Jubilee Metals Regulatory News (JLP)

5 Feb 2007 07:01

Jubilee Platinum PLC05 February 2007 JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Madagascar - Lavatrafo Project Drilling Update Nickel-Copper-PGM mineralisation intersected on Ranomena Jubilee announces very pleasing results from its first borehole RAN1 drilled inthe Ranomena ultramafic intrusion, which intersected some 49 metres ofcontinuous sulphide mineralisation. This intrusion occurs some 3.4 kilometressouth of its main Lavatrafo ultramafic intrusion, which lies within the southernLavatrafo licence area in Londokomanana. This licence is held by MineralResources of Madagascar Sarl, Jubilee's 85% owned operating subsidiary, and islocated approximately 150km north of the Madagascan capital Antananarivo. A second borehole RAN2, some 400 metres north of and along strike of RAN1, hasbeen drilled and results are expected later this month. Highlights: • 49m continuous platinum group metals ("PGM"), nickel ("Ni") and copper ("Cu") sulphide mineralisation intersected from 119m down hole (84m vertical depth from surface) • The intersection includes: • 3.7m grading 1.10g/t platinum, palladium and gold ("3E"), 0.56% Ni and 0.13% Cu (gross metal value ("GMV") of $114/t rock at current prices)*; and • 9m of 0.89g/t 3E, 0.49% Ni, and 0.16%Cu (GMV: $198/t) • Total 49m (119m to 168m) assaying 0.43g/t 3E, 0.28% Ni and 0.08% Cu (GMV:$111/t) • Average platinum to palladium ratio 0.7 to 1 *Prices US$/oz: Pt 1100; Pd 300; gold 600. US$/t: Ni 35000; Cu 5000 The results are summarised in the table below, with detailed results shown inthe table as appended. Mineralised From To Total 3E Ni Cu GMV** Intersection m* m* m* g/t % % $/t rock Total 119 168 49 0.43 0.28 0.08 111 including 123 145 22 0.62 0.35 0.10 141 including 129 138 9 0.89 0.49 0.16 198 including 135 138 3.7 1.10 0.56 0.13 226 * Apparent thickness **GMV = gross metal value 3E = platinum palladium & gold *Prices US$/oz: Pt 1100; Pd 300; gold 600.US$/t: Ni 35000; Cu 5000 Colin Bird, CEO of Jubilee commented, "We are very pleased with these excellentresults from this first borehole as we believe that they could be indicative ofa major extension to the mineralisation we have already seen in Lavatrafo. Wehave now identified mineralisation occurring over some 12km of strike within theproject area, meaning that there is the potential for a large resource." Ranomena Ultramafic Formation As previously announced (21 September 2006) four trenches in Ranomena wererecovered and sampled and reported high PGMs and Ni mineralisation values acrosslengths of up to 60m. Of particular interest was Trench C3 which included a runof 8m @ 0.92g/t 3E and 0.36% Ni and two 1m intervals assaying 1.38 g/t 3E and1.68 g/t 3E. Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica, carried out the analyses of the borehole samples. Quality control andassurance in place currently comprises of standards, blanks and check samplesmaking between 10% and 20% of samples submitted. For further information please contact: Colin Bird Cathy Malins / Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel +44 20 7851 7480 Appendix 1 Borehole RAN1 - Detailed results from the 49-m mineralised intersection Sample ID From To Interval Au Pt Pd Cu Ni Co Cr2O3 m m m ppm ppm ppm ppm ppm ppm ppm M6899 118.70 119.70 1