Jubilee Metals Regulatory News (JLP)

14 Nov 2007 09:00

Jubilee Platinum PLC14 November 2007 14 November 2007 AIM: JLP JSE: JBL JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Madagascar - Drilling Update at Londokomanana Project New Nickel-PGE Mineralisation Discovered In Northern Londokomanana Highlights: • Initial drilling in the previously untested Mavoandro ultramaficformation intersects mineable widths of disseminated nickel (Ni) sulphide withplatinum group element (PGE) mineralisation. • Borehole MAV002 intersects 2 metres at 0.48% Ni and 0.56g/tplatinum+palladium+gold (3E), 3 metres at 0.6g/t (3E) and 5 metres at 0.23% Niand 0.7g/t 3E within a mineralised disseminated sulphide zone of 69 metres(from 37m to 106m) assaying a weighted average of 0.16% Ni and 0.12 g/t 3E • This discovery extends significantly the aggregate strike length ofmineralised ultramafic formations in the Londokomanana/Lavatrafo licences bysome 4 kilometres to a total 16 kilometres. • Thick widths of shallow mineralisation confirm the Company's beliefthat Londokomanana is a potential bulk-mining target. Jubilee announces encouraging results from borehole MAV002, which was drilled inthe Mavoandro prospect, a previously untested ultramafic extension 8 kilometresto the north of the Antsahabe prospect in Londokomanana. The boreholeintersected mineable widths of 2 metres at 0.48% Ni and 0.56g/t 3E (from 40.6mto 43,6m), 3 metres assaying 0.6g/t 3E (from 66m to 109m) and 5 metres assaying0.23% Ni and 0.7 g/t 3E (from 101m to 106m) at shallow depth within a 69 metre(from 37m to 106m) run of disseminated nickel sulphide mineralisation assaying0.16% Ni with 0.12g/t 3E. This borehole targeted coincident electromagnetic conductivity and geochemicalcopper anomalies. The Mavoandro ultramafic formation lies some 8 kilometresnorth along strike of the mineralised ultramafics at Antsahabe, where previouslyannounced drilling intersected two zones of 48 metres and 32 metres respectivelyof excellent sulphide mineralisation. Relatively high magnesium oxide levels ( >20%) determined in whole rock analysis of drill core samples from Mavoandrosuggest a komatiitic lithology for these ultramafics and the possibility isinferred of basal sulphide mineralisation in this formation. The mineralisedformations at Mavoandro, Antsahabe and Lavatrafo lie on a north - south strikingtrend some 40 kilometres long. Colin Bird, CEO of Jubilee commented, "The discovery of new mineralisation inthe Mavoandro prospect, which had shown favourable coincident geochemical andgeophysical anomalies extends the aggregate strike length of mineralisedformations in the Londokomanana/Lavatrafo licence area a significant further 4kilometres to a total of 16 kilometres. This initial drilling result nowsuggests the existence of a potentially new Ni-PGE mineralised zone and we awaitthe results of further assays from current drilling in the area." Borehole MAV002 - Selected results intersection From To Interval Ni 3E metres metres metres % g/tTotal 37 106 69 0.16 0.12 Including 41.6 43.6 2.0 0.48 0.56 including 65.6 68.7 3.1 0.08 0.59 including 101.6 106.7 5.1 0.23 0.71 Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, SouthAfrica, carried out analyses of the samples. Quality control and assurance inplace currently comprises of standards, blanks and check samples making upbetween 10% and 20% of samples submitted. Note to Editors The Londokomanana project is a joint venture with TransAsia Minerals Limited,who has the right to earn-in 51% of the project in return for an expenditure ofUS$7 million. TransAsia has an option of first right of refusal over Jubilee'sLavatrafo prospect, which is located south of and adjacent to the Londokomananalicence. For further information please contact: Colin Bird Louise Goodeve /Justine HowarthJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel + 44 20 7851 7480 This information is provided by RNS The company news service from the London Stock Exchange