Exploration Update

Jubilee Platinum PLC
19 September 2003

                                                            JUBILEE PLATINUM plc
                                                               37 Thurloe Street
                                                                  London SW7 2LQ
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Press Release - 19th September 2003


                              Jubilee Platinum plc

                     - Progresses exploration in Madagascar

     - Acquires options on more prospective PGM properties in South Africa


Madagascar

Jubilee Platinum plc ('Jubilee'), the AIM quoted platinum exploration company,
is pleased to announce it is undertaking the next phase of exploration on its
concession in the Londokamanana area of Madagascar, some 160km north west of the
capital Antananarivo. Jubilee will now initiate a follow up grid oriented
geochemical soil sampling programme over the project's mineralised zone, which
the Company previously discovered to hold significantly elevated values of
copper-nickel and PGMs ('platinum group metals').

The objectives of the programme are to establish drill targets and to extend the
350m long (4 to 20m width) copper-nickel-PGM mineralised zone (technically a
polymict catacalystic melange), which outcrops as a gossan (oxidised rock and
minerals). Jubilee's initial reconnaissance gave positive indications that the
zone continues laterally under minimum surface cover for at least a further
400m. The regional disposition of the basic rocks indicates the possibility of a
major dyke-like basic to ultra basic intrusion, that is to say a possible
deposit of significant proportions.

Jubilee's sampling programme on its Madagascar asset follows up the
reconnaissance exercise, in which sample assays from the mineralised zone peaked
at 8.85% copper, 0.9% Nickel and 0.3 g/t PGM3E (platinum, palladium and gold).
The samples analysed indicated the presence of possible sperrylite (a platinum
arsenide mineral) in an area well beyond the gossan zone, as well as pentlandite
(a nickel sulphide), chalcopyrite (a copper sulphide) and pyrrhotite (an iron
sulphide).  It is encouraging to find this combination of minerals, as they are
common to many PGM ore deposits. The sampling programme is planned to include
further reconnaissance of the area beyond the gossan capped zone.

The programme is anticipated to outline substantial mineralisation for further
delineation by drilling and orientation ground geophysics as part of the next
phase of exploration.

Jubilee's continued interest in PGM exploration in Madagascar emphasises its
firm belief in the region's prospectivity for significant copper-nickel-PGM
mineralisation. A recent statement by the World Bank highlighted Madagascar as
having vast untapped mineral reserves. The Bank has started a US$40 million
project to regulate mining in the country, which will serve to promote
incentives for investment and to legalize trade flows. Phase one of the project
has been completed, which established a new mining code, a new tax and import
duty incentive oriented investment regime and a mining registry system that
allows mining companies to acquire permits within 30 days, whereas previously it
took on average six to nine months.  Jubilee believes the changes in legislation
will have a positive effect in encouraging foreign investment for projects
within the country.

Colin Bird, Chief Executive of Jubilee Platinum, commented, 'Since listing on
AIM last year, Jubilee is now well on its way to achieving its mission of
becoming a significant PGM player in southern Africa, including Madagascar,
through a strategy of land acquisition and well managed strategic exploration.'


South Africa

After careful evaluation, Jubilee has finalised an agreement for options on
prospective PGM ground (2800ha) near Groblersdal, to the west of the eastern
limb of the Bushveld Complex.  The properties (Buffelsvallei and Zaaiplaats) are
situated next to properties owned by Cluff Mining and Anglo American. Rocks
(pyroxenites) typical of that seen in the Main/Critical zone have been reported
on the properties.

Jubilee has finalised an agreement for the right to prospect on two neighbouring
prospective PGM properties (2200ha) north of Marble Hall (north west of
Groblersdal). The properties lie on a postulated limit of the Bushveld Granites
and a prospecting permit application has been lodged for it. Two small Bushveld
norite occurrences and bronzitite, rocks typically present in the platinum
bearing (Merensky and UG2) Critical Zone, have been found on the properties.

On 12th September 2003, Jubilee submitted to the Department of Minerals and
Energy applications for prospecting permits on its six properties (1986ha) in
the Brits and Rustenburg areas of the Western Bushveld.


 Ends


For further information please contact:

Colin Bird                                  Justine Howarth / Cathy Malins
Jubilee Platinum plc                        Parkgreen Communications Ltd
Tel [phone]                           Tel [phone]



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