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More significant exploration drill hole intercepts at Golpu - a world-class copper-gold porphyry

Johannesburg. Friday, 22 October 2010. Harmony Gold Mining Company Limited (Harmony) is pleased to announce further significant exploration drill hole intercepts at the Golpu porphyry copper-gold deposit at the Wafi-Golpu Project in Papua New Guinea (PNG), which is part of the company’s joint venture with Newcrest Mining Limited (Newcrest).

During the past quarter Harmony released an updated Statement of Reserves and Resources which included an appreciable increase in the Wafi-Golpu Resource to 16Moz of gold and 4.8Mt of copper.Additional exploration drilling at Golpuundertaken during the quarter has further extended the deposit with significant intercepts as follows:

  • WR347 This email address is being protected from spambots. You need JavaScript enabled to view it./t Au, 1.90% Cu from 883m including 616m @ 1.79g/t Au, 2.34% Cu from 910m
  • WR348 This email address is being protected from spambots. You need JavaScript enabled to view it./t Au, 0.99% Cu from 179m including This email address is being protected from spambots. You need JavaScript enabled to view it./t Au, 1.88% Cu from 359m
  • WR349 This email address is being protected from spambots. You need JavaScript enabled to view it./t Au, 1.23% Cu from 194m including 117m @0.63g/t Au, 2.09% Cu from 262m

WR347 was drilled as a 100 metres step-out hole on the northern margin of the existing resource. The intercept correlates with a zone of bornite mineralisation and represents the highest grade results ever returned from drilling at the project. This intersection significantly extends the higher grade core of the Golpuresource to the north with the orebody remaining open in this direction and at depth.

WR349 indicates that the high grade porphyry mineralisation extends to the north and closer to the surface than previously modelled.

As a result of this drilling, the Wafi-Golpuexploration target1 has been upgraded to 30Moz of gold and 8Mt of copper based on a tonnage range between 900 and 1,400 million tonnes. This targets growth of epithermal deposits to between 100 and 200 million tonnes at a grade range between 1.5g/t and 2.0g/t plus porphyry deposits to a range of 800 and 1,200 million tonnes at grades between 0.7 and 1.1% copper and 0.5g/t to 0.9g/t gold.

Furthermore Harmony is pleased to announce that the Wafi-Golpu concept study was completed during August 2010. The concept study was building on previous studies and was updated with new information and enhanced development approaches during the study. The concept study demonstrates that a very robust business case exists for the projectand therefore both Harmony and Newcrest have approved that the project progresses to the rre-feasibility study phase.

The main value drivers, for which several options will be considered during the pre-feasibility study, are:

  • Further increasing the tonnage and grade of the resource;
  • Optimise the production rates from the panel caves to suit the footprint and draw heights;
  • Optimise the gold recovery of the refractory Wafi ore bodies; and
  • Positioning of infrastructure, waste dumps and tailings storage facilities in such areas to minimize the impact on the environment and to optimise the costs

The joint venture study team is targeting completion of the pre-feasibility study towards the end of 2011 or early 2012. The Pre-Feasibility Study costs, which includes the construction of a new road, the establishment of a camp and associated infrastructure and the commencement of underground exploration access (decline shaft) is estimated to be US$150 million2. Approval for the construction of the access road and establishment of a camp and associated infrastructure has been obtained from the local landowners and construction of the new road will commence early during 2011.

Harmony CEO Graham Briggs says, “We can hardly contain our excitement each time new drilling results are received. The latest intercepts, together with the very positive outcome of the concept study emphasisethe potential for the joint venture to establish another high quality, world-class operation in Papua New Guinea.”

Note: The Measured and Indicated Mineral Resources are inclusive of those Mineral Resources modified to produce the Ore Reserves. The estimates of Ore Reserves and Mineral Resources in this statement were prepared in accordance with the standards set out in the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code" (December 2004) as published by the Joint Ore Reserve Committee of the Australian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) The JORC Code is the accepted reporting standard for the Australian Stock Exchange (ASX).

The Exploration Results, Mineral Resources and Ore Reserves in the summary tables and are based on information compiled by Michael Smith who is corporate member of the Australian Institute of Mining and Metallurgy and who has relevant experience of a 'competent person' as defined by the code for reporting of Mineral Resources and Ore Reserves in relation to the mineralisation being reported on and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Michael Smith is a full-time employee of Harmony PNG Service Pty Ltd

  1. Refer to www.harmony.co.za for details on Wafi Resources and the Golpu exploration target guidance.
  2. 100% share.
  3. For more details contact:

    Graham Briggs
    Investor Relations Officer
    +27 (0)83 265 0274

    Henrika Basterfield
    Investor Relations Officer
    +27 11 411 2314 (work)
    +27 82 759 1775(mobile)

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