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Anooraq Resources Corporation: Anooraq provides Market Update on Financing Strategy for Lebowa Acquisition

October 2, 2008. Vancouver, BC - Anooraq Resources Corporation (“Anooraq” or the “Company”) (TSXV: ARQ; AMEX: ANO; JSE: ARQ) announced today that the Company and its controlling shareholder, the Pelawan Trust (“Pelawan”), are in advanced negotiations for the conclusion of a financing for the Company, in light of the current downturn in international equity markets.

The successful conclusion of these negotiations will result in Pelawan completing the unconditional exercise of all of the Pelawan warrants, referred to in the Company’s news release dated 24th December 2007, and the Company not effecting a general public offering of new Anooraq shares. In terms of the financing, the Company will still issue new Anooraq shares in an amount of approximately ZAR 150 million to the Company’s ESOP and Community trusts, referred to in the Company’s news release of 14th April, 2008.

The financing, together with the conclusion of the debt finance facility from Standard Chartered Bank, detailed in the Company’s news release of 20th May, 2008 will enable the Company to finance its acquisition of a 51% controlling interest in Lebowa Platinum Mines and its current 50-50 joint ventures with Anglo Platinum (“Lebowa transaction”).

In accordance with the definitive agreements for the Lebowa transaction, closing of the Lebowa transaction is targeted for no later than 30th November 2008.

Detailed terms of the financing, once finalised, will be announced by the Company once requisite consents for such financing have been obtained from the Department of Minerals and Energy, South Africa and other relevant parties.

For further information on Anooraq and its South African properties, please visit our website www.anooraqresources.com or call investor services in South Africa at +27 11 883 0831 or in North America at 1 800 667 2114.

ON BEHALF OF THE BOARD OF DIRECTORS
Philip Kotze
President and CEO

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

The American Stock Exchange has neither approved nor disapproved the contents of this press 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, including assumptions that: the Lebowa transaction will complete; Lebowa will continue to achieve production levels similar to previous years; the planned Lebowa expansions will be completed and successful; Anooraq will be able to secure future debt and equity financing on favourable terms; and the Ga-Phasha and Platreef Project exploration results will continue to be positive. 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 annual information form filed on SEDAR at www.sedar.com or in form 20-F with the United States Securities and Exchange Commission and its other home jurisdiction filings that are available at www.sedar.com.

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