| Tue 4 Sep 2007, 7:09 | | ARQ - Anooraq - Cautionary Announcement And Change |
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ARQ
ARQ
ARQ - Anooraq - Cautionary Announcement And Changes In The Roles Of Directors
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(JSE share code: ARQ & ISIN: CA03633E1088)
(TSXV share code: ARQ & ISIN: CA03633E1088)
(AMEX share code: ANO & ISIN: CA03633E1088)
("Anooraq" or "the company")
Cautionary announcement and changes in the roles of directors
Proposed acquisition of controlling interests in Lebowa Platinum Mines Limited
and in Anooraq`s 50:50 joint ventures with Anglo Platinum Limited
Shareholders are referred to the joint announcement by Anooraq and Anglo
Platinum Limited ("Anglo Platinum") and the Anooraq News Release published on
the Securities Exchange News Service ("SENS") today. A detailed transaction
framework agreement has been entered into between Anooraq and Anglo Platinum,
whereby Anooraq will acquire an effective 51% controlling interest in Lebowa
Platinum Mines Limited ("Lebowa") and an additional effective 1% controlling
interest in the Ga-Phasha PGM Development Project ("Ga-Phasha"). These interests
will be held by the parties through a new holding company ("Lebowa Holdco").
Anooraq and Anglo Platinum have reached in-principle agreement to transfer their
respective 50% interests in the Boikgantsho and Kwanda PGM Exploration Projects
("Boikgantsho and Kwanda") into Lebowa Holdco in due course. The net effect of
these transactions is that Anooraq, through Lebowa Holdco, will hold controlling
interests in Lebowa, Ga-Phasha, Boikantsho and Kwanda.
A further announcement will be released on SENS and published in the press as
soon as the definitive legal agreements relating to the proposed transactions
have been signed and the financial effects finalised. Accordingly, Anooraq
shareholders are advised to exercise caution when trading in Anooraq securities
until such time as a further announcement is made.
Changes in the roles of directors
In terms of paragraph 3.59 of the JSE Limited Listings Requirements,
shareholders are advised of the following changes in the roles of certain
directors. With effect from 30 August 2007, Mr Ronald W Thiessen relinquished
the role of President and CEO but remains a non-executive director. Mr Tumelo
Motsisi, formerly the deputy CEO and Managing Director, was appointed as Acting
President and CEO of Anooraq with effect from 3 September 2007.
Johannesburg
4 September 2007
Sponsor : BDO QuestCo
Company website : www.anooraqresources.com
Date: 04/09/2007 07:09:01 Produced by the JSE SENS Department.
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