Major Discovery in Madagascar

5 Sep 2005 07:01

Jubilee Platinum PLC05 September 2005 5 September 2005 AIM: JLP JUBILEE PLATINUM PLC ("Jubilee" or "the Company") Jubilee Makes a Major Discovery in Madagascar Drilling Intersects 70 metres of Nickel-Copper-Platinum-Palladium Mineralisation Jubilee is pleased to announce the results of its first borehole LAV1 drilled onthe Lavatrafo property (Londokomanana Project) in Madagascar. The LondokomananaProject is located approximately 150 kilometres north of the Madagascan capitalAntananarivo. Highlights • Drilling intersects a 70 metre-wide multi-metal (nickel-copper-platinum-palladium) formation at shallow depth (37metres) • Intersection over the entire width (from 38metres to 108metres) grades 0.23% nickel (Ni); 0.11% copper (Cu) and 1.05g/t 3E (platinum (Pt), palladium (Pd) and gold (Au)) (The full results are appended below) • Pt to Pd ratio is 1 to 1 • Copper equivalent of the total intersection is 1.56% at current metal prices as of 2nd September 2005 • In-situ value of total intersection is US$56/t rock at those metal prices Intersection includes • 6.2 metres (from 55.6m to 61.8m) grading 2.47 g/t 3E and From metres To Interval % Cu In-situ value $/t (at metres metres % Ni % Cu g/t 3E equiv. current prices) 72.8 108.4 35.7 0.31 0.19 0.99 1.9 69 89.4 108.4 19.1 0.34 0.20 1.05 2.1 74 75.3 83.5 8.3 0.32 0.23 1.15 2.1 75 102.3 108.4 6.1 0.47 0.24 1.02 2.6 95 • Wide intercept and shallow depth ideal for open pit mining • Intersection proves recently established geophysics model • Potential for large regional development since the combination of geophysics and sampling in the area suggests the system may extend over 35 kilometres. An industry accepted model for a bulk mining operation producing not less than 8million tonnes per year is believed to be approximately US$20/tonne productioncost made up of approximately US$11 per tonne as direct operating cost and US$9per tonne for capital recovery. Set Point Laboratories (ISO 17025 Accredited and SANAS Accredited to 223) inJohannesburg, South Africa carried out the analyses of the drill core samples. Colin Bird, CEO of Jubilee, said "The size and scope of this discovery bears allthe fundamentals required for a world-class resource combining good grades witha suite of metals sought after in the market. The thickness of the intersectionprovides the potential for large-scale mining and the confirmation of ourevolving model from the recent geophysics programme, suggests that Londokomananacould develop into a regional, as opposed to a local situation, with some 35kilometres of ground, some of which has been tested with similar geophysics.Further drilling, some 180 metres south and along strike, is confirmingcontinuity of the formation. Results will be released as soon as these becomeavailable. Hennie Blignault, Consulting Geologist to Jubilee said "This discovery outsidethe South African Bushveld Complex is extremely significant in world terms." Mr. Blignault is a former group geologist for Gold Fields of South Africa andwas a lecturer and research associate at the University of the Orange Free Stateand the University of Cape Town. For further information please contact: Colin Bird Cathy Malins / Annabel LeatherJubilee Platinum plc Parkgreen Communications LtdTel: 07768 397 627 Tel +44 20 7493 3713 Appendix 1 Londokomanana Project - Drill results for Borehole LAV1 Grade Sample From To Interval Au Pt Pd Ni Cu 3E no. m m m ppb ppb ppb ppm ppm g/t S7180 36.50 37 0.50