Last checked at 5 Jan 2018 14:45
Jubilee Metals Group PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or "Company")
Jubilee Hernic PGM Project
Jubilee notes recent media speculation regarding operations at Hernic Ferrochrome Proprietary Limited ("Hernic") and wishes to issue a clarification.
Jubilee operates a chrome and platinum recovery plant at Hernic's ferrochrome mine in South Africa.
On Friday 29 December 2017 a tailings spill occurred, which caused a V-shaped failure of the side wall of compartment 2 of the tailings dam. The failure in the wall was resealed the same day by Hernic. The spillage was contained on the adjacent property, which was previously used as an opencast mining area. Hernic has commenced with the clean-up of the spill and expects to resume depositing of final processed tailings in compartment 2 before the end of the month. Compartment 2 of the tailings dam was used by Hernic for depositing the final chrome and PGM processed tailings from Jubilee's Hernic Project operation. During this interim period, compartment 1 of the tailings dam will be used for depositing the final processed tailings. Jubilee will continue operating its PGM processing plant and will reduce throughput only during the interim period by approximately 30% to allow Hernic to fully restore compartment 2.
Jubilee is targeting the release shortly of its Q4 2017 Hernic project results which are expected to record a further increase in PGM ounce production in excess of 25% over Q3 2017.
5 January 2018
Contacts
Jubilee Metals Group plc
Colin Bird/Leon CoetzerTel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913Andrew SarosiTel +44 (0)1752 221937
JSE Sponsor
Sasfin Capital, a member of Sasfin group
Sharon OwensTel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners LimitedMark Brady/Andrew EmmottTel: +44 (0)203 368 3551
Broker
Beaufort Securities LimitedJon BellissTel: +44 (0) 20 7382 8300