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JBL
JUJLP
JBL - Jubilee Platinum Plc - Unaudited Interim Results for the six months ended
31 December 2008
Jubilee Platinum Plc
AIM: JLP
JSE: JBL
Registration no: 4459850ISIN Code: GB0031852162
("Jubilee") or "the Company")
Unaudited Interim Results for the six months ended 31 December 2008
The Board of Jubilee, the AIM quoted and JSE listed mining exploration and
development company, is pleased to announce the interim results for the six
months ended 31 December 2008.
HIGHLIGHTS
Tjate has completed its 42 borehole drilling programme for phase 2 of the
feasibility study
Tjate gives go-ahead for completion of compliant mineral resource estimate
Metallurgical testwork on Tjate Merensky reef samples indicates this "ore type"
would be very amenable to PGE ("Platinum Group Elements") recovery (>94%).
The Company completed an infill drilling programme on Antsahabe project
Madagascar: continuity of good nickel mineralisation established but of modest
strike length
The Company completed its 2008 exploration programme on Ambodilafa project: the
data from soil sampling, drilling and airborne magnetic and radiometric survey
is being reviewed.
CHAIRMAN`S STATEMENT
Dear Shareholder,
The Company experienced good progress in all areas of its operations and the
flagship Tjate project continues to progress favourably towards completion of
Phase 2 of its feasibility study.
This phase of the feasibility study focused on maintaining an accelerated
drilling programme to complete the planned 42-borehole drilling programme in
early 2009, in order to enable The Mineral Corporation Limited, the independent
Competent Person, to issue a compliant mineral resource estimate in the second
quarter of 2009. The drilling results in the period under review remained
positive.
The Company, through its South African subsidiary Maude Mining and Exploration
(Pty) Limited, entered into an unincorporated joint venture ("UJV") to explore
and if appropriate develop its PGE properties Bokfontein and Elandsdrift in the
western Bushveld. The intent is to mine primary chromite reefs on the
properties where appropriate and where financial projections warrant, to build a
process plant to recover the PGEs from the tailings from mining the reefs and
from previously mined reefs.
Infill drilling on the Londokomanana project in Madagascar progressed during the
period and continuity of good nickel mineralisation was established on the
Antsahabe prospect, although only over a modest strike length. On the Lavatrafo
project, drilling of several ultramafic prospects has identified sporadic nickel
and PGE mineralisation, which does not appear to be continuous.
At Ambodilafa, the Company completed whole-region mapping and soil sampling, a
regional helicopter-borne magnetic and radiometric survey and follow-up drilling
in the western base metal anomaly target and in the eastern PGE anomaly target
areas. The work identified further targets for follow-up. Drilling in the
eastern PGE target area identified an apparent but modest up-dip extension to
the previously reported significant PGE intersection but no significant
extension to mineralisation along strike to the north.
In general, all our activities in Madagascar progressed favourably, however the
results maintain the properties in greenfield exploration status and in the
present economic climate the Company intends to limit expenditure whilst
reviewing all the data obtained in the period under review. Consequently, the
Company and TransAsia Minerals Limited have agreed to terminate their Project
Agreement in respect of the Londokomanana project and TransAsia`s interest in
the Company`s Mauritian holding company will revert to Jubilee.
The market capitalisation of the Company continued to erode significantly during
the period despite the continued good results achieved at Tjate and the UJV in
the western Bushveld. The global credit crisis has impacted all market sectors
and the junior resource sector has seen almost total value depletion. The
platinum juniors have all lost value, generally in inverse proportion to their
technical and financial progress. The arena for platinum juniors is very small
and most have maturing projects in a market, which has been in under supply for
15 years. Despite strong fundamentals for commodities, Jubilee, like other
companies has been unable to defy the global perception that value will not
return. As a result of this downturn, market capitalisations throughout the
sector are a fraction of what they were at the beginning of the period.
The Board is convinced that the fundamentals that initiated the revived
commodity demand are still in place and that company values will be recognised
once the credit crisis has worked itself through and investor confidence is
restored.
