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Mt Hagen Project

The Mt Hagen project comprises two contiguous tenements encompassing approximately 1 100 square kilometres of tenure. The tenements are located around 20 kilometres north-north-east of Mt Hagen and are readily accessible via the Highlands Highway between Lae and Porgera.

Geology of the project area comprises a sequence of Triassic to Jurassic volcanics and calcareous metasediments, together with younger (Mid-Miocene) intrusives. In terms of structural settings, the region is transacted by a number of major regional structures considered favourable for hosting porphyry-related gold and copper-gold mineralisation.

Mineralisation styles known from the project include porphyry copper-gold mineralisation, quartz sulphide vein stockwork mineralisation, and copper-gold skarn mineralisation.

Due diligence of the area commenced in April 2009 and the tenement package was consolidated subsequently in two separate agreements:

• EL1611 option agreement: Harmony has the right to explore over a four-year period on condition that the exploration work undertaken meets minimum annual statutory expenditure commitment. At any time during this four-year period, Harmony may exercise an option to purchase 100% of the tenement for the total cash consideration of US$2.25 million.
• EL1596 sale/purchase agreement: Harmony acquired 100% of the mineral rights of the adjacent tenement, EL1596, from Frontier Resources for a cash consideration of US$250,000.

The initial planned work programme comprises systematic surface trenching, mapping and drilling of the exposed gossan at Kurunga. Drilling is scheduled for the second quarter of FY10. Ridge and spur soil sampling over the broader area of the magnetic intrusive complex will follow with the work programme adjusted accordingly, depending on results.

This image presentation (analytic signal) shifts the magnetic anomalies above the bodies producing them. The arrows highlight major structural features all of which intersect at Kurunga. The magnetic skarn mineralisation at Kurunga (below) correlates directly with the anomaly circled yellow (above)

Artisanal workings at Kurunga where locals have exposed approximately 300m of strike of auriferous gossan. The gossan represents the surface expression of copper-gold skarn mineralisation.

Amanab Project

The Amanab project – exploration licence application ELA1708 – was lodged on 6 January 2009 in the name of Harmony Gold (PNG) Exploration Limited, a wholly-owned subsidiary of Harmony Gold Mining Company.

The tenement is located approximately 160 kilometres north of the OK Tedi copper-gold mine in Sandaun Province and was pegged to target the bedrock source of the alluvial goldfield centred on the Yup River. Major PNG deposits at Porgera, Bougainville, and Morobe (includes Hidden Valley, Wau, and Edie Creek) all had similar alluvial gold occurrences established prior to discovery.

The tenement was granted on 6 July 2009. A low-level grassroots exploration programme will be undertaken in stages over the next 18 months.