Inc.                                                     
Independent technical advisor:                                                  
Steffen, Robertson and Kirsten                                                  
Financial advisor to Harmony:                                                   
JP Morgan Chase Bank                                                            
Sponsor to Harmony:                                                             
JP Morgan Equities Limited                                                      
Attorneys to Harmony:                                                           
Cliffe Dekker Inc.                                                              
Date: 11/05/2004 02:00:11 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department