The platinum price, which started the period at $2,064/oz fell significantly to
just over $920/oz at period-end but has rallied slightly to around $1,130/oz on
the back of increased Japanese demand and flight to investment in the wake of
the financial crisis. The significant fall in price continued to be driven by
the lack of demand from car manufacturers based on fears of slowing economies
especially in the case of emerging markets as a result of the slowdown in South
East Asia.
During the period under review, the Company made a loss of GBP395,978 against a
loss of GBP577,591 in the six months ended 31 December 2007. The loss per share
for the period under review was 0.37 pence against 0.64 pence for the interim
period ending 31 December 2007.
The Company has adequate cash to pursue its current feasibility study mission
and management is committed to realising value for industry recognition and
shareholder benefit.
I look forward to reporting more positive progress in the coming year with value
recognition being our prime objective.
MALCOLM BURNE
CHAIRMAN
26 March 2009
SOUTH AFRICA
Tjate Project
Exploration
The Company completed its 42-boreholes drilling programme under Phase 2 of the
feasibility study by the end of February 2009. On-going logging of drilled core
and submission of samples for assay continue and all assay and logging results
are expected to become available during March 2009.
Provisional preliminary and completed borehole results are shown in the table
below.
Borehole Reef Depth Weighted averages
Interse (from
cted collar)
m
Appare 3PGE+ Estimat Copp Nick
nt Au ed er el
Thickn g/t 5PGE+Au % %
ess m g/t **
DT21 MR 1,098 1.04 4.15 4.4 0.12 0.21
DT22 MR 852 1.55 4.43 4.7 0.12 0.21
DT24 MR 1,025 1.01 5.40 5.8 0.14 0.20
DT26 MR * 1,028 0.99 3.17 3.4 0.11 018
motherh
ole
DT28 MR 1,016 1.02 2.04 2.2 0.09 0.13
DT29 MR 1,384 0.98 4.07 4.3 0.07 0.19
pothole
DT30 MR 1,291 0.79 0.20 0.2 0.02 0.02
pothole
DT31 MR 1,210 1.02 2.04 2.2 0.09 0.13
DT33 MR 1,344 1.08 2.65 2.8 0.09 0.13
DT35 MR 1,252 0.99 5.06 5.5 0.13 0.21
DT36 MR 705 1.49 4.39 4.7 0.10 0.13
DT37 MR * 1,453 0.80 2.44 2.6 0.08 0.14
DT38 MR * 1,095 1.19 2.67 3.11 0.13 0.18
DT40 MR 1 1,314 1.40 10.12 7.1 0.11 0.07
FF01 MR 1,597 2.81 2.72 2.9 0.08 0.13
DT28 UG2 1,390 0.65 10.24 12.0 na Na
motherh
ole *
DT30 UG2 1,602 0.53 7.65 8.9 na Na
DT33 UG2 1,700 0.70 7.25 9.1 na na
DT36 UG2 1,104 0.55 1.51 1.8 na na
pothole
DT39 UG2 * 1,665 0.58 7.49 8,9 na na
na not assayed/not applicable , * deflections awaited ** factor
applied to 3PGE+Au values to include ruthenium (Ru) and iridium (Ir) based on
average of Ru and Ir analysis of four selected MR drill core and two UG2 drill
core intersections. 1 disturbed pothole edge
Feasibility Study
Mineralogical and petrography studies were carried out on four selected drill
core samples representative of the Merensky Reef. These studies indicated a very
high degree of liberation of base metal sulphides (pyrite, pyrrhotite,
pentlandite and chalcopyrite (minerals that carry PGE+Au) from the gangue
minerals. Preliminary sulphide rougher flotation testwork on the samples showed
very good (PGE + Au) flotation recoveries ranging from 87% (one sample) to more
than 94%, (three samples). These recoveries were achieved at a modest 60%
passing 75 micron grind size and confirmed the findings of mineralogical and
liberation studies. The overall indications are that Tjate Merensky ores will be
very amenable to PGE recovery`
MADAGASCAR
Londokomanana Project
The Company completed its planned in infill drilling programme to determine the
strike and dip characteristics of the main Antsahabe mafic/ultramafic structure,
in which previously significant nickel copper sulphide mineralisations were
intersected in three boreholes ANT014, ANT001 and ANT009. Boreholes ANT014 and
ANT009 were collared some 1.1 kilometres apart along strike and are located at
the northern and southern ends respectively of the structure. This infill
drilling also utilised additional new anomaly data from copper-nickel-in-soil
sampling and new results from down hole electromagnetic (DHEM) geophysics
carried out in previously and newly drilled boreholes.
