Jubilee Metals Regulatory News (JLP)

13 Dec 2007 07:00

Jubilee Platinum PLC13 December 2007 AIM: JLPJSE: JBL JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Madagascar - Ambodilafa Drilling Update Jubilee Discovers Primary Platinum Mineralisation in Ambodilafa Highlights: • Borehole ALF004 intersected a 0.89m (apparent width) layer assaying 3.99g/t platinum, palladium, rhodium and gold (4E) at 200m below surface • The platinum to palladium ratio is 1.4:1 • The company will test dip continuity and strike extension Jubilee is pleased to announce a first drill strike within the Amodilafaintrusion of a primary mineralised platinum group element (PGE) layer. BoreholeALF004 intersected PGE mineralisation at 200m down the hole in a new untestedarea on its Ambodilafa project, a joint venture with Impala Platinum Holdings(Implats). The prospecting licence is held by 100%-owned Mineral Resources ofMadagascar Sarl. Implats have an option agreement with Jubilee to earn in 51%interest in the project. Colin Bird, CEO of Jubilee commented; "This first drill intersection of primaryplatinum mineralisation in Ambodilafa, supports the company's belief that theAmbodilafa ultramafic intrusive has the potential to host nickel and PGEmineralisation. Preliminary soil sampling results this year demonstrated apronouncd PGE geochemical anomaly trending some 3000 metres north of theintersection and it is open ended." Borehole ALF004 is part of a four-hole fence programme targeting a pronouncedopen-ended Pt and Pd-in-soil anomaly (defined during the 2006 field season) nearthe eastern margin of the Ambodilafa ultramafic/mafic layered intrusive. ThePGE mineralized core is a pegmatoidal to very coarse-grained pyroxenite withtrace disseminated base metal sulphides. The remaining boreholes in the fenceare still being analysed. The borehole also intersected a mineralised gold layerover 1.0m (apparent thickness) at 1.59g/t at 325m down hole. The current area of soil sampling and drilling covers some 18 square kilometres(about 25%) of a total 68 square kilometres in the southern end of theintrusive. Table 1 Borehole ALF004 results From metres DH To Interval metres* 4E Au Pt Pd Rh metres DH g/t g/t g/t g/t g/t 200.23 201.12 0.89 3.99 0.05 2.08 1.46 0.40 * Apparent thickness DH down hole Table 2 Borehole ALF004 coordinates Final depth m Northing utm Easting utm Azimuth true N Inclination 402 208573 7737422 0200 -600 About Ambodilafa Jubilee's large Ambodilafa concession hosts an extensive ultramafic/maficlayered intrusion some 4 to 6 kilometres wide by 17 kilometres long. Theproperty is located 160 kilometres southeast of the Madagascan capitalAntananarivo. The western portion of the ultrmafic/mafic intrusive is predominantlycharacterised by nickel sulphide mineralisation (borehole ALF003 results -previously announced July 2006) manifesting as semi-massive, net textured anddisseminated pyrrhotite and chalcopyrite hosted by pyroxenite, olivinepyroxenite, peridotite and olivine gabbro lithologies. The textures observedsuggest an orthomagmatic origin to the mineralization due to primary magmaticsuphide segregation within an ultramafic intrusive body. 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 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