| | Publié le 02 juillet 2009 | Lebowa acquisition becomes effective |
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Lebowa
acquisition becomes effective
July 2, 2009 Vancouver, BC � Anglo Platinum Limited (�Anglo Platinum�) (JSE:
AMS) and Anooraq Resources Corporation (�Anooraq�) (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) announces
that all of the conditions precedent to the acquisition by Anooraq
of an effective 51% interest in the Lebowa Platinum
Mine from Anglo Platinum have been fulfilled.
The transaction has accordingly been implemented in accordance with the terms
and conditions of the agreements entered into between, among others, Anooraq and Anglo Platinum and became effective from July
1, 2009.
Philip Kotze, the President and Chief Executive
Officer of Anooraq, commented �We are delighted that
this transaction has been concluded. We view it as the first step in the
realisation of our primary strategic objective to become a platinum group
metals (PGM) producing company. As Anooraq now
controls the third largest PGM resource base in South Africa, with a
combination of high quality exploration, development and production mineral
properties, the company has a very solid base from which to grow its
production. I would like to thank all of the parties who have worked so
hard to ensure that this transaction was completed successfully.�
Neville Nicolau, Chief Executive Officer of Anglo
Platinum, commented: �We are pleased to report the successful conclusion of the
transaction with Anooraq. The transaction
facilitates Anooraq's strategy of becoming a major
HDSA managed and controlled PGM producer and illustrates Anglo Platinum's
commitment to broad-based black economic empowerment as a strategic
transformation initiative.�
Overview of the transaction assets (further details provided in Anooraq news releases dated May 14, 2009)
The Lebowa Platinum Mine, located on the North-Eastern
Limb of the Bushveld Complex in South Africa, had
annual refined production of 147,600 4E (Pt, Pd, Rh
and Au) oz (refined platinum 72,600 oz) in 2008 from its current 91,500 tonnes
per month operation exploiting the Merensky and UG2
reefs. At December 31, 2008, Lebowa had proven
and probable reserves in Merensky and UG2 Reefs of
68.38 million tonnes, containing 10.86 million 4E oz at an average 4E grade of
4.94 g/t, as well as measured and indicated resources of 233.7 million tonnes
containing some 47.77 million 4E oz at an average 4E grade of 6.36 g/t plus
significant inferred resources.
Anooraq also acquired an additional 1% of the Ga-Phasha, Boikgantsho and Kwanda Projects. Lebowa, Ga-Phasha, Boikgantsho and Kwanda are now 51% owned by Anooraq
and 49% by Anglo Platinum.
The Ga-Phasha Project is also situated on the
North-Eastern Limb of the Bushveld Complex,
contiguous to Lebowa, and is at a pre-feasibility
stage of development. Ga-Phasha has significant PGM
mineral resources outlined in the Merensky and UG2
reefs that are open to further expansion, including 138.8 million tonnes of
total measured and indicated resources containing 25.6 million 4E oz at an
average 4E grade of 5.74 g/t plus significant inferred resources. The Boikgantsho Project, situated on the Northern Limb of the Bushveld Complex, is at the exploration stage. Boikgantsho
has indicated resources in the Platreef horizon of 176.6 million tonnes,
containing some 7.7 million 3E (Pt, Pd and Au) oz at an average 3E grade of
1.35 g/t plus significant inferred resources. The Kwanda Project is also
situated on the Northern Limb of the Bushveld Complex. It is at a very early
stage of development and does not yet have mineral reserves or resources.
Share Settled Financing
In connection with the share settled portion of the vendor financing provided
by Anglo Platinum in respect of the transaction, Pelawan Investments
(Proprietary) Limited (�Pelawan�), through its wholly-owned subsidiary Central
Plaza Investments 78 (Proprietary) Limited (�Pelawan SPV�), and Rustenburg
Platinum Mines Limited (�RPM�), a wholly-owned subsidiary of Anglo Platinum,
have subscribed for a convertible instrument that ultimately, upon such
conversion, provides Pelawan SPV and RPM with the ability to acquire, subject
to certain conditions, 111,600,000 common shares of Anooraq (the �Pelawan
Shares�) and 115,800,000 common shares of Anooraq (the �RPM Shares�),
respectively.
The Pelawan Shares, when issued, will represent approximately 25.1% of the
outstanding capital of Anooraq (including the RPM Shares on a fully diluted
basis). Following the subscription for the convertible instrument which
provides Pelawan SPV with the ability to acquire the Pelawan Shares, Pelawan is
deemed to beneficially own 229,188,040 common shares of Anooraq which
represents approximately 51.5% of the capital of Anooraq (including the RPM
Shares on a fully diluted basis).
