OPERATIONS

Kwanda

On 16 May 2002, Plateau Resources completed an agreement with Rustenburg Platinum Mines (RPM) for the right to acquire up to an 80% interest in twelve new PGM farms located on the Northern Limb of the Bushveld Complex. Under the agreements with RPM, the Company has acquired an initial 50% interest in the PGM rights to the twelve farms and can maintain this interest by making staged exploration expenditure totalling R25 million within five years. The Company is required to spend R2.5 million in year one (which has been completed), R5 million in each of years two, three, and four, and R7.5 million in year five. These farms are now known as the Kwanda JV.

When a mineral resource is identified, the Company can earn an additional 30% interest by bringing the property into commercial production. RPM will retain a 20% interest in the Kwanda JV. The agreements also include plans to involve local communities in future development of the properties. Any participation by local and regional communities will be provided out of RPM's interest and any participation in the Kwanda JV by a HDP partner will be provided out of the Company’s interest. However, participation by a HDP partner is unlikely since Anooraq is a BEE company.