Jubilee Metals Regulatory News (JLP)

21 Mar 2005 07:01

Jubilee Platinum PLC21 March 2005 21 March 2005 AIM: JLP Jubilee Platinum Plc ("Jubilee" or "the Company") Interim Report - Six months ended 31 December 2004 Highlights • Jubilee acquires strategic interest in large platinum group metals (PGM) property, the Tjate property downdip of a currently operating mine and a developing mine in the Bushveld Complex of South Africa • Potential large PGM-nickel-copper mineralised structure demonstrated by geophysics and trench sampling in Londokomanana in Madagascar • Reconnaissance in two other areas in Madagascar demonstrates similar potential to Londokomanana • Later material event - Drilling commenced on Tjate - first hole intersects Merensky reef grading 7.78g/t (3PGE platinum group element + gold) over a 1 metre width - assay results announced 10th March 2005 Chairman's Statement I am pleased to report excellent progress in operations and acquisitions for theCompany for the six months to 31 December 2004. Pre-tax losses for the six months ended 31 December, 2004 were £103,215 comparedwith £175,124 the previous period. These figures reflect exploration expenditurewhich for the period was £329,378 compared with £63,173 for the six months ended31 December 2003 The most significant activity in the period being reported was the securing of a35% interest in the Tjate platinum project in the eastern Bushveld for ZAR35million, of which ZAR25 million purchased a direct 25% interest in the holdingcompany Tjate Platinum Corporation (Pty) Ltd (Tjate). A further ZAR14 millionfor a convertible note to earn-in a further 10% interest, was committed forexploration and part funding of work leading to a full feasibility study (seethe latest drilling results below). The Tjate project comprises three contiguous farms, totaling 5,143 hectares, allbelieved to be underlain by the Merensky and UG2 Chromitite reefs. The farms arelocated downdip of two active operations: 1) Impala Platinum's operating Marulaplatinum mine and 2) Anglo Platinum's Twickenham mine, which is currently beingdeveloped. The Tjate property is inferred to host 282 million tonnes of Merenskyand UG2 chromitite reefs containing 65 million oz platinum group metals (PGMs)and gold and is believed to be one of the largest unmined blocks of PGMs in theworld, close to infrastructure and mature mining operations Vincent Phaahla, the chairman of Tjate said in an announcement that he wasdelighted that the Tjate board and operators (Jubilee) had moved so quickly toachieve significant drilling results. He believed the Tjate farms represented aworld-class PGM resource and that the tripartite alliance was an excellentexample of economic empowerment working to the good of all the parties. Material Event - Since the period being reported, the Company commenced drillingits first hole, DT1, on Tjate and on 26 February 2005, it intersected theMerensky platinum bearing reef at 868.5 metres. Assay results indicated a betterthan expected grade of 7.78 g/t 3PGE (platinum, palladium and rhodium) plus goldwith associated nickel (0.33%) and copper (0.19%) over a 1 metre reef width.Drilling continues towards intersecting the projected UG2 Chromitite reef. Eastern Bushveld On the Mapochsgronde property in the eastern Bushveld, the Company drilled itsfirst hole, which intersected two mineralised sections containing PGMs indisseminated pyrite and chalcopyrite: the first, 1.43 metres thick at 285.3metres depth assayed (weighted average) 1.31g/t platinum plus palladium withminor copper and nickel; and the second, 0.2 metres thick at 287.7metres depth,assayed 2.88g/t platinum plus palladium with 0.09% copper and 0.12% nickel.Strontium isotope analysis on core samples confirmed that we were in theBushveld Complex Main Zone and apparently close to the Upper Critical Zone. Weare now positioning a new drill hole on Mapochsgronde for the remainder of 2005. The results of lithological drilling carried out on Vlaklaagte/Swartdoornsproperty did not justify any further work on this property. The Company has submitted to the Department of Minerals and Energy (DME),applications for new order prospecting rights for its other six properties inSouth Africa and commissioned three conversions of old order to new orderprospecting rights, including that for the Tjate project. Madagascar In Madagascar, the Company consolidated its position and increased the pace ofexploration comprising reconnaissance, geochemical soil sampling, trenching andgeophysics on its properties in the three main areas: 1) Londokomanana, 2)Ambodilafa and 3) Pachoud/Lanjanina. In Londokomanana, the