Jubilee Metals Regulatory News (JLP)

6 Aug 2007 07:00

Jubilee Platinum PLC06 August 2007 JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Funding for Phase Two Exploration at Ambodilafa Project, Madagascar Jubilee and its joint venture partner Impala Platinum Holdings ("Impala")announce the approval of an exploration budget of up to US$1.25 million forphase two exploration at the Ambodilafa nickel-copper-platinum project inMadagascar. For the past year Impala has been providing full funding for theexploration programme at Ambodilafa. This Phase two exploration programme will focus on a 10 to 12-hole drillingprogramme in three areas and further field exploration including mapping andsoil sampling necessary to extend the mineralized horizon identified duringPhase 1 drilling. Colin Bird, CEO of Jubilee, said; "Several targets in the extensive Ambodilafaarea require testing prior to more focused drilling. We are delighted thatImpala has elected to participate in this next important phase of exploration" In 2006, the Company drilled three holes in the southern portions of thelicence, of which one hole, drilled on a geochemical anomaly on the fringes ofthe geophysical anomaly intersected massive, semi-massive, net textured anddisseminated nickel-copper sulphide mineralisation at a depth of 24m and whichgenerally persisted, although not continuously, to a depth of some 220m. Highergrade intersections included 2.2m at 1.29%Ni, 0.31%Cu, and 0.31g/t 2 platinumgroup elements (2PGE) + gold(Au) and 6.5m at 0.61%Ni, 0.30%Cu and 0.12g/t2PGE+Au. Geological mapping, geochemical sampling, reinterpretation of the geophysicaldata and results of new radiometrics survey data recently made available haveprovided new information on the extent and orientation of the intrusion anddelineated areas with potential for nickel-copper as well as PGE mineralization. About Ambodilafa The Ambodilafa project lies within the 17.5 kilometre long by 6 kilometre wide(as revealed by new airborne radiometrics survey recently made available)Vohipaha ultramafic intrusive southeast of the Madagascan capital Antananarivo.Mineralisation is associated with semi-massive, net textured and disseminatedpyrrhotite and chalcopyrite hosted by pyroxenite, olivine pyroxenite, peridotiteand olivine gabbro lithologies. The textures observed suggest an orthomagmaticorigin to the mineralization due to primary magmatic sulphide segregation withinan ultrabasic intrusive body. The prospecting licence is held by Mineral Resources of Madagascar Sarl, 100%owned by Jubilee. Implats has an option agreement with Jubilee to earn in a 51%interest in the project. For further information please contact: Colin Bird Louise Goodeve / Justine HowarthJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel +44 20 7851 7480 Andrew SarosiJubilee Platinum plcTel +44 (0) 1752 221 937 This information is provided by RNS The company news service from the London Stock Exchange