A significant improvement for Harmony’s Golpu / Wafi resource
Harmony Gold Mining Company Limited (NASDAQ, NYSE: HMY; JSE: HAR) today announced that it has upgraded the new resource model for it’s Wafi gold and Golpu copper gold deposits in the Morobe Province of PNG.
The combined resource is now 9.2m ounces gold and 3.563 billion pounds of copper. (1.6m tonnes)
GOLPU
The revised Golpu model takes into account 2,100m of diamond core drilled since the last resource calculation. This data has led to an improved understanding of the porphyry alteration assemblages and identified consistent mineralisation in the surrounding metasediment. The revised model uses the alteration assemblages to distinguish separate resource model domains.
| Resource Category | Cutoff g/t | Mt | Cu % | Au g/t | As g/t | Mo g/t | Cu Metal M lb | Cu Metal Kt | Au Moz |
|---|---|---|---|---|---|---|---|---|---|
| Indicated | 0.0 | 87.5 | 1.36 | 0.63 | 419 | 11 | 2,615 | 1,186 | 1.8 |
| Inferred | 0.0 | 59.2 | 0.73 | 0.49 | 308 | 161 | 948 | 430 | 0.9 |
| Total | 147.0 | 1.10 | 0.57 | 374.0 | 131.0 | 3,563 | 1,616 | 2.7 |
The previous model contained 96Mt @ 1.4% Cu and 0.7g/t Au for 1.35Mt contained copper and 2.0Moz contained gold (all Indicated).
This new resource represents an increase in copper of 266,000t (20%) and an increase in contained gold of 700,000oz (35%).
Additionally, the average arsenic grade has dropped from 488g/t to 374g/t. Arsenic inclusion is limited to the top 20% of the orebody and as such should be able to be excluded from the Block Cave mine plan in the case that ongoing metallurgical testwork is unsuccessful in defining a process to handle the deleterious element.
The exploration team is now investigating the work required to convert the metasediment resource to the Indicated category and further define the porphyry.
Wafi
An updated model for the Wafi gold resources has also been completed. This model confirms the robustness of the high grade Link Zone. A less selective method was adopted for the Non Refractory Gold (NRG) zone, A and B Zones and the Golpu Goldcap Zone resulting in a more robust model containing additional ounces, but at a lower grade than previously reported.
| Indicated | Inferred | Total | ||||||
|---|---|---|---|---|---|---|---|---|
| Cutoff g/t | Mt | Au g/t | Mt | Au g/t | Mt | Au g/t | Au Moz | |
| Link Zone | 0.8 | 4.3 | 8.57 | 0.5 | 6.53 | 4.8 | 8.35 | 1.3 |
| Non- Refractory Zone | 0.8 | 8.1 | 1.46 | 9.4 | 1.86 | 17.5 | 1.68 | 0.9 |
| A and B Primary Zone | 0.8 | 51.7 | 1.45 | 31.0 | 1.69 | 82.8 | 1.54 | 4.1 |
| Golpu Goldcap | 0.8 | 3.0 | 1.25 | 1.6 | 1.18 | 4.6 | 1.22 | 0.2 |
| Total Wafi | 67.0 | 1.90 | 43.0 | 1.80 | 110.0 | 1.90 | 6.5 |
The Golpu and Wafi resource models have been reviewed and endorsed by mining consultancy RSG Global.
This additional resource inventory has significant potential to positively impact the economical robustness of the Wafi / Golpu project. The Golpu project is currently under pre-feasibility, due for completion in Quarter 1, 2007.
The surrounding area remains highly prospective for additional epithermal gold and porphyry copper gold resources. An exploration budget of R20 Million has been allocated over and above the pre-feasibility budget to test these targets.
The estimate of Mineral Resources in this statement was prepared in accordance with the standards set out in the “Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves – The JORC Code” (December 2004) as published by the Joint Ore Reserve Committee of the Australian Institute of Mining and Metallurgy, Australian institute of Geoscientists and Mineral Council of Australia (JORC).
The Ore Resource data in the summary table is based on information compiled by Gregory Job who is a corporate member of the Australian Institute of Mining and Metallurgy and who has relevant experience of a “competent person” as defined by the code for reporting of Mineral Resources and Ore Reserves in relation to the mineralisation being reported on. Mr Job is a full time employee of Harmony Gold.
Golpu resources have been reported in their entirety within the interpreted wireframes.
The Wafi resources have been reported to a cuttoff grade of 0.8g/t Au that fall within the interpreted wireframes.
For more details contact:
Bernard Swanepoel
Chief Executive
+27(0)83 303 9922
Philip Kotze
Executive, Investor Relations
+27(0)83 453 0544