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Harmony - Comments On Gold Fields Limited"s ("Gold Fields") Further Cautionary

Release Date: 27/10/2004 17:33:03      Code(s): HAR
Harmony - Comments On Gold Fields Limited"s ("Gold Fields") Further Cautionary  
          Announcement                                                          
Harmony Gold Mining Company Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR     ISIN: ZAE000015228                                          
("Harmony")                                                                     
COMMENTS ON GOLD FIELDS LIMITED"S ("GOLD FIELDS") FURTHER CAUTIONARY            
ANNOUNCEMENT                                                                    
In  a  cautionary announcement released by Gold Fields during the morning of  27
October 2004, Gold Fields stated that it had received legal advice to the effect
that  the  offer  by Harmony to acquire up to 34,9% of the entire  issued  share
capital of Gold Fields ("the early settlement offer") is an "unlawful construct"
designed to evade the jurisdiction of various regulatory authorities and is,  in
particular, a notifiable merger for the purposes of the Competition  Act,  1998,
as amended.                                                                     
Contrary to the legal advice received by Gold Fields, Harmony has received  firm
legal  advice that implementation of the early settlement offer does not require
notification to the Competition Authorities as the early settlement  offer  will
not  result in Harmony acquiring control of Gold Fields. Accordingly,  only  the
subsequent offer is subject to the approval of the Competition Authorities.     
Further,  Harmony  wishes to advise all shareholders that the structure  of  the
early settlement offer and the subsequent offer ("offers") were pre-approved  by
the  Securities  Regulation  Panel ("SRP") and reviewed  by  the  United  States
Securities  and  Exchange Commission ("SEC") prior to the  announcement  of  the
proposed  merger on Monday, 18 October 2004. Harmony believes that Gold  Fields"
attempt to challenge the approval of the SRP is without merit.                  
Gold  Fields"  actions  to date have been expressly designed  to  frustrate  the
ability  of  Gold  Fields" shareholders to benefit from  the  significant  value
inherent  within  the  offers and are aimed solely at  preventing  Gold  Fields"
shareholders from deciding for themselves on the merits of the Harmony offers.  
Marian van der Walt                                                             
Secretary                                                                       
27 October 2004                                                                 
Virginia                                                                        
In connection with the proposed acquisition of Gold Fields, Harmony has filed  a
registration statement on Form F-4, which includes a preliminary prospectus  and
related  exchange  offer  materials, to register  the  Harmony  ordinary  shares
(including  Harmony  ordinary shares represented by Harmony American  Depositary
Shares  ("ADSs")) to be issued in exchange for Gold Fields ordinary shares  held
by  Gold Fields shareholders located in the US and for Gold Fields ADSs held  by
Gold  Fields  shareholders wherever located, as well as a Statement on  Schedule
TO.   Investors  and holders of Gold Fields securities are strongly  advised  to
read  the  registration  statement and the preliminary prospectus,  the  related
exchange  offer  materials  and  the  final  prospectus  (when  available),  the
Statement  on  Schedule  TO  and any other relevant  documents  filed  with  the
Securities and Exchange Commission, as well as any amendments and supplements to
those documents, because they will contain important information.  Investors and
holders  of  Gold  Fields securities may obtain free copies of the  registration
statement,  the  preliminary  and  final prospectus  (when  available),  related
exchange  offer  materials and the Statement on Schedule TO, as  well  as  other
relevant documents filed or to be filed with the SEC, at the SEC"s web  site  at
www.sec.gov.   Investors  and  holders of Gold Fields  securities  will  receive
information  at  an  appropriate  time  on  how  to  obtain  transaction-related
documents for free from Harmony or its duly designated agent.                   
This communication is for information purposes only.  It shall not constitute an
offer  to  purchase  or exchange or the solicitation of  an  offer  to  sell  or
exchange  any securities of Gold Fields or an offer to sell or exchange  or  the
solicitation of an offer to buy or exchange any securities of Harmony, nor shall
there  be  any sale or exchange of securities in any jurisdiction in which  such
offer,  solicitation  or  sale  or  exchange would  be  unlawful  prior  to  the
registration  or  qualification  under  the  laws  of  such  jurisdiction.   The
distribution of this communication may, in some countries, be restricted by  law
or  regulation.  Accordingly, persons who come into possession of this  document
should inform themselves of and observe these restrictions.  The solicitation of
offers to buy Gold Fields ordinary shares (including Gold Fields ordinary shares
represented by Gold Fields ADSs) in the United States will only be made pursuant
to  a prospectus and related offer materials that Harmony has sent to holders of
Gold Fields securities.  The Harmony ordinary shares (including Harmony ordinary
shares  represented by Harmony ADSs) may not be sold, nor may offers to  buy  be
accepted,  in  the  United States prior to the time the  registration  statement
becomes effective.  No offering of securities shall be made in the United States
except  by means of a prospectus meeting the requirements of Section 10  of  the
United States Securities Act of 1933, as amended.                               
.                                                                               
Date: 27/10/2004 05:33:19 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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