Antsahabe Prospect - Infill drilling results
Borehole Intersection From To Interval Ni Cu
metres Metres metres % %
ANT016 ZONE 1
Total 1 75.2 88.3 13.1 0.43 0.10
Including 2 75.2 76.7 1.5 0.49 0.10
Including 2 80.5 88.3 7.8 0.59 0.13
Total 2 96.8 97.8 1.0 0.59 0.11
ZONE 2
Total 115.8 124.2 8.4 0.21 0.07
including 115.8 122.4 8.6 0.24 0.08
ANT017 Total 1 30.5 48.7 18.2 0.72 0.19
Including 1 34.1 48.7 14.6 0.77 0.20
Including 2 34.1 40.5 6.4 1.20 0.30
Including 2 41.9 43.3 1.4 0.71 0.25
Including 2 45.4 46.8 1.4 1.36 0.34
Borehole Intersection From To Interval Ni Cu
metres Metres metres % %
ANT021 Total 1 70.7 79.4 8.7 0.41 0.14
Including 1 73.0 79.4 6.4 0.55 0.16
Including 2 73.0 74.7 1.7 0.95 035
Total 2 87.5 90.8 3.3 0.66 0.17
Total 1 130.6 156.9 26.3 0.33 0.10
Including 1 140.5 156.2 15.7 0.47 0.14
Including 2 140.5 141.7 1.2 0.84 0.24
Including 2 143.7 145.1 1.4 1.29 0.39
Including 2 153.6 156.2 2.6 0.99 0.19
ANT023 Total 1 97.5 112.0 14.5 0.30 0.10
Including 1 103.2 107.8 4.5 0.52 0.18
Including 2 103.2 104.6 1.4 1.00 0.28
Total 2 118.4 119.5 1.1 0.70 0.28
ANT024 Total 1 71.6 85.0 13.4 0.54 0.13
Including 2 77.2 85.0 7.8 0.73 0.22
Total 2 98.3 101.2 2.9 0.35 0.08
Total 2 110.6 119.5 8.9 0.81 0.24
Total 2 128.7 136.0 7.3 0.31 0.10
ANT026 Total 1 41.6 83.9 42.3 0.46 0.19
Including 1 41.6 64.4 22.8 0.48 0.24
Including 2 47.6 64.4 16.8 0.54 0.27
Including 2 48.7 58.9 10.2 0.64 0.36
Including 2 53.0 54.4 1.4 0.94 0.34
Including 2 76.1 83.9 7.8 0.59 0.19
Note 1 intermittent sulphide mineralisation throughout intersection
Note 2 continuous sulphide mineralisation run @ 0.2% Ni cutoff
Antsahabe Infill Drilling Borehole Coordinates
Borehole Easting Northing Depth m Azimuth o Dip o
ANT016 737174 8070032 210 263 -60
ANT017 737266 8069881 142 245 -45
ANT018 737321 8069829 133 235 -45
ANT019 737526 8069757 257 231 -50
ANT020 737113 8070314 400 255 -55
ANT021 737145 8070088 168 257 -55
ANT022 737591 8069672 259 230 -50
ANT023 737261 8069960 131 234 -45
ANT024 737209 8070011 201 234 -50
ANT025 737326 8070006. 257 235 -45
ANT026 736890 8069913 108 236 -45
ANT027 736972 8070276 267 255 -55
ANT028 736763 8070061 150 230 -55
ANT029 736914 8069925 151 235 -60
These infill-drilling results established continuity of nickel copper
mineralisation along strike and to a depth of at least 80 metres below surface.
The mineralisation appears to extend over a modest but limited approximately 450
metres strike length.
