VANCOUVER, March 11 /PRNewswire-FirstCall/ -- Anooraq Resources Corporation ("Anooraq" or the "Company") (TSXV:ARQ; NYSE Alternext: ANO; JSE:ARQ) announces that discussions between Anglo American plc (the majority shareholder of Anglo Platinum Limited ("Anglo Platinum"), Anglo Platinum, Anooraq and Pelawan Investments (Pty) Limited (the majority shareholder of Anooraq) regarding the Lebowa Transaction (described below), as well as its associated financing strategy, are at an advanced stage.
Shareholders are referred to the cautionary announcements dated 2 October 2008, 14 November 2008, 12 December 2008 and 28 January 2009 relating to the purchase by Anooraq from Anglo Platinum of an effective 51% of the Lebowa Platinum Mine ("Lebowa") and an additional 1% controlling interest in each of the Ga-Phasha, Boikgantsho and Kwanda joint venture projects ("the Lebowa Transaction").
The joint technical review of the current Anglo Platinum-approved mine plan and capital program for Lebowa, referred to in the cautionary announcement dated 14 November 2008, is currently being finalized. An updated technical report on Lebowa is being prepared in compliance with National Instrument 43-101. This report will be filed on http://www.sedar.com/ in due course as an update to the technical report prepared by Snowden Mining Industry Consultants in April 2008.
On behalf of the Board of Directors
Philip Kotze
President and CEO The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. The NYSE Alternext Exchange has neither approved nor disapproved the
contents of this press release.
Cautionary and Forward Looking Information This release includes certain statements that may be deemed "forward looking statements". All statements in this release, other than statements of historical facts, that address potential acquisitions, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Anooraq expects are forward looking statements. Anooraq believes that such forward looking statements are based on reasonable assumptions, including assumptions that: the Lebowa Transaction will complete; Lebowa will continue to achieve production levels similar to previous years; Anooraq will be able to complete its financing strategy on relatively favourable terms; and the Ga- Phasha and Platreef Project exploration results will continue to be positive.
Forward looking statements however, are not guarantees of future performance and actual results or developments may differ materially from those in forward looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, changes in and the effect of government policies with respect to mining and natural resource exploration and exploitation and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward looking statements. For further information on Anooraq, investors should review the Company`s annual information form filed on http://www.sedar.com/ or its form 40-F with the United States Securities and Exchange Commission and its other home jurisdiction filings that are available at http://www.sedar.com/. DATASOURCE: Anooraq Resources Corporation CONTACT: on Anooraq and its South African properties, please visit our website http://www.anooraqresources.com/ or call investor services in South Africa at +27 11 883 0831 or in North America at 1-800-667-2114
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