JV with TransAsia Minerals

Jubilee Platinum PLC
16 October 2006

                              Jubilee Platinum Plc

                          ('Jubilee' or 'the Company')



Jubilee and TransAsia Minerals Limited Agree Joint Venture on Londokomanana and
                         Itsindra Projects, Madagascar



Jubilee announces that it has entered into a Project Agreement with TransAsia
Minerals Limited ('TransAsia' or 'TML') with regards to its Londokomanana (the
Northern Permit area) and the Itsindra property ('Itsindra') - collectively 'the
Properties' - in Madagascar.





Highlights



•         TML will expend an aggregate of US$10,000,000 - US$7,000,000 on
Londokomanana and US$3,000,000 on Itsindra - on exploration over a three-year
period to acquire an undivided 51% interest in the Properties



•         TML agrees to subscribe immediately for US$1,000,000 worth of Jubilee
shares equivalent to 481,000 Jubilee shares at £1.10 per share, the proceeds of
which are pledged for exploration and also to advance immediately further cash
of US$1,000,000 for Londokomanana and Itsindra



•         TransAsia dilutes to 1% equity stake in the Properties if it defaults
on full funding requirements or elects not to continue funding the Properties



•         Jubilee after being vested with 49% interest can elect to fund its
position, sell its interest in the Properties, or dilute to 20% free carry to
production



•         Jubilee will remain the operator of the Properties until completion of
earn-in





Exploration on the Londokomanana property has included drilling, which
intersected a 48 metre wide structure of nickel ('Ni') - copper ('Cu')
mineralisation (as announced on 4 January 2006).



The Itsindra property is comprised of a large ultrabasic intrusive located 180
kilometres southwest of the capital Antananarivo. Previous work on the property
has shown significant geophysic electromagnetic ('E-M') anomalies with a
combined strike length in excess of 20 kilometres.



Colin Bird, Chief Executive Officer of Jubilee, said: 'This agreement provides
significant funding for our Madagascar exploration treasury without any
significant dilution of our share register. Whilst the projects related to this
agreement are early stage, both show good potential with Londokomanana having
the benefit of drillhole intercepts.  The Londokomanana property shows high
nickel potential and we will retain the contiguous southern Lavatrafo permit
area. TransAsia are an aggressive multi-commodity company group with ambitions
for growth in nickel production. '



Amon Aslanov Chairman of TransAsia said, 'This agreement is our first step into
the African continent. We have identified the Jubilee projects in Madagascar as
being highly prospective with good potential to become world class deposits.
These fit very well into our strategy and we are confident that this agreement
will help drive our ambition of growth and development. We look forward to
working with Jubilee.'



About the Project Agreement:



Jubilee and MRM Sarl ('MRM'), Jubilee's 85% owned Madagascan subsidiary, grant
TransAsia the right to acquire undivided 51% interests in its Londokomanana and
Itsindra properties for funding of an aggregate of US$10,000,000 on exploration:
US$7,000,000 on Londokomanana and US$3,000,000 on Itsindra over a period of
three years.



TransAsia will, within 5 working days of the agreement becoming effective,
subscribe for 481,000 Jubilee shares at £1.10 per share -
equivalent to US$1,000,000, the proceeds of which are pledged for initial
exploration - and will also make immediate cash payments totalling US$1,000,000.
TransAsia will then hold 51% interests in the Properties and Jubilee will hold
49%. TransAsia will spend US$500,000 on Itsindra during the initial twelve
months of exploration as part of the aggregate US$3,000,000 to be spent at this
property.



TransAsia dilutes to 1% equity in the Properties if it elects not to continue
funding in full its funding requirements or funding its position to exploitation
of the Properties. In the case of Itsindra, TransAsia can elect, after expending
US$1,000,000, not to continue funding, in which case it will forfeit all its
interest in that property.



Jubilee, after becoming vested with 49% interests in the Properties can elect
either to fund its position, or dilute to 20% free carried interest, or sell its
beneficial interest in the Properties with TransAsia having first right of
refusal to acquire 19% at 50% discount to FMV (Fair Market Value)  and the
balance of 30% at FMV.



Jubilee will be the operator until completion of the earn-in. As operator,
Jubilee will be entitled to use 7.5% of the exploration funds for general
corporate and management expenses.



TransAsia will also be granted an option of first refusal in the event of a
third party bona fide offer for MRM's southern Lavatrafo property (contiguous to
Londokomanana) for a non-refundable option fee of US$100,000.



MRM, is the legal owner of the Londokomanana and Itsindra properties. Jubilee
has the legal right to buy back 10% of the local partner's 15% interest in MRM
for US$100,000 per percentage point.



About TransAsia

TML, a private company registered in the British Virgin Islands and with offices
in Australia and Indonesia, is one of Indonesia's newest mining enterprises and
part of the Indonesian based PT TransAsia Resources Group.  Established in June
2004 with the acquisition of vast reserves of coking and steaming coal in
Kalimantan, TML has expanded its operations to include iron ore and nickel. TML
is developing large scale mining projects across the Indonesian archipelago and
in Australia, incorporating various mineral deposits including bauxite and
aluminium (Australia) and coking coal, iron ore projects and nickel (Indonesia)
beginning with geological exploration through to mining operations.  The company
has been granted a range of government approvals including approval under
Australia's Foreign Investment Review Board.

http://www.transasiaminerals.com


About Londokomanana



The Londokomanana property (exploration permit PR 5103) covers an area of 56
square kilometres and is located some 165km north of the capital Antananarivo.
Exploration to date includes drilling in the central Antsahabe area, which
intersected a 48 metre thick near surface, near vertical, mineralised structure
grading 0.62%Ni and 0.13% Cu (as previously announced on 4 January 2006); soil
sampling, which has delineated highly prospective 'mineralised corridors' in the
Mavoandro ultrabasic formation in the northern section of the property and
archival research, which has uncovered a significant but untested airborne E-M
anomaly in the north-eastern part of the property.



About Itsindra



The Itsindra property comprises of two licence areas (exploration permits PR
17783 and 14829) covering 194 square kilometres. It is located some 180
kilometres southwest of the capital Antananarivo. A previous geophysic survey of
the areas has shown the occurrence of E-M anomalies over a combined strike
length in excess of 20 kilometres.



The areas lie across or along part of the 790 Ma (million years) aged Itsindra
basic/ultrabasic intrusive. The intrusive is believed to have formed probably in
a continental arc setting in response to subduction of the Mozambique Ocean
during a pan-African event and can therefore be compared to basic intrusives of
the Alaskan or Peruvian/Ecuadorian type.



For further information please contact:

Colin Bird                          Cathy Malins / Annabel Leather
Jubilee Platinum plc                Parkgreen Communications Ltd
Tel [phone]            Tel [phone]


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