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Harmony- Harmony receives licence to mine in Papua New Guinea

Release Date: 07/03/2005 17:36:01      Code(s): HAR
Harmony- Harmony receives licence to mine in Papua New Guinea                   
Harmony Gold Mining Company Limited                                             
Share code:    HAR                                                              
Isin:          ZAE000015228                                                     
NEWS RELEASE FROM HARMONY                                                       
7 March 2005                                                                    
Harmony receives licence to mine in Papua New Guinea                            
Harmony is pleased to confirm that on Friday March 4, the Minister of Mines of  
Papua New Guinea, The Honourable Mr Sam Akotai, announced that Harmony has been 
granted the licence to develop and mine the Hidden Valley project. The license  
is effective immediately.                                                       
The licence was granted after a comprehensive licensing process, including      
intensive reviews of all of Harmony"s environmental plans under Papua New       
Guinea"s newly-enacted, strict environmental legislation.                       
CE Bernard Swanepoel said that feasibility studies Harmony has conducted        
corroborate a robust project which is anticipated to produce on average in      
excess of 300 000 ounces of gold and 4.5 moz of silver per annum from a proven  
reserve of 1.88 moz of gold and 25.5 moz of silver. Harmony currently produces  
approximately 300 000 oz of gold per annum from its Australian operations.      
"Over and above the proven reserves which formed the basis of our feasibility   
study and decision to proceed with the project, the mine life will be extended  
by extensive inferred resources in the immediate area of the mine," said CE     
Bernard Swanepoel. "We also control many exciting prospects in this well-       
mineralised belt which will be processed through the Hidden Valley Plant."      
Swanepoel says he anticipates construction of an open pit mine to commence in   
mid-2005 and that the first gold will be poured in early 2007. "We expect our   
cash operating costs to be approximately US$224 per ounce."                     
Harmony holds the rights to develop and mine the Hidden Valley project through  
its wholly-owned PNG subsidiary. Nearby, are Harmony"s world-class Wafi and     
Golpu projects, which are currently the subject of a pre-feasibility study.     
ENDS                                                                            
Prepared by:        Beachhead Media & Investor Relations                        
                    Jennifer Cohen 011 214 2401 / 082 468 6469                  
                    Patrick Lawlor 011 214 2410 / 082 459 6709                  
On behalf of:       Harmony Gold                                                
Further info:       Ferdi Dippenaar 082 807 3684                                
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.     
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 realized by) Harmony.
Although Harmony"s management believes that the expectations reflected in such  
forward-looking statements are reasonable, investors 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.     
Date: 07/03/2005 05:36:04 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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