The RPM Shares, when issued, will represent approximately 26.0% of the
outstanding capital of Anooraq (including the Pelawan Shares on a fully diluted
basis). Following the subscription for the convertible instrument which
provides RPM with the ability to acquire the RPM Shares, RPM is deemed to
beneficially own 115,800,000 common shares of Anooraq which represents
approximately 26.0% of the capital of Anooraq (including the Pelawan Shares on
a fully diluted basis).
An Early Warning Report in respect of the acquisition of the right to acquire
each of the Pelawan Shares and the RPM shares will be filed with the relevant
Securities Commissions in Canada. Copies of such reports may be obtained
from SEDAR (www.sedar.com) or by contacting by calling investor services in
South Africa at +27 11 883 0831 or in North America at 1 800 667 2114.
Closing of Private Placement
In connection with the transaction, Anooraq announces the closing of the
private placement previously announced on May 14, 2009 whereby the Bokoni
Platinum Mine ESOP Trust and the Anooraq Community Trust subscribed for an
aggregate of 14,296,567 common shares of Anooraq (the �Private Placement
Shares�). The Private Placement Shares are subject to statutory holds periods
which will expire on November 1, 2009.
ISSUED BY: ANGLO PLATINUM AND ANOORAQ
For further information please contact
Anglo Platinum Limited
Anooraq Resources Corporation
Anna Poulter, Investor Relations,
South Africa +27 11 373 6683
Philip Kotze or Joel Kesler, South Africa +27 11 883 0831
Investor Services, North America 1 800 667 2114
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
The NYSE Amex Exchange has neither approved nor disapproved the contents of
this press release.
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 Transaction
will complete; Lebowa will continue to achieve production levels similar to
previous years; Anooraq will be able to complete its financing strategy on
relatively favourable 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 www.sedar.com or its form 20-F with the United
States Securities and Exchange Commission and its other home jurisdiction
filings that are available at www.sedar.com.
Information Concerning Estimates of Measured, Indicated and Inferred Resources
This news release uses the terms �measured resources�,
�indicated resources� and ��inferred resources�. Anglo Platinum and
Anooraq advise investors that although these terms are recognized and required
by Canadian regulations (under National Instrument 43-101 Standards of
Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission
does not recognize them. Investors are cautioned not to assume that any part or
all of the mineral deposits in these categories will ever be converted into
reserves. In addition, �inferred resources� have a greater amount of
uncertainty as to their existence, and economic and legal feasibility. It
cannot be assumed that all or any part of an Inferred Mineral Resource will ever
be upgraded to a higher category. Under Canadian rules, estimates of Inferred
Mineral Resources may not form the basis of feasibility or pre-feasibility
studies, or economic studies except for a Preliminary Assessment as defined
under National Instrument 43-101. Investors are cautioned not to assume that
part or all of an inferred resource exists, or is economically or legally
mineable.
*Other HD affiliated companies include Amarc, Anooraq, Farallon, Continental,
Northern Dynasty, Rockwell, and Taseko. Visit
us at www.hdgold.com for more information.
.
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Anglo Platinum
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PRODUCTEUR |
CODE : AMSB.BR |
ISIN : BE0004526647 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Anglo Plat est une société de production minière de platine basée en Afrique Du Sud. Anglo Plat est productrice de platine, de chromium, de cobalt, de cuivre, d'ilmenite, de nickel, d'or, de palladium, de rhodium, de titane et de vanadium en Afrique Du Sud, en Zimbabwe et in Russia, en développement de projets de platine en Afrique Du Sud, et détient divers projets d'exploration au Canada et en Afrique Du Sud. Ses principaux projets en production sont KOLA PENINSULA et KOLA PENINSULA in Russia, BAFOKENG RASIMONE, KROONDAL, BAKOFENG RASIMONE (BRPM) et PANDORA JV en Afrique Du Sud et UNKI en Zimbabwe, son principal projet en développement est WESTERN BUSHVELD JV en Afrique Du Sud et ses principaux projets en exploration sont URALS PLATINUM PROJECT in Russia, FORT A LA CORNE - ALGLO MINERALS au Canada et DRENTHE-OVERYSEL (PLATREEF/BOIKGANTHSO JV) en Afrique Du Sud. Anglo Plat est cotée en Allemagne et en Belgique. Sa capitalisation boursière aujourd'hui est 26,7 milliards €UR (33,2 milliards US$, 24,7 milliards €). La valeur de son action a atteint son plus bas niveau récent le 10 mai 2002 à 0,01 €UR, et son plus haut niveau récent le 01 juin 2007 à 123,01 €UR. Anglo Plat possède 217 100 000 actions en circulation. |
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