Anooraq reports results of Lebowa technical review

Anooraq Resources Corporation announces the completion and results of the technical review of Lebowa Platinum Mines (Lebowa) which was undertaken as part of the due diligence associated with a transaction with Anglo Platinum Limited (Anglo Platinum).

Pursuant to the preliminary transaction agreements announced in September 2007, Anglo Platinum will sell to Anooraq an effective 51% of Lebowa (currently 100% owned by Anglo Platinum), and an additional 1% interest in each of the advanced exploration stage Ga-Phasha Platinum Group Metals Project, Boikgantsho PGM Project (Boikgantsho), and the early stage Kwanda PGM Project (Kwanda).

Anooraq currently holds interests in Ga-Phasha, Boikgantsho, and Kwanda, by way of 50/50 joint ventures with Anglo Platinum and so would increase its interests in each of these projects from 50% to 51%. All of these projects are located in the Bushveld Complex of South Africa. Upon completion of the Lebowa transaction, it is expected that Anooraq will control the 3rd largest PGM resource base in South Africa.

Lebowa Operations & Growth Plan

- Lebowa is an operating mine located on the North-Eastern limb of the Bushveld Complex, to the north of and adjacent to Ga-Phasha.

- Lebowa consists of a vertical shaft and a decline shaft system to access the underground development on the Merensky (approx. 85,000 tonnes per month (tpm) and UG2 Reefs (approx. 45,000 tpm), as well as two concentrator plants.

- Production at Lebowa in 2007(1) was approximately 187,700 refined ounces of platinum, palladium, rhodium and gold (“4E”) from 1.33 million tonnes (“Mt”) of ore milled.

- Anglo Platinum has approved a long term growth plan for Lebowa, which includes various replacement and expansion projects. Anooraq as a controlling shareholder supports this growth plan which will result in existing mining operations at Lebowa increasing in two stages. Technical studies conducted by Anglo Platinum indicate that Lebowa’s value is maximized at a mining rate of 375,000 tpm, comprising steady state Merensky production at 120,000 tpm and steady state UG2 production of 255,000 tpm.