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Cautionary announcement relating to proposed restructuring, refinancing and potential corporate action

13 May 2011

Shareholders are advised that subsequent to March 31, 2011, Anooraq and Anglo Platinum Limited (“APL”) (the “Parties”) entered into preliminary discussions surrounding a potential transaction between them. The nature of these discussions surrounds the completion of a strategic review by the Parties of the assets and financing structures of and relating to Bokoni Platinum Holdings (Pty) Limited, with a view to Anooraq effecting a restructuring transaction in respect thereof (the “Anooraq Restructuring”).

Prior to the further potential implementation of the Anooraq Restructuring, Anooraq has unwound its interest rate hedge transaction with Standard Chartered Plc (“SCB”), and APL has acquired Anooraq’s senior loan obligations with SCB and Rand Merchant Bank, a division of FirstRand Bank Limited.

The outstanding amount of debt acquired by APL is $96.4 million (ZAR 671 million) and the ultimate treatment and/or terms associated with this debt are currently under review between the Parties within the context of the broader refinancing initiative between them.

In terms of paragraph 3.9 of the Listings Requirements of JSE Limited, shareholders of Anooraq are advised that the Anooraq Restructuring may have a material impact on the price at which the securities of Anooraq are trading.

Accordingly, shareholders are advised to exercise caution when dealing in their Anooraq securities until a further announcement is made.

Johannesburg
13 May 2011

Issued on behalf of Anooraq Resources Corporation

On behalf of Anooraq
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556

Russell and Associates
Charmane Russell / Cassidy Parker
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 72 347 2342

Macquarie First South Advisers
Natalie Di-Sant e/ Annerie Britz / Yvette Labuschagne / Melanie de Nysschen Office: +27 11 583 2000

Neither the TSX Venture Exchange not its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The NYSE Amex has neither approved nor disapproved the contents of this press release.

For further information on Anooraq, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission at www.sec.gov and home jurisdiction filings that are available at www.sedar.com. The Company's Annual Report on Form 40-F, which includes its audited financial statements for the fiscal year ended December 31, 2010, was filed with the Securities and Exchange Commission on March 23, 2011 and is available at www.sec.gov. Shareholders have the ability to receive a hard copy of the Company's complete audited financial statements free of charge upon request.

The key production parameters for Bokoni for Q1 2011 are:

Metal production was as follows:

For further information on Anooraq, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission at www.sec.gov and home jurisdiction filings that are available at www.sedar.com. The Company's Annual Report on Form 40-F, which includes its audited financial statements for the fiscal year ended December 31, 2010, was filed with the Securities and Exchange Commission on March 23, 2011 and is available at www.sec.gov. Shareholders have the ability to receive a hard copy of the Company's complete audited financial statements free of charge upon request.