Anooraq Advises of Ongoing Discussions Relating to the Empowerment Transaction with Anglo Platinum
Anooraq Resources Corporation announces that Anglo American plc, the majority shareholder of Anglo Platinum Limited, Anglo Platinum, Anooraq and Pelawan Investments (Pty) Limited, the majority shareholder of Anooraq, are still engaged in discussions surrounding their proposed empowerment transaction as well as its associated financing strategy. Under the terms of the Transaction, Anooraq will purchase from Anglo Platinum an effective 51% of the Lebowa Platinum Mine and an effective 1% majority interest in each of the Ga-Phasha, Boikgantsho and Kwanda joint venture projects located in South Africa, which are currently held by Anooraq and Anglo Platinum in 50-50 joint ventures.
Shareholders are also referred to the Company’s October 2, 2008 and November 14, 2008 news releases, which provided the first updates on the anticipated Anooraq financing strategy for the Transaction. The parties remain committed to completing the Transaction and anticipate that it will close during the first quarter of 2009.
