HAR - Harmony Gold Mining Company Ltd - Press release Release Date: 14/11/2011 08:01:20 Code(s): HAR
HAR - Harmony Gold Mining Company Ltd - Press release
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
Share code: HAR
Johannesburg. 14 November 2011. Harmony Gold Mining Company Limited
("Harmony") has received a number of enquiries and proposals from
interested third parties regarding the direct or indirect acquisition of
its assets in Papua New Guinea.
Harmony`s Board of Directors has given careful consideration, with the
assistance of its advisers, to all of these enquiries and proposals and
is of the view that the disposal of the Company`s Papua New Guinea
assets at this early stage of their development will not realise their
full potential value. This is particularly relevant in relation to the
Wafi-Golpu project, where the pre-feasibility study is expected to be
completed by the middle of 2012 and the feasibility study during 2014.
Drilling at the Wafi-Golpu project continues to confirm the world class
nature of this ore body. The Board believes that the results of the
ongoing drilling and the completion of the feasibility study should
significantly increase the confidence in and the potential value of the
Harmony has sufficient operating cash flow and financing facilities to
fund the completion of the drilling and the feasibility studies. The
Board is confident that Harmony will be able to fund its share of the
capital required to bring the Wafi-Golpu project to production.
Exploration in respect of Harmony`s assets in Papua New Guinea which
fall within and outside the Harmony/Newcrest Morobe joint venture areas,
continues to deliver promising results.
The Board believes that the continuation of Harmony`s current strategy
of investing in the development of its assets in Papua New Guinea is in
the best interests of Harmony and its shareholders.
This press release has been issued for information purposes only and
does not constitute a cautionary announcement. Shareholders are referred
to Harmony`s website to read more about the company and its assets in
Papua New Guinea (www.harmony.co.za).
Chairman of the Board
This press release contains forward-looking statements within the
meaning of Section 27A of the US Securities Act of 1933 and Section 21E
of the US Securities Exchange Act of 1934. Forward-looking statements
are subject to risks, uncertainties and assumptions and are identified
by words such as "expects," "estimates," "projects," "anticipates,"
"believes," "plans," "should" and other similar words. All statements
addressing events or developments that Harmony expects or anticipates
will occur in the future, statements regarding the plans and objectives
for future operations and other proposed or contemplated transactions,
statements of future performance, statements of the assumptions
underlying or relating to any of the foregoing statements, and other
statements that other than statements of historical fact, are considered
to be "forward-looking statements."
Because they are forward-looking, such statements should be evaluated in
light of important risk factors and uncertainties. These risk factors
and uncertainties are more fully described in Harmony`s most recent
Annual Report on Form 20-F under the heading entitled "Risk Factors."
Should one or more of these risks or uncertainties materialize, or
should any of Harmony`s underlying assumptions prove incorrect, actual
results could vary materially from those currently anticipated. In
addition, undue reliance should not be placed on Harmony`s forward-
looking statements. Except as required by law, Harmony disclaims any
obligation to update or publicly announce any revisions to any of the
forward-looking statements contained in this press release.
For more details contact:
Chief Executive Officer
+27 011 411 2011
+27 (0) 83 265 0274 (mobile)
Randfontein Office Park
P O Box 2
South Africa 1760
T +27 (11) 411 2000
J.P. Morgan Equities Limited
Date: 14/11/2011 08:01:20 Supplied by www.sharenet.co.za
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