VANCOUVER, Oct. 20 /CNW/ - Anooraq Resources Corporation ("Anooraq" or the "company") (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) is pleased to announce that a two-year wage agreement has been reached at its Bokoni Platinum Mines (Bokoni), with the National Union of Mineworkers, the National Union of Metalworkers of South Africa and the United Association of South Africa.
Negotiations at Bokoni were undertaken under the auspices of Anglo Platinum as negotiations had begun prior to Anooraq assuming management of this operation on 1 July 2009. The agreement provides for wage increases of:
- between 9 and 10% in the first year (10%: A1 to A3 bands, 9.5%: B4 to
B7 bands, 9%: C1 to D1 bands), and
- between 7.5% and 8% in the second year (8%: A1 to B3 bands, 7.5%: B4
to D1 bands) or alternatively the Consumer Price Index plus 2%,
whichever is the greater.
Agreement was also reached on minimum wages, living-out allowances and home ownership allowances.
Anooraq is pleased that the parties were able to reach a realistic wage agreement, without any industrial action.
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.
SOURCE Atlatsa Resources Corporation
For further information: For further information: on Anooraq and its South African properties, please visit our website www.anooraqresources.com or call: Joel Kesler, Executive: Corporate and Business Development, Office: +27 11 779 6800, Mobile: +27 82 454 5556; Russell and Associates, Charmane Russell, Nicola Taylor, Office: +27 11 880 3924, Mobile: +27 82 372 5816, +27 82 927 8957; Investor Services, North America, 1-800-667-2114