Exploration Update

Jubilee Platinum PLC
17 February 2003





                                                            JUBILEE PLATINUM plc

                                                             Vat No. 801 9137 52

                                                               37 Thurloe Street

                                                                  London SW7 2LQ

                                                              Tel: [phone]

                                                              Fax: [phone]

Embargoed: Monday 17th February 2003



Press Release



     Jubilee Platinum plc completes first phase exploration in South Africa



Jubilee Platinum plc (the 'Company'), the AIM listed platinum exploration
company, has completed its first phase exploration, comprising a geological
appraisal by Jankowitz and Lyons Consulting c.c., of its platinum group metal
(PGM) tenements (tenement area) in the eastern Bushveld Igneous Complex (BIC),
Mpumalanga Province of the Republic of South Africa (South Africa).



The Company has focussed its activities to date mainly in South Africa.  The
appraisal has identified initial drill targets for the Merensky and UG2 reefs on
one of the Company's larger optioned farms. The Company, with Jankowitz and
Lyons Consulting c.c., is preparing to submit applications for the necessary
prospecting permits.



Highlights:



•       The appraisal supports the Company's belief that the platinum-bearing
Merensky and UG2 reefs continue 15 km south east from Anglo Platinum's new Der
Brochen platinum mine, which is currently under development, into its tenement
area.



•       Chalcopyrite (a copper sulphide mineral) occurs in the major Dwars River
Structure on one of the Company's optioned farms, an implication being of
Structure intersection at depth with the platinum-bearing Merensky and UG2
reefs, which are strongly associated with chalcopyrite. The Merensky and UG2
reefs in the BIC typically grade 5 g/t PGMs.



•       Drilling targets have been established to target the Merensky and UG2
reefs.



•       Banded anorthosite rocks in close proximity to outcropping 'Tennis Ball
Marker' (TBM) horizons have been mapped on another of the Company's optioned
farms. Similar banded anorthosite/TBM occurrences with sulphide mineralisation
seen in the Lydenburg district were previously mined for PGMs  - 12.8 g/t PGM
over a strike length of 2.5 km.





The mapping of  'Tennis Ball Marker' (TBM) horizon

The TBM has been mapped along the western end of the tenement area 7 kilometres
northwards towards the farm Kliprivier 73 JT, where the platinum-bearing
Merensky and UG2 reefs outcrop. The distinctive TBM consists of 2 to 16 cm
diameter balls (aggregates) of pyroxenite (a rock associated with PGMs) within
the Main Zone matrix.  The Main Zone is a layered rock unit in the BIC that lies
stratigraphically above the Critical Zone, in turn a layered rock unit in the
BIC which contains the platinum bearing Merensky and UG2 reefs.



This TBM horizon can be correlated with a similar sulphide mineralised TBM
occurrence in banded anorthosite rocks from the Main Zone in the Lydenburg
district, which was previously mined for PGMs and was reported to have an
average grade of 12.8 g/t PGM over a strike of 2.5 kilometres. Importantly
banded anorthosite in close proximity to outcropping TBMs has been mapped on one
of the Company's optioned farms in the tenement area.



The appraisal projects that the TBM in the tenement area is within the Main Zone
stratigraphically above the Merensky Reef target horizon.




In addition, chalcopyrite and pyrite (an iron sulphide mineral) mineralisation
is seen in lavas on another of the Company's optioned farms, occurring along a
known geological structure (Dwars River Structure), with the implication that
the structure intersects mineralised Critical Zone at depth. PGM mineralisation
in both platinum bearing Merensky and UG2 reefs is strongly associated with
chalcopyrite.



The mapping of a chilled Marginal zone at surface

A relatively thin chilled BIC Marginal Zone (a layered rock unit normally at the
base of the BIC) has been mapped at surface in the south west of the tenement
area. This feature is believed, on interpretation of its attitude (slope), to
indicate a strong probability that the Critical Zone sub crops (i.e. appears)
below the thin sediment cover that overlies this part of the tenement area.




The Company's management team is currently focussing upon its South African
properties and has progressed discussions with black economic empowerment
groups. The Company has exchanged memoranda of understanding with several groups
and is finalising agreements with them to form jointly new companies to explore
this tenement area and to develop and exploit other recently identified new PGM
opportunities in South Africa.



 Ends







For further information please contact:



Colin Bird                Simon Robinson/Justine Howarth

Jubilee Platinum plc      Parkgreen Communications Ltd

Tel [phone]         Tel [phone]




                      This information is provided by RNS
            The company news service from the London Stock Exchange