| Tue 8 Apr 2008, 8:00 | | JBL - Jubilee Platinum Plc - Nickel- Copper- Plati |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Nickel- Copper- Platinum Group Element
Mineralisation Extended On Ranomena Prospect
8 April 2008
JUBILEE PLATINUM PLC
("Jubilee" or "the Company")
Registration number: 4459850
ISIN: GB0031852162
AIM: JLP
JSE: JBL
NICKEL- COPPER- PLATINUM GROUP ELEMENT MINERALISATION EXTENDED ON RANOMENA
PROSPECT
Exploration Borehole RAN003 Intersects Additional Nickel, Copper and PGE
(platinum group element) Mineralisation In The Ranomena Formation
(Lavatrafo Project) In Madagascar
Jubilee Platinum, the AIM listed mining exploration and development Company
with a focus on nickel/copper and platinum group metals in Madagascar, is
pleased to announce that its borehole RAN003 intersected 13 metres of
oxidised nickel, copper and PGE mineralisation from surface collar. The
intersection assayed a weighted average of 0.49% nickel (Ni) 0.16% copper
(Cu) and 0.31 g/t combined platinum, palladium and gold (3PGE) using a cut-
off of 0.2% Ni.
Borehole RAN003 is located 505 metres northwest of borehole RAN-001 that
returned mineralization over 49 metres grading 0.28 % Ni, 0.08% Cu and 0.43
g/t 3PGE (previously announced 5 February 2007).
Highlights:
* Borehole RAN003 intersects nickel copper PGE mineralisation (second
such intersection) in Ranomena from surface.
* The mineralised intersection runs 12.9 metres assaying 0.49% Ni, 0.16%
Cu and 0.31 g/t 3PGE (implying an in situ gross metal value (GMV*) of
US$163/t * rock) including a peak assay of 0.69% Ni, 0.24% Cu and
0.65g/t 3E (implying an in situ GMV* of US$238/t rock) over a 2 metre
interval
* Metal prices used: US$/oz: Pt 2000, Pd 440, Au 905; US$/t: Ni 28 175, Cu
8590
Selected results for RAN003 are summarised in table 1 below
Table 1 Borehole RAN003 Selected results
Intersection From to Interval Ni Cu 3E In situ*
m m m % % g/t GMV US$/t
Total 0.8 13.7 12.9 0.49 0.16 0.31 163
including 3.2 11.2 8.0 0.56 0.21 0.45 193
including 3.2 7.2 4.0 0.58 0.23 0.41 200
including 8.2 13.7 5.5 0.56 0.15 0.42 185
including 8.2 12.2 4.0 0.63 0.18 0.53 211
including 8.2 11.2 3.0 0.69 0.25 0.65 238
3E: platinum, palladium and gold GMV: gross metal value
* Prices US$/oz: Pt 2000, Pd 440, Au 905; US$/t: Ni 28 175, Cu 8590
Borehole RAN-003 was collared within the central part of the Ranomena
ultramafic intrusion, and drilled towards the southwest. Mineralization
within RAN003 is hosted in medium grained peridotite and dunite. The rock
types are highly weathered and any original sulphide has weathered to iron
oxide.
Pertinent details of borehole RAN003 are as follows:
East 735,457m
North 8,038,032m
Elevation 989m
Azimuth 230 degrees
Inclination -60 degrees
RAN-003 is located approximately 505 metres northwest from borehole RAN-001
that, as previously announced on 5 February 2007, returned 49 metres of
mineralization grading 0.28 % Ni, 0.08% Cu and 0.43 g/t 3E, from 119 metres
to 168 metres down hole depth. Both RAN-001 and RAN-003 targeted copper,
nickel and 3PGE soil anomalies associated with the Ranomena ultramafic
intrusion.
QA-QC
Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg,
South Africa, carried out the analyses of the borehole samples. Quality
control and assurance in place currently includes standards, blanks and
check samples comprising between 10% and 20% of samples submitted.
Colin Bird, CEO of Jubilee commented, "This 500m-stepped-out borehole is
the second on the Ranomena formation to show significant nickel copper
mineralisation. This hole would suggest there is strike extension and we
will be testing the Ranomena prospect for both depth and strike extension."
For further information please contact:
Colin Bird Nick Rome/Michael Kinirons
Jubilee Platinum plc Bishopsgate Communications Ltd
Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7562 3350
Andrew Sarosi Jan Bosch / Paul Brett
Jubilee Platinum plc Investec Bank (UK) Limited
Tel +44 (0) 1752 221937 Tel +44 (0) 20 7597 5000
Notes to Editors:
About Ranomena
The Ranomena prospect is one of several ultramafic formations within the
Lavatrafo Project concession, for which the ten-year exploration license is
held by Mineral Resources of Madagascar Sarl, a wholly owned subsidiary of
Jubilee.
About Jubilee Platinum
Jubilee Platinum plc is a mining exploration and development company with a
focus on platinum group metal (PGM) and nickel/copper.
Jubilee is looking to capitalise on the vast untapped mineral wealth of
Madagascar where it is developing three potentially world-class
nickel/copper/ PGM assets. Having been operating in Madagascar prior to
listing in 2002, Jubilee Platinum is a forerunner in a country that is
proving to be of increasing interest to the majors. Jubilee is dedicated to
sustainable development and adhering to the highest environmental
standards.
For more information please visit; www.jubileeplatinum.com
Date: 08/04/2008 08:00:01 Produced by the JSE SENS Department.
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