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HAR - Harmony Gold Mining Company Limited - Harmony achieves record operating

Release Date: 31/10/2011 07:06:41      Code(s): HAR
HAR - Harmony Gold Mining Company Limited - Harmony achieves record operating   
profits and revenue                                                             
Harmony Gold Mining Company Limited                                             
("Harmony" or "Company")                                                        
Incorporated in the Republic of South Africa                                    
Registration number 1950/038232/06                                              
JSE Share code: HAR                                                             
NYSE Share code: HMY                                                            
ISIN: ZAE000015228                                                              
PRESS RELEASE                                                                   
Johannesburg: 31 October 2011: Harmony Gold Mining Company Limited (`Harmony`   
or the `Company`) is pleased to release its financial results for the period    
ended 30 September 2011.                                                        
"Record operating profits and revenue were generated during this period with    
the highest operating profit recorded in the history of the company at R1.3     
billion, a 45% increase quarter-on-quarter. Harmony`s headline earnings per     
share increased by 217% to 95 South African cents, when compared to the         
previous quarter. The strength of the gold price together with improved         
operational efficiency supported our results", said Graham Briggs, chief        
executive officer.                                                              
Drilling at Wafi-Golpu confirms the resource outline previously published. The  
latest borehole intersection (some assays are still pending) at Golpu, WR406,   
reflected results at 861m of 1.51g/t Au, 1.48% Cu including 199m @ 2.87g/t Au   
and 2.57% Cu from 1 286m. The pre-feasibility study is on schedule to be        
delivered during the first half of the 2012 calendar year.                      
Exploration results from Harmony`s own wholly owned tenements at Mount Hagen    
in Papua New Guinea were also very encouraging with assays indicating the       
following bore hole result:    PNDD001:  285m @ 0.1% Cu 83 ppm Mo from 72m.     
Exploration results in PNG have been pleasing and we look forward to more       
exciting news from the region.                                                  
Production for the September 2011 quarter was only slightly higher than the     
previous quarter. Our targeted increase in production was negatively impacted   
by the wage strike in August 2011, which resulted in approximately 500kg being  
lost. As expected, higher electricity (due to winter tariffs) and labour costs  
resulted in the R/kg costs being 9.2%                                           
higher at R265 288/kg compared to R242 851/kg in the June 2011 quarter.         
The gold price received increased by 20.3% to R396 405/kg in the September      
2011 quarter from R329 536/kg received in the previous quarter. The increase    
in the gold price resulted in revenues increasing by 14.8% or R506.9 million.   
Graham Briggs concluded that "as our growth projects come on stream, and our    
existing mines operate to tailored business plans, we remain confident of       
reaching our long-term targets".                                                
For more details contact:                                                       
Henrika Basterfield                                                             
Investor Relations Officer                                                      
+27 82 759 1775 (mobile)                                                        
Marian van der Walt                                                             
Executive: Corporate and Investor Relations                                     
+27 82 888 1242 (mobile)                                                        
Corporate Office:                                                               
Randfontein Office Park                                                         
P O Box 2                                                                       
South Africa 1760                                                               
T +27 (11) 411 2000                                                             
J.P. Morgan Equities Limited                                                    
Date: 31/10/2011 07:06:41 Supplied by www.sharenet.co.za                     
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