Standard Chartered Bank Completes Anooraq Debt Syndication

Jan 12, 2010, 11:42 ET from Anooraq Resources Corporation

VANCOUVER, Jan. 12 /PRNewswire-FirstCall/ - Anooraq Resources Corporation ("Anooraq" or the "Company") (TSXV: ARQ; NYSE Amex: ANO; JSE: ARQ) is pleased to announce that Standard Chartered Bank ("SCB") has successfully completed its Anooraq senior debt syndication process.

Rand Merchant Bank ("RMB"), a division of FirstRand Bank Limited, has acquired 34% of Standard Chartered Bank's ZAR 750 million (CAD$ 105 million) senior debt in Anooraq's South African subsidiary, Plateau Resources (Pty) Limited. SCB continues to hold 66% of the total senior debt package in an amount of ZAR 495 million (CAD$ 69 million).

Philip Kotze, CEO of Anooraq, said, "RMB coming on board in the senior debt syndicate demonstrates a market vote of confidence in our projects and our capabilities. We welcome RMB's participation as a key stakeholder in Anooraq going forward."

For further information, please visit our website www.anooraqresources.com, call investor services in South Africa at +27 11 883 0831 or in North America at 1 800 667 2114 or use the contacts referenced below.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

                 Cautionary and Forward Looking Information

This release includes certain statements that may be deemed "forward looking statements". All statements in this release, other than statements of historical facts, that address potential acquisitions, future production, reserve potential, exploration drilling, exploitation activities and events or developments that Anooraq expects are forward looking statements. Anooraq believes that such forward looking statements are based on reasonable assumptions. Forward looking statements however, are not guarantees of future performance and actual results or developments may differ materially from those in forward looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, changes in and the effect of government policies with respect to mining and natural resource exploration and exploitation and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward looking statements. For further information on Anooraq, investors should review the Company`s form 20-F with the United States Securities and Exchange Commission and its annual information form and other home jurisdiction filings that are available at www.sedar.com.

SOURCE Anooraq Resources Corporation