Interim Results

Jubilee Platinum PLC
21 March 2005



21 March 2005



AIM: JLP


                              Jubilee Platinum Plc
                          ('Jubilee' or 'the Company')

               Interim Report - Six months ended 31 December 2004


Highlights


•  Jubilee acquires strategic interest in large platinum group metals
   (PGM) property, the Tjate property downdip of a currently operating mine and 
   a developing mine in the Bushveld Complex of South Africa


•  Potential large PGM-nickel-copper mineralised structure demonstrated
   by geophysics and trench sampling in Londokomanana in Madagascar


•  Reconnaissance in two other areas in Madagascar demonstrates similar
   potential to Londokomanana


•  Later material event - Drilling commenced on Tjate - first hole
   intersects Merensky reef grading 7.78g/t (3PGE platinum group element + gold)
   over a 1 metre width - assay results announced 10th March 2005


Chairman's Statement


I am pleased to report excellent progress in operations and acquisitions for the
Company for the six months to 31 December 2004.


Pre-tax losses for the six months ended 31 December, 2004 were £103,215 compared
with £175,124 the previous period. These figures reflect exploration expenditure
which for the period was £329,378 compared with £63,173 for the six months ended
31 December 2003


The most significant activity in the period being reported was the securing of a
35% interest in the Tjate platinum project in the eastern Bushveld for ZAR35
million, of which ZAR25 million purchased a direct 25% interest in the holding
company Tjate Platinum Corporation (Pty) Ltd (Tjate).  A further ZAR14 million
for a convertible note to earn-in a further 10% interest, was committed for
exploration and part funding of work leading to a full feasibility study (see
the latest drilling results below).



The Tjate project comprises three contiguous farms, totaling 5,143 hectares, all
believed to be underlain by the Merensky and UG2 Chromitite reefs. The farms are
located downdip of two active operations: 1) Impala Platinum's operating Marula
platinum mine and 2) Anglo Platinum's Twickenham mine, which is currently being
developed. The Tjate property is inferred to host 282 million tonnes of Merensky
and UG2 chromitite reefs containing 65 million oz platinum group metals (PGMs)
and gold and is believed to be one of the largest unmined blocks of PGMs in the
world, close to infrastructure and mature mining operations


Vincent Phaahla, the chairman of Tjate said in an announcement that he was
delighted that the Tjate board and operators (Jubilee) had moved so quickly to
achieve significant drilling results. He believed the Tjate farms represented a
world-class PGM resource and that the tripartite alliance was an excellent
example of economic empowerment working to the good of all the parties.


Material Event - Since the period being reported, the Company commenced drilling
its first hole, DT1, on Tjate and on 26 February 2005, it intersected the
Merensky platinum bearing reef at 868.5 metres. Assay results indicated a better
than expected grade of 7.78 g/t 3PGE (platinum, palladium and rhodium) plus gold
with associated nickel (0.33%) and copper (0.19%) over a 1 metre reef width.
Drilling continues towards intersecting the projected UG2 Chromitite reef.


Eastern Bushveld

On the Mapochsgronde property in the eastern Bushveld, the Company drilled its
first hole, which intersected two mineralised sections containing PGMs in
disseminated pyrite and chalcopyrite: the first, 1.43 metres thick at 285.3
metres depth assayed (weighted average) 1.31g/t platinum plus palladium with
minor copper and nickel; and the second, 0.2 metres thick at 287.7metres depth,
assayed 2.88g/t platinum plus palladium with 0.09% copper and 0.12% nickel.
Strontium isotope analysis on core samples confirmed that we were in the
Bushveld Complex Main Zone and apparently close to the Upper Critical Zone. We
are now positioning a new drill hole on Mapochsgronde for the remainder of 2005.


The results of lithological drilling carried out on Vlaklaagte/Swartdoorns
property did not justify any further work on this property.

The Company has submitted to the Department of Minerals and Energy (DME),
applications for new order prospecting rights for its other six properties in
South Africa and commissioned three conversions of old order to new order
prospecting rights, including that for the Tjate project.


Madagascar

In Madagascar, the Company consolidated its position and increased the pace of
exploration comprising reconnaissance, geochemical soil sampling, trenching and
geophysics on its properties in the three main areas: 1) Londokomanana, 2)
Ambodilafa and 3) Pachoud/Lanjanina.


