HAR - HARMONY - Upgrade Of WAFI/GOLPU Resource Release Date: 06/02/2007 08:00:01 Code(s): HAR
HAR - HARMONY - Upgrade Of WAFI/GOLPU Resource
HARMONY GOLD MINING COMPANY LIMITED
Registration number 1950/038232/06
Incorporated in the Republic of South Africa
JSE Share code: HAR
UPGRADE OF WAFI/GOLPU RESOURCE
JOHANNESBURG, Tuesday 6 February 2007. Harmony Gold is pleased to announce an
increase in its mineral resource at its Golpu copper gold project in the Morobe
Province of Papua New Guinea.
The resource now stands at:
163Mt @ 1.1% Cu, 0.6g/t Au and 132ppm Mo containing
3.9 billion pounds of copper
2.96 million ounces of gold
47 million pounds of molybdenum.
This represents an increase of 10% copper metal, 11% gold and 17% molybdenum.
This increase in metal is primarily due to definition of a consistent halo of
mineralised metasediment around the porphyry. The metasediment resource is a
lower grade than the porphyry (see detailed table below) and thus has the effect
of lowering the overall grade of the resource, but importantly, the porphyry
core has been confirmed with a slight increase in both volume and metal content.
The resource can be broken down as follows:
Porphyry 92Mt @ 1.4% Cu, 0.7 g/t Au, and 108 ppm Mo
Metasediment 71Mt @ 0.7% Cu, 0.5g/t Au and 162 ppm Mo
The updated resource follows on from completion of a diamond drill hole program
designed to further test the mineralisation and gain metallurgical and hydro-
geological data for the Pre-feasibility study. The program consisted of 10
PQ/HQ/NQ diamond drill holes completed for a total of 6,947m of drilling, of
these 3,359m intersected the Golpu porphyry and 1,313m intersected
mineralisation in the surrounding metasediment.
Geological highlights of the drilling included:
- WR220 intersected high grade gold mineralisation in the potassic domain
with 210m @ 1.85g/t Au using a 1g/t Au cutoff.
- WR224 - Metallurgical hole to test supergene and advanced argillic
alteration domains intersected 182m @ 2.89%Cu, 0.72 Au ppm and 1239 As ppm
from 148m to 330m, including 70m @ 5.04% Cu 0.77 Au and 2255 As ppm from
148m to 218m.
- Improved understanding of alteration patterns, and the alteration/arsenic
relationships which appear to be present. This understanding is key to
successfully mining the deposit.
LINK ZONE DRILLING
Continuing Pre-feasibility work includes confirmatory drilling on the Link Zone.
This program commenced in December 2006. Results from the first drill hole,
WR231, designed to intersect the central portion of the lode returned a result
of 49m @ 10.2 g/t Au, which confirms the broad and high grade nature of this
deposit. Drilling is expected to be completed by May 2007 with a new resource
model completed soon after.
The total resource of Wafi, as previously reported, amounts to 6.52Moz. This
excludes the resources of Golpu.
PRE FEASIBILITY STUDY
The Pre-feasibility study for Golpu is due for completion in July 2007. The
integrated report which includes Golpu, NRG1 and Link Zone deposits is due later
in the year.
As the majority of project development capital will be required for mining of
the porphyry stock, it is hoped that the lower grade mineralised metasediment
will be economic as only incremental mine development capital will be required
for exploitation of the expanded resource.
Table 1. Detailed Resource Inventory - Golpu only*
Class Million Cu % Au ppm As ppm Mo ppm Cu Metal Kt Au MOz
Porphyry1 Indicated 88 1.4 0.6 431 110 1,220 1.77
Inferred 4 1.5 1.0 15 66 65 0.14
Sub Total 92 1.4 0.7 412 108 1,285 1.91
Metasediment2 Inferred 71 0.7 0.5 269 162 479 1.05
Total 163 1.1 0.6 350 132 1,763 2.96
*Does not include 6.5Moz Au included in Wafi deposits
The estimate of Mineral Resources in this statement were 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 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
JSE Limited HAR
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Date: 06/02/2007 08:00:01 Supplied by www.sharenet.co.za
Produced by the JSE SENS Department .