Anooraq Resources Corporation: $3,200,000 Private Placement Financing Arranged.

Business Editors

VANCOUVER, B.C.--(BUSINESS WIRE)--June 14, 2001

Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (CDNX:ARQ.) is pleased to announce that the Company has reached agreement in principle with certain private investors comprising sophisticated purchasers and accredited financial institutions in Canada, the United States and Europe to privately place 4,923,077 Units at a price of $0.65 per Unit.

Management and associates have subscribed for approximately 27% of the total financing. Each Unit will comprise one common share and a share purchase warrant exercisable to purchase an additional share at a price of $0.70 for a one year period from the date of issuance. Anooraq will pay placement fees in accordance with CDNX Policies on a portion of the private placement. Proceeds from the placement will be used to further develop its existing South African Platreef PGM properties, continue assessing additional properties in the area and working capital. The financing is subject to regulatory approval.

ON BEHALF OF THE BOARD OF DIRECTORS Ronald W. Thiessen, President and CEO

No regulatory authority has approved or disapproved the information contained in this news release.