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ARQ - Anooraq Resources Corporation - Anooraq announces CEO transition
Anooraq Resources Corporation
Incorporated in British Columbia, Canada
Registration number 10022-2033
TSXV/JSE share code: ARQ
AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq" or the"company")
Anooraq announces CEO transition
Anooraq confirms the appointment of Mr. Harold Motaung as the Chief Executive
Officer of the Company with effect from 1 April 2011, as approved by the Board
of Directors.
Mr. Motaung will succeed Mr. Philip Kotze, whose fixed-term three-year contract
terminates with effect from 1 April 2011. Mr. Kotze will continue to act as a
consultant to Anooraq.
Mr. Motaung has been an executive director of Anooraq since 2004 and is one of
the founding members of Atlatsa Holdings (Pty) Ltd, Anooraq`s majority
shareholder. He has a B.Sc in Mining Engineering and an MBA from the University
of the Witwatersrand.
Mr. Motaung was previously employed at the Free State and Vaal River operations
of Anglo American Corporation of South Africa Limited for six years. He then
moved to the South African Department of Minerals and Energy as a Director
within the Mine Inspectorate. He was subsequently promoted to Deputy Chief
Inspector of mines post, where he was responsible for implementing the South
African Mine, Health and Safety Act. His responsibilities also included briefs
and presentations to the South African Parliamentary Portfolio Committee on the
status of minerals and energy within the country, which culminated in the
enactment of the Minerals and Petroleum Resources Development Act in South
Africa.
Mr. Motaung has held positions on numerous boards of Government-associated
institutions, including the National Nuclear Regulator, the Mining
Qualifications Authority and the chairman position at the Mines Research Board
which administered a Mining Safety Fund. Recently, he was appointed and served
on the board of Minerals Technology as a non-executive chairman.
Mr. Motaung has worked closely with Mr. Kotze during the past three years, and
his appointment follows a succession planning process. Anooraq Chairman Tumelo
Motsisi congratulated Mr. Motaung on his appointment and extended his thanks and
best wishes to Mr. Kotze.
"Philip has made a substantial contribution to the company during an important
phase in its development. A critical part of his mandate was to ensure that we
achieved a smooth transition when we took over control at Bokoni Platinum Mines
and then built a solid management and technical team to manage the operations. I
am pleased that we achieved those goals during Philip`s term with our Company.
"Equally, Harold will assume this role at another critical juncture, where we
need to build on the early steps we have made towards growth and profitability
to ensure that we fulfill the mandate that we have been tasked with in turning
our assets to account, safely and in a profitable manner."
Johannesburg
06 April 2011
MACQUARIE FIRST SOUTH ADVISERS (PTY) LIMITED
JSE Sponsor
Anooraq Resources Corporation
Joel Kesler
Executive: Corporate Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Russell and Associates
Charmane Russell / Nicola Taylor
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 82 927 8957
Macquarie First South Advisers
Melanie de Nysschen
Office: +27 11 583 2000
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release. The NYSE Amex has neither approved nor disapproved the
contents of this press release.
Cautionary and Forward Looking Information
This document contains "forward-looking statements" that were based on Anooraq`s
expectations, estimates and projections as of the dates as of which those
statements were made. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.
Forward-looking statements are subject to known and unknown risks, uncertainties
and other factors that may cause the Company`s actual results, level of
activity, performance or achievements to be materially different from those
expressed or implied by such forward-looking statements. These include but are
not limited to:
- uncertainties and costs related to the Company`s exploration and
development activities, such as those associated with determining
whether mineral resources or reserves exist on a property;
- uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from
a mining project; uncertainties related to expected production rates,
timing of production and the cash and total costs of production and
milling;
- uncertainties related to the ability to obtain necessary licenses,
permits, electricity, surface rights and title for development
projects;
- operating and technical difficulties in connection with mining
development activities;
- uncertainties related to the accuracy of our mineral reserve and
mineral resource estimates and our estimates of future production and
future cash and total costs of production, and the geotechnical or
hydrogeological nature of ore deposits, and diminishing quantities or
grades of mineral reserves;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and government
policies affecting our mining operations, particularly laws,
regulations and policies relating to
- mine expansions, environmental protection and associated compliance
costs arising from exploration, mine development, mine operations and
mine closures;
- expected effective future tax rates in jurisdictions in which our
operations are located;
- the protection of the health and safety of mine workers; and
- mineral rights ownership in countries where our mineral deposits are
located, including the effect of the Mineral and Petroleum Resources
Development Act (South Africa);
- changes in general economic conditions, the financial markets and in
the demand and market price for gold, copper and other minerals and
commodities, such as diesel fuel, coal, petroleum coke, steel,
concrete, electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the value
of the U.S. dollar, Canadian dollar and South African rand;
- unusual or unexpected formation, cave-ins, flooding, pressures, and
precious metals losses (and the risk of inadequate insurance or
inability to obtain insurance to cover these risks);
- changes in accounting policies and methods we use to report our
financial condition, including uncertainties associated with critical
accounting assumptions and estimates; environmental issues and
liabilities associated with mining including processing and stock
piling ore;
- geopolitical uncertainty and political and economic instability in
countries which we operate; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or other
events or occurrences, including third party interference that
interrupt the production of minerals in our mines.
For further information on Anooraq, investors should review the Company`s annual
Form 40-F filing with the United States Securities and Exchange Commission at
www.sec.gov and home jurisdiction filings that are available at www.sedar.com.
The Company`s Annual Report on Form 40-F, which includes its audited financial
statements for the fiscal year ended December 31, 2010, was filed with the
Securities and Exchange Commission on March 23, 2011 and is available at
www.sec.gov. Shareholders have the ability to receive a hard copy of the
Company`s complete audited financial statements free of charge upon request.
Date: 06/04/2011 14:45:01 Supplied by www.sharenet.co.za
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