JOHANNESBURG, May 13 /CNW/ - Anooraq Resources Corporation ("Anooraq")
(TSXV: ARQ) (NYSE Amex: ANO) (JSE: ARQ) advises shareholders that
subsequent to March 31, 2011, Anooraq and Anglo Platinum Limited
("APL") (the "Parties") entered into preliminary discussions
surrounding a potential transaction between them. The nature of these
discussions surrounds the completion of a strategic review by the
Parties of the assets and financing structures of and relating to
Bokoni Platinum Holdings (Pty) Limited, with a view to Anooraq
effecting a restructuring transaction in respect thereof (the "Anooraq
Restructuring").

Prior to the further potential implementation of the Anooraq
Restructuring, Anooraq has unwound its interest rate hedge transaction
with Standard Chartered Plc ("SCB"), and APL has acquired Anooraq's
senior loan obligations with SCB and Rand Merchant Bank, a division of
FirstRand Bank Limited.

The outstanding amount of debt acquired by APL is $96.4 million (ZAR 671
million) and the ultimate treatment and/or terms associated with this
debt are currently under review between the Parties within the context
of the broader refinancing initiative between them.

In terms of paragraph 3.9 of the Listings Requirements of JSE Limited,
shareholders of Anooraq are advised that the Anooraq Restructuring may
have a material impact on the price at which the securities of Anooraq
are trading.

Issued on behalf of Anooraq Resources Corporation

Neither the TSX Venture Exchange not 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.

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.