HRM Harmony Gold

    Harmony Gold Mining Co. Ltd.

NEWS RELEASE

HARMONY REPORTS 48% INCREASE IN ORE RESERVES

Johannesburg, 25 July 2002 - Harmony today announced details on the company's
ore reserves and resources as at the financial year ending June 2002.

The company has, for the financial year ended June 2002, declared resources in
excess of 295 million ounces, with 49 million ounces being in the reserve
category. These ore reserves were calculated at a gold price of R95 000 per
kilogram or approximately US$295/oz.

For the previous financial year, Harmony reported resources of 224 million oz
of which 33 million oz were in ore reserves category. This is a 48% year on
year increase in reserves.

"Harmony has always been very conservative in its valuation of its ore
reserves. One of the reasons being the company's policy of not hedging
production and thereby allowing our shareholders exposure to increases in the
gold price, if and when it occurs.

"The current gold price and Rand exchange rate environment, however, has
allowed us to use a higher gold price of R95 000 per kilogram.

We will continue to apply this conservative approach at our mining operation
since Harmony, unlike its hedged competitors, cannot rely on a fixed gold
price," said Bernard Swanepoel, chief executive.

"The increase will allow the company's mines more flexibility, both in terms of
mining as well as optimising the profit levels of the operations. Harmony will
remain focussed on its working costs since this is one aspect the company can
actually control," concluded Bernard.

The increase in ore reserves can mainly be ascribed to the higher gold price
and an overall improvement in ore reserve quality through the acquisition of
50% of the Free Gold assets in South Africa and Hill 50 in Australia.

Ends

For further details contact:

Bernard Swanepoel                       Ferdi Dippenaar                        
                                                                               
on +27(0)83 303 9922 or                 on +27(0)82 807 3684                   

Issued by Harmony Gold Mining Company Limited

Contact:

Corn� Bobbert

Tel +27 11 684 0146

Fax +27 11 684 0188

Mobile +27(0)83 380 6614

E-mail: cbobbert@harmony.co.za

Web site: www.harmony.co.za

ISIN No.: ZAE000015228

JSE: HAR

NASDAQ: HGMCY

Disclaimer

This document includes certain information that is based on management's
reasonable expectations and assumptions. These "forward-looking statements"
include, but are not limited to, statements regarding estimates, intentions and
beliefs, as well as anticipated future production, mine life, market conditions
and costs. While management has prepared this information using the best of
their experience and judgment, and in all good faith, there are risks and
uncertainties involved which could cause results to differ from projections.

Cautionary Note to US Investors - The United States Securities and Exchange
Commission (the "SEC") permits mining companies, in their filings with the SEC,
to disclose only those mineral deposits that a company can economically and
legally extract or produce. We may use certain terms in this quarterly review,
such as "resources", that the SEC guidelines strictly prohibit us from
including in our filings with the SEC. U.S. Investors are urged to consider
closely the disclosure in our public filings with the SEC available from us at
Harmony Gold Mining Company Limited, P.O. Box 2, Randfontein, 1760, South
Africa, Attention: Mr. Ferdi Dippenaar, Commercial Director. You can also
obtain these filings from the SEC by calling 1-800-SEC-0330.



END

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