Anooraq Advises of Ongoing Discussions Relating to the Empowerment Transaction with Anglo Platinum
December 12 2008 - 9:56AM
PR Newswire (US)
VANCOUVER, Dec. 12 /PRNewswire-FirstCall/ -- Anooraq Resources
Corporation ("Anooraq" or the "Company") (TSXV:ARQ; AMEX:ANO;
JSE:ARQ) announces that 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, are still engaged in discussions
surrounding their proposed empowerment transaction (the
"Transaction") as well as its associated financing strategy. Under
the terms of the Transaction, Anooraq will purchase from Anglo
Platinum an effective 51% of the Lebowa Platinum Mine and an
effective 1% majority interest in each of the Ga-Phasha,
Boikgantsho and Kwanda joint venture projects located in South
Africa, which are currently held by Anooraq and Anglo Platinum in
50-50 joint ventures. Shareholders are also referred to the
Company's October 2, 2008 and November 14, 2008 news releases,
which provided the first updates on the anticipated Anooraq
financing strategy for the Transaction. The parties remain
committed to completing the Transaction and anticipate that it will
close during the first quarter of 2009. 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 American Stock 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 Transaction will complete; Lebowa will continue to achieve
production levels similar to previous years; the planned Lebowa
expansions will be completed and successful; Anooraq will be able
to secure future debt and equity financing on 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 20-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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