Preliminary Report for the year ended 30 June 2004

    STILFONTEIN GOLD MINING COMPANY LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1949/033412/06)

Share code: STI ISIN: ZAE000007118

("the Company")

PRELIMINARY REPORT FOR THE YEAR ENDED 30 JUNE 2004

INCOME STATEMENTS (ABRIDGED)                          Reviewed          Audited
                                                                               
                                                    year ended       year ended
                                                                               
                                                   30-Jun 2004      30-Jun 2003
                                                                               
                                                         R'000            R'000
                                                                               
Net operating profit for the year                          741              334
                                                                               
Provision for environmental rehabilitation               (451)          (3,564)
                                                                               
Net profit/(loss) for the period before                    290          (3,230)
taxation                                                                       
                                                                               
Taxation                                                     �              (3)
                                                                               
Net profit/(loss) for the year                             290          (3,233)
                                                                               
Attributable earnings/(loss) per ordinary                  2,2           (24,8)
share (cents)                                                                  
                                                                               
Headline earnings/(loss) per ordinary share                2,2           (24,8)
(cents)                                                                        

The calculation of both attributable and headline earnings/(loss) per ordinary

share is based on a profit of R290 000 (2003: a loss of R3 233 000) and a

weighted average of 13 062 920 (2003:13 062 920) ordinary shares in issue

during the year.

BALANCE SHEETS (ABRIDGED)                             Reviewed          Audited
                                                                               
                                                   30-Jun 2004      30-Jun 2003
                                                                               
                                                         R'000            R'000
                                                                               
ASSETS                                                                         
                                                                               
Non-current assets                                                             
                                                                               
� Property, plant and equipment                          7 876            7 916
                                                                               
� Investments                                              130               29
                                                                               
                                                         8 006            7 945
                                                                               
Current assets                                           8 951            7 962
                                                                               
Total assets                                            16 957           15 907
                                                                               
EQUITY AND LIABILITIES                                                         
                                                                               
Shareholders' equity                                     9 564            9 253
                                                                               
Current liabilities                                                            
                                                                               
� non interest bearing                                   7 393            6 654
                                                                               
Total liabilities and equity                            16 957           15 907
                                                                               
Net asset value per share (cents)                         73,2             70,8

CASH FLOW STATEMENTS (ABRIDGED)                       Reviewed          Audited
                                                                               
                                                    year ended       year ended
                                                                               
                                                   30-Jun 2004      30-Jun 2003
                                                                               
                                                         R'000            R'000
                                                                               
Cash flows from operating activities                   (1 117)              818
                                                                               
Cash flows from investing activities                      (61)               50
                                                                               
Cash flows from financing activities                        21              778
                                                                               
Net (decrease)/increase in cash resources              (1 157)            1 646
                                                                               
Cash and cash equivalents at beginning of                6 796            5 150
year                                                                           
                                                                               
Cash and cash equivalents at end of year                 5 639            6 796

STATEMENT OF CHANGES IN             Share        Share     Retained            
EQUITY                                                                         
                                                                               
                                  capital      premium     earnings       Total
                                                                               
                                    R'000        R'000        R'000       R'000
                                                                               
Balance on 1 July 2002              6 531        1 514        3 663      11 708
                                                                               
Net loss for the year                   �            �      (3 233)     (3 233)
                                                                               
Forfeited dividends                     �            �          778         778
                                                                               
Balance on 30 June 2003             6 531        1 514        1 208       9 253
                                                                               
Net profit for the year                 �            �          290         290
                                                                               
Forfeited dividends                     �            �           21          21
                                                                               
Balance on 30 June 2004             6 531        1 514        1 519       9 564

NOTES TO THE FINANCIAL STATEMENTS

Basis of accounting

These results are prepared in accordance with South African Statements of
Generally Accepted Accounting Practice ("GAAP") and schedule 4 of the Companies
Act 1973, as amended. These accounting policies are consistent with those used
in the annual financial statements for the year ended 30 June 2003.

COMMENTS

During the current financial year, the Company continued pumping operations on
behalf of Hartebeestfontein Gold Mining Company Limited. No provision for
taxation has been made as the Company has a calculated assessable loss.

AUDITORS REVIEW

These results have been reviewed by KPMG Inc. and the review report is
available for inspection at the Company's registered office.

CONTINGENT LIABILITIES

1. The Company sold the majority of its properties to a third party. It was a
specific condition of the sale agreement that the buyer of those properties
will be responsible for the environmental rehabilitation.

Since the Company is still in the process of obtaining the necessary approval
from the Department of Minerals and Energy to transfer the environmental
obligations relating to those properties to the third party, the Company could
be held responsible by the Department of Mineral and Energy to rehabilitate the
mining area should the third party fail. The cost to rehabilitate this area is
estimated at approximately R27 million. The Directors of the Company are of the
opinion that no payment will materialise.

2. Guarantees given to The National Nuclear Regulator amounts to R250,000
(2003:R250,000)

For and on behalf of the board

R A R Kebble                            H C Buitendag                          
                                                                               
Chairman                                Director                               

Johannesburg

14 October 2004

Secretaries: Consolidated Mining Management Services Limited

Registered Office: 28 Harrison Street, Johannesburg, 2001

(PO Box 11165, Johannesburg, 2000 )

Transfer Secretaries: Computershare Investor Services 2004 (Proprietary)
Limited,

70 Marshall Street, Johannesburg, 2001

(PO Box 61051, Marshalltown, 2107)

United Kingdom Registrars: Capita Registrars,

The Registry,

34 Beckenham Road, Kent BR3 4TU

Telephone: +44 (0870) 162 3100

Telefax: +44 (20) 8639 2142

United Kingdom Secretaries: St. James's Corporate Services Limited,

6 St James's Place, London. SW1A 1NP

Telephone: +9 44 20 7499 3916

Telefax: +9 44 20 7491 1989

French Agents: Euro Emetteurs Finance,

48 Boulevard des Batignolles,

75850 Paris, CEDEX 17, France

Telephone: +331 5530 5900

Telefax: +331 5530 5910



END
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