VANCOUVER,
Sept. 21, 2011 /PRNewswire/ -
Shareholders of Anooraq Resources Corporation ("Anooraq" or the
"Company") (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) are referred to
the cautionary announcements dated 13 May
2011, 28 June 2011 and
10 August 2011, respectively,
relating to the discussions between Anooraq and Anglo Platinum
Limited ("Anglo Platinum") (the "Parties") in respect of a
potential transaction between them. As stated in those
announcements, the nature of these discussions relate to the
completion of a strategic review by the Parties of the assets and
financing structures of, and pertaining to, Bokoni Platinum
Holdings (Pty) Limited ("Bokoni Group"), with a view to Anooraq and
the Bokoni Group effecting a restructuring, recapitalisation and
refinancing transaction between them.
Pursuant to completion of their strategic review
of the Bokoni Group asset base, the Parties are in the process of
finalising a revised life of mine plan for the Bokoni Mine
operations, in relation to the optimal mine extraction strategy
resulting from the strategic review. This review includes an
assessment of potential operational and processing synergies
between Bokoni Group assets, as well as certain of Anglo Platinum's
operating mines. The Parties are also assessing their financing
strategy for the effective execution of the optimised operational
strategy for the Bokoni Group.
Once the operational and financial optimisation
exercise has been completed, the Parties intend finalising their
negotiations surrounding the restructuring, recapitalisation and
refinancing of the Bokoni Group and Anooraq.
As these discussions remain ongoing,
shareholders are advised to continue to exercise caution when
dealing in their Anooraq securities until a further announcement is
made.
Wage negotiations completed
Anooraq is pleased to report that the Company
has concluded a two-year wage agreement between Bokoni Platinum
Mines and the Togetherness Amalgamated Workers' Union of
South Africa ("TAWUSA"), the
National Union of Mineworkers ("NUM") and the United Association of
South Africa ("UASA").
The agreement will see employees pay increase by
9% per annum for the Operators Bargaining Unit and by 8% per annum
for the Supervisors Bargaining Unit for both the first year (2011)
and the second year (2012). These increases are effective from
1 July 2011.
This agreement was negotiated and finalised with
no disruption to the Company's operations.
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Issued on behalf of Anooraq Resources
Corporation
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release. The NYSE Amex has neither
approved nor disapproved the contents of this press release.
For further information on Anooraq, investors
should review the Company's annual Form 40-F filing with the United
States Securities and Exchange Commission at www.sec.gov and home
jurisdiction filings that are available at www.sedar.com. The
Company's Annual Report on Form 40-F, which includes its audited
financial statements for the fiscal year ended December 31, 2010, was filed with the Securities
and Exchange Commission on March 23,
2011 and is available at www.sec.gov. Shareholders have the
ability to receive a hard copy of the Company's complete audited
financial statements free of charge upon request.
SOURCE Anooraq Resources Corporation