Anooraq to change name

Johannesburg - Platinum exploration firm Anooraq Resources Corporation [JSE:ARQ] on Friday announced that it planned to change its name to Atlatsa Resources Corporation to reflect the South African focus of the company.

Atlatsa is a Sotho word meaning "to make prosperous".

Shareholders at an annual and extraordinary general meeting this week approved the company's name change.

"The board of directors of the company determined that it would be desirable for the company to change its name to reflect the South African focus of the company following the acquisition of the Bokoni Mine," Anooraq said.

Annoraq's acquisition of Bokoni Mine, which was previously known as Lebowa Platinum Mines, from Anglo Platinum [JSE:AMS] was finalised a year ago.

The company said earlier this week that it anticipates an increase of not less than 15% in second quarter production at Bokoni.

Releasing an operational update for Bokoni, which is located in the Bushveld Complex of South Africa, Anooraq said increased production volumes and decreased unit costs at the operations were a result of the implementation of a significant labour restructure at the mines during the first quarter of the current financial year.

"As anticipated, production volumes are beginning to increase, with a steady upward trend in month-on-month production from April 2010 onwards," the company said in the operational update.

  - I-Net Bridge