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Harmony - News release from Harmony

Release Date: 24/03/2005 16:12:01      Code(s): HAR
Harmony - News release from Harmony                                             
Harmony Gold Mining Company Limited                                             
(Incorporated in the Republic of South Africa)                                  
(Registration number 1950/038232/06)                                            
Share code: HAR     ISIN: ZAE000015228                                          
("Harmony")                                                                     
NEWS RELEASE FROM HARMONY                                                       
24 March 2005                                                                   
Further updates                                                                 
Strike action in Free State                                                     
Harmony confirmed that approximately 21 000 people employed in the original     
Harmony and Freegold operations in the Free State went out on strike last night.
The company estimates that production loss per working day will be 5000 oz,     
which will impact the operating profit by approximately R1 million per day based
on the December quarter"s results.                                              
The National Union of Mineworkers (NUM) have informed Harmony they will be      
taking the four-day Easter weekend off, so negotiations to resolve the issues in
dispute will only resume on Tuesday.                                            
Harmony Director Ferdi Dippenaar also confirmed that "employees and members of  
NUM at our Target operations did not go out on strike following the successful  
interdict Harmony was granted last night."                                      
Dippenaar reiterated that unresolved issues include a demand that Harmony       
implement the Mining Charter with immediate effect, which he says is something  
impossible to do over night, but that significant progress had been made by     
Harmony. "We"re the only mining house in South Africa which has converted from  
`old order" to `new order" mining rights according to the Charter requirements."
Addendum to mid-quarter update                                                  
With regard to information released at the mid-quarter update on 10 March 2005, 
to ensure that Harmony remains compliant with the guidelines attached to the    
South African Code for Reporting of Mineral Resources (The SAMREC code), the    
paragraph reading                                                               
The CPR, now in the process of being filed with the JSE, shows that Harmony"s   
audited proven and probable reserves total 52,1 million ounces. Another 8,3     
million ounces of inferred reserves bring Harmony"s total to 60,4 million       
ounces, in line with the guidance given at the December quarterly results       
presentation and representing only a 3% difference between Harmony"s and SRK"s  
reserve estimates.                                                              
Should read                                                                     
The CPR, now in the process of being filed with the JSE, shows that SRK"s       
audited estimate of Harmony"s proven and probable reserves total 52,1 million   
ounces. Another 8,3 million ounces which are currently classified by SRK as     
inferred resources are included in Harmony"s life of mine plans.                
ENDS                                                                            
Issued by (direct line, mobile, email):                                         
Harmony Gold                                                                    
Ferdi Dippenaar     +27 11 684 0140     +27 82 807 3684                         
Vusi Magadana       +27 11 684 0140     +27 72 157 5986                         
South Africa - Beachhead Media & Investor Relations                             
Jennifer Cohen      +27 11 214 2401     +27 82 468 6469     jennifer@bmsa.co.za 
Patrick Lawlor      +27 11 214 2410     +27 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         +44 207 269 7115    +44 7979 536 619    nic.bennett@fd.com  
Charles Watenphul   +44 207 269 7216    +44 7866 438 013charles.watenphul@fd.com
US Information Agent - MacKenzie Partners, Inc                                  
Daniel Burch        +212 929 5500                    proxy@mackenziepartners.com
Steve Balet         +800 322 2885                                               
Unless the context otherwise requires, the definitions contained in the offer   
document or the registration statement sent to Gold Fields shareholders have the
same meaning in this announcement.                                              
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.     
In connection with the proposed acquisition of Gold Fields, Harmony has filed a 
registration statement (File no: 333-120975) on Form F-4 (which was declared    
effective by the Securities and Exchange Commission ("SEC") on February 28,     
2005) and filed a final prospectus, dated February 25, 2005, with the SEC       
pursuant to Rule 424(b)(3) 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, the  
related exchange offer materials and the final prospectus,  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 contain important   
information. Investors and holders of Gold Fields securities may obtain free    
copies of the registration statement, related exchange offer materials, the     
final prospectus 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      
proxy@mackenziepartners.com.                                                    
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            
communication 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: 24/03/2005 04:12:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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