Jubilee Metals Regulatory News (JLP)

27 Apr 2005 07:00

Jubilee Platinum PLC27 April 2005 27 April 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Drilling Intersects UG2 Chromitite Reef on Tjate Project Highlights - Drilling intersects the UG2 Chromitite reef on Tjate Project in the Bushveld Complex of South Africa - High grade of 6.29g/t platinum group elements ("PGEs") plus gold (Au)over 0.81 metre (apparent) reef width - Platinum (Pt) to palladium (Pd) ratio of 1.3 to 1 - In-situ value of reef estimated at US$137 per ton rock at current metal prices Jubilee and its partners in Tjate Platinum Corporation (Pty) Ltd ("Tjate") todayannounce further significant drill results from the first diamond drill hole DT1on Tjate's 2,162 hectare Dsjate farm 249 KT. Following the intersection of theMerensky reef at 868.5 metres (announced 10 March 2005), continued drilling ofhole DT1 intersected the UG2 Chromitite reef (UG2) at 1247.4 metres. The assayresults of the mother hole intersection indicate a weighted average grade of6.29 g/t 3PGE + gold - sometimes referred to as 4E - over 0.81 metre (apparent)reef width. The in-situ 4E value of this intersection is estimated at US$137perton of rock at current metal prices (as calculated on 22 April 2005). The weighted averages for the individual metals and in-situ values over the reefsection (1247.59 metres to 1248.40 metres) are as follows: Platinum Palladium Rhodium Gold Assay g/t 3.09 2.44 0.68 0.08 US$/t rock 87 16 33 1 Colin Bird, CEO of Jubilee/Tjate, said "We are very pleased that the resultsachieved from this further drilling are again up to expectations. The grade andthickness of the UG2 Reef intersection continues to confirm third-partypredictions that the Tjate area contains PGM values consistent with otheroperations in the area. We have carried out three deflections: two on theMerensky Reef and one on the UG2 Reef and will report the results of these assoon as they become available." Vincent Phaahla, Chairman of Tjate, commented, "I am most encouraged by thecontinued drilling success, which confirms my long held conviction of theproperty's potential. The results further strengthen my belief that the Tjatefarms represent a world-class PGM resource. We will now accelerate the drillingprogramme to generate the necessary parameters for a pre feasibility study." Jubilee, as project manager, has decided to drill hole DT2 updip of hole DT1 toestablish continuity of reef, which the directors' believe subcrops at aroundthe 650 metre contour at the eastern boundary. The Dsjate farm is one of threecontiguous farms in the Tjate project, which comprises 5,143 hectares in total.The directors believe, as advised, that the three farms are all underlain by theMerensky and the UG2 chromitite reefs. Jubilee has a 25% stake in Tjate, together with an earn-in right to a further10% interest by expending ZAR14 million towards a bankable feasibility study.The drilling programme is the first step in the feasibility study, which willdetermine the potential mine size, capital cost of development and operatingcosts. For further information please contact: Colin Bird Cathy Malins / Annabel Leather Jubilee Platinum plc Parkgreen Communications Ltd Tel: 07768 397 627 Tel +44 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange