Exploration Update

Jubilee Platinum PLC
03 December 2003

                                                            JUBILEE PLATINUM plc
                                                               37 Thurloe Street
                                                                  London SW7 2LQ
                                                              Tel: [phone]
                                                              Fax: [phone]

Press Release: 3 December 2003


                              Jubilee Platinum plc

   Phase two exploration programme in Madagascar results are highly promising
             Results significantly extend the nickel-copper target

                      -   Length extended to 10 km
                   -   Width extended from 20 to 200m


Jubilee Platinum plc ('Jubilee' or 'the Company'), the AIM quoted exploration
company, announces highly promising results from its sampling programme in
Madagascar, which was carried out as phase two of its exploration programme in
the Londokomanana area.

Colin Bird, Chief Executive of Jubilee, commented, 'We have always had faith in
the mineralisation potential of this area in Madagascar but these results have
considerably reinforced our expectations.  Our exploration programme has
extended the mineralised zone significantly, but it is still open ended so as
yet we cannot quantify the potential.  The results support our expectation for
this highly prospective property and endorse our decision to focus exploration
in Southern Africa.'

The programme of grid soil sampling and further reconnaissance has established:
     
•    a doubling to 700m strike length of the previously identified nickel-copper 
     (Ni-Cu) mineralised gossanous zone (Antsahabe Ridge). Mineralisation is 
     open ended in both directions, a positive indication of a probable 
     extension to the zone with the southern area being especially promising;

•    an increase in mineralised width of the Antsahabe Ridge gossan to more
     than 200 metres (previously this was established as 4 to 20 metres) with 
     eight of twelve grid sample lines still in mineralisation at one or both 
     ends;

•    elevated Ni-Cu values in the soil samples, peaking at 8800 ppm Ni and 2760 
     ppm Cu;

•    out of 306 soil samples taken, 295 samples assayed greater than 200 ppm
     Ni: values above this level are considered significantly anomalous;

•    a continuation of the lithological (rock type) characteristics of the
     Antsahabe Ridge over a distance of 10 kilometres, evidence for which was 
     seen in the occurrence of intermittent cataclastic and gossan zones along 
     the entire reconnaissance length.  Random grab rock samples of gossan at 
     the southern Borokely and northern Mavoandro ridges assayed up to 1450 ppm 
     Ni and 1750 ppm Ni respectively; and

•    promising stream sediment sample values in streams draining from the
     north, peaking at 860 ppm Ni in a stream draining the north end of the 
     Mavoandro ridge.

The soil sampling comprised a total of 306 samples, spaced at 10 metre intervals
on 12 lines covering a strike length of 700 metres and a width of 300 metres.

Reconnaissance work comprised stream sediment sampling, geological investigation
and grab sampling of rocks along the geological and topographical extension of
the previously identified Antsahabe Ridge, over a distance of 10 kilometres from
Mavoandro Ridge in the north to the Borokely Ridge in the south.  Both ends of
the section sampled were anomalous, confirming the 10km of strike potential.
The next phase of exploration is planned to include wider coverage soil
sampling, closer density stream sediment sampling, trenching and ground
geophysics.


Ends


For further information please contact:

Colin Bird                                     Justine Howarth / Cathy Malins
Jubilee Platinum plc                           Parkgreen Communications Ltd
Tel[phone]                               Tel [phone]


Notes to Editors

The Londokamanana area of Madagascar is some 160 kilometres north west of the
capital Antananarivo, where exploration in the 1960s located primary platinum
group metal ('PGM') nickel/copper sulphide mineralisation.  The Company has a 10
year exploration permit for this area.  Jubilee can earn in an 85% interest in
the property for an expenditure of US$500,000 over four years from September
2001.

Mining Code in Madagascar

The World Bank has recently started a US$40 million project to regulate mining
in Madagascar which will serve to promote incentives for investment and to
legalize trade flows. Phase one of the project has been completed, which
established a new mining code, a new tax and import duty incentive oriented
investment regime and a mining registry system that allows mining companies to
acquire permits within 30 days, whereas previously it took on average six to
nine months.  Jubilee believes the changes in legislation will have a positive
effect in encouraging foreign investment for projects within the country.  A
statement by the World Bank recently highlighted Madagascar as having vast
untapped mineral reserves.


                      This information is provided by RNS
            The company news service from the London Stock Exchange