Madagascar Update

Jubilee Platinum PLC
28 January 2005

28 January 2005



AIM: JLP


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

           Jubilee Reports On Its Extensive Ground Geophysics Survey
                 On Its Londokomanana Concession in Madagascar



Jubilee announces findings from the geophysical survey on its Londokomanana
concession in Madagascar, where it has recorded to date encouraging nickel,
copper, platinum group metals ('PGM') and gold values.  Jubilee commissioned
Spectral Geophysics to undertake Induced Polarization ('IP') surveys in north
Londokomanana, over the Mavoandro-Antsahabe-Borokely  areas and a gravity survey
in south Londokomanana over the Lavatrafo area, located 30 kilometres further
south.  The Londokomanana project is located approximately 150 kilometres north
of the capital Antananarivo.  The survey commenced in October 2004 and field
work terminated on 21 December 2004.

Spectral Geophysics, a geophysical consulting and contracting company from
Gaborone, Botswana, has more than 20 clients, including Rio Tinto, BHP Billiton
and Barrick, and extensive experience throughout Africa.   Cas Lotter, the
consulting geophysicist, is the managing director and consulting geophysicist
for Spectral Geophysics.  He has been involved in geophysical exploration for
minerals and groundwater in Africa for 25 years, with experience working on
copper-nickel prospects in Botswana, Namibia, Zimbabwe, Zambia and Tanzania.  He
has also been involved in PGM exploration in South Africa, Botswana and
Zimbabwe.



Results Highlights



•         IP survey programme confirms previously reported 15 kilometre strike
of geochemical and trenching anomalies and has extended the anomaly trend to
some 22 kilometres with a width of up to 3 kilometres


•         The IP programme further identified two new parallel structures,
respectively 1.7 and 1.3 kilometres along strike, running parallel and directly
northeast of the previously reported Antsahabe hill, with an even larger
metallic sulphide signature than that indicated at Antsahabe hill


•         In the prospective nickel-platinum Lavatrafo area, the gravity
survey confirmed a minimum 2.7 kilometres strike of ultramafic rocks, a rock
type which typically hosts nickel and platinum


•         These geophysics overlie and add to those areas, in which Jubilee
has previously identified high nickel and platinum values from its geochemical
sampling and trenching work


Colin Bird, CEO of Jubilee, said 'In progressing the logical process of
geophysics following geochemical sampling , these results confirm the potential
size and continuity of mineralisation as well as the appropriate and effective
nature of gravity and IP-based surveying as an exploration tool in this
location. Our Londokomanana project is demonstrating 22 kilometres of a highly
prospective thick-width system.  The more work we do on Londokomanana, the more
we see the project developing as a potentially world-class
nickel-copper-platinum deposit.'



Cas Lotter of Spectral Geophysics reports on the findings to date as follows:



North Londokomanana



In north Londokomanana, the gradient array IP survey covered an area of some 20
square kilometres.  Selected areas were followed up with dipole-dipole IP and
gravity.



The location and extent of IP anomalies (high chargeabilities) detected by the
Bureau de Recherches Geologiques et Minieres (BRGM) over the Antsahabe hill
(roughly in the middle of the area tested) in the late 1960s were confirmed.
The Antsahabe hill mineralisation has a strike length of approximately 400
metres and the strike direction is northwest.



A new zone of IP anomalies was detected parallel to and roughly 250 metres to
the northeast of the Antsahabe hill, with a total strike length of more than 1.7
kilometres.  A second sub-parallel chargeable zone with a strike length of 1.3
kilometres was mapped within 1 kilometre to the northeast of Antsahabe hill.
The characteristics of the IP response (amplitude, decay) of these two zones
indicate the presence of larger amounts of metallic sulphides than is the case
at Antsahabe hill.  These are highly prospective targets for drilling.



The known chargeable zone at Antsahabe Hill and the first new parallel zone are
associated with faulting, as indicated by the IP survey resistivity information.
  The Antsahabe hill mineralised zone dips steeper than 80 degrees east
northeast and the depth to the top of the unoxidised sulphide mineralisation is
approximately 35 metres.  The first parallel zone has a vertical dip and the
second chargeable zone dips to the southwest.



A limited number of gravity survey profiles were conducted over the Antsahabe
area.  The results confirm that the ultramafic intrusions occurring in the
project area can be successfully mapped and delineated with the gravity method.



In view of the drilling results obtained by BRGM and the IP responses measured
by Spectral Geophysics, the two new chargeable zones at Antsahabe are highly
prospective for copper-nickel sulphides.



In addition to the above, the survey outlined new IP anomalies running
continuously some 14 kilometres along strike and over some 3 kilometres width to
the north northwest of the Antsahabe hill and some 5 kilometres along strike to
the south east of Antsahabe hill extending over 1.7 kilometre width.  These
chargeable zones are prospective with regards to base-metal sulphides and PGMs.
The main PGM mineral found in the project area is sperrylite, which can be
associated with pyrrhotite, a highly chargeable metallic sulphide.  These new
anomalies are being interpreted and require further follow-up with dipole-dipole
IP and or gravity surveys.



South Londokomanana (Lavatrafo)



The objective of the gravity survey conducted in the Lavatrafo area was to
identify contacts between north-northwest striking ultramafic intrusive bodies
and the surrounding mafic rocks.  The survey delineated a total of approximately
2.7 kilometres of western contacts.  More contacts could possibly be mapped
using a combination of infill gravity and magnetic profiling.



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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