Harmony Gold: US Court Finds Against Gold Fields

Harmony Gold: US Court Finds Against Gold Fields 


JOHANNESBURG, South Africa, Nov. 24  /PRNewswire-FirstCall/ -- Harmony Gold
(NYSE: "HMY"; JSE: "HAR") today announced that on 5 November 2004, Gold Fields
("Gold Fields") (NYSE: "GFI"; JSE: "GFI") brought an action in the United
States District Court for the Southern District of New York (the "Court")
seeking an injunction against Harmony's early settlement offer for 34.9% of
Gold Fields' shares, alleging that, inter alia:

   -- Harmony had entered into purported undisclosed concert party type
      agreements with Norilsk;
   -- Harmony's offers were coercive;
   -- Harmony had published in the US misleading gold reserves figures; and
   -- Harmony had omitted certain other information from its public
      documentation.



Shareholders should be aware that, even prior to the Court's decision, Gold
Fields had abandoned all of its allegations, including those relating to
alleged concert party type arrangements between Harmony and Norilsk and that
Harmony's offers were coercive, except for the allegation relating to Harmony's
disclosure of its gold reserves.

The case was heard on Wednesday 17 November 2004.  On Tuesday 23 November 2004,
the Court ruled in favour of Harmony.  In particular the Court noted Gold
Fields' failure to challenge Harmony's evidence and that Gold Fields' own
expert witness agreed that Harmony's gold reserve estimate was "justified". The
Court also noted that Chris Thompson (Chairman of Gold Fields) admitted that he
had failed to read Harmony's primary offer documentation prior to Gold Fields
making its allegations.

This judgement represents the latest in what Harmony considers to be Gold
Fields' campaign of frivolous litigation, which is aimed solely at attempting
to divert Gold Fields' shareholders attention away from the value contained in
Harmony's full and fair offers and to frustrate the ability of Gold Fields
shareholders to assess the offers on their merits.  In particular, Harmony is
astonished that, given the decision by Gold Fields not to pursue its concert
party allegations in the US Court, Gold Fields is continuing to pursue this
matter with the SRP and the Competition Appeal Court in South Africa, despite
the Executive Director of the SRP and then the Executive Committee of the SRP,
on appeal, as well as the Competition Tribunal having already ruled against
them.

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.

In connection with the proposed acquisition of Gold Fields, Harmony has filed a
registration statement on Form F-4 (which was declared effective by the
Securities and Exchange Commission (SEC) on November 19, 2004) and filed a
final prospectus, dated November 19, 2004, with the SEC pursuant to Rule
424(b)(5) 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 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
final prospectus, 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 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 [phone] (call collect) or 1 [phone]
(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 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 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.

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:  Issued by (direct line, mobile, email):  Ferdi Dippenaar,

[phone], [phone], or Corne Bobbert, [phone],

[phone], all of Harmony Gold; or United States - Financial Dynamics

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

, or Torie Pennington, [phone], [phone],

; or South Africa - Beachhead Media & Investor Relations

- Jennifer Cohen, [phone], [phone], ,

or Patrick Lawlor, [phone], [phone], ,

both of; or United Kingdom - Financial Dynamics Business Communications - Nic

Bennett, [phone], [phone], , Charles

Watenphul, [phone], [phone], ;

or US Information Agent - MacKenzie Partners, Inc - Daniel Burch,

[phone], , or Steve Balet, 1-800-322-2885,

all for Harmony Gold

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