VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2011) - Harmony Gold Corp. (TSX VENTURE:H) (the "Company") announces it has arranged a non-brokered private placement of up to 15,000,000 units at $0.10 cents per unit for gross proceeds of $1,500,000. Each unit will consist of one common share and one-half of one transferable common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.20 per warrant share for a period of 12 months following the closing date. The Company has reserved a 10% oversubscription allotment.

The Company will pay finder's fees in respect of purchasers of securities introduced to the Company by certain finders. The finder's fees shall be comprised of a cash fee equal to 7% of the total amount paid by purchasers, to be paid by cash. The finder's fees will be paid upon closing of the private placement.

All securities to be issued in conjunction with this financing will be subject to a restrictive hold period ending 4 months and one day following the closing date.

The proceeds from financing will be used for general working capital requirements and exploration on the Company's Purisima Project.

Finally, the Company is cancelling 200,000 stock options originally granted to certain officers, directors, consultants and employees on November 24, 2010 exercisable at a price of $0.16.

Closing of the financing is scheduled to occur on or before June 15, 2011 and is subject to certain conditions, including final receipt of approval for the Purisima Property transaction and acceptance of the terms of the financing by the TSX Venture Exchange.

HARMONY GOLD CORP.

Craig Michael Engelsman, President