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Wage agreement reached at Bokoni Platinum Mines

20 October 2009

October 20, 2009. Vancouver, BC. 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.

For further information, please contact:

Anooraq Resources

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

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