| Wed 14 Dec 2005, 17:00 | | Anglo Platinum - Anooraq-Anglo Platinum - Ga-Phash |
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Anglo Platinum - Anooraq-Anglo Platinum - Ga-Phasha Pgm Project Update
Anglo Platinum Corporation Limited
Incorporated in the Republic of South Africa
Registration No.: 1946/022452/06
JSE Ordinary Share Code: AMS
ISIN: ZAE000013181
JSE Preference Share Code: AMSP
ISIN: ZAE000054474
("Anglo Platinum")
Anooraq Resources Corporation
JOINT ANNOUNCEMENT
ANOORAQ-ANGLO PLATINUM - GA-PHASHA PGM PROJECT UPDATE
December 14, 2005: Anglo Platinum Limited ("Anglo Platinum") and Anooraq
Resources Corporation ("Anooraq") ("the Parties") are pleased to announce a
progress update on their Ga-Phasha Platinum Group Metal ("PGM") Project ("Ga-
Phasha"), a 50:50 joint venture located on the North Eastern Limb of the
Bushveld Complex, South Africa. Ga-Phasha is located directly between Anglo
Platinum"s Lebowa Platinum Mine on its Western boundary and the Twickenham
Platinum Mine ("Twickenham") on its Eastern boundary. Anooraq acquired its
interest in Ga-Phasha through its completed Reverse Takeover by Pelawan
Investments (Proprietary) Limited, thereby constituting Anooraq as the first
Black Economic Empowerment ("BEE") controlled corporation to obtain an offshore
primary listing in North American capital markets.
The original plan for Ga-Phasha, developed in 2001 and 2002, envisaged the UG2
Reef as the principle target reef horizon with mineralization being processed
through a joint concentrator situated at Twickenham. Following changed economic
circumstances, Anglo Platinum and Anooraq are of the view that the value of Ga-
Phasha could be further optimised by exploiting both the Merensky and UG2 Reef
horizons. Anglo Platinum and Anooraq have, therefore, embarked on a programme
which will lead to a bankable feasibility study ("the Programme"). The
Programme, which includes extensive additional drilling of the Merensky Reef
horizon, will enable the Parties to determine how to optimally mine the
mineralized horizons and utilise, on a cost sharing basis, some of the regional
infrastructure already established by Anglo Platinum.
The Parties intend to complete the Programme during the first quarter of 2006.
A timetable for completion of the studies necessary thereafter will be
determined on completion of the Programme.
Details of the Ga-Phasha resource are published by Anglo Platinum at 31 December
each year in compliance with the South African SAMREC codes. Anooraq reports
resources in compliance with National Instrument 43-101. (Detailed resource
tables are available on www.angloplatinum.com and www.anooraqresources.com).
In commenting on the update:-
Tumelo Motsisi, deputy CEO and MD, of Anooraq said:-
"Finalization of a definitive road map forward on the Ga-Phasha project is a
significant achievement for our company. It lays a solid foundation for the
project and clears the path through which we, together with Anglo Platinum, may
move forward in a meaningful manner. We are confident that Anglo Platinum has
embraced us as a BEE partner and look forward to future developments between our
companies."
Ralph Havenstein, CEO of Anglo Platinum said:-
"We are pleased with the progress made, with our partner Anooraq, towards
achieving platinum production from this excellent ore body. The feasibility
study activities will determine how soon that is. Anooraq"s BEE status and
access to North American capital markets should entrench them as a long term
industry player."
ISSUED BY: ANGLO PLATINUM AND ANOORAQ
For further information please contact
Trevor Raymond at Anglo Platinum Phumzile Langeni at Anooraq
Resources
+2711 373 6462 +2711 883 0831
+2782 6548467 +2783 745 5834
ISSUED ON BEHALF OF THE BOARD OF DIRECTORS OF ANOORAQ BY
Tumelo M. Motsisi
Deputy CEO and MD
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.
Date: 14/12/2005 05:00:08 PM Produced by the JSE SENS Department
