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Fri 19 Dec 2003, 9:39 FURTHER CAUTIONARY ANNOUNCEMENT
AVGOLD LIMITED - FURTHER CAUTIONARY ANNOUNCEMENT                                
AVGOLD LIMITED                                                                  
Registration number 1990/007025/06                                              
(Incorporated in the Republic of South Africa)                                  
Share code: AVG                                                                 
ISIN code: ZAE000012175                                                         
("Avgold")                                                                      
FURTHER CAUTIONARY ANNOUNCEMENT                                                 
Shareholders are referred to the cautionary announcement published by Avgold on 
13 November 2003 and to the financial effects and further cautionary            
announcement to the shareholders of Anglovaal Mining Limited ("Avmin") and      
Harmony Gold Mining Company Limited ("Harmony"), which was published on         
19 December 2003.                                                               
Shareholders are advised that the requisite legal agreements relating to the    
transactions referred to in these announcements are still being finalised.      
Shareholders are therefore advised to continue exercising caution when trading  
in their Avgold securities until a further announcement is made.                
Johannesburg                                                                    
19 December 2003                                                                
Sponsor:                                                                        
Merrill Lynch South Africa (Pty) Limited                                        
Date: 19/12/2003 08:00:05 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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