GA-PHASHA

Anooraq Resources announced the completion and results of the technical review of Lebowa Platinum Mines which was undertaken as part of the due diligence associated with a transaction with Anglo Platinum. Anglo Platinum will sell to Anooraq an effective 51% of Lebowa (currently 100% owned by Anglo Platinum), and an additional 1% interest in the advanced exploration stage Ga-Phasha and Boikgantsho PGM projects and the early stage Kwanda PGM project, all located in the Bushveld Complex of South Africa. 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%.

Anooraq Resources announced the results of a resource estimate by Anglo Platinum for the Ga-Phasha platinum group metals project, located on the north-eastern limb of the Bushveld Complex, 250 km from Johannesburg, South Africa. Total measured and indicated resources now total 17.30 million ounces of 4PGM (platinum, palladium, rhodium and gold) for the UG2 Reef and 8.37 million oz 4PGM for the Merensky Reef on the Paschaskraal and Klipfontein Farms. Inferred resources are estimated at 14.25 million oz 4PGM for the U2 Reef and 8.14 million oz 4PGM for the Merensky Reef on the Paschaskraal and Klipfontein farms. On the Avoca and De Kamp farms, Merensky Reef is calculated to contain 17.64 million inferred ounces of 4PGM and the UG2 Reef is calculated to contain 24.63 million inferred ounces of 4PGM. The project is currently a 50/50 joint venture between Anglo Platinum and the company.

Anooraq Resources and Anglo Platinum announced the results of a resource estimate for the Ga-Phasha platinum group metals (PGM) project, Johannesburg, South Africa. The total measured and indicated resources are estimated at 17.3 millions ounces PGM and the inferred resources are estimated at 14.25 millions ounces PGM.