| Tue 26 Aug 2008, 15:00 | | ARQ - Anooraq - Anooraq obtains key regulatory approvals relating to the |
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ARQ
ARQ
ARQ - Anooraq - Anooraq obtains key regulatory approvals relating to the
acquisition from Anglo Platinum of a controlling interest in the Lebowa Platinum
Mine
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(JSE share code: ARQ)
(TSXV share code: ARQ)
(AMEX share code: ANO)
(ISIN: CA03633E1088)
("Anooraq" or "the company")
ANOORAQ OBTAINS KEY REGULATORY APPROVALS RELATING TO THE ACQUISITION FROM ANGLO
PLATINUM OF A CONTROLLING INTEREST IN THE LEBOWA PLATINUM MINE
Anooraq is pleased to announce that it has received key approvals required for
implementation of its transaction with Anglo Platinum Limited ("Anglo Platinum")
for the acquisition of an effective 51% equity interest in the Lebowa Platinum
Mine ("Lebowa"), together with an additional 1% controlling interest in the
parties` current joint venture projects, namely the Ga-Phasha Project, the
Boikgantsho Project and the Kwanda Project ("the Lebowa transaction").
These are:
- the unconditional approval by the South African Competition Commission for
implementation of the Lebowa transaction; and
- the approval by the Exchange Control department of the South African
Reserve Bank for implementation of the Lebowa transaction.
The above approvals relate to the fulfillment of conditions precedent to the
Lebowa transaction described in the Company`s news releases of September 4, 2007
and April 14, 2008.
These regulatory approvals represent a further step towards Anooraq`s
implementation of the Lebowa transaction and its transition into a significant
platinum group metals ("PGM") producer. All conditions precedent relating to
implementation of the Lebowa transaction must be fulfilled by November 30, 2008
and the Company remains confident that this target date will be met.
In commenting on these key approvals, Philip Kotze, President & CEO of Anooraq
said: "These approvals have taken us one step closer to the conclusion of the
Lebowa transaction. We remain confident that the transaction will be concluded
within the originally defined timeframe, transforming Anooraq from a company
with an impressive exploration and development base to a significant PGM
producer, controlling the third largest PGM resource base in South Africa."
ON BEHALF OF THE BOARD OF DIRECTORS
Philip Kotze
President & CEO
For further information, please visit the Company`s website at
www.anooraqresources.com or contact:
Anooraq (South Africa)
Philip Kotze, President & CEO
+27 11 883 0831
Anooraq (North America)
Investor Relations
+1 604 684 6365
Toll free
+1 800 667 2114
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 Lebowa 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 Form on 20-F filed with the United States Securities and
Exchange Commission and its home jurisdiction filings that are available at
www.sedar.com.
26 August 2008
Sandton
Sponsor
QuestCo Sponsors
Date: 26/08/2008 15:00:01 Produced by the JSE SENS Department.
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