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AMS AMSP
ANANP
Anglo Platinum - Anooraq-Anglo Platinum: Ga-Phasha PGM Project Update
Anglo Platinum Limited
Registration number. : 1946/022452/06
JSE codes : AMS; AMSP
ISIN : ZAE000013181; ZAE000054474
("Anglo Platinum")
Anooraq Resources Corporation
ANOORAQ-ANGLO PLATINUM: GA-PHASHA PGM PROJECT UPDATE
November 3, 2006 - Anglo Platinum Limited ("Anglo Platinum") and Anooraq
Resources Corporation ("Anooraq") ("the Parties") announce an update on the
Ga-Phasha Platinum Group Metals ("PGM") Project ("Ga-Phasha").
The programme review announced on 26 April 2006 ("the Review") was
completed during October 2006. An increased number of approaches were
considered to optimize mining of the deposits at Ga-Phasha. As a result of
the findings, the Parties have now agreed to continue with studies to
advance the project and have appointed an independent project manager to
conduct a Pre-Feasibility Study ("PFS") on Ga-Phasha. A detailed timetable
of further studies as well as a project timetable toward a Bankable
Feasibility Study will be released after the PFS, which is scheduled for
completion by the end of the first quarter of 2007.
The Review confirmed that the UG2 reef deposit remains the primary focus
for development and the Merensky reef warrants further study through
additional drilling programmes. Therefore, the Parties have agreed that
the PFS will consist of a Phase 1 study to exploit the UG2 reef to a depth
of some 650 meters below surface, and will also seek to identify a single
preferred option by which to proceed to the bankable feasibility phase. The
PFS will also contemplate optimising economies of scale between the
Parties" operations on the Northern Eastern Limb of the Bushveld Complex,
and in that regard, will evaluate the possible usage of joint
infrastructure and processing facilities between Anglo Platinum"s
Twickenham Platinum Mine and Ga-Phasha.
Read, Swatman & Voigt (Pty) Ltd ("RSV") has been appointed as the
independent project manager to conduct the PFS. RSV is a highly reputable
South African engineering and project management company that serves the
mining, metallurgical, and industrial sectors in South Africa and the rest
of the world. With a staff complement of 300 people from the mining,
engineering, project management and administration discipline RSV has
conducted assessments of numerous PGM Projects on the Western and Eastern
Limbs of the Bushveld Igneous Complex in South Africa. Some of its key
projects include the Lonmin Platinum K4 Shaft Project, the Impala Platinum
16 Shaft project and the Anglo Platinum Rustenburg Platinum Mine UG2
expansion.
Also announced on 26 April 2006 was Anglo Platinum"s agreement in principle
to undertake a US$10 million funding into Anooraq. The Parties announce
that the financing has been concluded. Pursuant to the current agreement,
Anglo Platinum, through its wholly owned subsidiary Rustenburg Platinum
Mines, will loan an amount of R70 million to Plateau Resources (Pty) Ltd
("Plateau"), a wholly owned South African subsidiary of Anooraq. Plateau
will utilise the majority of the funding to advance the Ga-Phasha project
to bankable feasibility study, as part of Anooraq"s objective of becoming a
substantial PGM production company. Pursuant to security agreements entered
into in connection with the loan, Plateau has ceded as security, its
interest in Micawber 277 (Pty) Ltd (Micawber). Micawber, a South African
company equally owned by Rustenburg Platinum Mine and Plateau Resources,
owns the Parties" interests in the Ga-Phasha PGM Project.
The final repayment date for the loan will be 30 September 2010, however
the agreement does allow for early repayment thereof. The first interest
payment will become due and payable fourteen months after the date of the
advancement of the funds, with other subsequent interest payments due and
payable in 6-month intervals thereafter.
In commenting on the update:-
Tumelo Motsisi, Deputy CEO and Managing Director of Anooraq, said:-
"The conclusion of the funding arrangement with Anglo Platinum and the
appointment of RSV as the independent project manager tasked with moving
the Ga-Phasha PGM Project forward through to finalization of the pre-
feasibility are important milestones. It demonstrates that the parties of
this joint venture are committed to advancing this project toward the
bankable feasibility stage."
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 Motsisi
Managing Director and Deputy CEO
Anooraq Resources Corporation
Note regarding the Ga-Phasha Project:
The Ga-Phasha Project, a 50:50 joint venture between Anglo Platinum and
Anooraq, is located on the North Eastern Limb of the Bushveld Complex, 250
kilometres northeast of Johannesburg in South Africa.
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, 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 more information on the Company, Investors should
review the Company"s annual Form 20-F filing with the United States
Securities and Exchange Commission and its home jurisdiction filings that
are available at www.sedar.com.
3 November 2006
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 03/11/2006 04:00:27 PM Produced by the JSE SENS Department
