Wafi-Golpu Project Grows to a Billion Tonne Resource
20 Juillet 2011 - 1:26PM
UK Regulatory
TIDMHRM
Harmony Gold Mining Company Ltd
Incorporated in the Republic of South Africa
Registration number: 1950/038232/06
JSE Share code: HAR
NYSE Share code: HMY
NASDAQ Share code: HMY
ISIN: ZAE000015228
PRESS RELEASE
WAFI-GOLPU PROJECT GROWS TO A BILLION TONNE RESOURCE - ADDS TO GROWTH IN
QUALITY OUNCES; GOLPU'S GRADE AT PLUS 1% COPPER
Harmony's Resources and Reserves aligned with strategy
For the full press release including tables, technical diagrams and graphs,
kindly go to the Harmony website on www.harmony.co.za.
Johannesburg. Wednesday, 20 July 2011. Harmony Gold Mining Company Limited
(`Harmony' or `the Company') is pleased to publish its Statement of Mineral
Resources and Mineral Reserves as at 30 June 2011, produced in accordance with
the South African Code for the Reporting of Mineral Resources and Mineral
Reserves (SAMREC Code) and the Australian Code (JORC Code). The Measured and
Indicated Mineral Resources are inclusive of those Mineral Resources modified
to produce the Mineral Reserves.
Graham Briggs, chief executive officer commented, "The Company's Resource and
Reserve base support our strategy of producing high quality ounces at lower
costs. Harmony has invested a great deal in the expansion of its production
base in South Africa and Papua New Guinea (PNG). Our investment in exploration
continues to pay dividends, with the Wafi-Golpu Resource showing a phenomenal
57% increase to over 1 billion tonnes - confirming it is one of the highest
grade copper gold porphyry systems in South East Asia. These excellent results
validate our long held belief that PNG is a game changing asset for Harmony."
Briggs added, "We continue to improve our business planning process, using
benchmarks and targets we believe to be realistic. Cut off grades have been
revised, areas which require more geological work and minor reefs have been
excluded from resources. Results from extensive underground development and
borehole drilling during the year have been used to improve the confidence in
the geological models of our operations. Our `life of mine' plans support our
commitment to improving the grades from our underground operations, lowering
our cost base and benchmarking our costing parameters - both internally across
our operations and externally against other gold producers."
As at 30 June 2011, Harmony's Mineral Reserves amounted to 41.6 million ounces
(Moz) of gold, spread across Harmony's assets in South Africa and PNG. The
Reserves of Kusasalethu, Doornkop, Tshepong and Phakisa in South Africa and
Hidden Valley in PNG now constitute 45% of Harmony's total Mineral Reserves.
Once the pre-feasibility study of Wafi-Golpu has been completed, more ounces
from PNG may be added to Harmony's reserves.
The reserve declaration excludes Rand Uranium Reserves (which is being held for
sale), as well as some Evander projects which are no longer included in
Harmony's long term mine plans. These exclusions, together with mine depletion,
resulted in a decrease of 6.5 million ounces year on year, allowing Harmony to
focus on growing, developing and operating its portfolio of quality assets.
As at 30 June 2011 attributable gold Mineral Resources are 163.9 Moz. Harmony's
PNG Resources represent 10% of Harmony's total Resources at 16.3 Moz - a 51%
increase in the total amount of resources from PNG, largely due to the
significant increase in the Wafi-Golpu Resource (jointly (50/50) held by
Harmony and Newcrest Mining Limited (Newcrest) in the Morobe Mining Joint
Venture).
The Wafi-Golpu Resource statement confirms Harmony's long held belief that
Golpu is truly a world-class discovery. On a 100% basis, Golpu alone now hosts
a Resource of 869Mt, containing 19.3Moz of gold and 9.0 million tonnes (Mt) of
copper (62Moz on a gold equivalent(1) basis). This represents a significant
year-on-year increase, with an additional 368Mt (73% increase), comprising
4.2Mt copper (88% increase) and 10.5Moz of gold (119% increase) (see Table 1 -
refer website). The deposit has grown to the north and at depth, and the grade
has also increased. The Resource remains open at depth and to the north, with
extension and infill drilling continuing (see Figure 1 - refer website).
Graham Briggs further commented, "The Golpu deposit benchmarks as one of the
highest grade copper-gold deposits in South East Asia, and there is potential
to improve this further. The ultimate size of the system, including the gold
mineralisation, is yet to be realised, but significant potential remains for
additional growth in the district or as additional mineralisation centres
aligned along the Wafi transfer structure. We are increasing the drill fleet
from 5 to 8 rigs over the coming months to realise this potential".
