Jubilee Metals Regulatory News (JLP)

21 Feb 2008 07:00

Jubilee Platinum PLC21 February 2008 21 February 2008 AIM: JLPJSE: JBL JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Madagascar - Ambodilafa Drilling Update Borehole ALF008 Intersects Further Nickel-Copper Sulphide Mineralisation in Ambodilafa Jubilee is pleased to announce that borehole ALF008 has intersectednickel-copper sulphide mineralization on the Ambodilafa prospect at 101 metreswith higher grade intersections assaying 0.45% nickel (Ni) and 0.16% copper (Cu)over an intersected width of 13.9 metres from 243 metres down-hole, whichincludes 8.0 metres assaying 0.57% Ni and 0.20% Cu. Further significant sulphidemineralization was intersected at 260.6 metres downhole, which included 3.8metres assaying 0.67% Ni and 0.25% Cu. Sulphide mineralization mainly of adisseminated nature with lesser net textured and massive forms. Borehole ALF008 was collared in the western portions of the intrusion some 88metres northwest of and drilled through the vertical borehole ALF003, which aspreviously announced (22 February, 2007) intersected good nickel-copper sulphidemineralization. Highlights: • Borehole ALF008 intersected disseminated sulphide mineralization at101 metres down-hole, which is largely persistent to 303 metres down-hole andincludes wide intersected widths of up to 14 metres of mineralization • The intersections (cut-off grade 0.2% Ni) include: • 13.9 metres grading 0.45% Ni and 0.16% Cu (gross metal value ("GMV") US$138/t rock at current prices*) including 8.0 metres of 0.57% Ni and 0.20% Cu (GMV: US$175/t); • 7.6 metres of 0.47% Ni and 0.19%Cu (GMV: US146$/t) including 3.8 metres of 0.67% Ni and 0.25% Cu (GMV:US$207/t); and • 10.5 metres of 0.35% Ni and 0.16% Cu (GMV: US$110/t) *Prices US$/t: Ni 28 000; Cu 7 800 Selected mineralized intersections are summarised in the table below Table 1 Borehole ALF 008 Selected results Intersection From to Interval Ni Cu 3E m m m % % g/t Total 243.4 257.3 13.9 0.45 0.16 0.08 including 243.3 251.3 8.0 0.57 0.20 0.10 Total 260.6 268.2 7.6 0.47 0.19 0.09 including 261.5 265.3 3.8 0.67 0.25 0.11 Total 275.9 279.1 3.2 0.42 0.18 0.08Total 281.3 290.8 10.5 0.35 0.16 0.06 including 285.9 287.3 1.4 0.44 0.19 0.07 Total 298.2 303.3 5.1 0.35 0.16 0.09 3E: platinum, palladium and gold Colin Bird, CEO of Jubilee commented, "This is another good borehole result fromthe base-metal sulphide mineralized area on the western margin of theprospective Ambodilafa property. Our 2008 programme, which will include asignificant amount of drilling, is planning to focus aggressively on this areaas well as on the platinum discovery some 2000 metres to the east of boreholeALF008 that was previously announced on 13 December 2007". Borehole ALF008Location: 207017.568E 77366.27.395STotal Depth 347.47 mAzimuth 135degrees, dip -60degrees The mineralization is hosted in a medium to coarse-grained pyroxenite and occursas disseminated to net-textured Ni and Cu sulphides. Disseminated sulphides wereintersected from 101 metres, and although not continuous, are generallypersistent to a depth of 347.5 metres (end of hole). ALF008 represents part of a3-hole fence some 197 metres long along a NW direction, which targets part of aCu-Ni-Cr soil anomaly associated with the southern part of the Ambodilafaultramafic-mafic intrusion. Assay results from ALF009 are not yet available. About Ambodilafa The Ambodilafa project lies within the extensive Vohipaha ultramafic-maficintrusive, itself some 4 kilometres wide by 17 kilometres long. The Ambodilafalicence of property is located 160 kilometres southeast of the Madagascancapital Antananarivo. The 10-year exploration licence is held by MineralResources of Madagascar Sarl, 100% owned by Jubilee. Impala Platinum Holdingshave an option agreement with Jubilee to earn in a 51% interest in the project. Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica, carried out the analyses of the borehole samples. Quality control andassurance currently in place comprises standards, blanks and check samplesmaking between 10% and 20% of samples submitted. For further information please contact: Colin Bird Louise GoodeveJubilee Platinum plc Parkgreen Communications LtdTel: +44 7768 397 627 Tel +44 20 7851 7480 Jan Bosch/Paul BrettInvestec Bank (UK) LimitedTel + 44 (0) 20 7597 5000 This information is provided by RNS The company news service from the London Stock Exchange