Mr. Joel Kesler reports

FURTHER CAUTIONARY ANNOUNCEMENT

Anooraq Resources Corp. is providing an update on the announcement released on Feb. 2, 2012, relating to the agreement of the key terms in respect of a transaction to restructure, recapitalize and refinance Anooraq and the Bokoni group of companies, by the boards of directors of Anglo American Platinum Ltd., a 79-per-cent-held subsidiary of Anglo American PLC, and Anooraq.

Shareholders are advised that the financial effects of the transaction are still being determined and may have a material effect on the price of Anooraq securities. Accordingly, Anooraq shareholders are advised to continue exercising caution when dealing in Anooraq securities until a further announcement is made.

A further announcement will be released on the securities exchange news service of the Johannesburg Stock Exchange, as well as filed on SEDAR and EDGAR, and published in the South African press, as soon as the definitive agreements have been signed and the financial effects have been finalized.