The Golpu copper-gold deposit is a nested porphyry system that comprises at
least three separate mineralised intrusions. Potential for additional
mineralised intrusives along strike from Golpu, at Nambonga, and for additional
feeder zones around the margins and at depth below the diatreme is high, with
the area hugely prospective and underexplored (see Figure 2 - refer website).
The Wafi epithermal gold system is also expanding with new zones of gold
mineralisation discovered off the northern margin of the diatreme in areas
never drill tested previously.
The increase in the Golpu Resource has increased the Wafi Golpu System Resource
to over 1 billion tonnes, which is displayed in table 2 (refer website).
The Wafi-Golpu Resource has world class credentials, compared with other
similar projects. See the graph (Fig. 3 - refer website). Wafi-Golpu is of
substantial size, with the resource having the highest copper and gold grade
amongst its peers.
Wafi-Golpu has grown into a tier one asset in its own right, with several first
class gold and copper-gold targets being developed along strike on the Wafi
Transfer structure (see Figure 4 - refer website).
Outside of the Morobe Mining Joint Venture, Harmony's exploration strategy of
targeting key prospective terrains to create shareholder value through the
discovery of large long life gold orebodies, is proving successful. The New
Guinea mobile belt is emerging as a premier copper-gold (Cu-Au) belt with
recent discoveries and resource expansions at Wafi-Golpu, Yandera, and Frieda
River. At Mount Hagen, at the Kurunga prospect, Harmony is currently drill
testing one of the highest order Cu-Au geochemical anomalies in the entire belt
(see Figure 5 - refer website). Initial results are highly encouraging with
numerous vein intervals of +0.1% copper, accompanied by high grade molybdenum
(Mo) assays, which confirm the prospectivity of the anomaly and highlight the
porphyry Cu-Au-Mo potential.
Please refer to Annexure A, included in this press release, which provides all
the underlying detail to the information provided.
ANNEXURE A
In converting the Mineral Resources to Mineral Reserves the following
parameters were applied:
* a gold price of US$1 150/oz
* an exchange rate of USD/ZAR 7.57 for South Africa
* the above parameters resulted in a gold price of
R280 000/kg
* the Hidden Valley mine and Wafi-Golpu project in the Morobe Mining Joint
Venture used prices of AUD1133/oz Au, AUD18.00/oz Ag, AUD18.00/lb Mo and
AUD3.34/lb Cu at an exchange rate of US/AUD 0.75 and PGK/AUDK 2.30
Harmony's South African Resources to Reserves conversion process and two
operations, Tshepong mine and Kusasalethu mine, were reviewed and audited by
SRK Consulting Engineers and Scientists for compliance with the South African
Code for Reporting Mineral Resources and Mineral Reserves - SAMREC Code (2008),
Industry Guide 7 of the United States Securities Exchange Commission and
Sarbanes-Oxley requirements. Harmony's Papua New Guinea Mineral Resources and
Mineral Reserves will be independently reviewed by AMC Consultants Pty Ltd for
compliance with the standards set out in the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves - The JORC Code.
The company's detailed Resource and Reserve declaration will be published in
the FY2011 annual report, which will be made available to shareholders towards
the end of September 2011. The annual report will also include the latest
update on Harmony's uranium Resources.
We use certain terms in this document such as `Measured', `Indicated' and
`Inferred' Resources, which the United States' Securities and Exchange
Commission (SEC) guidelines strictly prohibit US-registered companies from
including in their filings with the SEC. US investors are urged to closely
consider the disclosure in our Form 20-F.
