Company Information for Jubilee Platinum Plc

Company stock charts - 12 Month chart

AIM; JLP View full financial data

Company Statement

Statement by Chief Executive Officer: Colin Bird

Jubilee Platinum plc ("the Company") is a mining exploration company with a portfolio of platinum group metal (PGM) and nickel/copper assets and a country focus on South Africa and the untapped mineral wealth of Madagascar, as well as interests in Sierra Leone.

In South Africa, Jubilee’s objective was to acquire a portfolio of projects prospective for PGMs, strategically placed near to existing mining operations. The company’s most advanced project is the Tjate property which is postulated to contain some 65m oz of PGMs and gold. Recent drilling results have reported high values from the Merensky and UG2 platinum bearing reefs. Tjate is located on the eastern limb of the Bushveld Complex, which holds 80% of the world’s platinum supply, and is immediately downdip of Anglo Platinum’s Twickenham and Impala Platinum’s Marula mines.

Jubilee also believes it is developing potentially world-class projects in Madagascar, where the company has identified large areas of PGM-nickel-copper mineralisation. Having been operating in Madasgascar for a few years, Jubilee are forerunners in a country that is proving to be of increasing interest to the majors.

Current Operations

South Africa

Since its listing in 2002, Jubilee has built up a balanced portfolio of assets, covering 16,000 hectares around the Bushveld, the most advanced of which is the Tjate property.

Geological and mining consultancy Ddraig Minerals Development Ltd (“Ddraig”) has concluded that the Tjate Property is located in an area of excellent geological potential and that little doubt exists that the Tjate Property is underlain by the economically important and well mapped Merensky and UG2 PGM bearing reefs. In its report dated 26 April 2004 Ddraig endorsed previous estimates of the platinum group metal resource on the Tjate Property, which postulated some 65 million ounces of 5 PGM and gold.

Jubilee acquired 25% of Tjate from the existing Tjate shareholders for ZAR35 million (£3.1 million). The purchase of the 25% shareholding represents 15% from National Platinum Corporation (Pty) Limited and 10% from Matuba Holdings (Proprietary) Ltd (trading as the Sebata Kgomo Consortium).  Jubilee also undertook to subscribe in cash for a further 10% in Tjate for ZAR13,999,900, the subscription only to be used by Tjate for the purpose of funding a bankable feasibility study. Further drilling has continued to provide extremely encouraging grades from both the Merensky and UG2 reefs. 

Dullstroom Platinum 
The Dullstroom Platinum (Pty.) Ltd. tenement area, comprising of more than 2500 hectares is located on the eastern edge of the Bushveld Igneous Complex (BIC), in the vicinity of the hamlet of Tonteldoos some 20 kilometers north of Dullstroom, Mpumalanga Province, South Africa.

Madagascar

Jubilee was also attracted to Madagascar where previous exploration work by the French company BRGM had discovered PGM mineralisation. Jubilee acquired large exploration holdings in Madagascar prior to listing in 2002.  Since this time, Madagascar has become increasingly attractive as a destination for mining exploration and the World Bank recently agreed to put $40m into helping develop the country’s mineral sector.

Londokamanana
Londokamanana is located some 160km north west of the capital Antananarivo in the Mahajanga province of Madagascar.

The Company has an 85% interest in 15,625 ha in the Londokomanana. Between 1960 and 1971, the French group BRGM, whilst exploring alluvia for gold and base metals in the region, discovered PGMs and the first primary PGM mineralisation in Londokomanana.  The Company's initial reconnaissance programme in the area identified an outcropping gossan capped mineralised brecciated zone as the potential host for the primary PGM mineralisation.

An intensive geophysics programme has indicated the potential for at least 27 kilometres of PGM-nickel-copper mineralisation, which the Company believes moves the project towards being a world-class resource.

