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JBL
JUJLP
JBL - Jubilee Platinum Plc - Shareholder Update
Jubilee Platinum Plc
AIM: JLP JSE: JBL
Registration number: 4459850
ISIN GB0031852162
("Jubilee" or the "Company")
UPDATE
Jubilee, the AIM and JSE quoted mine to metal specialist is pleased to report an
update on its Middelburg smelting operation (70% owned by Jubilee) and progress
on its Leinster nickel tailings project (the "Nickel Tailings Project" or
"Project") in Western Australia.
Highlights
* Jubilee`s unaudited revenues for the first four months of the Company`s
second half-year financial period improved significantly compared to the
previous audited six-month period.
* Total revenue for the four-month period already exceeds that for the
previous audited six-month period.
* The ConRoast process continues to receive strong interest from the platinum
industry, an interest further reinforced by the continued smelting
challenges faced by current platinum producers and smelters.
* Jubilee is awarded a paid consulting contract to carry out a feasibility
study incorporating the ConRoast process into the operations plan for an
established platinum mining company.
* Daily production rate at the Middelburg smelting operation reached targeted
full capacity (38 tonnes/d) at the end of May 2012.
* The Company`s subsidiary Maude Mining and Exploration re-submitted its
Mining Right application for its Bokfontein and Elandsrift properties
incorporating comments from the Department of Mineral Resources ("DMR")
* Pre flotation testwork commenced at Mintek on the Nickel Tailings project.
Leon Coetzer, CEO of Jubilee Platinum commented: "We are pleased with the
continued improved performance at our Middelburg smelting operation and will
continue to ramp up production through this quarter to target sustained full
production at 1100 tonnes per month. We are pleased to have reached the
targeted full daily production rate towards the end of May 2012 and look forward
to sustaining this performance going forward. The platinum industry continues to
face severe challenges in the processing of chrome-containing platinum
concentrates and highlights the value of the robust ConRoast process in smelting
these concentrates. The paid study contract and continued strong enquiries the
Company has received are testament to the robustness and value of this process.
With regard to our Australian Project we are pleased to have reached this stage
and look forward to the outcome of the testwork at Mintek with a view towards
the potential development of the project.
JUBILEE REVENUES
Revenues generated by Jubilee continued to increase sharply mainly driven by the
Middelburg smelting operations, in the second half of the financial year.
Revenues for the unaudited first four-months of 2012 have already exceeded the
revenues for the full previous audited six -month reporting period by some 16%
in South African Rand terms (5% in Sterling terms).
Middelburg Smelter
The Middelburg smelting operation reached its targeted full daily smelting rate,
during May 2012. The smelter facility experienced an increase in electrical
outages and accompanied furnace downtime during both April and May 2012 but was
still able to maintain metal productions of more than 800 tonnes per month, a
production record first achieved in March. A final lining inspection of the new
furnace is scheduled for 25 May before re-commencing production at full capacity
for the operation.
CONROAST
The ConRoast process continues to receive strong interest in the platinum
industry, an interest driven and reinforced by the increasing smelting
challenges faced by the platinum industry in the processing of chrome-containing
platinum concentrates.
Jubilee has been awarded a paid consulting contract to execute a feasibility
study incorporating the ConRoast process into the current operations plan of an
established platinum mining company. This contract is supported by formal
enquiries from two other platinum producers to gain access to the ConRoast
process.
MAUDE MINING AND EXPLORATION ("MAUDE")
Maude resubmitted its application for a Mining Right on its Bokfontein and
Elandsdrift properties, incorporating DMR comments relating mainly to the
application`s Social and Labour plan section.
TJATE PLATINUM PROJECT
The Tjate Platinum Corporation still awaits acceptance from the DMR of its
application for a Mining Right
LEINSTER NICKEL TAILINGS PROJECT
Pre flotation testwork at Mintek commenced on the refining of the flowsheet for
the Project`s on going engineering study and economic evaluation. The test
programme is progressing on schedule and results will be reported as and when
they are officially released.
Contacts
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937
finnCap Ltd
Matthew Robinson/Rose Herbert - corporate finance
Joanna Weaving - corporate broking
Tel +44 (0) 20 7600 1658
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/ Edward Mansfield
Tel: +44 (0) 20 7 408 4090
Sasfin Capital
Leonard Eiser /Sharon Owens
Tel +27 (0) 11 809 7500
Bishopsgate Communications Ltd
Nick Rome/Shabnam Bashir
Tel +44 (0) 20 7562 3350
Johannesburg
22 May 2012
Sponsor
Sasfin Capital (a division of Sasfin Bank Limite)
Date: 22/05/2012 09:00:01 Produced by the JSE SENS Department.
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