Madagascar Drilling Update

8 Apr 2008 07:00

Jubilee Platinum PLC08 April 2008 8 April 2008AIM: JLPJSE: JBL JUBILEE PLATINUM PLC ("Jubilee" or "the Company") NICKEL- COPPER- PLATINUM GROUP ELEMENT MINERALISATION EXTENDED ON RANOMENA PROSPECT Exploration Borehole RAN003 Intersects Additional Nickel, Copper and PGE (platinum group element) Mineralisation In The Ranomena Formation (Lavatrafo Project) In Madagascar Jubilee Platinum, the AIM listed mining exploration and development Company witha focus on nickel/copper and platinum group metals in Madagascar, is pleased toannounce that its borehole RAN003 intersected 13 metres of oxidised nickel,copper and PGE mineralisation from surface collar. The intersection assayed aweighted average of 0.49% nickel (Ni) 0.16% copper (Cu) and 0.31 g/t combinedplatinum, palladium and gold (3PGE) using a cut-off of 0.2% Ni. Borehole RAN003 is located 505 metres northwest of borehole RAN-001 thatreturned mineralization over 49 metres grading 0.28 % Ni, 0.08% Cu and 0.43 g/t3PGE (previously announced 5 February 2007). Highlights: • Borehole RAN003 intersects nickel copper PGE mineralisation (secondsuch intersection) in Ranomena from surface. • The mineralised intersection runs 12.9 metres assaying 0.49% Ni, 0.16%Cu and 0.31 g/t 3PGE (implying an in situ gross metal value (GMV*) of US$163/t* rock) including a peak assay of 0.69% Ni, 0.24% Cu and 0.65g/t 3E (implying anin situ GMV* of US$238/t rock) over a 2 metre interval * Metal prices used: US$/oz: Pt 2000, Pd 440, Au 905; US$/t: Ni 28 175, Cu 8590 Selected results for RAN003 are summarised in table 1 below Table 1 Borehole RAN003 Selected resultsIntersection From to Interval Ni Cu 3E In situ* m m m % % g/t GMV US$/tTotal 0.8 13.7 12.9 0.49 0.16 0.31 163 including 3.2 11.2 8.0 0.56 0.21 0.45 193 including 3.2 7.2 4.0 0.58 0.23 0.41 200 including 8.2 13.7 5.5 0.56 0.15 0.42 185 including 8.2 12.2 4.0 0.63 0.18 0.53 211 including 8.2 11.2 3.0 0.69 0.25 0.65 238 3E: platinum, palladium and gold GMV: gross metal value * Prices US$/oz: Pt 2000, Pd 440, Au 905; US$/t: Ni 28 175, Cu 8590 Borehole RAN-003 was collared within the central part of the Ranomena ultramaficintrusion, and drilled towards the southwest. Mineralization within RAN003 ishosted in medium grained peridotite and dunite. The rock types are highlyweathered and any original sulphide has weathered to iron oxide. Pertinent details of borehole RAN003 are as follows: East 735,457m North 8,038,032m Elevation 989m Azimuth 230 degrees Inclination -60 degrees RAN-003 is located approximately 505 metres northwest from borehole RAN-001that, as previously announced on 5 February 2007, returned 49 metres ofmineralization grading 0.28 % Ni, 0.08% Cu and 0.43 g/t 3E, from 119 metres to168 metres down hole depth. Both RAN-001 and RAN-003 targeted copper, nickel and3PGE soil anomalies associated with the Ranomena ultramafic intrusion. QA-QC 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 includes standards, blanks and check samplescomprising between 10% and 20% of samples submitted. Colin Bird, CEO of Jubilee commented, "This 500m-stepped-out borehole is thesecond on the Ranomena formation to show significant nickel coppermineralisation. This hole would suggest there is strike extension and we will betesting the Ranomena prospect for both depth and strike extension." For further information please contact: Colin Bird Nick Rome/Michael KinironsJubilee Platinum plc Bishopsgate Communications LtdTel +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350 Andrew Sarosi Jan Bosch / Paul Brett Jubilee Platinum plc Investec Bank (UK) LimitedTel +44 (0) 1752 221937 Tel +44 (0) 20 7597 5000 Notes to Editors: About Ranomena The Ranomena prospect is one of several ultramafic formations within theLavatrafo Project concession, for which the ten-year exploration license is heldby Mineral Resources of Madagascar Sarl, a wholly owned subsidiary of Jubilee. About Jubilee Platinum Jubilee Platinum plc is a mining exploration and development company with afocus on platinum group metal (PGM) and nickel/copper. Jubilee is looking to capitalise on the vast untapped mineral wealth ofMadagascar where it is developing three potentially world-class nickel/copper/PGM assets. Having been operating in Madagascar prior to listing in 2002,Jubilee Platinum is a forerunner in a country that is proving to be ofincreasing interest to the majors. Jubilee is dedicated to sustainabledevelopment and adhering to the highest environmental standards. For more information please visit; www.jubileeplatinum.com This information is provided by RNS The company news service from the London Stock Exchange