Sulphide mineralisation at Antsahabe is hosted in medium to coarse-grained
pyroxenite and occurs as disseminated and net-textured Ni and Cu sulphides
(commonly pyhrrotite, pentlandite, and chalcopyrite).
Detailed Drilling Results
Boreholes ANT016 and ANT017 were collared respectively some 40 metres east and
down dip of borehole ANT001 and 212 metres southwest along strike of ANT001.
Borehole ANT016 results confirmed continuity with depth - at least to 80 metres
vertical depth - of the nickel mineralisation intersected in ANT001 (announced 4
January 2006): the continuous mineralisation over 27.3 metres in Zone 1 in
ANT001 which assayed 0.64% Ni and 0.13% Cu continued downwards to 26.7 metres of
intermittent mineralisation in ANT016, the best of which was 13.1 metres which
assayed 0.43% Ni and 0.10% Cu and included 7.8 metres of continuous
mineralisation assaying 0.59%Ni and 0.13%Cu. Zone 2 extended over 8.4 metres
(ANT016) assaying 0.21% Ni and 0.07% Cu compared with 14.1 metres in ANT001
assaying 0.70% Ni and 0.13% Cu. The structure dips at about 66o to the east. The
apparent decrease in continuously mineralised widths and grades with depth at
this location is thought to be due to the deformation that has affected the
mineralisation.
Borehole ANT017 was collared 212 metres southwest along strike from borehole
ANT0011 and intersected a zone of 44.7 metres of intermittent sulphide
mineralisation from near-surface at 4.0 metres assaying a weighted average 0.37%
Ni. This included 18.2 metres assaying 0.72% Ni and 0.19% Cu, which is down-dip
from a gossan at surface. This result was similar to that obtained for borehole
ANT001 and confirmed continuity along strike.
Boreholes ANT018, ANT019 and ANT022 were drilled in the gap between Antsahabe
North anomaly and Antsahabe South anomaly and showed only modest sulphide
mineralisation. These boreholes at the southern end of the Antsahabe North
anomaly effectively closed off mineralisation south of this point. (See also
boreholes ANT020 and ANT027 below)
Borehole ANT020 was drilled at the northern end of the mineralised strike length
to investigate the continuation of the soil anomaly and also drilled deeper to
investigate a projection of a conductor interpreted from a Down-Hole-Electro-
Magnetic (DHEM) survey carried out during the drilling programme. The deepened
Borehole ANT020 intersected two narrow sulphidic shear zones at depth which
assayed 1.2 metres at 0.94% Ni and 0.39% Cu and 1.3 metres at 0.93% Ni and 0.13%
Cu.
Borehole ANT027 was drilled up-dip of borehole ANT020 to test the extension of
the mineralisation identified at depth in ANT020. It intersected only modest
sulphide mineralisation. This result effectively closed off the mineralisation
at the northern end of the Antsahabe North anomaly and with the cut off in the
south noted above, the mineralisation of the Antsahabe North Anomaly extends
only to some 450 metres strike length.
Further infill drilling within the 450 metres mineralised strike length
intersected good mineralisation. Borehole ANT021, 60 metres north of ANT001, was
drilled to test a conductor detected in the DHEM survey and intersected three
mineralized zones: 8.7 metres which assayed 0.41% Ni and 0.14% Cu, 3.3 metres at
0.66% Ni and 0.17% Cu and 15.7 metres at 0.47% Ni and 0.14% Cu and a third 26.3
metres intermittent zone, within which 15.7 metres assayed 0.47% Ni and 0.14%
Cu.
Borehole ANT023, drilled 130 metres southwest of ANT001 intersected a 14.5 metre
zone of intermittent mineralisation (within a wider 26.3 metre zone), which
assayed 0.30% Ni and 0.10% Cu and included 1.4 metres of massive sulphides
within the disseminated sulphide zone which assayed 1.0% Ni and 0.28% Cu.
