Due to Substantial Opposition to the Proposed IAMGold Transaction, Harmony Gold Launches Proceedings to Prevent Gold Fields' Man

Due to Substantial Opposition to the Proposed IAMGold
Transaction, Harmony Gold Launches Proceedings to Prevent Gold Fields'
Management From Obtaining a Discretionary Proxy From the Bank of New York 


JOHANNESBURG, South Africa, Nov. 30  /PRNewswire-FirstCall/ -- Following
Harmony Gold's (NYSE: "HMY"; JSE: "HAR") request to Gold Fields' (NYSE: "GFI";
JSE: "GFI") management that it declines to vote a discretionary proxy to help
it force through the proposed IAMGold transaction and Gold Fields' management's
refusal to provide that assurance, Harmony, in the interests of itself and its
fellow Gold Fields shareholders opposed to the proposed IAMGold transaction,
has regretfully been forced to commence proceedings against Gold Fields and the
Bank of New York ("BONY").

The discretionary proxy

The deposit agreement between Gold Fields and BONY, the United States
depositary of Gold Fields' American Depositary Shares ("ADSs"), provides that
Gold Fields' management be entitled to vote, in its sole discretion, those ADSs
that are voted neither in favour of nor against a proposed resolution (the
"discretionary proxy").

A further term of the deposit agreement is that, should substantial opposition
exist to the matters in respect of which the discretionary proxy is to be
granted, or should such matter materially and adversely affect the rights of
holders of Gold Fields shares, Gold Fields' management should inform BONY of
this and, consequently, the discretionary proxy should not be granted. This
term is specifically designed to prevent Gold Fields' management from forcing
through resolutions that are against the wishes of a substantial number of Gold
Fields' shareholders and/or which materially adversely affect their rights.

On 25 November 2004, Harmony notified the management and directors of Gold
Fields that, in Harmony's view, substantial opposition exists to the proposed
IAMGold transaction and that the implementation of such transaction would
materially adversely affect the rights of holders of Gold Fields shares.
Harmony requested that Gold Fields' management notify BONY of such substantial
opposition and material adverse affect, with the effect that Gold Fields'
management would not be granted the discretionary proxy.

Following Gold Fields' management's failure to do so, Harmony has regretfully
been forced to commence proceedings in the Witwatersrand Local Division of the
High Court of South Africa, requiring Gold Fields' management to notify BONY of
this substantial opposition and material adverse affect. Simultaneously,
Harmony has also had to file an injunction in the United States seeking to
prevent BONY from issuing the discretionary proxy.

Substantial opposition

On 29 November 2004, Harmony announced that valid acceptances of the early
settlement offer had been received in respect of a total of 53, 392, 108 Gold
Fields shares representing approximately 10.8% of the entire issued share
capital of Gold Fields.  Harmony has formally notified Gold Fields of its
opposition to the proposed IAMGold transaction.

As previously announced, Harmony has received an irrevocable undertaking from
Norilsk to vote against the proposed IAMGold transaction in respect of
98,467,758 Gold Fields shares, representing approximately 20.03% of the entire
issued share capital of Gold Fields. *

Furthermore, during meetings that Harmony has held with Gold Fields'
shareholders a significant number have indicated that they oppose the proposed
IAMGold transaction.  This fact has been confirmed by both Gold Fields' and
IAMGold's management's own statements in recent days.

"At the time of the IAMGold transaction, you know this is what I find somewhat
surprising, you know we struggled to find anybody who didn't like the
transaction, now all of a sudden people are saying -- No, it's a lousy deal."

-- Ian Cockerill, CEO of Gold Fields, 3 November 2004.

"It looks like Gold Fields might be getting cold feet after hearing from their
shareholders that they don't like the deal" (Bloomberg quoting Wayne McCurri
who oversees the management of some $1,9 billion assets, including Gold Fields
and Harmony shares).

On 27 November 2004, when Joe Conway, the Chief Executive of IAMGold, is
reported to have acknowledged that "there still is significant opposition to
the proposal ... the issue remains that Gold Fields shareholders are still
somewhat divided at this point".

Accordingly, Harmony believes that there is substantial opposition to the
proposed IAMGold transaction.  The level of opposition is even more significant
in the context of the historic level of attendance at such general meetings
(approximately 70% at the recent annual general meeting).

In Harmony's view, should Gold Fields' management be granted the discretionary
proxy in respect of the proposed IAMGold transaction, this could potentially
assist Gold Fields' management in forcing through the resolutions relating to
IAMGold against the wishes of a substantial number of Gold Fields'
shareholders.

Harmony firmly believes that it is Gold Fields' shareholders, rather than Gold
Fields' management, who should decide on the merits of the proposed IAMGold
transaction.

Material adverse affect

Harmony is of the view that the implementation of the proposed IAMGold
transaction will materially and adversely affect the rights of holders of Gold
Fields shares.

Harmony's subsequent offer is conditional upon, inter alia, the proposed
IAMGold transaction not being implemented.  Holders of Gold Fields shares who
wish to accept Harmony's subsequent offer may be denied that opportunity if the
proposed IAMGold transaction is approved.

The proposed IAMGold transaction

Harmony considers that Gold Fields' rationale for the proposed IAMGold
transaction is unconvincing and difficult to justify from both a value and
structural perspective.  In addition, Harmony believes that the proposed
IAMGold transaction has significant negative implications for Gold Fields, its
shareholders, its South African asset portfolio and all of its stakeholders. In
summary, under the terms of the proposed IAMGold transaction, Harmony believes
that Gold Fields shareholders will not receive full value for their
international asset portfolio, will lose control of their future growth and
could face future dividend reductions.

Harmony remains of the strong view that a board that has a major strategic move
rejected by its own shareholders should consider whether it continues to have
the support and confidence of its shareholders.

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.

* As previously disclosed, the irrevocable undertaking from Norilsk to vote
against the proposed IAMGold transaction and to accept the subsequent offer is
a legally binding contractual agreement.  This agreement would cease to be
binding on Norilsk in the event that a competing offeror were to make an offer
for the entire issued share capital of Gold Fields at a price that represented
a 15% premium to the value of Harmony's offers.  Under the terms of the
agreement, Harmony retains the right to match any such competing offer with the
effect that the agreement would remain binding on Norilsk.

In connection with the proposed merger, Harmony will file with the U.S.
Securities and Exchange Commission ("SEC"), a registration statement on Form
F-4, which will include a preliminary prospectus and related exchange offer
materials, to register the Harmony ordinary shares (including Harmony ordinary
shares represented by Harmony ADSs) to be issued in exchange for the remainder
of 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 and the preliminary prospectus, the related exchange offer materials
and the final prospectus (when available), 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 will contain important
information.  Investors and holders of Gold Fields securities may obtain free
copies of the registration statement, the preliminary and final prospectus and
related exchange offer materials 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 preliminary 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 [phone] (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 in the
US, 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 document
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 US will only be made pursuant to
a prospectus and related offer materials that Harmony will send 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 US prior to the time the registration statement becomes
effective.  No offering of securities shall be made in the US except by means
of a prospectus meeting the requirements of Section 10 of the United States
Securities Act of 1933, as amended.

Forward-looking Statements

Statements in this announcement include "forward-looking statements" that
express or imply expectations of future events or results.  Forward-looking
statements are statements that are not historical facts.  These statements
include financial projections and estimates and their underlying assumptions,
statements regarding plans, objectives and expectations with respect to future
operations, products and services, and statements regarding future performance.
 Forward-looking statements are generally identified by the words "expect,"
"anticipates," "believes," "intends," "estimates" and similar expressions.  All
forward-looking statements involve a number of risks, uncertainties and other
factors, and Harmony cannot give assurances that such statements will prove to
be correct.  Risks, uncertainties and other factors that could cause actual
events or results to differ from those expressed or implied by the
forward-looking statements include, without limitation, the satisfaction of
closing conditions, the acceptance or rejection of any agreement by regulators,
delays in the regulatory processes, changes in the economic or political
situation in South Africa, the European Union, the US and/or any other relevant
jurisdiction, changes in the gold industry within any such country or area or
worldwide and the performance of (and cost savings realised by) Harmony. 
Although Harmony's management believes that the expectations reflected in such
forward-looking statements are reasonable, investors and holders of Gold Fields
securities are cautioned that forward-looking information and statements are
subject to various risks and uncertainties, many of which are difficult to
predict and generally beyond the control of Harmony, that could cause actual
results and developments to differ materially from those expressed in, or
implied or projected by, the forward-looking information and statements.  These
risks and uncertainties include those discussed or identified in the public
filings with the SEC made by Harmony and Gold Fields, including those listed
under "Cautionary Statement Concerning Forward-Looking Statements" and "Risk
Factors" in the preliminary prospectus included in the registration statement
on Form F-4 that Harmony will file with the SEC.  Harmony does not undertake
any obligation to update any forward-looking information or statements. You may
obtain a free copy of the registration statement and preliminary and final
prospectus (when available) and other public documents filed with the SEC in
the manner described above.

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. 

DATASOURCE: Harmony Gold



CONTACT:  Harmony Gold: Ferdi Dippenaar, [phone] (direct),

[phone] (mobile), or Corne Bobbert, [phone] (direct),

[phone] (mobile); or South Africa: Beachhead Media & Investor

Relations - Jennifer Cohen, [phone] (direct), [phone]

(mobile), , or Patrick Lawlor, [phone] (direct),

[phone] (mobile), ; or United States: Financial

Dynamics Business Communications - Hollis Rafkin-Sax, [phone]

(direct), [phone] (mobile), , or Torie

Pennington, [phone] (direct), [phone] (mobile),

; or United Kingdom:  Financial Dynamics Business

Communications - Nic Bennett, [phone] (direct), [phone]

(mobile), ; or Charles Watenphul, [phone] (direct),

[phone] (mobile), ; or US Information Agent -

MacKenzie Partners, Inc., Daniel Burch, [phone],

, or Steve Balet,

1-800-322-2885

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