Harmony Gold Mining Company Ltd - A Significant Improvement For Release Date: 11/07/2006 17:54:23 Code(s): HAR
Harmony Gold Mining Company Ltd - A Significant Improvement For
Harmony"s Golpu / Wafi Resource
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
A SIGNIFICANT IMPROVEMENT FOR HARMONY"S GOLPU / WAFI RESOURCE
Harmony Gold Mining Company Limited (NASDAQ, NYSE: HMY; JSE: HAR) today
announced that it has upgraded the new resource model for it"s Wafi gold and
Golpu copper gold deposits in the Morobe Province of PNG.
The combined resource is now 9.2m ounces gold and 3.563 billion pounds of
copper. (1.6m tonnes)
The revised Golpu model takes into account 2,100m of diamond core drilled since
the last resource calculation. This data has led to an improved understanding of
the porphyry alteration assemblages and identified consistent mineralisation in
the surrounding metasediment. The revised model uses the alteration assemblages
to distinguish separate resource model domains.
Golpu (copper, gold, moly)
Resource Cutoff Mt Cu Au As Mo Cu Cu Au
Category g/t % g/t g/t g/t Metal Metal Moz
M lb Kt
Indicated 0.0 87.5 1.36 0.63 419 11 2,615 1,186 1.8
Inferred 0.0 59.2 0.73 0.49 308 161 948 430 0.9
Total 147.0 1.10 0.57 374.0 131.0 3,563 1,616 2.7
The previous model contained 96Mt @ 1.4% Cu and 0.7g/t Au for 1.35Mt contained
copper and 2.0Moz contained gold (all Indicated).
This new resource represents an increase in copper of 266,000t (20%) and an
increase in contained gold of 700,000oz (35%).
Additionally, the average arsenic grade has dropped from 488g/t to 374g/t.
Arsenic inclusion is limited to the top 20% of the orebody and as such should be
able to be excluded from the Block Cave mine plan in the case that ongoing
metallurgical testwork is unsuccessful in defining a process to handle the
The exploration team is now investigating the work required to convert the
metasediment resource to the Indicated category and further define the porphyry.
An updated model for the Wafi gold resources has also been completed. This model
confirms the robustness of the high grade Link Zone. A less selective method was
adopted for the Non Refractory Gold (NRG) zone, A and B Zones and the Golpu
Goldcap Zone resulting in a more robust model containing additional ounces, but
at a lower grade than previously reported.
Indicated Inferred Total
Cutoff Mt Au Mt Au Mt Au Au
g/t g/t g/t g/t Moz
Link Zone 0.8 4.3 8.57 0.5 6.53 4.8 8.35 1.3
Non- 0.8 8.1 1.46 9.4 1.86 17.5 1.68 0.9
A and B 0.8 51.7 1.45 31.0 1.69 82.8 1.54 4.1
Golpu 0.8 3.0 1.25 1.6 1.18 4.6 1.22 0.2
Total Wafi 67.0 1.90 43.0 1.80 110.0 1.90 6.5
The Golpu and Wafi resource models have been reviewed and endorsed by mining
consultancy RSG Global.
This additional resource inventory has significant potential to positively
impact the economical robustness of the Wafi / Golpu project. The Golpu project
is currently under pre-feasibility, due for completion in Quarter 1, 2007.
The surrounding area remains highly prospective for additional epithermal gold
and porphyry copper gold resources. An exploration budget of R20 million has
been allocated over and above the pre-feasibility budget to test these targets.
The estimate of Mineral Resources in this statement was prepared in accordance
with the standards set out in the "Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves - The JORC Code" (December 2004) as
published by the Joint Ore Reserve Committee of the Australian Institute of
Mining and Metallurgy, Australian Institute of Geoscientists and Mineral Council
of Australia (JORC).
The Ore Resource data in the summary table is based on information compiled by
Gregory Job who is a corporate member of the Australian Institute of Mining and
Metallurgy and who has relevant experience of a "competent person" as defined by
the code for reporting of Mineral Resources and Ore Reserves in relation to the
mineralisation being reported on. Mr Job is a full time employee of Harmony
Golpu resources have been reported in their entirety within the interpreted
The Wafi resources have been reported to a cuttoff grade of 0.8g/t Au that fall
within the interpreted wireframes.
Issued by Harmony Gold Mining Company Limited
For more details contact:
on +27(0)83 303 9922
Or Philip Kotze
Executive, Investor Relations
on +27(0)83 453 0544
11 July 2006
Date: 11/07/2006 05:54:33 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
|Email this JSE Sens Item to a Friend.|
Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.