Exploration Update

Jubilee Platinum PLC
07 January 2004



                                                            JUBILEE PLATINUM plc

                                                               37 Thurloe Street

                                                                  London SW7 2LQ

                                                              Tel: [phone]

                                                              Fax: [phone]

Press Release: 7 January 2004



                              Jubilee Platinum plc



        Independent Assessment by SRK of Madagascar Exploration Results



 - Statistical analysis of data helps confirm presence of continuous high grade
                          anomalous nickel-copper zone



   - Cobalt assay results indicate anomalous elevated values coincident with
                       elevated nickel and copper values





Jubilee Platinum plc ('Jubilee' or 'the Company'), the AIM quoted exploration
company, announces the results of an independent statistical analysis of sample
assay data carried out by SRK Consulting (SRK)'s Cardiff-based practice.  This
analysis was based on 306 sample results submitted by Jubilee from its phase two
soil sampling programme on its concession in Madagascar (announced 3 December
2003).



While SRK has not visited the site or undertaken any geological interpretation,
its conclusions, based on its statistical analysis, are as follows:



•         There is a clear and continuous zone of copper and nickel grades, in
excess of 1035 ppm copper and 3394 ppm nickel;

•        There is a suggestion of the presence of two populations in the data
sets, which may indicate the presence of more than one type of structure or
phase of copper and nickel mineralization, or the fact that two different ore
horizons have been included in the data;

•        There is a strong relationship between the copper and nickel grades
both statistically and spatially; and

•        There is a pattern and very low Nugget Variance (from semi variograms)
to the spatial distribution of copper and nickel grades, which will aid the
preparation of resource estimates in due course.



The Company has additionally assayed for cobalt in selected high copper/nickel
value soil samples from each soil grid line. The cobalt results, which peak at
590 ppm, confirm an anomaly coincident with anomalous elevated values of copper
and nickel.



Colin Bird, Chief Executive of Jubilee, commented, 'These results are very
encouraging and endorse our decision to focus exploration in Southern Africa.
The confirmation by SRK of the continuity of the previously announced anomalous
copper/nickel values, and now additionally cobalt values, reinforces our plan to
follow up exploration aggressively in Madagascar.  The next phase will be to
extend the open ended anomaly target zone with further wider spaced soil
sampling and additionally to undertake IP (Induced Polarisation) geophysics with
a view to establishing the presence of sulphides.'





 Ends



For further information please contact:



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



Notes to Editors



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 can earn in an 85% interest in
the property for an expenditure of US$500,000 over four years from September
2001.





SRK Corporate Profile



SRK Consulting is an independent, international consulting practice.  For mining
projects, SRK offers services from exploration through feasibility, mine
planning, and production to mine closure.



Formed in 1974, SRK now employs more than 500 professionals internationally in
28 permanent offices on 6 continents.  The Group's independence is ensured by
the fact that it is strictly a consultancy organisation, holding no equity in
any project, and with ownership primarily by staff.



For more information on SRK, please review www.srk.com





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