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Anooraq Resources Corporation: Further Cautionary Announcement Related to Negotiations with Anglo American Platinum


Shareholders of Anooraq Resources Corporation (NYSE: ANO) are referred to the cautionary announcements dated 13 May 2011, 28 June 2011, 10 August 2011 and 21 September 2011 respectively, relating to the negotiations between Anooraq and Anglo American Platinum Limited in respect of a potential restructuring, recapitalization and refinancing transaction between them.

The Parties have completed their strategic review of the Bokoni Group asset base, finalized a revised life of mine operations strategy, as well as an optimal financing strategy for execution of the Bokoni Group operations strategy going forward.

Pursuant to finalization of the operational and financial optimization exercises the Parties have formulated a restructuring, recapitalization and refinancing transaction for the Bokoni Group and Anooraq. The Parties are currently settling the terms of the Bokoni Group transaction in conjunction with seeking the necessary corporate, regulatory and other approvals required for its implementation. Once the transaction terms have been settled and requisite regulatory approvals have been obtained the Parties intend to make a comprehensive announcement detailing the terms of the Bokoni Group transaction.

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