Jubilee Platinum wins Surface Processing Project

RNS Number : 4720C

Jubilee Platinum PLC

19 January 2015

 



AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN GB0031852162                                                                                                             19  January 2015

Jubilee Platinum PLC

("Jubilee" or the "Company")

Jubilee concludes Heads of Agreement with Hernic Ferrochrome Proprietary Limited for the beneficiation of Chrome and Platinum Group Metals from its surface tailings

Highlight

·     Jubilee concludes Heads of Agreement ("HOA") with Hernic Ferrochrome Proprietary Limited ("Hernic") for the beneficiation of Chrome and Platinum Group Metals ("PGM's") from its Surface Tailings.

Jubilee, AIM-quoted and AltX-listed Mine-to-Metals company, is pleased to announce that it has concluded Heads of Agreement with Hernic; the world's 4th largest integrated ferrochrome producer. Hernic targets to appoint Jubilee as the exclusive party to beneficiate the chrome and PGM's contained in its surface tailings.

In addition to its PGM-containing surface tailings, Hernic also has access to at-surface secondary stocks.  The HOA facilitates the processing of approximately 1.7 million tonnes of chrome tailings material and Hernic identified that the tailings material could exceed 3 million tonnes through additional drilling programs.  The 1.7 million tonnes of chrome tailings material has been fully drilled and assayed for Chrome and PGM content to produce a resource statement of which approximately 90% of the resource is classified within the measured category under the internationally recognised SAMREC code.

Leon Coetzer, Chief Executive says:

"We are very proud as a company, to be selected as the exclusive partner to execute Hernic's PGM processing project following an extensive selection process by such a prestigious entity as Hernic."  The envisaged project will be the largest PGM beneficiation plant of Chrome tailings re-claimed from a surface chrome tailings dam in South Africa.  "   

Under the HOA, Hernic and Jubilee intends to conclude a Plant Engineering and Design Agreement as well as a Co-operation Agreement in respect of PGM Concentrate to facilitate the construction and operation of a PGM processing plant at Hernic. 

The Company will update shareholders on further details relating to this PGM processing project in due course.

Contacts

Jubilee Platinum plc                         

Colin Bird/Leon Coetzer                  

Tel [phone] / Tel [phone]

Andrew Sarosi         

Tel [phone]   

JSE Sponsor

Sasfin Capital, a division of Sasfin Bank Limited 

Sharon Owens

Tel [phone]

Nominated Adviser

SPARK Advisory Partners Limited

Sean Wyndham-Quin

Mark Brady

Tel: [phone]

Broker

Daniel Stewart and Company PLC

David Coffman 

Tel: [phone]

 

END

 

 

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