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ARQ
ARQ
ARQ - Anooraq Resources Corporation - Ivanhoe Nickel And Platinum dispute
settled, and extended joint venture agreed
Anooraq Resources Corporation
Incorporated in British Columbia, Canada
Registration number 10022-2033
TSXV/JSE share code: ARQ
AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq" or the "Company")
IVANHOE NICKEL AND PLATINUM DISPUTE SETTLED, AND EXTENDED JOINT VENTURE AGREED
Anooraq confirms it has entered into a settlement and new project agreement (the
"Agreement") with Ivanhoe Nickel and Platinum Limited ("Ivanplats") to replace
and supersede the 2001 agreement relating to the Rietfontein property located on
the northern limb of the Bushveld Igneous Complex in South Africa. The 2001
agreement granted Ivanplats the right to earn a 50% interest in the Rietfontein
property through expenditure related to exploration activities undertaken in
accordance with approved technical programs.
The Agreement settles the arbitration process relating to disagreements with
respect to the exploration activities undertaken at the Rietfontein property.
Salient terms of the Agreement are as follows:
Both parties abandon their respective claims under dispute forming the subject
matter of arbitration.
The existing joint venture ("JV") between the parties is amended such that the
current Rietfontein JV is extended to incorporate a defined area of Ivanplats`
adjacent Turfspruit mineral property. Both parties retain their existing
prospecting rights in respect of mineral properties in their own names but make
these rights and technical information available to the extended JV (the
"Extended JV").
Anooraq is awarded a 6% free carried interest in the Extended JV, provided that
the Extended JV contemplates an open pit mining operation, incorporating the
Rietfontein mineral property. Anooraq has no financial obligations under the
Extended JV terms and Ivanplats is required to fund the entire exploration
programme to feasibility study with no financial recourse to Anooraq. On
delivery of the feasibility study Anooraq may elect to either:-
retain a participating interest in the Extended JV and finance its pro rata
share of the project development going forward; or
relinquish its participating interest in the Extended JV in consideration for a
5% net smelter return royalty in respect of mineral products extracted from
those areas of the Rietfontein mineral property forming part of the Extended JV
mineral properties.
Anooraq will be entitled to appoint a member to the Extended JV technical
committee and all technical programmes going forward will be carried out with
input from Anooraq.
Philip Kotze, CEO of Anooraq, said, "We are pleased with the resolution of this
dispute. The revised agreement maintains our interest in the Rietfontein mineral
property but extends the possibility for further development with the addition
of Turfspruit. We look forward to working with Ivanplats in taking this project
to the feasibility study level."
For further information, please visit our website www.anooraqresources.com, call
investor services in South Africa at +27 11 883 0831 or in North America at 1
800 667 2114 or use the contacts referenced below.
Johannesburg
23 February 2010
JSE Sponsor
Macquarie First South Advisers (Pty) Limited
Queries:
Joel Kesler
Executive: Corporate and Business Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Macquarie First South Advisors
Melanie de Nysschen / Thembeka Mgoduso
Office: +27 11 583 2000
Mobile: +27 82 465 8969 / +27 83 295 1204
Russell and Associates
Charmane Russell / Nicola Taylor
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 82 927 8957
Date: 23/02/2010 15:30:01 Produced by the JSE SENS Department.
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