Madagascar Update

Jubilee Platinum PLC
10 September 2004


10 September 2004

AIM: JLP



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

     Update on Madagascar Exploration Programme - Londokomanana Concession

                     High Nickel and Copper Values Recorded


Jubilee is delighted to announce results following the completion of a trenching
and pitting programme on its mineralised geochemical anomaly in the
Londokomanana region of Madagascar, including some particularly high nickel/
copper values from certain areas.  SGS Lakefield (South Africa), a member of
SGS, an internationally recognized inspection, verification, testing and
certification company, carried out the analyses of the samples.


Highlights:

  • Values of up to 10,570ppm (1.06%) nickel and 3700ppm (0.37%) copper (total
    5.1% copper equivalent) were obtained in new trenches and 12750ppm (1.28%)
    nickel and 8750ppm (0.88%) copper in a previous Bureau de Recherche des
    Minerais ('BRGM') trench in Londokomanana

  • Weighted average values along sections of the trenches include 2.84%
    copper equivalent (over 11m), 2.56% copper equivalent (over 29m), 1.20%
    copper equivalent (over 43m) and 1.15% copper equivalent (over 54m)

  • Indicated in-situ values of the above sections at current metal prices are
    US$80/ton rock (over 11m), US$72/t (over 29m), US$34/t (over 43m) and US$32/
    t (over 54m) - typical bulk mining break-even operating costs average around
    US$18/t mined including capital recovery

  • Previous BRGM drilling in Antsahabe showed PGM (platinum group metals)
    values consistently greater than 0.35ppm platinum equivalent (peak 0.61ppm
    platinum; 0.31ppm palladium) over a 140m run of drill intersection

  • Indicated strike length of mineralisation extends for potentially some
    10km and is currently open ended to the north and to the south


Colin Bird, Chief Executive Officer of Jubilee, said 'We are very pleased with
the results at Londokomanana and the indications are of developing a potentially
exceptional project. The  nickel/copper values are on a par with, if not better
than, those belonging to some of the most acclaimed bulk mining assets recently
discovered.  The evolving model we are now working on is that of a bulk tonnage
nickel target and we intend to accelerate our exploration programme in order to
assess better this potentially very valuable deposit.'


Ambatomadinika SE Trench 1:

Peak values of 1.01% (10070ppm) nickel and 0.39% (3930ppm) copper were obtained
within a very highly enriched section of 11.3m with a weighted average of 0.58%
nickel and 0.29% copper (0.63% nickel equivalent or 2.84% copper equivalent).
The in-situ value of rock in this section at current copper (US$2813/t) and
nickel (US$12675/t) prices is estimated at US$80/t.

This enriched section occurs within a 29m section of the trench in which values
were consistently more than cut-off 1400ppm nickel. The weighted average
obtained was 0.35% nickel and 0.11% (0.38% nickel equivalent or 1.69% copper
equivalent). The in-situ value of this section is estimated at US$48/t rock.

The entire trench of 44.6m showed a weighted average of 0.27% nickel equivalent
or 1.20% copper equivalent with an estimated in-situ value of US$34/t rock. The
trench is open ended at the western end with values still at 1.2% copper
equivalent.


Ambatomadinika Trench 1:

Peak values of 0.66% (6600ppm) nickel and 0.24% (2400ppm) copper were obtained
within two closely spaced enriched sections (total 21m). The sections had a
weighted average of 0.35% (3500ppm) nickel and 0.09% (900ppm) copper (0.37%
nickel equivalent or 1.67% copper equivalent) with an estimated in-situ value of
US$47/t rock.


Borokely Trench 1:

This southernmost trench (some 4km from the former BRGM trench Antsahabe and 3km
from Ambatomadinika) continued to show mineralisation and sample values were
generally consistent over 59m. The weighted average obtained was 0.24% nickel
and 0.04% copper (0.24% nickel equivalent or 1.10% copper equivalent). The
in-situ value is estimated at US$31/t rock.


BRGM Trench:

New samples taken from a previous BRGM trench in Antsahabe peaked at 1.26%
(12570ppm) nickel and 0.87% (8700ppm) copper with PGM values of up to 0.35ppm
platinum and 0.18ppm palladium. The weighted averages over 29m sampled were 0.5%
(5000ppm) nickel and 0.31% copper (0.57% nickel equivalent or 2.56% copper
equivalent).

The higher nickel/copper value samples in some of the trenches also showed
elevated PGM values of up to 0.13ppm platinum and 0.04ppm palladium. These
samples, although taken in the trench bedrock, still evidenced weathering which
would lead to some loss in PGM values.  Significantly, BRGM reported assays in
earlier drilling work of more than 0.46ppm combined platinum (+0.31ppm) plus
palladium (0.15ppm) consistently over 140m in 20m run intersections. This
potential PGM contribution of 0.35ppm platinum equivalent would equate to an
additional $9/t rock at current prices.

This extent of persistent mineralisation from Antsahabe to Borokely so far
confirms Jubilee's belief and earlier prognosis for the presence of a
potentially large bulk tonnage deposit.  Using a cut-off dollar value, including
capital recovery, of US$18/t rock (equivalent to 1425ppm nickel) for comparable
international nickel-copper-PGM projects, the deposit has significant economic
potential on the basis of nickel-copper alone, and more so with the potential
for contribution from PGMs.  Jubilee has now commissioned Spectral Geophysics
(Botswana) to undertake a ground geophysics survey, including IP (induced
polarisation), gravity and TDEM (time domain electromagnetic) applications to
complement the highly encouraging trenching data and identify drill targets.


Ambodilafa

Jubilee has initiated a reconnaissance programme on its 193 km2 concession in
Ambodilafa, which is located some 200km directly south east of the Madagascar
capital Antananarivo and 38km inland from the coastal town of Nasy Varika.

In 1963, BRGM mapped a noritic gabbro complex at Vohipaha, 8km north of
Ambodilafa, and their subsequent exploration in 1968-1969 identified the
presence of nickel and copper sulphides in the complex. Geochemical prospecting
in 1969 and 1990 recorded nickel (more than 6000 ppm), platinum and palladium
anomalies and an aerial magnetic survey in 1991 located primary and secondary
anomalies.  Jubilee feels that in Ambodilafa it has another highly prospective
target.



For further information please contact:

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


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