High Gold Values Recorded

Jubilee Platinum PLC
22 October 2004

22 October 2004


AIM: JLP


                               JUBILEE PLATINUM PLC
                          ('Jubilee' or 'the Company')

   High Gold Values Recorded in Jubilee's Ambodilafa Concession - Madagascar


Jubilee announces that it has recorded high gold values in grab samples taken
from a newly exposed gold bearing vein on the Ambonitra artisanal workings near
the old Bebasy gold mine. The mine and workings are located within the Company's
PGM (platinum group metal) and copper-nickel concession in Ambodilafa, central
east Madagascar. These workings were located whilst carrying out
PGM-copper-nickel reconnaissance in the area.  SGS Lakefield (South Africa), a
member of SGS group and an internationally recognized inspection, verification,
testing and certification company, carried out the analyses of these samples.


The assay results from  two grab samples taken at Ambonitra were: 85.3 g/t and
11.8 g/t gold (based on large assay sample weights). Original assays of the two
samples using standard assay sample weights, strongly indicated the occurrence
of coarse gold mineralisation, the nugget effect of which gave rise to high
variability in assay and check results. Original check assays on the first
sample, ranged from 45.7g/t to 384g/t and on the second sample from 12.8g/t to
33.2g/t.


Based on these results and the reconnaissance assessment, the Company considers
the area of Bebasy mine and the nearby Ambonitra artisanal workings to be of
significant interest. It is believed it may be part of a much bigger and more
extended north-south trending shear, parallel to the obvious fault and shear
zone in the Sahaberianan valley. Local artisanal workings and numerous gold
occurrences reported in the area suggest a potentially significant extension to
the identified gold mineralisation.


Gold has been previously recovered from the river terraces in the nearby
Sahaberianan river, (probably deriving from the Bebasy shear zone), which runs
parallel to and about 1 kilometre in distance from the mineralisation. Artisanal
workings along the whole river system also suggest the potential for a
significant, and as yet undetected, extension of gold mineralisation in the
area.


The Company is sufficiently encouraged by these results to plan a programme of
mapping and soil sampling to establish the extent of mineralisation and identify
targets for trenching and drilling.


During the Company's archival research on the Ambodilafa concession, it
uncovered references, inter alia, to historical 13g/t to 18g/t gold values from
the old Bebasy gold mine, which was discovered in 1910 and operated by a German
company in the early 1920's. The Company considered it prudent to investigate
this further and so took the opportunity whilst in the area to locate the mine
and to carry out a general reconnaissance programme on it.


Bebasy is located on the western side of the Sahaberianan River on the upper
reaches of Bebasy stream, some 160km south east of the capital Antananarivo.
Remnants of the old 15 tpd plant, with stamp mills and tailings dump, are still
present.  The mine is marked by three drives, two of which follow the
gold-bearing vein north and south for some 150m.  The third drive was started
some 200m further north intersecting the same vein and had advanced some 50m.


The Ambonitra workings are located approximately 500m to 600m west of Bebasy.
The exposed vein, which has been opened up over a strike length of 100m, is
approximately 1m to 1.5m wide and shows similar mineralisation to Bebasy.
Quartz and quartz veinlets are present, which are associated with some
carbonates and abundant iron oxides.  Pyrite and galena are also present.


The total strike length of the old Bebasy mine vein is some 500m but is open
ended in both directions.  The mineralisation in the drives is characterised by
a quartz vein varying in width from 0.5m to 2.2m dipping steeply sub vertically.
  The first generation quartz vein is white, fairly coarse grained and weathered
with abundant iron (Fe) oxides, most likely replacing pyrite.  A second
generation of thin bluish grey quartz veinlets, extremely rich in Fe-oxides
occurs frequently.  Some impregnation of the drive side walls with Fe-oxides and
pyrite are seen.  The Company took eight grab samples from the old drives of the
mine to check on whether gold values might still be present. The samples
returned low gold assays indicating that the old workings had been mined out.


Colin Bird, Chief Executive Officer of Jubilee, said, 'Following our recent
announcement about the discovery of high PGM's together with copper and nickel
in Madagascar, we are delighted to report the discovery of high gold grades
elsewhere in the concession area. Our earlier understanding of the archival data
suggested that the gold occurrence may be a high grade narrow vein system
suitable for small workings. It was considered prudent to identify the potential
of the previous mine. The current reconnaissance assessment suggests a
significant opportunity for a much larger system than expected. We intend to
explore this discovery further.'


For further information please contact:


Colin Bird                                  Justine Howarth /Annabel Leather
Jubilee Platinum plc                        Parkgreen Communications Ltd
Tel [phone]                           Tel [phone]
www.jubileeplatinum.com






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