Platinum, up to 2.59 g/t, was recorded over one metre from 46.0 metres to 47.0
metres in an intersection within the ultramafic body but in a separate facies to
that containing the nickel-copper mineralisation,
Borehole ANT024, drilled 70 metres southwest of ANT001, intersected several
continuous zones within a 64 metre intermittent zone of mineralisation: 13.4
metres assaying 0.54%Ni and 0.13% Cu, 8.9 metres assaying 0.80% Ni and 0.24% Cu
and 7.3 metres assaying 0.31% Ni and 0.10% Cu.
Borehole ANT025 was drilled underneath ANT023 but returned only weak sulphide
mineralisation; it was assayed.
Borehole ANT026 was drilled to test a soil anomaly, 350 metres to the west of
the main anomaly; it was believed that at depth the cause of the soil anomaly
could possibly form part of a continuous structure with the main body to the
east, rather than being a separate entity. This borehole intersected 42.3 metres
of continuous coarsely disseminated mineralisation within a single ultramafic
unit which assayed 0.44% Ni and 0.19% Cu.
Borehole ANT029 was drilled underneath ANT026 and, instead of an expected single
thick ultramafic unit; it intersected three thin ultramafic units, only the last
of which was significantly mineralised, indicating a high degree of structural
complexity. Borehole ANT029 was not assayed.
Borehole ANT028, drilled 200 metres to the northwest of ANT026 near the
northwest end of the soil anomaly, intersected non mineralised granitic rocks,
possibly indicating either a change in dip to the west or a plunge to the south
of the mineralised ultramafic body. ANT028 was not sampled for assay.
Based on the current recessionary climate and the modest drilling results,
TransAsia Minerals Ltd and the Company mutually agreed to terminate their
Project Agreement and as a result TransAsia`s 51% shareholding in Antsahabe
(Mauritius) Ltd, the holding company of Antsahabe (Madagascar) Sarl, which holds
the exploration licence for this project will revert to the Company.
LAVATRAFO PROJECT
The Company drilled follow-up boreholes in the ultramafic Ranomena and Amboasary
prospects, targeting moderate nickel-copper-in-soil anomalies and additionally
chrome and PGE shows in Ranomena. Borehole RAN004, which was drilled down dip of
a good mineralised borehole RAN003, (reported annual 2008 financial statement)
did not intersect the mineralised structure, whilst boreholes RAN005 and RAN006
intersected trace mineralisation.
Borehole AMB001 intersected modest mineralisation at 119 metres down hole
assaying 0.23% Ni (cut off 0.2% Ni) over 8.1 meters and at 206 metres assaying
0.25% Ni over 5.6 metres. This borehole intersected a separate zone of PGE
mineralisation in dunite at 137 metres down hole assaying 0.6 g/t 2PGE+Au over
4.8 metres. Borehole AMB002 was drilled up dip of borehole AMB001 to test
shallower up dip extension of the mineralisation in AMB001 and intersected only
trace mineralisation.
AMBODILAFA PROJECT
The Company completed its 2008 exploration programme, which included:
mapping at 1:20 000 scale, the whole of the Vohipaha mafic-ultramafic intrusive
complex;
regional ridge and spur sampling of the whole area;
follow-up infill/grid grid sampling of base metal and PGE anomalies identified
in the northern and central sectors of the intrusive;
follow-up drilling in the previously drilled base metal and PGE anomaly targets
in the western and eastern areas respectively of the southern sector; and
an airborne magnetic and radiometric survey over the ultramafic/mafic body.
The mapping results indicated that ultramafic lithologies (pyroxenite, olivine
pyroxenite and peridotite) are predominant locally in the northern and
southern sectors forming kilometre-scale irregular shaped bodies within the
predominantly mafic (gabbroic) units of the intrusive complex. Quartzitic units
(quartzite and iron-rich quartzites) occur towards the central sectors, extend
to the western margin and are interpreted to represent part of the basement
wallrocks. From drill core logs, these units appear to represent a thin veneer
overlying the main mafic lithologies. To the east, granitoids and quartzites
form the eastern contact with the intrusion and are strongly foliated with
gneissose texture, characteristic of much of the basement rocks in the area.
