Tjate Project Update

RNS Number : 0478J

Jubilee Platinum PLC

24 March 2010

 



AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN GB0031852169

24 March 2010

Jubilee Platinum plc

("Jubilee" or the "Company")

Jubilee Engages Snowden Mining Industry Consultants To Advance Tjate Platinum Project Towards Feasibility  

This announcement is not related to the cautionary announcement released on 2 March 2010

Jubilee is pleased to announce it has engaged Snowden Mining Industry Consultants ("Snowden") following a multi-company tender to manage the engineering, financial and environmental assessment of the Tjate Project towards feasibility. The Tjate Project comprises three contiguous farms, totalling 5,143 hectares in the eastern Bushveld: namely Dsjate, Fernkloof and Quartz Hill.

Snowden expects to issue a preliminary feasibility statement by the end of 2010.  The Company anticipates the study will include some infill drilling and metallurgical testwork on the UG2 chromitite reef to reinforce the robustness of the mineral resource estimate and broaden the economic evaluation of the deposit.  

Colin Bird CEO commented: "Rapidly increasing platinum group metal prices and the apparent improvement in global economies gives the Board the confidence to advance the project to final evaluation." 

Notes to editors

The Tjate Project comprises three contiguous farms, totalling 5,143 hectares in the eastern Bushveld: namely Dsjate, Fernkloof and Quartz Hill. The farms are downdip of Impala Platinum's operating Marula platinum mine and Anglo Platinum's developing Twickenham platinum mine. Jubilee is advancing the Project to feasibility study. The Project's "First mine" resource area hosts a SAMREC Code compliant resource of 132.5 million tonnes (after geological losses) of combined indicated and inferred resource of Merensky and UG2  chromitite reefs containing 25 million oz 6PGE+Au. at a combined grade of 5.93 g/t 6PGE*+Au (platinum, palladium, rhodium, iridium, ruthenium , osmium and gold). An independent geological consultant commented that if the Merensky Reef and UG2 chromitite reefs were to extend over the three Tjate Platinum properties, which measure some 51 square kilometres, then within this area Tjate could likely target a potential exploration of approximately 52 million oz 3PGE+Au  (60 million oz 6PGE+Au) - after geological losses. However, the Company has yet to establish the viability of this target in future studies.

Andrew Sarosi, Technical Director of Jubilee Platinum, who holds a B.Sc Metallurgy and M.Sc Engineering, University of Witwatersrand and is a member of The Institute of Materials, Minerals and Mining, has approved this release.

For further information please contact:

Colin Bird                                           Nick Rome/ Giang Nguyen

Jubilee Platinum plc                               Bishopsgate Communications Ltd

Tel [phone]                       Tel [phone]

Tel [phone]

Andrew Sarosi                                    Sharon Owens/ Mapholo Ratau 

Jubilee Platinum plc                               Sasfin  Capital

Tel [phone]                        Tel [phone]

Matthew Robinson/Ed Frisby            Dennis Tucker

FinnCap                                                Qinisele Resources

Tel [phone]                       Tel [phone]

 

END

 

 

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