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Wednesday, July 20, 2011

Harmony Gold (HMY) Reports Major Expansion at Wafi Golpu

Harmony Gold (NYSE:HMY) announced the Wafi Golpu gold-copper property in Papua New Guinea has an expansion of 57 percent in resources, reaching over 1 billion tons, according to CEO, Graham Briggs. Harmony is in a joint venture with Newcrest on the project.

The Golpu deposit, on a 100% basis, now estimates about 869 tons of resource, including 19.3 million ounces of gold and 9 million tons of copper.

Combined with Wafi, the resource is estimated at 1.012 billion tons grading .82 g/t gold and .89% copper for a contained 26.6 million ounces of gold and 9 million tons of copper.

Production is still a ways off in this challenging mining region of the world.

Harmony was trading at $14.11, up $0.13, or 0.93 percent, as of 9:38 AM EDT.

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