Anooraq aims drills at Bushveld

Anooraq Resources (ARQ-V) is raising $4 million to carry out drilling at the Platreef platinum-palladium property in South Africa.

The company stands to earn a maximum of $3.3 million by way of a private placement through two brokerage houses: Loewen Ondaatje, McCutcheon and Haywood Securities. Anooraq will also complete a $700,000 non-brokered private placement through other investors, including members of its management.

Each unit will be priced at 85 cents per unit and consist of one share and one share purchase warrant. Each warrant will be exercisable at a price of 85 cents for a one year period. The deal is expected to close by mid-December.

Anooraq is earning a 70% interest in 74 sq. km of prospective ground along the northeastern limb of the Bushveld Complex, the world’s largest source of platinum group metals. Plateau Resources,

a wholly owned South African subsidiary of Pinnacle Resource (PNRR-O), holds the remainder.

The Platreef prospect is on strike, to the north and south, of Anglo American’s Amplats property. Amplats hosts nine deposits with a combined resource of 350 million tonnes grading 0.151 oz. platinum-palladium-rhodium-gold, equivalent to 54.5 million contained ounces.

Anooraq plans to carry out geological mapping, to be followed by extensive drilling in 2000.

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