Regional and grid soil sampling for base metals identified several Ni-Cu- and
Ni-
Cu-Cr (chrome) anomalies with the best anomalies having lateral extents of
approximately 500 metres by 200 metres and showing Ni and Cu values of up to
6184 ppm and 638 ppm respectively.
PGE-in-soil sampling identified comparatively elevated (>0.04 ppm) 2E (platinum
palladium) anomalies covering much of the northern sector of the intrusion and
represents a reasonable target for further exploration. These anomalies were
followed up with grid sampling. These samples are to be assayed in 2009. In
addition, a cluster of gold-in soil anomalies, over some 860metres by 225 metres
was identified in the central sector, with high values of up to 6.07 ppm. This
anomaly is associated with sporadic elevated 2E values and Ni-Cu-Cr soil
anomalies nearby.
Follow up drilling in both the base metal and the PGE targeted areas in the
southern sector yielded modest results, The best result of seven follow up
boreholes in the eastern PGE area was borehole ALF019, which intersected at 92
metres down the hole 1.04g/t 3E (platinum, palladium and gold) over 1.0 metre.
This intersection along a fence of boreholes appears to correlate with the
previously reported intersection (and apparent dip of the ultramafic/mafic
units) in borehole ALF004, which assayed 3.59g/t 3E over 0.89 metres at 200
metres down the hole. The best intersection in the other boreholes along strike
to the north was borehole ALF015 (part of a second fence of boreholes to the
north), which assayed 1.03g/t 3E over 0.22 metres.
Three follow-up boreholes drilled in the western base metal area intersected
patchy sulphides in probably unconnected small lenses. A re-interpretation of
the DHEM geophysics data from that previously reported is in agreement with this
assumption.
The airborne magnetic and radiometric survey over the Vohipaha intrusive was
being reviewed.
BEBASY PROJECT
The Company drilled four boreholes - total 623 metres - in the Bebasy mine area
west of the Ambodilafa southern base metal target. These boreholes targeted both
quartz vein shear zone (boreholes BEB001and BEB002) and amphibolite hosted
mineralisation (boreholes BEB003 and BEB004) including the auriferous veins
associated with the old "colonial" Bebasy gold mine, and gold-in-soil anomalies.
No significant gold was intersected and further work on the project was
deferred.
Competent Person
This release has been approved by 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.
Consolidated Income Statement Six months Year ended
ended
31 Dec 2008 31 Dec 2007 30 Jun 2008
Unaudited Unaudited Audited
GBP000` GBP000` GBP000`
Continuing operation
Other income 77 18 0
Administration expenses (851) (777) (4,797)
Loss from operations (774) (759) (4,797)
Finance income 346 179 840
Finance costs 0 0 (1)
Share of operating loss in 0 (19) (118)
associate
Loss before income tax expense (428) (599) (4,076)
Income tax expense 0 0 0
Loss for the period after income (428) (599) (4,076)
tax expense from continuing
operations
Minority interest
Equity 32 21 745
Loss attributable to members of (396) (578) (3,331)
Jubilee Platinum Plc
Number of shares in issue 101,217,408 104,996,622
113,013,291
Weighted average number of shares 108,150,721 90,378,278
in issue 96,522,005
Diluted weighted average number of 110,995,721 98,934,900
shares in issue 93,023,496
Basic loss per share (pence) (0.37) (0.64) (3.45)
Diluted loss per share (pence) (0.37) (0.64) (3.45)
Headline loss per share (pence) (0.37) (0.64) (3.45)
Consolidated Balance Sheet
31 Dec 31 Dec 30 Jun
2008 2007 2008
Unaudited Unaudited Audited