MINERAL RESOURCES STATEMENT
The following tables summarise the Mineral Resources for the South African and
Papua New Guinea operations and projects:
SA underground operations
Tonnes (Mt) g/t Gold (`000 Gold (`000 Oz)
Kg)
Measured 93.7 9.08 851 27 365
Indicated 116.4 8.51 991 31 863
Inferred 209.2 7.12 1490 47 896
Total 419.3 7.95 3332 107 124
SA projects below infrastructure
Tonnes (Mt) g/t Gold (`000 Gold (`000 Oz)
Kg)
Measured - - - -
Indicated 74.4 8.20 610 19 607
Inferred 57.0 3.87 221 7 089
Total 131.4 6.32 831 26 696
SA surface operations
Tonnes (Mt) g/t Gold (`000 Gold (`000 Oz)
Kg)
Measured 393.0 0.31 121 3 890
Indicated 890.6 0.29 257 8 259
Inferred 82.3 0.62 51 1 630
Total 1365.9 0.31 429 13 779
South Africa Total
Tonnes (Mt) Gold (`000 Kg) Gold (`000
Oz)
Measured 486.7 972 31 255
Indicated 1 081.4 1 858 59 729
Inferred 348.5 1 761 56 615
Total 1 916.6 4 591 147 599
Papua New Guinea
Hidden Valley mine
Tonnes (Mt)* g/t Gold (`000 Gold (`000 Equity Gold
Kg)* Oz)* (`000 Oz)**
Measured 8.1 1.74 14 454 227
Indicated 95.9 1.57 151 4 852 2 426
Inferred 17.2 1.24 21 686 343
Total 121.2 1.54 186 5 992 2 996
Wafi-Golpu system
Tonnes (Mt)* g/t Gold (`000 Gold (`000 Equity Gold
Kg)* Oz)* (`000 Oz)**
Measured - - - - -
Indicated 812.2 0.76 619 19 918 9 959
Inferred 199.4 1.04 207 6 658 3 329
Total 1 011.6 0.82 826 26 576 13 288
* Represents Harmony / Newcrest joint venture 100% portion
** Represents Harmony's 50% portion
Equivalent gold ounces
Hidden Valley mine
Equivalent Gold Equity equivalent
(`000 Oz)* gold (`000 Oz)**
Measured 542 271
Indicated 5 914 2 957
Inferred 830 415
Total 7 286 3 643
Wafi-Golpu system
Equivalent Gold Equity equivalent
(`000 Oz)* gold (`000 Oz)**
Measured - -
Indicated 56 521 28 261
Inferred 13 370 6 685
Total 69 891 34 946
* Represents Harmony / Newcrest joint venture 100% portion - gold, silver and
copper
** Represents Harmony's 50% portion - gold, silver and copper
In addition to the gold resources, Harmony also reports on silver, copper and
molybdenum from its PNG operations.
Silver
Tonnes (Mt)* g/t Ag (`000 Kg) Ag (`000 Oz) Equity Silver
* * (`000 Oz)**
Measured 8.0 28.81 232 7 474 3 737
Indicated 90.2 31.24 2 816 90 534 45 267
Inferred 16.0 23.84 383 12 312 6 156
Total 114.2 30.03 3 431 110 320 55 160
Copper
Tonnes (Mt)* % Cu Cu Equity Copper
(`000 t)* (M lbs)* (M lbs)**
Measured - - - - -
Indicated 749.0 1.02 7 640 16 842 8 421
Inferred 159.5 0.88 1 400 3 086 1 543
Total 908.5 1.00 9 040 19 930 9 965
Molybdenum
Tonnes (Mt)* ppm Mo Mo Equity
Molybdenum (M
(`000 t)* (M lbs)* lbs)**
Measured - - - - -
Indicated 749.0 99.00 74 164 82
Inferred 119.7 76.00 10 20 10
Total 868.7 95.83 84 184 92
* Represents Harmony / Newcrest joint venture 100% portion
** Represents Harmony's 50% portion
Papua New Guinea total **
Tonnes (Mt) g/t Gold Gold
(`000 Kg) (`000 Oz)
Measured 4.0 1.74 7 227
Indicated 454.1 0.85 385 12 385
Inferred 108.3 1.05 114 3 672
Total 566.4 0.89 506 16 284
** Represents Harmony's 50% portion
Harmony Group Total **
Tonnes (Mt) Gold Gold
(`000 Kg) (`000 Oz)
Measured 490.8 979 31 482
Indicated 1 535.5 2 243 72 114
Inferred 456.8 1 875 60 287
Total 2 483.1 5 097 163 883
** Represents SA Total and Harmony's 50% portion from PNG
Please refer to website for Mineral Resources reconciliation graph.
MINERAL RESERVE STATEMENT
The following table shows more detail of the year-on-year Reserves
reconciliation:
Mineral Reserves reconciliation: FY2010 to FY2011
Gold (tonnes) Gold (million
Oz)
Balance at June 2010 1 496 48.1
Reductions
Mined during FY2011 (47) (1.5)
Mine closures (2) (0.1)
Rand Uranium - non-current assets held for sale (37) (1.2)
Projects SA - Poplar & Libra (143) (4.6)
Increases
Geology and scope changes - SA 27 0.9
Balance at June 2011 1 294 41.6
Please refer to website for Mineral Reserves reconciliation graph.
