Papua New Guinea provides new prospects for Harmony

Harmony Gold Mining, the world’s fifth largest gold producer, has reported that its pre-feasibility studies at the Golpu copper/gold deposit in Papua New Guinea show a mine with a production life of about 13 years.

The company expects to recover 64,000 tons of copper and 73,000 ounces of gold to concentrate per year from the deposit.

The deposits form part of the Wafi Golpu project, which comprises two separate ore systems, gold and copper-gold, located in close proximity to each other.

A further pre-feasibility study is being conducted at the Wafi site and publication is expected in October 2007.

The Golpu pre-feasibility study indicates a probable ore reserve of 70.8 million tons grading 1.13% copper, 0.61g/t gold, and 121ppm molybdenum.

Inclusion of inferred material in the mining plan may see the mining inventory increase to 100.7 million tons grading 0.95% copper, 0.54g/t gold, and 129g/t molybdenum.

As a result, for the first time in its 57-year history, Harmony will be including copper, molybdenum and uranium reserves and resources in its Mineral Reserves and Mineral Resources declaration.

In addition to its Papua New Guinea operations, Harmony has projects in South Africa and Australasia.