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HAR - Harmony - Transaction With Pamodzi Gold Limited, In Respect Of Orkney

Release Date: 25/02/2008 09:27:51      Code(s): HAR
HAR - Harmony - Transaction With Pamodzi Gold Limited, In Respect Of Orkney     
               Assets, Unconditional                                            
HARMONY GOLD MINING COMPANY LIMITED                                             
Registration number 1950/038232/06                                              
Incorporated in the Republic of South Africa                                    
ISIN: ZAE000015228                                                              
JSE share code: HAR                                                             
TRANSACTION WITH PAMODZI GOLD LIMITED, IN RESPECT OF ORKNEY ASSETS,             
UNCONDITIONAL                                                                   
Johannesburg, Monday, 25 February 2008.  Harmony Gold Mining Company Limited    
(Harmony) is pleased to announce that all conditions precedent in respect of the
transaction entered into with Pamodzi Gold Limited (Pamodzi Gold), regarding the
sale of the Orkney assets, have been met.  Pamodzi Gold will take full control  
of the Orkney assets as from the 27th of February 2008.                         
Harmony and Pamodzi Gold entered into the transaction in September 2007.  The   
original consideration price would have been settled by a combination of cash,  
the issue of Pamodzi Gold shares and a secondary consideration, being a net     
smelter royalty. The increase in capital required for re-capitalization of the  
assets and the recent operational results, have resulted in the consideration   
price being re-negotiated.  The purchase consideration has been reduced from    
R550 million to R300 million and will be settled by Pamodzi Gold issuing   30   
million shares to Harmony. No cash payment or secondary consideration will be   
required.  As a result, Harmony will hold approximately 32% of Pamodzi Gold`s   
issued share capital.                                                           
"We believe that Pamodzi Gold will be able to extract value from the Orkney     
assets.  By increasing our holding, we will be able to share in the upside of   
the assets over a longer term, which is line with our existing strategy", said  
Graham Briggs, chief executive officer of Harmony.                              
Issued by Harmony Gold Mining Company Limited                                   
25 February 2008                                                                
For more details contact:                                                       
Graham Briggs                                                                   
Chief Executive                                                                 
on +27(0)11 411 2023 or +27 083 265 0274                                        
or                                                                              
Amelia Soares                                                                   
General Manager, Investor Relations                                             
on +27 11 411 2314 or                                                           
+27 (0)82 654 9241                                                              
or                                                                              
Marian van der Walt                                                             
Company Secretary                                                               
on +27 11 411 2037 or                                                           
+27 082 888 1242                                                                
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 25/02/2008 09:27:51 Supplied by www.sharenet.co.za                     
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