Anooraq Resources Corporation Announces $4 Million Financing For Bushveld PGM Project.

VANCOUVER, British Columbia--(VSE:ARQ.)

Robert G. Hunter, Chairman of Anooraq Resources Corporation (VSE:ARQ) announces that Anooraq has entered into an agreement with Loewen, Ondaatje, McCutcheon Limited and Haywood Securities Inc. to raise a minimum of $2.3 million and a maximum of $3.3 million by way of a private placement on a best efforts basis. Concurrently, Anooraq will also complete a $700,000 non-brokered private placement to other investors including members of management on the same terms and conditions. Closing is anticipated by mid-December and is subject to definitive agreements, regulatory approval and certain other usual conditions.

Anooraq will use the proceeds to finance comprehensive drilling on the recently optioned Platreef Properties located on the Bushveld Complex in South Africa. The Platreef Properties have the potential to host major PGM (platinum-palladium-rhodium-gold) deposits.

The securities to be privately placed will consist of Units priced at $0.85 with each Unit consisting of one common share and one common share purchase warrant, exercisable at $0.85 for one year. Anooraq will file an Annual Information Form in the Provinces of British Columbia and Alberta to qualify the shares and warrant shares for the minimum hold period provided under the BC BOR 97/12 and the Alberta equivalent.

The Platreef Properties are contiguous with and extend 10 kilometres north of Amplats' (Anglo American) properties which produce 650,000 ounces of PGMs annually and host eight deposits with combined resources of over 50,000,000 ounces of PGMs.

The prolific Platreef, (equivalent to the world famous Merensky Reef) which trends through Amplats' properties and the Platreef Properties, offers considerable potential for systematic drilling to identify large scale open pit mineable PGM resources and their underground mineable down-dip extensions. Mining infrastructure, power and access are excellent.

A major drilling program is now being planned for the Platreef Properties.

ON BEHALF OF THE BOARD

(signed)

Robert G. Hunter

Chairman

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