Jubilee Metals Regulatory News (JLP)

11 Aug 2008 07:00



11 August 2008 

AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN: GB0031852162

JUBILEE PLATINUM PLC

("Jubilee" or "the Company")

Update on drilling programme at the Tjate project 

Jubilee Platinum, the AIM quoted and JSE Limited listed mining exploration and development Company with a focus on platinum group metals (PGM) in South Africa, is pleased to announce recently received results from six new boreholes on the Tjate project, DT15, DT17, DT18, DT19, DT20 and DT23, These boreholes are part of the Company's accelerated drilling programme at the Tjate Project. 

Highlights 

All six boreholes intersected the Merensky Reef (MR) at expected projected depths, with grades and thicknesses generally in line with the variability expected for this reef. 

Borehole DT20 targeted the UG2 reef as well as the MR and intersected both reefs at expected target depths. 

Borehole DT23 intersected exceptionally high assays in the motherhole (12.04 g/t 3PGE + Au) (combined platinum, palladium, rhodium and gold) and the two deflections (7.46 g/t 3PGE + Au and 18.03 g/t 3PGE+Au respectively) giving a weighted average assay for the hole of 12.52 g/t 3PGE + Au over 0.98m apparent thickness.

DT15 (mother hole and two deflections) MR plus contiguous footwall assayed a weighted average of 4.04 g/t 3PGE+Au, over combined 1.96m apparent thickness.

One deflection in DT15 intersected 3.8m apparent thickness of mineralised MR and contiguous footwall assaying weighted average 5.40 g/t 3PGE+Au including 0.98m MR assaying 6.31 g/t 3PGE+AU and 1.83m of footwall assaying weighted average 7.80g/t 3PGE+Au with associated base metals assaying 0.57% nickel (Ni) and 0.20% copper (Cu).

Detailed results are provided in Tables 1 and 2 below

Preliminary results from an independent structural modelling exercise conducted as part of phase1 of the current feasibility study programme suggest that the Merensky Reef in the area identified occurs as two distinct types:

a wide type MR thicker than 1.84m; and 

a thinner type MR approximately 1.01m thick.

The wide type MR represents more than 70% of the identified MR tonnage and accounts for 77% of the 3PGE+Au content. If the exploration programme proves this assumption to be correct then overall mining costs could be affected very favourably.

Colin Bird, CEO of Jubilee and Tjate Project Manager said: "These new results continue to confirm the expected consistency of grade and continuity at depth of the Merensky and UG2 reefs. The newly identified thicker areas, if they continue, could have a significant impact on the project economics. The accelerated drilling is rapidly advancing the project towards a definitive resource estimate." 

Table 1 Summary of Selected Merensky Reef and UG2 results 

na not applicable

Table 2  Detailed drilling results for boreholes in Table 1 

Note to Editors

The Tjate Project comprises three contiguous farms, totalling 5,143 hectares in the eastern Bushveld: Dsjate, Fernkloof and Quartz Hill. The farms are downdip of Impala Platinum's operating Marula platinum mine and of Anglo Platinum's developing Twickenham platinum mine. Jubilee, which last year completed a positive scoping study, has announced its decision to advance the Project to feasibility study. The Tjate drilling programme is now being accelerated with eight drill rigs on site.

SGS Lakefield Research Africa in Johannesburg carried out the analyses of the borehole core samples. This laboratory is SNAS TO169 accredited.

For further information please contact:

Colin Bird Nick Rome/Michael Kinirons

Jubilee Platinum plc Bishopsgate Communications Ltd 

Tel: +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350

Jan Bosch/Paul Brett

Investec Bank UK Limited

Tel +44 (0)20 7597 5000