Anooraq Resources Corporation
TSX VENTURE : ARQ
AMEX : ANO
JSE : ARQ

Anooraq Resources Corporation

June 24, 2008 09:00 ET

Anooraq Announces Appointment of New President and Chief Executive Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2008) - Anooraq Resources Corporation ("Anooraq" or the "Company") (TSX VENTURE:ARQ)(AMEX:ANO)(JSE:ARQ) announces that Philip Kotze will be appointed as the new President and Chief Executive Officer of the Company, effective July 1, 2008. This appointment is in accordance with Anooraq's stated objective to strengthen its executive team in South Africa, pursuant to implementation of its recently announced transaction with Anglo Platinum and its transformation from an exploration/development company into a substantial operating entity.

Mr Kotze is qualified as a mining engineer and has over 26 years of experience in the mining industry, including holding operational and executive positions at AngloGold Limited, Kalahari Goldridge Mining Company Limited and Harmony Gold Mining Company Limited. A graduate of the University of Witwatersrand with a Graduate Diploma in Engineering (Mining Economics), Mr Kotze also holds a National Higher Diploma in Metalliferous Mining (WITS Technikon) as well qualifications in Industrial Relations (UNISA) and Management (WITS Business School).

Commenting on Mr Kotze's appointment...

Acting President and CEO Tumelo Motsisi said: "I am excited with the appointment of Philip Kotze as President & CEO of the Company. Anooraq is now at the juncture of transforming itself into a platinum group metals producer with very significant new development projects in Lebowa Platinum Mines as well as exciting prospects such as Ga-Phasha. In taking Anooraq to this next level in its evolution, Mr. Kotze's background as well as his technical and operational expertise will play a vital role in delivering on the mandate from our shareholders. On behalf of all our shareholders and the board, I would like to welcome him to the management team."

New President and CEO Philip Kotze said: "I am looking forward to the challenge of building Anooraq into an operating entity. Once our transaction with Anglo Platinum has been concluded, we are in the fortunate position to have an operating entity in the Lebowa Platinum mine and the company has an excellent pipeline of projects in the form of Ga-Phasha, Boikgantsho and Kwanda, which will form the basis of the growth platform for our future."

Anooraq is engaged in the exploration and development of platinum group metals (PGM) properties in the Bushveld Complex of South Africa. The Company's stated objective is to become a significant PGM producer. Anooraq's assets include a 50% interest in the Ga-Phasha, Boikgantsho and Kwanda JV Projects. The Company has also recently announced a transaction with Anglo Platinum to acquire 51% of the Lebowa Platinum Mine and increase its interest in the Ga-Phasha, Boikgantsho and Kwanda Projects to 51%.

On behalf of the Board of Directors

Tumelo Motsisi, Acting President and CEO

For further information on Anooraq and its PGM properties, please visit the Company's website www.anooraqresources.com, or see below contact information.

Cautionary and Forward Looking Information

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 potential acquisitions, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Anooraq expects are forward looking statements. Anooraq believes that such forward looking statements are based on reasonable assumptions, including assumptions that: the Lebowa transaction will complete; Lebowa will continue to achieve production levels similar to previous years; the planned Lebowa expansions will be completed and successful; Anooraq will be able to secure future debt and equity financing on favorable terms; and the Ga-Phasha and Platreef Project exploration results will continue to be positive. Forward looking statements however, are not guarantees of future performance and actual results or developments may differ materially from those in 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 further information on Anooraq, investors should review the Company's annual information form filed on SEDAR at www.sedar.com or in form 20-F with the United States Securities and Exchange Commission and its other home jurisdiction filings that are available at www.sedar.com.

The TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Anooraq (South Africa)
    Joel Kesler
    Head of Business Development
    +27 11 883 0831
    or
    Anooraq (North America)
    Shawn Wallace
    Investor Relations
    (604) 684-6365 or Toll Free: 1-800-667-2114
    (604) 684-8092 (FAX)
    Website: www.anooraqresources.com