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Release Date: 20/12/2004 16:30:01      Code(s): HAR
HARMONY GOLD MINING COMPANY LIMITED                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR     ISIN: ZAE000015228                                          
NEWS RELEASE FROM HARMONY                                                       
20 December 2004                                                                
Harmony reports ore reserves of 59.1 million ounces                             
Harmony today announced  a mineral reserve of 59.1 million ounces, a  decrease  
of 3.1 million ounces on the 62,2 million ounces as reported in the company"s   
Annual Report in June 2004. The decrease includes 1.7 million ounces mined for  
the  period 1 July to 15 December 2004. A gold price of R92 000/kg was used for 
the declaration.                                                                
                                         Tonnes(`000)      Oz/t   Oz(`000)      
Total         Proven and probable             256 494     0.181     46 403      
underground   above infrastructure                                              
              Proven and probable              56 493     0.222    12  534      
              below infrastructure                                              
Vamping                           5 989     0.188      1 129      
              Inferred  in Life of             36 720     0.162     5  947      
              Mine (Doornkop and                                                
              Masimong Projects plus                                            
Australia LoM                                                     
              Total underground               355 696     0.186     66 013      
Surface       Proven and probable              39 777     0.019        738      
Sub-total                                     395 473     0.169     66 751      
Less                                         (11 494)     0.149    (1 718)      
Less inferred                                (36 720)     0.162    (5 947)      
Mineral                                       347 259     0.170     59 086      
Note; silver mineral reserves from Hidden Valley (PNG) have been excluded.      
In metric terms the company reported Mineral Reserves of 315 million tonnes at a
mill delivered grade of 5.83g/t indicating 1,838 tons of gold.                  
Excluded from the mineral reserves are 3.3 million ounces from the Doornkop     
South Reef Project and 1.6 million ounces from the Masimong Expansion Project.  
Also excluded are 0.9 million ounces from inferred life of mine extensions at   
Australia and 0.1 million ounces at Joel. The Doornkop South Reef and Masimong  
Expansion projects have been approved by the board with capital expenditure     
currently underway. On the completion of underground development and drilling   
programmes to firm up confidence in the inferred mineral resources, these       
approximately 4.9 million ounces will be transferred to reserve category.       
Mineral reserve estimates are based on many factors, including, data with       
respect to mining, drilling and sampling. Mineral reserves are determined from  
estimates of future technical factors, future production costs, future capital  
expenditure, future gold prices and exchange rates. Because mineral reserves are
only estimates based on the factors and assumptions described herein, future    
estimates may need to be revised. For example if production costs or gold price 
should increase or decrease, a potion of the Mineral Reserves may become        
economical or uneconomical and would therefore result in a higher or lower      
estimated Mineral Reserve.                                                      
Of the total 59.1 million ounces of mineral reserves, 12.5 million ounces or    
21.2% is currently inaccessible as these ounces are below infrastructure. These 
are ounces related to the Poplar and Rolspruit projects in the Evander region.  
In the Gold Fields 2004 Annual Report, the company reported that   37.2% or 22.6
million ounces of its South African  mineral reserves were inaccessible from    
current infrastructure and would require further capital expenditure to exploit 
these reserves.                                                                 
Harmony has commissioned Steffen, Robertson and Kirsten (South Africa) (Pty) Ltd
to complete an Independent Persons Report (CPR) which is being  prepared in     
compliance with the Listing Requirements of the JSE Johannesburg Securities     
Exchange. The CPR does not solely relate to Mineral Reserves and Resources, but 
includes a technical analysis of all disciplines (including; geology,           
exploration, mineral resources, mineral reserve estimation and classification,  
mining, rock engineering and geotechnics, ventilation, metallurgy, tailings     
deposition, infrastructure, capital expenditure, human resources, occupational  
health and environmental rehabilitation).                                       
The result of the CPR is a summary equity evaluation for the company and is     
based on a sum-of- the-parts approach comprising net asset values for the mining
assets and supplemental information (balance sheet items and interests in listed
and unlisted companies) as provided by Harmony. This CPR should be completed by 
January 2005.                                                                   
To complete this report SRK has indicated that it will have visited Harmony"s 48
shafts and 15 metallurgical plants, exploration properties and operating mines  
in Western Australia and Papua New Guinea.                                      
