Exploration Update

Jubilee Platinum PLC
06 January 2005

AIM: JLP

                              JUBILEE PLATINUM PLC
                          ('Jubilee' or 'the Company')


                High gold values obtained on Madagascar property

Drilling in Dullstroom South Africa confirms property is in the Bushveld Complex



Jubilee announces the following exploration updates on its properties in
Madagascar and South Africa.


Madagascar

High gold values have been obtained, during the second reconnaissance programme.
These were recorded from excavations on two Ambonitra quartz veins, 3 metres
apart, in the Bebasy gold area of Ambodilafa.  Four chip samples, two taken
across each 0.5metre-wide quartz vein, assayed 42g/t Au and 91g/t Au in the
first vein, and 71g/t Au and 108g/t Au in the second.  These results confirm the
previously announced (on 22 October 2004) high gold values recorded in two grab
samples taken at Ambonitra.  These findings, together with the reconnaissance
programme undertaken in Bebasy, suggest that the area could be a multi-veined
target, which could lead to a significant primary source of gold.


South Africa - Dullstroom Property

The Company completed its first diamond drill hole DP001 (700 metres) on its
Mapochsgronde farm 500JS portion 800, to establish its stratigraphic position in
the Bushveld Complex.  Two intervals of platinum group metals ('PGMs') in
disseminated pyrite and chalcopyrite were intersected in drilling through rock
comprised predominantly of gabbronorites. The first intersection, 1.43 metres
thick at 285.3 metres depth, assayed (weighted average) 1.31g/t platinum plus
palladium and minor copper and nickel. The second intersection, 0.2 metres thick
at 287.7metres depth, assayed 2.88g/t platinum plus palladium and 0.09% copper
and 0.12% nickel.  Strontium isotope analysis on core samples, undertaken at the
University of the Witwatersrand, confirms that drilling was in the Bushveld
Complex and apparently close to the Upper Critical Zone, which hosts the two
platinum-bearing Merensky and UG2 reefs.


South Africa - Vlaklaagte/Zwartdoorns Properties

The Company carried out a shallow percussion drilling programme to establish the
lithology on its Vlaklaagte/Zwartdoorns properties in the western Bushveld and
to follow up previously identified chrome soil sample anomalies on Vlaklaagte.
The results concluded that the Critical Zone of the Bushveld Complex is not
developed on Vlaklaagte and Zwartdoorns is underlain by hornfels within the
Transvaal sequence. Following these results, Vlaklaagte/Zwartdoorns will be
subordinated to the Company's other more encouraging properties.


Commenting on the test results, Colin Bird, Chief Executive Officer, said: 'Our
second reconnaissance programme in the Ambodilafa gold area in Madagascar has
been very encouraging and the Company is moving towards identifying target
definition.


'In South Africa, whilst we would have hoped for a better result at our
Vlaklaagte/Zwartdoorns properties, our drilling results in Dullstroom confirm
that there we are in the Bushveld Complex and apparently close to the Critical
Zone.  We will be plotting the site for a new borehole in the area, as suggested
by the results, whilst commissioning drilling work for our newly acquired Tjate
property interest to the north from which we would expect results by the end of
the first quarter 2005.'


For further information please contact:


Colin Bird                                 Justine Howarth / Annabel Leather

Jubilee Platinum plc                       Parkgreen Communications Ltd

Tel [phone]                          Tel [phone]


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