Wrap Text
ARQ - Anooraq Resources Corporation - Fatal accident at Bokoni Platinum
Mines
Anooraq Resources Corporation
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
TSXV/JSE share code: ARQ
NYSE AMEX share code: ANO
ISIN: CA03633E1088
("Anooraq" or the "Company" or the "Group")
Fatal accident at Bokoni Platinum Mines
Anooraq announces with deep regret that an employee was fatally injured
at the Bokoni Platinum Mine`s ("Bokoni") Middelpunt Hill UG2 shaft, on
Friday, 18 November 2011, after being struck by a dump truck in the main
decline shaft.
The board of directors and management of the Company and Bokoni Platinum
Mines have conveyed their condolences to the family and colleagues of the
deceased employee.
Operations at Bokoni were stopped voluntarily on Saturday, 18 November
2011. A preliminary investigation into the accident has been conducted in
co-operation with the South African Department of Mineral Resources
("DMR") and union representatives. The DMR has issued a Section 54 safety
stoppage notice in respect of Middelpunt Hill operations and all other
mine operations remain unaffected.
Prior to this fatal accident Bokoni Platinum Mines had achieved 1,5
million fatality free shifts on Saturday,15 October, 2011.
Johannesburg
21 November 2011
JSE Sponsor
Macquarie First South Capital (Pty) Limited
Issued on behalf of Anooraq
On behalf of Anooraq
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 Capital
Melanie de Nysschen / Annerie Britz / Yvette
Labuschagne
Office: +27 11 583 2000
Neither the TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
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, including statements relating to the
Bokoni Group restructure and refinancing and anticipated financial or
operational performance. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as "may",
"will", "outlook", "anticipate", "project", "target", "believe",
"estimate", "expect", "intend", "should" and similar expressions.
Anooraq believes that such forward-looking statements are based on
material factors and reasonable assumptions, including the following
assumptions: the Bokoni Mine will increase or continue to achieve
production levels similar to previous years; the Ga-Phasha, Boikgantsho,
Kwanda and Platreef Projects exploration results will continue to be
positive; contracted parties provide goods and/or services on the agreed
timeframes; equipment necessary for construction and development is
available as scheduled and does not incur unforeseen breakdowns; no
material labour slowdowns or strikes are incurred; plant and equipment
functions as specified; geological or financial parameters do not
necessitate future mine plan changes; and no geological or technical
problems occur.
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 related to the completion of the Bokoni Group
restructure and refinancing;
- 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 www.sec.gov and annual information form for the year ended
December 31, 2010 and other disclosure documents that are available on
SEDAR at www.sedar.com.
Date: 21/11/2011 14:34:02 Supplied by www.sharenet.co.za
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