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Fri 30 Jan 2004, 14:01 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 announcements published by Avgold on
13 November and 19 December 2003 as well as the financial effects and further   
cautionary announcement to the shareholders of Anglovaal Mining Limited, African
Rainbow Minerals & Exploration Investments (Proprietary) Limited and Harmony    
Gold Mining Company Limited 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                                                                    
30 January 2004                                                                 
Sponsor                                                                         
Merrill Lynch South Africa (Pty) Limited                                        
Date: 30/01/2004 01:55:01 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
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