area of main activity, exploration confirmed previouswork. The geophysics identified two new parallel structures and targets fortheir drilling at Antsahabe and discovered a new area immediately to the northof the Antsahabe, hosting some 14 kilometres total strike of geophysicalanomalies. These anomalies suggest the presence of a potential major newmineralised system. In Ambodilafa, to the south of the capital Antananarivo,reconnaissance work identified a major ultrabasic intrusive some 20 kilometreslong by 4 kilometres wide, in which previous limited drilling reported a 93metre intersection of disseminated sulphides with a 1% copper equivalent.During this reconnaissance, old gold workings in the area at Bebasy werevisited. Follow-up reconnaissance sampling identified a potentially significantgold resource - four chip samples taken across two 0.5 metre-wide quartz veinsassayed in the range 42g/t to 108g/t Au. A follow-up programme of systematicmapping and sampling at Bebasy is scheduled for the remainder of 2005. InPachoud/Lanjanina, geochemical soil sampling identified a) significant copperanomalies - up to 2800 ppm copper and 550 ppm nickel b) a related iron-gossancap, 5 kilometres in strike length and 500 metres wide as a target for trenchingand drilling in Lanjanina; and c) a potential continuous 3 kilometrescopper-nickel geochemical anomaly, covering the area from the Pachoud mine toBelanitra. The Company with Numis Securities Ltd successfully concluded, on 28 July 2004, aplacing for £3.1 million (before expenses) which was used to secure the Tjateproperty. The Company looks forward to a very active and exciting second half, which willsee a consolidation of the Tjate strategic acquisition and drilling results inMadagascar, which the directors believe will lead to potentially significant newdiscoveries. Malcolm Burne Chairman 18 March 2005 For further information please contact: Colin Bird Justine Howarth / Cathy Malins Jubilee Platinum plc Parkgreen Communications Ltd Tel: 020 7584 2155 Tel: 020 7493 3713 www.jubileeplatinum.com Jubilee Platinum Plc Consolidated Profit and Loss AccountFor the six months ended 31 December 2004 Six months Six months ended ended 31 Dec 04 31 Dec 03 £000's £000's Administrative expenses (213) (170) Amortisation of goodwill - (19) Operating loss (213) (189) Interest receivable 110 14 Loss on ordinary activities before taxation (103) (175) Tax on loss on ordinary activities - - Loss on ordinary activities after taxation (103) (175) Minority interests: Equity 7 - Loss on ordinary activities attributable to members of Jubilee Platinum Plc (96) (175) Loss per ordinary share - basic (0.2p) (0.4p) Consolidated Statement of Total Recognised Gains & LossesFor the six months ended 31 December 2004 Six months Six months ended ended 31 Dec 04 31 Dec 03 £000's £000's Loss for the period (96) (175) Translation differences on foreign currency net investments 67 - Total recognised gains and losses for the period (29) (175) Consolidated Balance SheetAs at 31 December 2004 31 Dec 04 31 Dec 03FIXED ASSETS £ 000's £ 000's Tangible assets 27 2 Intangible assets 658 394 Investments 3,289 - 3,974 396 CURRENT ASSETS Debtors 58 74 Cash at bank and in hand 2,861 3,386 2,919 3,460 CREDITORS: amounts falling due within one year (95) (52) NET CURRENT ASSETS 2,824 3,408 TOTAL ASSETS LESS CURRENT LIABILITIES 6,798 3,804 MINORITY INTERESTS Equity interests 9 - 6,807 3,804 CAPITAL & RESERVES Ordinary Share Capital 647 492 Share Premium 7,277 4,042 Profit and Loss Account (1,117) (730) 6,807 3,804 Jubilee Platinum Plc Interim report - Notes 1. The interim statement for the six months ended 31 December 2004 isunaudited and was approved by the directors on 18 March 2005. The financialinformation set out above does not constitute statutory accounts within themeaning of section 240 of the Companies Act 1985. 2. The accounting policies remain as stated in the Annual Report for theperiod ended 30 June 2004. 3. The calculation of loss per ordinary share is based onlosses of £(96,355) for the six months ended 31 December 2004 and the weightedaverage number of ordinary shares outstanding during the same period of62,275,385. 4. The investment of £3,289,017 included in Fixed Assets, representsthe Group's investment in the shares of Tjate Platinum Corporation (Pty) Ltdacquired for ZAR35,000,000 on 30 November 2004. 5. Copies of the interim report are available to the public free ofcharge from the Company at 4th Floor, 2 Cromwell Place, London SW7 2JE duringnormal office hours for 30 days from the date of this report. 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