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

Anooraq Resources Corporation

December 07, 2007 12:50 ET

Possible Sale of Anooraq Shares in Order to a Strategic Investor to Finance the Exercise of BEE Warrants

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2007) - Anooraq Resources Corporation ("Anooraq" or the "Company") (TSX VENTURE:ARQ)(AMEX:ANO)(JSE:ARQ) has been advised by its controlling shareholder, The Pelawan Trust ("Pelawan"), that Pelawan has filed a Notice of Intention to Distribute Securities (45-102F1) (a "Notice") dated December 7, 2007 (the "Current Notice") in connection with the possible sale by Pelawan of up to 41,750,000 common shares of Anooraq for the purpose of financing, in part, the exercise of BEE Warrants held by Pelawan in Anooraq. For further details regarding the BEE Warrants, please refer to the Company's news release dated January 2, 2007.

Pelawan previously filed a 45-102F1 Notice on November 6, 2007 qualifying Pelawan to sell up to 21,000,000 common shares of Anooraq. Pelawan has advised Anooraq that no shares were sold pursuant to the November 6, 2007 Notice and that such Notice expires today. The Current Notice will expire on January 6, 2007.

Pelawan has advised Anooraq that:

- the purpose of the Current Notice is to ensure that Pelawan retains an ability to implement a private sale transaction for the sale of up to 41,750,000 common shares in Anooraq, the proceeds of which Pelawan intends to utilise to exercise all or part of its BEE Warrants in Anooraq;

- Pelawan is in the process of evaluating proposals from various parties which have expressed interest in acquiring from Pelawan a strategic shareholding in Anooraq of up to 41,750,000 common shares in the Company.

Pelawan is entitled to sell up to 41,750,000 common shares in Anooraq pursuant to the Release Agreement between Anooraq, Pelawan and Pelawan Investments (Pty) Ltd dated December 28, 2006, further details of which are available in the Company's news release dated January 2, 2007.

For further information on Anooraq and its South African properties, please visit our website www.anooraqresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Tumelo Motsisi, Acting President and CEO

Forward looking Statements

Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. Wherever possible, words such as "anticipate", "believe", "expect", "may", "could", "will", "potential", "intend", "estimate", "should", "plan", "predict", "project" or the negative or other variations of such expressions reflect Anooraq's current beliefs and assumptions and are based on the information currently available to Anooraq as of the current date. Certain risks and uncertainties, including those risk factors identified by Anooraq in its annual information form dated March 26, 2007, may cause Anooraq's actual results, level of activity, performance or achievements to differ materially from those implied by forward looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. Anooraq disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange does not accept responsibility the adequacy or accuracy of this release.

Contact Information

  • Anooraq Resources Corporation
    Shawn Wallace
    Investor Services - North America
    1-800-667-2114
    or
    Anooraq Resources Corporation
    Investor Services - South Africa
    +27 11 883 0831
    Website: www.anooraqresources.com