Re Joint Venture

Jubilee Platinum PLC
10 March 2003

                                                            JUBILEE PLATINUM plc
                                                             Vat No. 801 9137 52
                                                               37 Thurloe Street
                                                                  London SW7 2LQ
                                                              Tel: [phone]
                                                              Fax: [phone]


10th March 2003


   Jubilee Platinum plc's South African Subsidiary Signs Agreement with Black
                   Economic Empowerment Group in South Africa



Jubilee Platinum plc ('Jubilee'), the AIM quoted platinum exploration company,
announces its wholly owned South African subsidiary Dullstroom Plats (Pty) Ltd
('Dullstroom') has entered into a shareholder's agreement (2 March 2003) to form
a new company with K-Plats (Pty) Ltd  ('Keys'), a black economic empowerment
mining company.  After several months of discussions with economic empowerment
groups, Jubilee is pleased to have identified and concluded this deal with Keys,
a group which has the credentials and corporate capability to progress and, if
appropriate, develop jointly Dullstroom's platinum group metal (PGM) properties
in the south eastern Bushveld of South Africa.  The Board consider the formation
of this joint company as an important first venture in establishing a prominent
profile in the rapidly changing South African climate for mining investment.



Dullstroom's PGM tenements lie some 15km south of Anglo American's Der Brochen
platinum mine development and on the postulated strike extension of the platinum
bearing Merensky and UG2 reefs.  Based on an independent geological appraisal,
Jubilee believes that the Merensky and UG2 reefs continue southwards under its
tenements.  Drilling targets have been established to target the two reefs and
prospecting permit applications are in progress with Keys's assistance as its
black empowerment partner.



Keys is a wholly owned empowerment subsidiary of Keys Mining Resources (Pty) Ltd
(KMR). KMR was established in early 2002 with initial capital from the founders,
which include three high profile non-executives, the executive deputy chairman
Slumko Sowazi, whose experience includes strategic management in large
corporates and operational management of companies, and chief executive
Christian Cordier, who has extensive experience in corporate finance.



Keys has also entered into confidential discussions with various industry
players for the acquisition and mining of key platinum resources in different
parts of South Africa.  Central to Keys's strategy is forming partnerships with
other empowerment mining companies, to spread empowerment participation, and
applying for mineral rights, which will form the basis for joint ventures with
other established industry players. Furthermore, its management team intends to
add value to all projects it is involved in by actively participating in
strategic and operational management, especially ensuring that Dullstroom
fulfils the requirements of the new Minerals Bill of South Africa.



The terms of the shareholder's agreement include the following:



•         On signing the agreement Keys will own a 15% beneficial interest in
the Company, which interest will be escrowed until Keys provides US$1.25 million
financing for the Company.  On completion of this financing, Keys will earn-in a
further 11% beneficial interest giving it a total 26%.



•         On completion of the 26% earn-in interest, Keys will have the right to
option a further 24% earn-in interest (total 50%) in the Company by vesting an
amount based on the prevailing fair market value (FMV), discounted by 25% if FMV
is less than US$20 million and by 33.3% if FMV exceeds US$20 million.
Independent internationally recognised consultant engineers will determine the
FMV.





 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:



Keys Management Profile



James Themba Maseko (BA, LLB, MBA) is the Non Executive Chairman and the newly
appointed Director General in the Department of Public Works. James was also the
youngest parliamentarian after the first democratic elections in South Africa.



Slumko Sowazi (MSc) is the Executive Deputy Chairman. He is the former Chief
Executive Officer of Tsepo Development Corporation, which developed the All
Africa Games Village in the township of Alexandra, and Strategic Executive of
the Johannesburg City Council. He has international experience having worked as
a Consultant for Urban Initiatives in London. His experience includes strategic
operational management in large corporations and he holds non executive
directorships in Octogen Group and e-Reka Procurement.



Christian Cordier CFA (S.A.) is Chief Executive with responsibility for
operational corporate affairs. He has extensive experience in corporate finance,
including involvement in structuring multimillion rand deals with large
corporates such as Telkom SA and Siemens.



Non executive directors include Muthanyi Ramaite (B.Com, MPA) the Director
General Department of Public Service and Administration and Mogopodi Mokoena
(Bcom) the Director General in the Premier's office of the Gauteng Province.





The South African Mining Charter



On 10th October 2002, the Mining Charter was released into the public domain.
The new legislation aims to introduce black capital and management into the
predominantly white-owned mining industry in South Africa so that a percentage
of the industry is owned by historically disempowered South Africans (HDSAs) or
black business groups.  The document states that mining companies must transfer
ownership of 26% of their business operations to empowerment groups. There is a
10 year time limit within which to complete this.  The Charter also makes clear
that the assets must be transferred to black empowerment groups on a 'fair value
' basis.  The Charter also specifies that past empowerment measures will be
taken into account and introduces a high degree of flexibility regarding
exploration companies.



The mining industry in South Africa has responded by undertaking to assist Black
Empowerment Enterprises (BEEs) in securing R100bn to fund participation within
the first five years.  This constitutes about 13% of the government's estimate
of R750bn, the total market capitalisation of the mining industry.



In February 2003, the 'Scorecard' was released by the Department of Minerals and
Energy (DME) which sets a series of targets for which mining companies must aim
and ultimately achieve, in order to convert their existing minerals rights into
mining licenses under the new legislations. The Scorecard will also apply to any
future mine developments.  The Scorecard takes the form of a series of questions
that must be answered in the affirmative under the headings of human resources
development: employment equity; migrant labour; mine community and rural
development; housing and living conditions; procurement; ownership and joint
ventures; beneficiation; and reporting.  Thereby, the Scorecard reflects black
empowerment in the South African mining industry as an all encompassing
socio-economic movement, which is necessary to ensure the sustainability of the
whole industry.   Crucially black empowerment is not akin to 'black enrichment'.


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