| Wed 21 Sep 2011, 16:00 | | ARQ - Anooraq Resources Corporation - Further cautionary announcement and |
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ARQ
ARQ
ARQ - Anooraq Resources Corporation - Further cautionary announcement and
wage negotiations finalised
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")
Further cautionary announcement and wage negotiations finalised
Shareholders of Anooraq are referred to the cautionary announcements
dated 13 May 2011, 28 June 2011 and 10 August 2011 respectively, relating
to the discussions between Anooraq and Anglo Platinum Limited ("Anglo
Platinum") (the "Parties") in respect of a potential transaction between
them. As stated in those announcements, the nature of these discussions
relate to the completion of a strategic review by the Parties of the
assets and financing structures of, and pertaining to, Bokoni Platinum
Holdings (Pty) Limited ("Bokoni Group"), with a view to Anooraq and the
Bokoni Group effecting a restructuring, recapitalisation and refinancing
transaction between them.
Pursuant to completion of their strategic review of the Bokoni Group
asset base, the Parties are in the process of finalising a revised life
of mine plan for the Bokoni Mine operations, in relation to the optimal
mine extraction strategy resulting from the strategic review. This review
includes an assessment of potential operational and processing synergies
between Bokoni Group assets, as well as certain of Anglo Platinum`s
operating mines. The Parties are also assessing their financing strategy
for the effective execution of the optimised operational strategy for the
Bokoni Group.
Once the operational and financial optimisation exercise has been
completed, the Parties intend finalising their negotiations surrounding
the restructuring, recapitalisation and refinancing of the Bokoni Group
and Anooraq.
As these discussions remain ongoing, shareholders are advised to continue
to exercise caution when dealing in their Anooraq securities until a
further announcement is made.
Wage negotiations completed
Anooraq is pleased to report that the Company has concluded a two-year
wage agreement between Bokoni Platinum Mines and the Togetherness
Amalgamated Workers` Union of South Africa ("TAWUSA"), the National Union
of Mineworkers ("NUM") and the United Association of South Africa
("UASA").
The agreement will see employees pay increase by 9% per annum for the
Operators Bargaining Unit and by 8% per annum for the Supervisors
Bargaining Unit for both the first year (2011) and the second year
(2012). These increases are effective from 1 July 2011.
This agreement was negotiated and finalised with no disruption to the
Company`s operations.
Johannesburg
21 September 2011
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Issued on behalf of Anooraq Resources Corporation
On behalf of Anooraq
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Charmane Russell
Office: +27 11 880 3924
Mobile: +27 82 927 8957/
+27 72 347 2342
Macquarie First South Capital
Annerie Britz/ Yvette Labuschagne/
Melanie de Nysschen
Office: +27 11 583 2000
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. The NYSE
Amex has neither approved nor disapproved the contents of this press
release.
For further information on Anooraq, investors should review the Company`s
annual Form 40-F filing with the United States Securities and Exchange
Commission at www.sec.gov and home jurisdiction filings that are
available at www.sedar.com. The Company`s Annual Report on Form 40-F,
which includes its audited financial statements for the fiscal year ended
December 31, 2010, was filed with the Securities and Exchange Commission
on March 23, 2011 and is available at www.sec.gov. Shareholders have the
ability to receive a hard copy of the Company`s complete audited
financial statements free of charge upon request.
Date: 21/09/2011 16:00:03 Produced by the JSE SENS Department.
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