GBP000` GBP000` GBP000`
Assets
Non-current assets
Intangible assets 27,214 5,792 6,474
Property, plant and equipment 112 80 95
Investment in associates 0 2,473 7,883
Other debtors 1,714 3,044 1,311
Total non-current assets 29,040 11,389 15,763
Current assets
Trade and other receivables 684 4,618 5,315
Cash and cash equivalent 8,799 13,565 9,233
Other debtors 1,844 1,377 1,311
Total current assets 11,327 19,560 15,859
Total assets 40,367 30,949 31,622
Current liabilities
Trade and other payables (1,237) (196) (377)
Total current liabilities (1,237) (196) (377)
Total liabilities (1,237) (196) (377)
Net current assets 10,090 19,364 15,482
Net assets 39,130 30,753 31,245
Equity
Called up share capital 1,130 1,050
1,012
Share premium account 38,293 30,994 33,338
Share based payment reserve 1,358 852 1,179
Currency translation reserve 1,916 (732) (813)
Other reserves 1,035 1,038 1,035
Retained earnings (6,769) (4,324) (6,373)
Equity attributable to equity holders 36,963 28,840 29,416
of the parent
Equity interest of minorities 2,167 1,913 1,829
Total equity 39,130 30,753 31,245
Consolidated Statement of Changes in Equity
Share Share Share Other Accumulated Currency Total
Capital Premium based reserves loss translation
payment reserve
reserve
GBP000` GBP000` GBP000` GBP000` GBP000` GBP000`s GBP000`
Balance at 858 18,343 703 1,761 (3,768) (819) 17,078
1 July 2007
Issue of 154 0 0 0 0 0 154
share
capital
Premium on 0 13,368 0 0 0 0 13,368
issue of
share
capital
Commission 0 (717) 0 0 0 0 (717)
on issue of
share
capital
Share-based 0 0 149 0 0 0 149
payment
charge
Other 0 0 0 (723) 22 0 (701)
reserves
adjustment
Net loss 0 0 0 0 (578) 0 (578)
for the
period
Currency 0 0 0 0 0 88 88
translation
difference
Balance at 1,012 30,994 852 1,038 (4,324) (731) 28,841
31 December
2007
Issue of 38 0 0 0 0 0 38
share
capital
Premium on 0 2,343 0 0 0 0 2,343
issue of
share
capital
Commission 0 0 0 0 0 0 0
on issue of
shares
Share-based 0 0 327 0 0 0 327
payment
charge
Other 0 0 0 (4) 705 0 701
reserves
Net loss 0 0 0 0 (2,754) 0 (2,754)
for the
period
Currency 0 0 0 0 0 (81) (81)
translation
difference
Balance at 1,050 33,337 1,179 1,034 (6,373) (812) 29,415
30 June
2008
Issue of 80 0 0 0 0 0 80
share
capital
Premium on 0 4,956 0 0 0 0 4,956
issue of
share
capital
Commission 0 0 0 0 0 0 0
on issue of
shares
Share-based 0 0 179 0 0 0 179
payment
charge
Other 0 0 0 0 0 0 0
reserves
adjustment
Net loss 0 0 0 0 (396) 0 (396)
for the
period
Currency 0 0 0 0 0 2,729 2,729
translation
difference
Balance at 1,130 38,293 1,358 1,034 (6,769) 1,917 36,963
31 December
2008
Consolidated Cash Flow Statement Six months Year
ended ended
31 Dec 31 Dec 30 Jun
2008 2007 2008
Unaudited Unaudited Audited
GBP000` GBP000` GBP000`
Cash flows from operating activities
Loss for the period (774) (759) (4,797)
Depreciation 0 3 32
Loss on sale of property, plant and 0 - 1
equipment
Amounts written off exploration 0 35 79
expenditure
Increase in receivables 3,698 - (2,092)
Other income - - -
Decrease in creditors 844 (139) (2,961)
Foreign exchange on retranslation of 371 - (181)
overseas subsidiaries
Share based payments 179 476
149
Interest received 345 179 840
Interest paid 0 - (2)
Net cash outflow from operating 4,663 (532) (8,605)
activities
Cash flows utilised by investing 0
activities
Increase in loans and investments 0 (3,502) (11)
Repayment of funds relating to investment 0 (191) -
aborted
Purchase of intangible fixed assets (5 ,086) (457) (835)
Purchase of tangible fixed assets (11) (27) (82)
Proceeds from sale of property, plant and 0 - 12
equipment
Net cash outflow from investing (5,097) (4,177) (916)
