Anooraq Provides Market Update on Financing Strategy for Lebowa Acquisition



    VANCOUVER, Oct. 2 /CNW/ - Anooraq Resources Corporation ("Anooraq" or the
"Company") (TSXV: ARQ; AMEX:   ANO; JSE: ARQ) announced today that the Company
and its controlling shareholder, the Pelawan Trust ("Pelawan"), are in
advanced negotiations for the conclusion of a financing for the Company, in
light of the current downturn in international equity markets.
    The successful conclusion of these negotiations will result in Pelawan
completing the unconditional exercise of all of the Pelawan warrants, referred
to in the Company's news release dated 24th December 2007, and the Company not
effecting a general public offering of new Anooraq shares. In terms of the
financing, the Company will still issue new Anooraq shares in an amount of
approximately ZAR 150 million to the Company's ESOP and Community trusts,
referred to in the Company's news release of 14th April, 2008.
    The financing, together with the conclusion of the debt finance facility
from Standard Chartered Bank, detailed in the Company's news release of 20th
May, 2008 will enable the Company to finance its acquisition of a 51%
controlling interest in Lebowa Platinum Mines and its current 50-50 joint
ventures with Anglo Platinum ("Lebowa transaction").
    In accordance with the definitive agreements for the Lebowa transaction,
closing of the Lebowa transaction is targeted for no later than 30th November
2008.
    Detailed terms of the financing, once finalised, will be announced by the
Company once requisite consents for such financing have been obtained from the
Department of Minerals and Energy, South Africa and other relevant parties.

    
    ON BEHALF OF THE BOARD OF DIRECTORS

    Philip Kotze
    President and CEO

    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.

    The American Stock 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 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 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 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.





For further information:

For further information: on Anooraq and its South African properties,
please visit our website www.anooraqresources.com or call investor services in
South Africa at +27 11 883 0831 or in North America at 1-800-667-2114


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