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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                                                                 
ISIN: ZAE000015228                                                              
PRESS RELEASE                                                                   
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         
Wafi-Golpu project.                                                             
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).                                           
Patrice Motsepe                                                                 
Chairman of the Board                                                           
Forward-Looking Statement                                                       
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:                                                       
Graham Briggs                                                                   
Chief Executive Officer                                                         
+27 011 411 2011                                                                
+27 (0) 83 265 0274 (mobile)                                                    
Corporate Office:                                                               
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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