Drilling Report

Jubilee Platinum PLC
10 March 2005







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10 March 2005



AIM: JLP



                              JUBILEE PLATINUM PLC

                          ('Jubilee' or 'the Company')

              Drilling Intersects Merensky Reef on Tjate Project



Highlights



-        Drilling intersects Merensky reef on Tjate Project in the Bushveld
         Complex of South Africa


-        High grade of 7.78g/t platinum group elements ('PGEs') plus gold (Au)
         over a 1 metre reef width


-        Platinum (Pt) to palladium (Pd) ratio of 1.8 to 1


-        Associated 0.33% nickel and 0.19% copper grades


-        In situ value of reef estimated at US$223 per ton rock at today's metal
         prices


Jubilee and its partners in Tjate Platinum Corporation (Pty) Ltd ('Tjate') are
pleased to announce significant results from the first diamond drill hole DT1 on
Tjate's 2,162 hectare Dsjate farm 249 KT.  Hole DT1 intersected the Merensky
reef (MR) at 868.5 metres.  The assay results indicate a weighted average grade
of 7.78g/t 3PGE + gold - sometimes referred to as 4E - over a 1.0 metre reef
width, with associated 0.33 % nickel and 0.19 % copper.  The indicated in-situ
value of this intersection is estimated at US$223 per ton of rock at today's
metal prices..


The weighted averages for the individual metals and in-situ values over the reef
section (868.46 metres to 869.45 metres) are as follows:



              Platinum    Palladium    Rhodium    Gold      Nickel    Copper

Assay         4.45g/t       2.49g/t    0.22g/t    0.62g/t   0.33%     0.19%

US$/t rock    125           17         11         9         55        6


Colin Bird, CEO of Jubilee/Tjate, said 'This is a milestone result in relation
to our Tjate acquisition, which provides Jubilee with a strategic interest in
what is believed to be one of the largest unmined blocks of PGMs in the world
close to infrastructure and mature mining operations.  The grade and thickness
of the reef intersected confirms third-party predictions that the Tjate area
contains PGM values consistent with other operations in the area.  We now intend
aggressively to continue the drilling programme in order to advance towards
feasibility study.  The partners in Tjate have worked well together to establish
an early success for the first quarter.'


Vincent Phaala, Chairman of Tjate, said 'I am delighted that after completion of
legal formalities, the board and operators have moved so quickly to achieve
significant drilling results.  We believe the Tjate farms represent a
world-class PGM resource and our tripartite alliance is an excellent example of
economic empowerment working to the good of all the parties.'


Jubilee, as project manager, elected to drill hole DT1 considerably downdip of
and stepped out from the eastern boundary of the farm to establish continuity of
reef, which the directors' believe subcrops at around the 650 metre contour at
the eastern boundary.  The Dsjate farm is one of three contiguous farms in the
Tjate project, which comprises 5,143 hectares in total. The directors believe,
as advised, that the three farms are all underlain by the Merensky and the UG2
chromitite reefs.


From the depth of the intersection,  and on the assumption that the reef
subcrops at a 650 metre contour at the eastern boundary, the directors believe
that the Merensky reef may dip flatter - at around 7 to 8 degrees to the west -
than that stated in the key assumptions and property description below.  The
drilling results overall are consistent with, if not better than, those stated
in the key assumptions below: the 3PGE +Au grade reported for the Merensky is
higher than that stated below for 5PGE + Au.


Drilling of hole DT1 is continuing towards the projected UG2 chromitite reef,
the second PGE bearing reef in the stratigraphic sequence.  Intersection of this
reef is expected in about two weeks, at some 350 metres below the Merensky reef,
and the results will be reported as soon as they are received.  The Company
intends to wedge up to three deflection holes (about 100 metres) per reef to
allow multiple intersections on the reef from the 'mother' hole and so confirm
the immediate reef extension, grade and thickness from the initial intersection.


Jubilee has a strategic 25% stake in Tjate, together with an earn-in right to a
further 10% interest by expending ZAR14 million towards a bankable feasibility
study.  The drilling programme is the first step in the feasibility study, which
will determine the potential mine size, capital cost of development and
operating costs.  Jubilee is the project manager.


The key assumptions currently valid for the farms are as follows:


Property:      Three contiguous farms: Dsjate 249KT; Fernkloof 539KS; 
               and Quartzhill 542KS


Property Area: Total 5143 ha: Dsjate (2,162 ha); Fernkloof (1,317 ha); and 
               Quartzhill (1,664 ha)

Property Location:  On the eastern limb of the Bushveld Complex and immediately 
                    downdip of Anglo Platinum's Twickenham and Impala Platinum's 
                    Marula mines


PGM bearing reefs present:  Merensky and UG2 Chromitite


Inferred Resource tonnage:  282 million tonnes


Inferred Resource grade:    7.25g/t (5PGM+Au)  Merensky and UG2 weighted average
                            6.62g/t (5PGM+Au) for Merensky alone
Inferred Resource metal:    65.8 million oz (5PGM+Au)

Inferred attributable to Jubilee:  22.8 million oz (5PGM+Au) - after earn-in

Attributable valuation in situ: $13 billion
                                Basis per oz: Platinum $850; Palladium $180; 
                                Rhodium $1500; Iridium $150;
                                Ruthenium $50; Au $400

Attributable market valuation:  $171 million - based on l a market
                                valuation $7.50/oz


Property Description


The Tjate farms are largely underlain by rocks of the Main Zone of the Bushveld
Complex that dip gently around 11o to 13o towards the west.



Anglo Platinum is known to have drilled three diamond boreholes on the Dsjate
property and intersected the Merensky and UG2 chromitite reefs.



The outcrops of the two reefs are well mapped and the directors of Jubilee are
advised that there is little doubt that the three properties are underlain by
these economically important reef units.


For further information please contact:



Colin Bird                       Cathy Malins / Annabel Leather
Jubilee Platinum plc             Parkgreen Communications Ltd
Tel: [phone]               Tel [phone]


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