Anooraq Resources has confirmed that it has acquired an effective 51 per cent stake in the Lebowa platinum mine.

The platinum junior announced that it has completed the purchase from Anglo Platinum, leaving the world's largest producer of the precious metal with a 49 per cent interest.

In addition, Anooraq has snapped up a further one per cent stake in the Ga-Phasha, Boikgantsho and Kwanda projects, which are now 51 per cent-owned by the company.

President and CEO Philip Kotze explained that the transaction - which became effective on 1st July - signals Anooraq's intention to become a major pgm producer in South Africa.

"As Anooraq now controls the third-largest pgms resource base in South Africa, with a combination of high-quality exploration, development and production mineral properties, the company has a solid base from which to grow its production," he said last month.

The Lebowa site, which is located on the north-eastern limb of the Bushveld Complex, generated refined pgm production of 147,600 oz in 2008 from its Merensky and UG2 reef explorations.

Boikgantsho, which is at the exploration stage, has an indicated resource of 176.6 million tonnes in the Platreef horizon, containing 7.7 million ounces pgm at an average grade of 1.35g/t.

The Ga-Phasha project is at a pre-feasibility development stage but offers 138.8 tonnes of total measured and indicated resources, containing 25.6 million ounces pgm at an average grade of 5.74g/t.

However, Kwanda is still in its initial stages of development and does not currently boast mineral reserves or resources.

Anooraq was positioned as the first black economic empowerment company with two North American listings and a South African listing.

Source:

Acquisition of platinum mine becomes effective (21/08/09)

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