Leeward Hedge Funds Inc.

Date: Friday, September 24, 2004

TORONTO, Sept. 24 /CNW/ - Leeward Hedge Funds Inc. ("Leeward") announced today that it exercises control or direction over, on behalf of accounts fully managed by it, including Leeward Bull & Bear Fund L.P., Leeward Offshore Bull & Bear Fund, Leeward Offshore Bull & Bear Fund (U.S.) and Leeward Offshore Resource Fund, an aggregate of 4,594,200 common shares, including 500,000 warrants, of Anooraq Resources Corporation, representing 8.35% of the outstanding common shares of Anooraq Resources Corporation. On May 25, 2004, Leeward, on behalf of its managed accounts, acquired 189,600 common shares of Anooraq Resources Corporation through the facilities of the Toronto Stock Exchange, representing 0.34% of the then outstanding common shares of Anooraq Resources Corporation. Immediately following that transaction, Leeward, on behalf of its managed accounts, exercised control or direction over 5,606,700 common shares, including 500,000 warrants, of Anooraq Resources Corporation, representing 10.20% of the then outstanding common shares of Anooraq Resources Corporation. Since that date, Leeward has acquired, on behalf of its managed accounts additional common shares of Anooraq Resources Corporation. On August 27, 2004, Leeward disposed of, on behalf of its managed accounts, 2,065,000 common shares of Anooraq Resources Corporation through the TSX, resulting in aggregate shareholdings, over which Leeward exercised control or direction over, of 4,570,600 common shares, including 500,000 warrants, representing 8.31% of the Anooraq Resources Corporation common shares. Leeward does not itself own any Anooraq Resources Corporation shares. The purchases were effected for investment purposes only and Leeward may increase or decrease the holdings of its managed accounts in common shares or other securities of Anooraq Resources Corporation, through market transactions, private agreements or otherwise. Leeward has no intention of making a takeover bid for the shares of Anooraq Resources Corporation.