Anglo Platinum enters exploration joint venture with Anooraq Resources Corporation
Anglo Platinum is pleased to announce that it has entered into an exploration joint venture agreement with Canadian mining and exploration company Anooraq Resources Corporation. In terms of the agreement Anooraq will conduct an exploration programme, at its own cost, on a number of Anglo Platinum properties in the Potgietersrust area, thereby acquiring a 50% interest in the properties. If an economically feasible resource is discovered, Anooraq can increase its interest in the properties to 80% by bringing a mine into production. Anglo Platinum retains the right to purchase all concentrate produced from any such mine.
The conclusion of the joint venture agreement will be subject to certain conditions including the obtaining of the necessary regulatory and statutory consents and authorisations.
Issued by Mike Mtakati
(011) 373 6865
08 May 2002