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Papua New Guinea

PNG contains one of the world’s most prospective geological terranes for porphyry copper-gold and epithermal gold mineralisation. The New Guinea mobile belt spans the core of the Irian Jaya – PNG Mainland and is host to major deposits which include Grasberg-Ertzberg (copper-gold), Porgera (gold), OK Tedi (copper-gold), Hidden Valley (goldsilver), Misima (gold), Frieda River (copper-gold), and Wafi-Golpu (gold and copper-gold). The mobile belt is demonstrably underexplored, and represents the key prospective geological terrane central to Harmony’s exploration strategy.

Although the majority of exploration expenditure in FY09 was in Morobe Province on Morobe Mining Joint Venture tenements, work during the year also included developing new projects in this highly prospective region.

Two new projects, Amanab in the Sandaun Province, and Mt Hagen in the Western Highlands Province, were generated and consolidated by Harmony after year-end and will form a significant portion of Harmony’s exploration effort in FY10. These 100% Harmony-owned leases complement the exploration activities undertaken by the 50% Harmony-owned Morobe Mining Joint Ventures and underscore Harmony’s commitment and belief in the developing minerals industry in PNG.