Statement re Assets in Papua New Guimea
November 14 2011 - 4:02AM
UK Regulatory
TIDMHRM
Harmony Gold Mining Company Ltd ("Harmony")
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
Randfontein
South Africa 1760
T +27 (11) 411 2000
www.harmony.co.za
Sponsor:
J.P. Morgan Equities Limited
2
3348644v1
END
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