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JBL
JUJLP
JBL - Jubilee Platinum PLC - Withdrawal of cautionary announcement
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Highlights
- Jubilee progresses its strategy in obtaining rights to platinum in chrome
ores
Further to the announcement dated 5 April 2011 in which Jubilee announced
that it had executed a binding Memorandum of Understanding ("MOU") for the
acquisition of a mining opportunity and operating company identified with
near-surface chrome ore bodies containing platinum group elements (PGE`s),
shareholders are referred to the cautionary announcement published on 14
March and are advised that as the negotiations relating to the subject
matter of the cautionary announcement have been terminated, caution is no
longer required to be exercised by shareholders when dealing in their
Jubilee securities.
The Company provides the following update in this matter.
The binding MOU was allowed to expire by the Company principally as the
result of the Company being unable to satisfy itself on the security of the
mineral rights.
As previously announced Jubilee`s subsidiaries Braemore Resources and Maude
Mining, have made significant progress in securing rights to platinum in
near surface chrome ores for both exploration and mining of PGE`s from the
Department of Minerals and Resources ("DMR") in South Africa. Braemore
Resources has received acceptance from the DMR for PGE`s and chrome
exploration rights for more than 60 portions on and around the Bokfontein
farm in the North West province of South Africa. Maude Mining has received
acceptance from the DMR for PGE`s mining rights to a further 6 portions on
the Bokfontein farm in the North West province of South Africa.
The properties where these rights are held are in the region of the
proposed transaction under the MOU. Jubilee`s focus in the proposed
transaction was to gain access to the platinum in the chrome reefs and the
success by Jubilee`s subsidiaries in gaining access to more significant
platinum in chrome reefs in the region of the targeted company, negates the
need for further pursuing the proposed transaction.
Jubilee is continuing with its strategy of acquiring near-term platinum
mining opportunities to produce platinum concentrate for its Middelburg
processing facility. Processing of own platinum concentrates through the
smelting facilities significantly enhances the business model for Jubilee.
Leon Coetzer, Chief Executive says, "We are very pleased that our
subsidiaries have made such progress in securing access to platinum in
shallow chrome reefs. This negates the need for Jubilee to acquire chrome
companies which would have required Jubilee to draw down on our treasury in
cash or shares. As the Company has always stated, processing of own
material is preferable to toll, joint venture or acquisition material."
For further information please contact:
Colin Bird/Leon Coetzer/Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913/+44 (0)1752 221937
Clive Carver /Ed Frisby/Ben Thompson - Corporate Finance
finnCap Ltd (Nominated Adviser and Joint Broker)
Tel +44 (0) 20 7600 1658
Jerry Keen/Dru Danford/Edward Mansfield
Shore Capital Stockbrokers Limited (Joint Broker)
Tel: +44 (0) 20 7 408 4090
Michael Kinirons/Nick Rome
Bishopsgate Communications Ltd (PR)
Tel +44 (0) 20 7562 3350
Leonard Eiser /Sharon Owens
Sasfin Capital (Sponsor)
(A division of Sasfin Bank Ltd)
Tel +27 (0) 11 809 7500
Johannesburg
8 July 2011
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 08/07/2011 14:45:01 Produced by the JSE SENS Department.
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