Harmony and Gold Fields shareholders should note that in the recent action filed
in the United States District Court for the Southern New York, Judge Berman     
found that Gold Fields argument relating to the misstatement of gold reserves   
"is not persuasive". He noted that Harmony submitted testimony of three experts 
on that issue, much which was unchallenged and further noted that Gold Fields   
expert who testified in court, Bernard Guarnero, conceded that if Harmony had   
done everything it said it did in the preparation and declaration of its mineral
reserves, the company"s conclusion relating to its gold reserves would be       
justified. For all these reasons, and despite Gold Fields constant reference to 
the alleged discrepancy in the reported reserves, which it litigated in the New 
York case, Judge Berman soundly and without ambiguity rejected Gold Fields      
"With this report the perceived uncertainty regarding the Harmony ore reserves  
has now been adequately addressed. This now allows Gold Fields management and   
shareholders the opportunity to focus on the value proposition of our offer to  
merge the two companies, thereby creating the world"s largest gold producer. Our
subsequent offer which was launched in mid-December is planned to close in      
February 2005, with the approval of the transaction by the Competition          
Commission" concluded Bernard."                                                 
Issued by (direct line, mobile, email):                                         
Harmony Gold                                                                    
Ferdi Dippenaar     +27 11 684 0140          +27 82 807 3684                    
Graham Briggs       +27 11 684 0146          +27 83 265 0274                    
South Africa - Beachhead Media & Investor Relations                             
Jennifer Cohen      +27 (0)11 214 2401  +27 (0)82 468 6469  jennifer@bmsa.co.za 
Patrick Lawlor      +27 (0)11 214 2410  +27 (0)82 459 6709  patrick@bmsa.co.za  
United States - Financial Dynamics Business Communications                      
Hollis Rafkin-Sax  +1 212 850 5789 +1 917 509 0255     hrafkin-sax@fd-us.com    
Torie Pennington +1 212 850 5629 +1 917 838 1369 tpennington@fd-us.com          
United Kingdom - Financial Dynamics Business Communications                     
Nic Bennett +44(0)207 269 7115  +44(0)7979 536 619  nic.bennett@fd.com          
Charles Watenphul +44(0)207 269 7216  +44(0)7866 438 013                        
US Information Agent - MacKenzie Partners, Inc                                  
Daniel Burch        +212 929 5500       proxy@mackenziepartners.com             
Steve Balet         +800 322 2885                                               
In connection with the proposed merger of Gold Fields, Harmony has filed a      
registration statement on Form F-4 (which was declared effective by the         
Securities and Exchange Commission (SEC) on November 19, 2004) and filed a final
prospectus, dated November 19, 2004, with the SEC pursuant to Rule 424(b)(5) of 
the Securities Act of 1933, 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 United States 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 SEC, 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 final prospectus,     
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. The final         
prospectus and other transaction-related documents may be obtained for free from
MacKenzie Partners, Inc., the information agent for the U.S. offer, at the      
following address: 105 Madison Avenue, New York, New York 10016; telephone 1    
(212) 929 5500 (call collect) or 1 (800) 322 2885 (toll-free call); e-mail      
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.                               
Forward-looking Statements                                                      
Statements in this communication include "forward-looking statements" that      
express or imply expectations of future events or results.  Forward-looking     
statements are statements that are not historical facts.  These statements      
include financial projections and estimates and their underlying assumptions,   
statements regarding plans, objectives and expectations with respect to future  
operations, products and services, and statements regarding future performance. 
Forward-looking statements are generally identified by the words "expect,"      
"anticipates," "believes," "intends," "estimates" and similar expressions.  All 
forward-looking statements involve a number of risks, uncertainties and other   
factors, and Harmony cannot give assurances that such statements will prove to  
be correct.  Risks, uncertainties and other factors that could cause actual     
events or results to differ from those expressed or implied by the forward-     
looking statements include, without limitation, the satisfaction of closing     
conditions, the acceptance or rejection of any agreement by regulators, delays  
in the regulatory processes, changes in the economic or political situation in  
South Africa, the European Union, the United States of America and/or any other 
relevant jurisdiction, changes in the gold industry within any such country or  
area or worldwide and the performance of (and cost savings realised by) Harmony.
Although Harmony"s management believes that the expectations reflected in such  
forward-looking statements are reasonable, investors and holders of Gold Fields 
securities are cautioned that forward-looking information and statements are    
subject to various risks and uncertainties, many of which are difficult to      
predict and generally beyond the control of Harmony, that could cause actual    
results and developments to differ materially from those expressed in, or       
implied or projected by, the forward-looking information and statements.  These 
risks and uncertainties include those discussed or identified in the public     
filings with the SEC made by Harmony and Gold Fields, including those listed    
under "Cautionary Statement Concerning Forward-Looking Statements" and "Risk    
Factors" in the preliminary prospectus included in the registration statement on
Form F-4 that Harmony filed with the SEC.  Harmony does not undertake any       
obligation to update any forward-looking information or statements. You may     
obtain a free copy of the registration statement and preliminary and final      
prospectus (when available) and other public documents filed with the SEC in the
manner described above.                                                         
The directors of Harmony accept responsibility for the information contained in 
this announcement.  To the best of the knowledge and belief of the directors of 
Harmony (who have taken all reasonable care to ensure that such is the case),   
the information contained in this announcement is in accordance with the facts  
and does not omit anything likely to affect the import of such information.     
Date: 20/12/2004 04:30:09 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             

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