Anooraq Resources is making headway in its negotiations with Anglo American Platinum (Amplats) over a potential restructuring, recapitalisation and refinancing transaction between them, known as the Bokoni Group transaction.

The platinum group metals (pgm) miner said both parties have made "substantial" progress in settling the terms of the Bokoni Group transaction and are currently seeking the requisite corporate and regulatory approvals required to proceed with the transaction process.

"Once the necessary approvals have been obtained a detailed announcement will be made regarding the Bokoni Group transaction," Anooraq said in a statement.

"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."

Anooraq controls the third largest pgm resource base in South Africa. Its major production operation is the Bokoni Platinum Mines, located on the eastern limb of the Bushveld Complex.

Source:

Anooraq Resources Corporation - Further cautionary announcement (15/12/11)

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