OPERATIONS

Rietfontein

On 10 October 2001, Plateau Resources entered into an agreement with African Minerals Limited, now Ivanhoe Nickel and Platinum Limited ('Ivanplats'), a private affiliate of Ivanhoe Capital Corporation, whereby Ivanplats had the right to earn a 50% JV interest in the Company’s 2 900 ha Rietfontein 2KS Farm. Under the terms of this agreement, Ivanplats was to incur expenditure pursuant to exploration activities undertaken on Rietfontein 2KS in each of the ensuing two years to obtain the right to form the 50/50 JV.

Drilling on the Rietfontein property from 2001-2003 outlined extensive near-surface PGM mineralization on Anooraq's Rietfontein property, adjacent to where Ivanplats is delineating a PGM deposit on its Turfspruit property. The Rietfontein mineralization which extends over 1,650 metres is an estimated 150 metres thick.

Plateau Resources and Ivanplats are currently in an arbitration process, pursuant to the terms of the earn‑in agreement. The outcome of the arbitration is not currently determinable.