Anooraq Resources Corporation - Further cautionary announcement

VANCOUVER, Nov. 2, 2011 /PRNewswire/ - Shareholders of Anooraq Resources Corporation ("Anooraq" or the "Company") (TSXV: ARQ) (NYSE Amex: ANO) (JSE: ARQ) are referred to the cautionary announcements dated 13 May 2011, 28 June 2011, 10 August 2011 and 21 September 2011 respectively, relating to the negotiations between Anooraq and Anglo American Platinum Limited (the "Parties") in respect of a potential restructuring, recapitalization and refinancing transaction between them.

The Parties have completed their strategic review of the Bokoni Group asset base, finalized a revised life of mine operations strategy, as well as an optimal financing strategy for execution of the Bokoni Group operations strategy going forward.

Pursuant to finalization of the operational and financial optimization exercises the Parties have formulated a restructuring, recapitalization and refinancing transaction for the Bokoni Group and Anooraq ("the Bokoni Group transaction"). The Parties are currently settling the terms of the Bokoni Group transaction in conjunction with seeking the necessary corporate, regulatory and other approvals required for its implementation. Once the transaction terms have been settled and requisite regulatory approvals have been obtained the Parties intend to make a comprehensive announcement detailing the terms of the Bokoni Group transaction.

As the Bokoni Group transaction process remains ongoing, shareholders are advised to continue to exercise caution when dealing in their Anooraq securities until a further announcement is made.

Johannesburg, November 2, 2011

Neither the TSX Venture Exchange nor 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.

Cautionary and forward-looking information

This document contains "forward-looking statements" that were based on Anooraq's expectations, estimates and projections as of the dates as of which those statements were made, including statements relating to the Bokoni Group transaction and anticipated financial or operational performance. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "may", "will", "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.

Anooraq believes that such forward-looking statements are based on material factors and reasonable assumptions, including the following assumptions: that the Bokini Group transaction will receive the necessary regulatory approvals and complete in a timely manner.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These include but are not limited to uncertainties related to the completion of the Bokoni Group restructure and refinancing in a timely manner, if at all; and risk that the necessary regulatory and other approvals for the Bokini Group transaction will not be received in a timing manner.

For further information on Anooraq, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and annual information form for the year ended December 31, 2010 and other disclosure documents that are available on SEDAR at www.sedar.com.

SOURCE Anooraq Resources Corporation