Mid-quarter and Gold Fields Bid Update From Harmony JOHANNESBURG, South Africa, March 10 /PRNewswire-FirstCall/ -- Harmony Gold Mining Company Limited (NYSE:HMY)(JSE:HAR) provided an update on both its operations and its bid for Gold Fields (NYSE:GFI)(JSE:GFI) at a media and analyst briefing held today. CE Bernard Swanepoel's presentation covered details of the Competent Person's Report ("CPR") on the company's reserves, the timetable for competition authority approval and progress on the Papua New Guinea Hidden Valley growth project and exploration portfolio following the allocation of its mining license. He also confirmed that Harmony would be extending its deadline for Gold Fields shareholders to tender into its subsequent offer. The CPR, now in the process of being filed with the JSE, shows that Harmony's audited proven and probable reserves total 52.1 million ounces. Another 8,3 million ounces of inferred reserves bring Harmony's total to 60,4 million ounces, in line with the guidance given at the December quarterly results presentation and representing only a 3% difference between Harmony's and SRK's reserve estimates. Swanepoel said that due to the December Christmas holiday, the current reporting period was traditionally a slow quarter, much in line with what the local industry experiences every year. Harmony would also be testing its balance sheet for any impairment charges under the new macroeconomic assumptions due to the 'stronger-for-longer' South African Rand environment. Any such charges would be reported at the end of the March quarter. With regard to Harmony's offers for Gold Fields, Swanepoel said the company's expected closing date for the subsequent offer would be extended to 12 p.m. (South African time) on the 20th of May and that 128 910 Gold Fields shares had been tendered so far, in line with what is customary for a conditional offer. "We are extending the date to allow for as much flexibility as possible to accommodate the delay due to the process at the Competition Tribunal," said Swanepoel. "Harmony's balance sheet is strong and sustainable and our operations have been restructured to exist profitably with a strong Rand. We are currently building five growth projects in South Africa and have exciting projects that will be developed in Papua New Guinea. We don't need Gold Fields. We will not pursue this merger if it is not justifiable at the right price and on the right terms." Swanepoel said the current ratio between the two company's share prices was 'crazy' and that any decisions about the offer would be taken solely with the best interests of Harmony and its shareholders in mind. He said that despite the rumours floating around, the only certainty in the market remains Harmony's offer to Gold Fields' shareholders. Copies of this announcement and the update briefing presentation are available on Harmony's transaction website (http://www.harmony.co.za/) Unless the context otherwise requires, the definitions contained in the offer document or the registration statement sent to Gold Fields shareholders have the same meaning in this announcement. The directors of Harmony accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors of Harmony (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. In connection with the proposed acquisition of Gold Fields, Harmony has filed a registration statement (File no: 333-120975) on Form F-4 (which was declared effective by the Securities and Exchange Commission ("SEC") on February 28, 2005) and filed a final prospectus, dated February 25, 2005, with the SEC pursuant to Rule 424(b)(3) of the Securities Act of 1933, to register the Harmony ordinary shares (including Harmony ordinary shares represented by Harmony American Depositary Shares ("ADSs")) to be issued in exchange for Gold Fields ordinary shares held by Gold Fields shareholders located in the United States and for Gold Fields ADSs held by Gold Fields shareholders wherever located, as well as a Statement on Schedule TO. Investors and holders of Gold Fields securities are strongly advised to read the registration statement, the related exchange offer materials and the final prospectus, the Statement on Schedule TO and any other relevant documents filed with the SEC, as well as any amendments and supplements to those documents, because they contain important information. Investors and holders of Gold Fields securities may obtain free copies of the registration statement, related exchange offer materials, the final prospectus and the Statement on Schedule TO, as well as other relevant documents filed or to be filed with the SEC, at the SEC's web site at http://www.sec.gov/. Investors and holders of Gold Fields securities will receive information at an appropriate time on how to obtain transaction-related documents for free from Harmony or its duly designated agent. The final prospectus and other transaction-related documents may be obtained for free from MacKenzie Partners, Inc., the information agent for the U.S. offer, at the following address: 105 Madison Avenue, New York, New York 10016; telephone 1 (212) 929 5500 (call collect) or 1 (800) 322 2885 (toll-free call); e-mail . This communication is for information purposes only. It shall not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of Gold Fields or an offer to sell or exchange or the solicitation of an offer to buy or exchange any securities of Harmony, nor shall there be any sale or exchange of securities in any jurisdiction in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this communication should inform themselves of and observe these restrictions. The solicitation of offers to buy Gold Fields ordinary shares (including Gold Fields ordinary shares represented by Gold Fields ADSs) in the United States will only be made pursuant to a prospectus and related offer materials that Harmony has sent to holders of Gold Fields securities. The Harmony ordinary shares (including Harmony ordinary shares represented by Harmony ADSs) may not be sold, nor may offers to buy be accepted, in the United States prior to the time the registration statement becomes effective. No offering of securities shall be made in the United States except by means of a prospectus meeting the requirements of Section 10 of the United States Securities Act of 1933, as amended. DATASOURCE: Harmony Gold Mining Company Limited CONTACT: Ferdi Dippenaar, +27-11-684-0140, +27-82-807-3684, or Vusi Magadana, +27-11-684-0140, +27-72-157-5986, both of Harmony Gold; or South Africa Beachhead Media & Investor Relations: Jennifer Cohen, +27-11-214-2401, +27-82-468-6469, , or Patrick Lawlor, +27-11-214-2410, +27-82-459-6709, ; or United States - Financial Dynamics Business Communications: Hollis Rafkin-Sax, +1-212-850-5789, +1-917-509-0255, , or Torie Pennington, +1-212-850-5629, +1-917-838-1369, ; or United Kingdom - Financial Dynamics Business Communications, Nic Bennett, +44-207-269-7115, +44-7979-536-619, , or Charles Watenphul, +44-207-269-7216, +44-7866-438-013, ; or US Information Agent - MacKenzie Partners, Inc: Daniel Burch, +1-212-929-5500, , or Steve Balet, 1-800-322-2885 Web site: http://www.harmony.co.za/

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