Jubilee Metals Regulatory News (JLP)

15 Sep 2006 11:19

Jubilee Platinum PLC15 September 2006 JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Jubilee mobilises drilling for the Ambodilafa project, Madagascar Highlights • Jubilee has received all regulatory approvals to commence drilling atthe Ambodilafa nickel-copper-PGE project in Madagascar • Impala Platinum Holdings Limited ("Implats") is satisfied that Jubileemeets Conditions Precedent in the Joint Venture Option Agreement and hasapproved Phase 1 funding • Jubilee has started to mobilise equipment to drill the large versatiletime domain electromagnetic ("VTEM") anomaly • Drilling expected to begin by week commencing 18th September 2006 Jubilee is pleased to announce that it has received the appropriate regulatoryapprovals to embark on the first phase of exploration drilling on itsprospective nickel-copper-PGE (platinum group element) VTEM anomaly at theAmbodilafa project in Madagascar. Jubilee's joint venture partner on the Project, Implats, is satisfied thatJubilee has met all Conditions Precedent and has approved funding to December2006 to contribute to phase one of the exploration programme as per the JointVenture Option Agreement announced on 6 April 2006. The drilling contract has been awarded and transport of drill equipment to thesite has commenced. Drilling is scheduled to start before 18th September 2006. Colin Bird CEO said, "We have been meticulous in obtaining the necessary permitsand now have all necessary approvals in place to begin our drilling campaign.We will now drill test the large prospective nickel-copper-PGE geophysicaltarget previously identified using a helicopter-borne VTEM system. We lookforward to working with our joint venture partner Implats on the development ofthis exciting project." About Ambodilafa Jubilee's large 4 kilometres wide by 14 kilometres long Ambodilafa concession ispart of an extensive mafic-ultramafic system. The property is located some 160kilometres southeast of the Madagascan capital Antananarivo. Previous regional reconnaissance drilling by others in the area, in 1969,included an intersection of 93 metres of disseminated sulphides, containingpyrrhotite, pentlandite (nickel ore mineral) and chalcopyrite (copper oremineral) averaging 1% copper equivalent (as reported). The intersection includeda 1.5 metre intercept assaying 2.2% nickel and 0.35% copper. The drill coreswere not analysed for their PGE content, but later stream sediment sampling in1990 defined several drainage catchments in the area, which showed anomalousplatinum and palladium values. This earlier drilling, which focussed on screening identified geochemicalanomalies, was carried out generally to the west of a significantelectromagnetic geophysical anomaly identified by others in 1969 andsubsequently confirmed by the recently announced results (8 December 2005) ofthe helicopter-borne Versatile Time-Domain Electromagnetic geophysical surveyover the same area. For further information please contact: Colin Bird Cathy Malins / Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel +44 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange