Exploration Update

Jubilee Platinum PLC
03 March 2004

3 March 2004


               Jubilee Platinum plc Completes Phase One Exploration
                      on the York Project in Sierra Leone

    -  Geophysics Confirms Magnetic and Anomalous Mineralisation Coincidence
                  Previously Identified by Golden Prospect Plc


     -  Potential Strike of  Platinum Group Metal Mineralisation Traced over
                                     8.5km


Jubilee Platinum plc ('Jubilee' or 'the Company'), the AIM quoted mining group,
has completed the first phase exploration programme on its platinum group metal
('PGM') York project in Sierra Leone, following due diligence of previous work
by Jubilee's joint venture partner, Golden Prospect plc ('Golden Prospect').
Jubilee carries an 80% interest on the York project, with the remainder being
held by Golden Prospect, an AIM listed, diversified investor in the natural
resources sector.

The 105.3 square kilometres York licence is located on the Freetown Peninsula,
37 kilometres south of Freetown, the capital of Sierra Leone.  It covers the
central part of the Freetown Layered Gabbro Complex, a layered sequence of
gabbroic and troctolitic rocks and an indicative characteristic associated with
potentially suitable PGM environments.

The area has a history of artisanal platinum production having produced 5,242
ounces between 1929 and 1949.  Rock and soil samples obtained in previous
reconnaissance exploration by Golden Prospect, assayed up to 0.84 grams of
platinum, as well as significant palladium, chromium, vanadium, nickel and
copper mineralisation.

Mineralisation commonly occurs in the more resistant cyclical units of pyroxene
rich troctolites, which outcrop at surface in the form of indistinct raised
ridges. On the ground these topographic highs can be traced over a potential
strike length of 8.5 kilometres.

The objectives of Jubilee's field work programme, which comprised ground
magnetometry, soil, rock, trench and stream sediment sampling, were to extend
the mineralisation previously traced over a strike length of 5.2 kilometres,
infill gaps between the existing mineralisation and investigate new areas of
potential mineralisation.

Key Findings

  • The ground magnetometry tested and confirmed correlations between high
    magnetic readings and the mineralisation anomalies observed previously by
    Golden Prospect

  • The geophysics and sampling has extended the work of Golden Prospect and
    traced the strike of potential mineralisation to 8.5 km

Outline of the field work programme:

  • Magnetometer gradiometer traverses were undertaken and soil samples
    collected at numerous locations where anomalous readings were identified

  • Rock samples were collected at selected high magnetic reading locations,
    where possibly pyroxene troctolites were exposed and where unusual or
    altered rock types were found

  • A number of previously dug trenches - by Golden Prospect - at Mateki Hill
    and Helpo areas were re-sampled and new pits dug 20 metres along strike from
    each trench and channel sampled to obtain geochemical and geological data at
    depth

  • A total of 8,400 metres was traversed with magnetic gradiometry, and 320
    soil, 28 rock and 52 trench pit samples were collected

  • In addition 36 stream sediment samples were collected in the Helpo area
    and the southern part of the licence over a large area to target smaller
    areas for further magnetic gradiometer survey and soil sampling

The samples have been submitted for PGM analysis including associated precious
and base metals.

Colin Bird, CEO of Jubilee, said 'This exploration represents Jubilee's
continuing focus on Africa to explore for PGMs selectively in regions with
favourable geological environments and a history of PGM potential or production.
We believe Sierra Leone to be highly prospective in this respect and are
excited to be involved in this project with the support of our joint venture
partner Golden Prospect.'

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


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