Jubilee Metals Regulatory News (JLP)

1 Nov 2005 10:17

Jubilee Platinum PLC01 November 2005 1 November 2005 AIM: JLP Jubilee Platinum Plc ("Jubilee" or "the Company") Jubilee and BHP Billiton Agree to an Airborne Geophysical Survey over Adjacently Held Properties in Madagascar Highlights • Jubilee and BHP Billiton have agreed to carry out a large-scalehelicopter Versatile Time-Domain Electromagnetics ("VTEM") geophysical surveyover each other's adjacently held properties in Madagascar • The survey will be funded by BHP Billiton, and the data from bothproperties shared with Jubilee on an exclusive basis • Based on the results the parties may agree to enter into a jointagreement for further development of any or all of their properties BHP Billiton's Marolambo and Jubilee's Ambodilafa concessions together form alarge property, which is part of an extensive ultrabasic system. The propertiesare located some 160 kilometres southeast of the Madagascan capitalAntananarivo. Previous regional reconnaissance drilling by others in Ambodilafa, undertaken in1969, intersected 93 metres of disseminated sulphides, containing pyrrhotite,pentlandite and chalcopyrite (nickel and copper ore minerals), averaging 1%copper equivalent. The intersection included a 1.5 metre intercept assaying2.2% nickel and 0.35% copper. Later stream sediment sampling in 1990 definedseveral drainage catchments in the area and showed anomalous platinum andpalladium values. The VTEM method is state-of-the-art and is acknowledged as an excellentprospecting tool for identifying anomalies related to massive sulphides. Colin Bird, chief executive officer of Jubilee, said: "We are delighted that BHPBilliton has undertaken to fund the airborne geophysical programme andsubsequent interpretation of the data. This affirms our view that Madagascar ishighly prospective for base and platinum group metals and this activity,together with our Londokomanana project, means that Jubilee is developing astrong strategic position in Madagascar." For further information please contact: Colin Bird Cathy Malins / Annabel Leather Jubilee Platinum plc Parkgreen Communications Ltd Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange