Anglo Platinum Limited ("Anglo Platinum") and Anooraq Resources Corporation ("Anooraq") are pleased to announce that the programme on the Ga-Phasha Platinum Group Metals ("PGM") Project, announced on 14 December 2005, has been completed. The programme is currently being reviewed with the objective of determining the necessary studies and timetable thereafter. It is expected that the review will be completed by the end of the second quarter of 2006 following which the further studies and timetable for a bankable feasibility study will be agreed.
Anglo Platinum has agreed in principle to undertake, on commercial terms and subject to regulatory approvals, a financing into Anooraq, which will be limited to a maximum of USD10 million. The majority of the proceeds from the financing will be utilized by Anooraq to advance the Ga-Phasha project to bankable feasibility study in line with Anooraq’s objective of becoming a substantial PGM production company. Details of the financing structure and timing will be made available once finalized and once regulatory approvals are in place.
Issued by: Anglo Platinum and Anooraq
For further information please contact
Trevor Raymond at Anglo Platinum
+2711 373 6462
+2782 6548467
Phumzile Langeni at Anooraq Resources
+2711 883 0831
+2783 745 5834
Issued on behalf of the Board of Directors of Anooraq by
Tumelo Motsisi
Managing Director and Deputy CEO
Anooraq Resources Corporation
Note regarding the Ga-Phasha Project:
The Ga-Phasha Project, a 50:50 joint venture between Anglo Platinum and Anooraq, is located on the North Eastern Limb of the Bushveld Complex, 250 kilometres northeast of Johannesburg in South Africa.
Note regarding Anooraq:
The TSX Venture Exchange and the American Stock Exchange have neither approved nor disapproved the contents of this press release.
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 future production, reserve potential, exploration drilling, exploitation activities and events or developments that Anooraq ("the Company") expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the 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, 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 more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities Commission and its home jurisdiction filings that are available at www.sedar.com.