The following tables show the Mineral Reserves for the South African and Papua
New Guinea operations and projects:
SA underground operations
Tonnes g/t Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved 51.8 6.18 320 10 295
Probable 66.0 6.38 421 13 542
Total 117.8 6.29 741 23 837
SA projects below infrastructure
Tonnes g/t Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved - - - -
Probable 26.2 8.08 211 6 790
Total 26.2 8.08 211 6 790
SA surface
Tonnes g/t Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved 386.6 0.29 112 3 603
Probable 624.5 0.24 153 4 909
Total 1 011.1 0.26 265 8 512
South Africa Total
Tonnes Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved 438.4 432 13 898
Probable 716.7 785 25 241
Total 1 155.1 1 217 39 139
Papua New Guinea*
Hidden Valley mine
Tonnes (Mt)* g/t Gold Gold Equity Gold**
(`000 Oz)
(`000 Kg)* (`000 Oz)*
Proved 7.3 1.79 13 422 211
Probable 58.5 1.67 98 3 142 1 571
Total 65.8 1.68 111 3 564 1 782
Golpu
Tonnes (Mt)* g/t Gold Gold Equity Gold
(`000 Oz)**
(`000 Kg)* (`000 Oz)*
Proved - - - - -
Probable 70.8 0.61 43 1 388 694
Total 70.8 0.61 43 1 388 694
* Represents Harmony / Newcrest joint venture 100% portion
** Represents Harmony's 50% portion
Equivalent gold ounces
Hidden Valley mine
Equivalent Gold Equity equivalent
gold
(`000 Oz)*
(`000 Oz)**
Proved 502 251
Probable 3 856 1 928
Total 4 358 2 179
Golpu
Equivalent Gold Equity equivalent
gold
(`000 Oz)*
(`000 Oz)**
Proved - -
Probable 5 120 2 560
Total 5 120 2 560
* Represents Harmony / Newcrest joint venture 100% portion - gold, silver and
copper
** Represents Harmony's 50% portion - gold, silver and copper
In addition to the gold Reserves, Harmony also reports on silver, copper and
molybdenum from its PNG operations.
Silver
Tonnes (Mt)* g/t Ag Ag Equity Silver
(`000 Kg)* (`000 Oz)* (`000 Oz)**
Proved 7.3 29.24 214 6 894 3 447
Probable 53.5 35.38 1 895 60 914 30 457
Total 60.8 34.64 2 109 67 808 33 904
Copper
Tonnes (Mt)* % Cu Cu Equity Copper
(`000 t)* (M lbs)* (M lbs)**
Proved - - - - -
Probable 70.8 1.10 778 1 716 858
Total 70.8 1.10 778 1 716 858
Molybdenum
Tonnes (Mt)* ppm Mo Mo Equity
Molybdenum (M
(`000 t)* (M lbs)* lbs)**
Proved - - - - -
Probable 70.8 121.00 8 18 9
Total 70.8 121.00 8 18 9
* Represents Harmony / Newcrest joint venture 100% portion
** Represents Harmony's 50% portion
Papua New Guinea Total **
Tonnes g/t Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved 3.7 1.79 7 211
Probable 64.6 1.09 70 2 265
Total 68.3 1.13 77 2 476
** Represents Harmony's 50% portion
Harmony Group Total **
Tonnes Gold Gold
(Mt) (`000 Kg) (`000 Oz)
Proved 442.1 439 14 109
Probable 781.3 855 27 506
Total 1 223.4 1 294 41 615
** Represents SA Total and Harmony's 50% portion from PNG
1. Gold equivalent ounces are calculated assuming a US$1150/oz Au, US$2.50/lb
Cu and US$13.50/oz Ag with 100% recovery for all metals
The Mineral Resources and Mineral Reserves in the press release and the summary
tables are based on information compiled by the following competent persons:
Reserves and Resources South Africa:
Jaco Boshoff, Pri.Sci.Nat who has 17 years relevant experience and is
registered with the South African Council for Natural Scientific Professions.
Reserves and Resources PNG:
Stuart Hayward for the Wafi Golpu Mineral Resources, Gregory Job for the Golpu
Mineral Reserve, James Francis for the Hidden Valley Mineral Resources and
Anton Kruger for the Hidden Valley Mineral Reserve. Messrs Job, Francis and
Kruger are corporate members of the Australian Institute of Mining and
Metallurgy and Mr Hayward is a member of the Australian Institute of
Geoscientists and all have relevant experience in the type and style of
mineralisation for which they are reporting, and are 'Competent Persons' as
defined by the code.
These competent persons consent to the inclusion in the report of the matters
based on the information in the form and context in which it appears. Mr
Boshoff and and Mr Job are full-time employees of Harmony Gold Mining Company
Limited and Mr Hayward is a full time employee of Wafi Golpu Services Limited.
Mr Francis and Mr Kruger are full-time employees of Newcrest Mining Limited.
Newcrest is Harmony's joint venture partner in the Morobe Mining Joint Venture
in respect of the Hidden Valley mine and Wafi-Golpu project.
For more details contact:
Graham Briggs
Chief Executive Officer
+27 83 265 0274 (mobile)
Jaco Boshoff
Executive: Reserves, New Business and Projects
+27 83 395 3810 (mobile)
Greg Job
Harmony Gold (PNG Services) Pty Ltd: Executive - Growth & Resource Development
+61 417 172 387 (mobile)
Marian van der Walt
Executive: Corporate and Investor Relations
+27 82 888 1242 (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
END
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