In Londokomanana, the area of main activity, exploration confirmed previous
work. The geophysics identified two new parallel structures and targets for
their drilling at Antsahabe and discovered a new area immediately to the north
of the Antsahabe, hosting some 14 kilometres total strike of geophysical
anomalies. These anomalies suggest the presence of a potential major new
mineralised system. In Ambodilafa, to the south of the capital Antananarivo,
reconnaissance work identified a major ultrabasic intrusive some 20 kilometres
long by 4 kilometres wide, in which previous limited drilling reported a 93
metre intersection of disseminated sulphides with a 1% copper equivalent.
During this reconnaissance, old gold workings in the area at Bebasy were
visited. Follow-up reconnaissance sampling identified a potentially significant
gold resource - four chip samples taken across two 0.5 metre-wide quartz veins
assayed in the range 42g/t to 108g/t Au.  A follow-up programme of systematic
mapping and sampling at Bebasy is scheduled for the remainder of 2005. In
Pachoud/Lanjanina, geochemical soil sampling identified a) significant copper
anomalies - up to 2800 ppm copper and 550 ppm nickel b) a related iron-gossan
cap, 5 kilometres in strike length and 500 metres wide as a target for trenching
and drilling in Lanjanina; and c) a potential continuous 3 kilometres
copper-nickel geochemical anomaly, covering the area from the Pachoud mine to
Belanitra.



The Company with Numis Securities Ltd successfully concluded, on 28 July 2004, a
placing for £3.1 million (before expenses) which was used to secure the Tjate
property.



The Company looks forward to a very active and exciting second half, which will
see a consolidation of the Tjate strategic acquisition and drilling results in
Madagascar, which the directors believe will lead to potentially significant new
discoveries.


Malcolm Burne

Chairman

18 March 2005


For further information please contact:



Colin Bird                          Justine Howarth / Cathy Malins

Jubilee Platinum plc                Parkgreen Communications Ltd

Tel: [phone]                  Tel: [phone]

www.jubileeplatinum.com



Jubilee Platinum Plc



Consolidated Profit and Loss Account
For the six months ended 31 December 2004

                                            Six months            Six months
                                                 ended                 ended
                                             31 Dec 04             31 Dec 03
                                                £000's                £000's


Administrative expenses                          (213)                 (170)

Amortisation of goodwill                             -                  (19)

Operating loss                                   (213)                 (189)

Interest receivable                                110                    14

Loss on ordinary activities before taxation      (103)                 (175)

Tax on loss on ordinary activities                   -                     -

Loss on ordinary activities after taxation       (103)                 (175)


Minority interests:

Equity                                               7                     -
                             
Loss on ordinary activities attributable to 
members of Jubilee Platinum Plc                   (96)                 (175)


Loss per ordinary share - basic                 (0.2p)                (0.4p)


Consolidated Statement of Total Recognised Gains & Losses
For the six months ended 31 December 2004

                               Six months                Six months
                                    ended                     ended
                                31 Dec 04                 31 Dec 03
                                   £000's                    £000's

Loss for the period                 (96)                      (175)

Translation differences on foreign 
currency net investments              67                          -

Total recognised gains and 
losses for the period               (29)                      (175)


Consolidated Balance Sheet
As at 31 December 2004

                               31 Dec 04                   31 Dec 03
FIXED ASSETS                     £ 000's                     £ 000's

Tangible assets                       27                           2

Intangible assets                    658                         394

Investments                        3,289                           -

                                   3,974                         396



CURRENT ASSETS

Debtors                               58                          74

Cash at bank and in hand           2,861                       3,386

                                   2,919                       3,460



CREDITORS: amounts falling 
due within one year                 (95)                        (52)

NET CURRENT ASSETS                 2,824                       3,408

TOTAL ASSETS LESS CURRENT 
LIABILITIES                        6,798                       3,804


MINORITY INTERESTS

Equity interests                       9                           -

                                   6,807                       3,804

CAPITAL & RESERVES

Ordinary Share Capital               647                         492

Share Premium                      7,277                       4,042

Profit and Loss Account          (1,117)                       (730)

                                  6,807                        3,804
                                                         

Jubilee Platinum Plc

Interim report - Notes


1. The interim statement for the six months ended 31 December 2004 is
unaudited and was approved by the directors on 18 March 2005.  The financial
information set out above does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985.


2. The accounting policies remain as stated in the Annual Report for the
period ended 30 June 2004.


3. The calculation of loss per ordinary share is based on
losses of £(96,355) for the six months ended 31 December 2004 and the weighted
average number of ordinary shares outstanding during the same period of
62,275,385.


4. The investment of £3,289,017 included in Fixed Assets, represents
the Group's investment in the shares of Tjate Platinum Corporation (Pty) Ltd
acquired for ZAR35,000,000 on 30 November 2004.


5. Copies of the interim report are available to the public free of
charge from the Company at 4th Floor, 2 Cromwell Place, London SW7 2JE during
normal office hours for 30 days from the date of this report.


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