Lanjanina / Pachoud
Lanjanina is an area of low relief, flat topped hills and moderately incised drainage. Outcrop is absent but iron-gossan-rock float is common on hills and from the topography would appear to indicate the presence of an extensive iron cap over a potential 5km strike length. An iron gossan rock sample, taken 1km north of the sampling line, assayed 370 ppm nickel Previous BRGM copper-nickel geochemical data, covering ground to the north of Jubilee’s sampling, support the associated iron-gossan cap extension.   A soil sampling and geophysics programme over the whole area is underway. 

Two areas, Belanitra and Pachoud mine, were  targeted for soil sampling - the results indicate a potential 3km strike length of anomalous geochemical copper-nickel values with up to 2800 ppm copper and 550 ppm nickel. These anomalous results suggest the area is a prospective target for further exploration involving trenching and drilling.

Ambodilafa

Reconnaissance exploration in Ambodilafa has identified a major largely unexplored ultrabasic intrusion, some 20km N-S long and 4km E-W wide, where previous limited drilling in the 1970s by the Bureau de Recherché des Minerais (BRGM) included a 93m intersection of disseminated pentlandite and chalcopyrite sulphides averaging 1% copper equivalent. A geophysics programme with follow up drilling is scheduled for fourth quarter 2005.

The reconnaissance also discovered new gold mineralisation in the historic Bebasy mine area (south west corner of the Ambodilafa concession), in which mined historic grades of 13 to 18 g/t gold were reported.
Chip samples taken from newly exposed quartz veins in the area showed 42g/t and 108g/t gold

Sierra Leone

The Company has a joint venture with AIM listed Golden Prospect plc to develop the 105.3 km² York project located on the Freetown Peninsula, 37km south of the capital city of Sierra Leone. The York licence covers the central section of the Freetown Layered Gabbro Complex, an area with a history of artisanal platinum production, having produced 5,242 ounces between 1929 and 1949.

Geophysical surveys followed by mapping and assays have identified a platinum-enhanced 8.5km continuous layer within the layered  gabbroic-rock sequence. Geochemical anomalies have been observed in both the rocks and the soils.  Rocks are enriched in nickel, cobalt, chromium and vanadium consistent with a primary origin in layered gabbros

Geographical Spread

South Africa

Madagascar

Sierra Leone

Board of Directors and Key Management

Malcolm Burne	Non-Executive Chairman
Colin Bird	Chief Executive Officer
Chris Molefe	Non-Executive Director
Andrew Sarosi	Technical Director
Raju Samtani B.A Honours CIMA	Financial Manager

Company Address 4th Floor Cromwell Place South Kensington London, United Kingdom SW7 2JE Telephone: +44 (0)20 7584 2155 Facsimile: +44 (0)20 7589 7806 Email: cbird[at]jubileeplatinum.com Website: http://www.jubileeplatinum.com

Capital Ordinary Shares in Issue: 88,017,408

Year End 30 June

Nominated Brokers Collins Stewart Limited Numis Securities

Nominated Advisors Collins Stewart Limited

Broker/Analyst Reports

08/11/07 - Hoodless Brennan plc
30/10/07 - Growth Equities & Company Research

Major Shareholders

Ambrian Capital (Golden Prospect)	9.80%
JP Morgan Fleming Asset Management	9.50%
Fidelity Managed Funds	8.30%
Colin Bird	8.10%
Lugano	7.20%
Axa Framlington	5.30%
Fiske plc	3.10%

Related News

10/03/08 - For Jubilee Platinum South Africa’s Power Problems Have A Silver Lining
04/07/07 - Jubilee Platinum Has Three Attractive Scenarios For The Future

Most Recent Statement

11/08/08 - Update on drilling programme at the Tjate project
19/06/08 - Jubilee receives final approval to increase direct and indirect beneficial interest in the Tjate Project to 63%
09/06/08 - Update on accelerated drilling programme at the Tjate project
09/04/08 - NICKEL- COPPER- PLATINUM GROUP ELEMENT MINERALISATION EXTENDED ON RANOMENA PROSPECT
02/04/08 - Jubilee Receives Section 11 Approval to Purchase Additional Shares in New Plats (Tjate) (Pty) Limited (“NewPlats”)
05/03/08 - Drilling Update from Antsahabe Prospect, Madagascar