Anooraq and Anglo Platinum Establish New Joint Venture to Explore PGM Properties on the Bushveld's Western Limb.

Business Editors/Science Writers

VANCOUVER, British Columbia--(BUSINESS WIRE)--May 3, 2004

Ronald W. Thiessen, President and CEO of Anooraq Resources Corporation (AMEX: ANO) (TSX VENTURE: ARQ) is pleased to announce that Anooraq, and its wholly owned South African subsidiary Plateau Resources (Pty) Ltd. (together "Anooraq"), have entered into a Joint Venture Agreement with Rustenburg Platinum Mines Ltd. ("RPM"), a wholly owned subsidiary of Anglo American Platinum Corporation Limited (together "Anglo Platinum"). The new Joint Venture, called the "Thusong Platinum Mine Joint Venture", has been formed to explore and develop platinum group metals ("PGM"), gold and nickel mineralization on the Wachteenbietjieslaagte 4 JQ, Vogelstruiskraal 400 KQ and Cyferkuil 1 JQ farms. The properties are located on the western limb of the Bushveld Complex, about 74 kilometres north of Rustenburg, South Africa.

The Bushveld Complex is the world's premier environment for PGM deposits, accounting for 80% of the known resources and 67% of the annual global production of platinum. The vast complex is comprised of four areas or limbs, in which three main PGM-bearing horizons occur: the Merensky Reef, the UG2 Reef and the Platreef. Most PGM production from the Bushveld Complex to date has been from underground operations on the Merensky and UG2 reefs.

Anooraq has been successfully exploring a large land package on the northern limb of the Bushveld Complex since 2000, and with Anglo Platinum, is currently advancing the exploration and development of the Drenthe PGM deposit. Further, in January 2004, Anooraq agreed to terms to merge with Pelawan Investments (Pty) Limited ("Pelawan"), a Black Economic Empowerment ("BEE") Company, and gain a 50% interest in the advanced stage Ga-Phasha PGM Project located on the eastern limb of the Bushveld Complex. Subject to regulatory and shareholder approval, the unique transaction with Pelawan will transform Anooraq into a recognized BEE entity in terms of the new South African minerals legislation.

This new agreement with Anglo Platinum - Anooraq's first project on the western limb - provides an excellent opportunity for the discovery of high-grade PGM deposits. The properties are located adjacent to Anglo Platinum's Union operations. The Union mine currently produces over 500,000 ounces each year from 67 million tonnes of proven and probable reserves, containing an estimated 10.2 million ounces of platinum, palladium, rhodium and gold, within the UG2 and Merensky Reefs (Anglo Platinum 2003 Annual Report).

Pursuant to the terms of the Joint Venture Agreement, Anooraq and Anglo Platinum will form an initial 50/50 Joint Venture ("the JV") to explore the three farms for a period of up to five years. During the period, Anooraq will operate exploration programs, and spend up to ZAR11.9 million (about C$2.3 million) on behalf of the JV. Anooraq will have the option to proceed to take the project to a Bankable Feasibility Study ("BFS"). Once the BFS has been completed, the parties, by agreement, may jointly or separately proceed to exploitation. If both partners decide to proceed, then a joint management committee will be established to oversee development and operations. Should Anglo Platinum decide not to contribute to exploitation, it remains entitled to dilute to a minimum 17.5% non-contributory interest, adjusted depending on the final PGM royalty established under the Mineral and Petroleum Royalty Bill to a maximum of 20%. Should Anooraq decide not to proceed, Anglo Platinum has the right to buy out Anooraq's interest.

President and CEO Ronald Thiessen said "Anooraq recognizes the exceptional opportunities in South Africa, and is focused on pursuing those opportunities. This new agreement demonstrates both our commitment to South Africa, and our positive working relationship with Anglo Platinum." For further details on Anooraq and its properties in South Africa, please visit the Company's website at www.anooraqresources.com or contact Investor Services at [phone] or within North America at 1-800-667-2114.

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.