| Fri 5 Aug 2011, 8:00 | | JBL - Jubilee Platinum PLC - Operations update |
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JBL
JUJLP
JBL - Jubilee Platinum PLC - Operations update
Jubilee Platinum PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
("Jubilee" or the "Company")
OPERATIONS UPDATE
Jubilee Platinum Plc, the AIM and JSE quoted mine to metal specialist is
pleased to announce that is has reached operational temperatures at the
Company`s new 5MW AC furnace at Middelburg which is now moving towards
full production of 2,400 tonnes per month of ferroalloy feed stock and/or
concentrate.
In addition, the Company is delighted to announce exceptional results
from Platinum Group Metals ("PGMs") flotation recovery testwork carried
out on a representative UG2 chromitite reef drill core samples from its
Tjate Platinum project ("Tjate") as part of its on-going prefeasibility
study.
HIGHLIGHTS
- The additional capacity provided by the new furnace could potentially
generate additional monthly revenues of around R6.0 million (GBP540,000
at current exchange rates ) while producing ferroalloys;
- Currently the furnace is being fine tuned and final inspections
concluded after the initial smelting runs, for ramp up to full
production;
- Tjate continues to produce positive results towards its pre-feasibility
study;
- Recoveries of 90.0% to 91.5% of 4E (platinum palladium rhodium & gold)
from flotation testwork on the UG2 ore while producing above average
concentrate grade; and
- The exceptional recoveries of the platinum group elements ("PGEs") were
achieved by producing a UG2 concentrate containing high chrome. ConRoast
is the only available smelting solution for effectively processing such
chrome rich platinum concentrates.
Leon Coetzer, CEO of Jubilee Platinum commented:
"We are delighted to report that we have commenced feeding ferroalloy
concentrate to the new 5MW furnace at our Middelburg smelting facility.
Tjate testwork results continue to add value to our project, supported by
our ability to process high chrome containing platinum concentrates."
Bringing into production of the new 5MW AC- furnace
Aligned with the two existing 2.5MW AC furnaces, the new 5 MW AC furnace
effectively doubles the furnace capacity on site at Middelburg to 10MW.
The new furnace`s production will be ramped up to a designed throughput
of feed material of 2,400 tonnes per month. This additional capacity is
potentially capable of generating additional monthly revenues of around R
6.0 million (c.GBP540,000 at current exchange rates) while operating as a
ferroalloy furnace.
Tjate Flotation testwork
Eight UG2 reef drill core samples were tested at the laboratories of
Maelwgwyn Mineral Services Africa to determine the optimum recoverability
of the PGEs in the reef.
The results achieved indicate excellent consistent recoveries in excess
of 90% of 4E to flotation concentrate, while maintaining a concentrate
grade of above 290 g/tonne.
The results were achieved by not constraining the recovery of PGEs in
order to limit the recovery of chrome in the concentrate. The results
clearly demonstrate the potential for high recoveries from UG2 ores when
not constrained by considerations around limiting the chrome levels in
concentrate. This approach is only feasible due to the proven ability of
Jubilee`s ConRoast smelting process which allows it to smelt platinum
concentrates containing high levels of chrome.
The Company believes that as much as 4% higher PGE recovery to
concentrate is possible - and would be achievable in commercial practice
- from the UG2 ore by producing platinum concentrate containing high
chrome for further smelting in the ConRoast process.
The Company is actively negotiating with interested committed entities on
securing funding for an integrated approach towards completing both the
pre feasibilty and a bankable feasibility study.
New Website
Jubilee Platinum is pleased to announce that it has today launched an
updated Company website which can be viewed at:
http://www.jubileeplatinum.com
The site has been redesigned to improve its efficiency and to be user
friendly. Jubilee Platinum is committed to providing shareholders and
potential shareholders with concise information on the Company and its
operations. The new website will be updated regularly as the Company
operations continue to develop
Contacts
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
Matthew Robinson/Rose Herbert - corporate finance
Joanna Weaving - corporate broking
finnCap Ltd
Tel +44 (0) 20 7600 1658
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/Dru Danford/Edward Mansfield
Tel: +44 (0) 20 7 408 4090
Leonard Eiser /Sharon Owens
Sasfin Capital
Tel +27 (0) 11 809 7500
Nick Rome/Shabnam Bashir
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
London
4 August 2011
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 05/08/2011 08:00:01 Produced by the JSE SENS Department.
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