activities
Cash flows from financing activities
Proceeds from issue of new borrowings 0 - -
Repayment of borrowings 0 (2,026) -
Issue of shares and warrants 0 12,805 11,154
Net cash inflow from financing activities 0 10,779 11,154
Effects of foreign exchange on cash and (2) - 106
cash equivalents
Net increase in cash and cash equivalents (436) 6,070 1,739
Cash and cash equivalents at the 9,234 7,495 7,495
beginning of the period/year
Cash and cash equivalents at the end of 8,798 13,565 9,234
the period/year
Notes
1. The interim financial information for the six months ended 31 December 2008
is unaudited. The interim accounts have been prepared in accordance with the
recognition, measurement and presentation and disclosure requirements of IAS34
Interim Financial Reporting. The accounting policies have been applied
consistently through the Group and are consistent with those for the year ended
30 June 2008. The Interim statement was approved by the board on 25 March 2009.
2. Segmental Analysis
Business segments
The Group`s only business segment is the exploration and development of Platinum
Group Metals (PGMs) and associated metals.
Geographical segments
An analysis of loss on ordinary activities before taxation, net assets and
exploration expenditure by geographical area is given below.
Six months Year
ended ended
31 Dec 31 Dec 30 Jun
2008 2007 2008
GBP000` GBP000` GBP000`
Loss on ordinary activities
(excluding associates)
United Kingdom (375) (506) (2,030)
South Africa 30 (11) (634)
Madagascar (75) 2 224
Mauritius (8) (65) (1,518)
(428) (580) (3,958)
Loss on ordinary activities in
associates
South Africa 0 (19) (118)
Total profit/(loss) before (428) (599) (4,076)
minority interests
Net assets by location (excluding
associates)
United Kingdom 17,878 21,489 11,944
South Africa 13,650 1,390 5,580
Madagascar 4,177 2,645 3,217
Mauritius 3,425 2,756 2,621
39,130 28,280 23,362
Net assets in associates
South Africa 0 2,473 7,883
Total net assets 39,130 30,753 31,245
Exploration expenditure
South Africa 940 - 1
Madagascar 2,860 490 834
Total exploration expenditure 3,800 490 835
3. The Group recognised total expenses of GBP179,187 (2007: GBP149,114) related
to share-based payment transactions during the six months ended 31 December
2008.
4. Profit/(loss) per share
Six months Year ended
ended
31 Dec 2008 31 Dec 30 Jun 2008
2007
Loss for the financial (395,978) (577,591) (3,331,650)
period (GBP)
Weighted average number of 108,150,721 90,378,278 96,522,005
shares in issue
Dilutive effect of share 2,845,000 2,645,218 2,412,895
options
Basic loss per share (pence) (0.37) (0.64) (3.45)
Diluted loss per share (0.37) (0.64) (3.45)
(pence)
5. No dividend was declared during the period ended 31 December 2008 (December
2007: Nil).
6. On 21 July 2008, the Group issued 8,016,669 Ordinary shares of 1p each at a
price of ZAR 8.91 or 63 pence per share as consideration for the acquisition of
5,100 `A` Preference shares with par value of ZAR 0.01 in Newplats (Tjate)
Proprietary Limited ("Newplats") for a consideration of ZAR 71.4M.
7. Copies of interim report are available to the public free of charge from the
Company at 4th Floor, 2 Cromwell Place, London, SW7 2JE and from 6 Pinewood
Office Park, 33 Riley Road, Woodmead, Sandton, Johannesburg during normal office
hours for 30 days from the date of this report and available for download from
www.jubileeplatinum.com.
26 March 2009
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Enquiries:
Jubilee Platinum plc
Colin Bird, Chairman +44 (0) 20 7581 4477
Jubilee Platinum plc
Andrew Sarosi +44 (0) 1752 221937
FinnCap
Matthew Robinson, Corporate Finance +44 (0) 20 7600 1658
Sasfin Capital
Brian Christie, Corporate Finance +27 (0) 11 809 7511
Bishopsgate Communications Ltd
Nick Rome
+44 (0) 20 7562 3366
Date: 26/03/2009 17:43:02 Produced by the JSE SENS Department.
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