Exploration Update

Jubilee Platinum PLC
21 October 2003





                                                            JUBILEE PLATINUM plc
                                                               37 Thurloe Street
                                                                  London SW7 2LQ
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Press Release - 21 October 2003

                                  Jubilee Platinum plc

          -          Completes second sampling programme in Madagascar

    - Potential PGM and base metal Copper-Nickel targets traced over 10 kms



Jubilee Platinum plc ('Jubilee' or 'the Company'), the AIM quoted platinum
exploration company, announces the successful progression of its exploration
programme in Madagascar.  Following last year's encouraging initial sampling
results on its concession in the Londokamanana area of Madagascar, Jubilee has
now completed the second phase of sampling and reconnaissance.


The Londokamanana area of Madagascar is some 160 kilometres north west of the
capital Antananarivo, where exploration in the 1960s located primary platinum
group metal ('PGM') nickel/copper sulphide mineralisation.  The Company has a 10
year exploration permit for this area.


Jubilee is pleased to report that the potential mineralised formations and
structures on the concession have now been established over a length of 10
kilometres, upgrading the potential of the initial 400 metre gossan previously
announced on 14 November 2002.


Assay results so far would appear to indicate two styles of mineralisation and
the prospect is therefore being considered as both a PGM and a base metal nickel
/copper target.  The samples from this recent programme will be analysed and the
results will be reported shortly.


Colin Bird, Chief Executive of Jubilee Platinum, commented, 'Jubilee's continued
interest in PGM exploration in Madagascar emphasises our firm belief in the
region's prospectivity.  We are highly encouraged by the extensions to the
mineralisation reported and will advance the programme after interpreting
sampling results.'


Ends



For further information please contact:



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


Notes to Editors



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.


Mining Code in Madagascar



The World Bank has recently started a US$40 million project to regulate mining
in Madagascar 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.  A
statement by the World Bank recently highlighted Madagascar as having vast
untapped mineral reserves.




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