Lavatrafo Project Update

Jubilee Platinum PLC
20 September 2006


20 September 2006

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

                     Madagascar - Lavatrafo Project Update


Jubilee announces results from its borehole LAV7 and from trench sampling of a
new extension area of ultrabasic formation (Ranomena) on the Lavatrafo project
in Madagascar. The Lavatrafo project forms the southern licence area of the
Londokomanana concession held by Mineral Resources of Madagascar Sarl, Jubilee's
85 % owned operating subsidiary, and is located approximately 150km north of the
Madagascan capital Antananarivo.

LAV7 was the first borehole to test a model of 'mineralised corridors' which the
Company is delineating from extensive soil sampling over the past several field
seasons. The trench results from Ranomena area show high platinum group metal 
('PGM') and nickel ('Ni') values over tens of metres, presenting an immediate
target for mapping, soil sampling and drilling.


Highlights
     
•    Borehole LAV7 intersected 19m continuous PGM, ('Ni') and copper ('Cu')
     mineralisation - this was intersected 36m down hole (25m vertical depth 
     from surface)

•    The intersection included 3m thickness grading 1.13g/t platinum, palladium 
     and gold ('3E'),  0.27% Ni,  0.19% Cu (in situ gross metal value ('GMV') at 
     current prices*: $114/t), and 0.8m width grading 0.71g/t 3E, 0.21% Ni,
     1.03% Cu (in situ GMV: $149/t)

•    Total mineralised intersection (35.6m to 54.7m) assayed 0.53g/t 3E,
     0.18% Ni, 0.21% Cu (in situ GMV:$78/t)

•    Average Platinum to Palladium ratio of 1.3 to 1

•    Identification of Ranomena, a new highly prospective PGE, Ni and Cu
     extension area located some 8km south of existing exploration

•    Four trenches sampled in Ranomena showed results that include runs of 
     8m @ 0.92g/t 3E, 0.36% Ni, 0.13% Cu (in situ GMV $127/t) and 26m @ 0.40g/t 
     3E, 0.19% Ni and 0.07% Cu (in situ GMV $67/t)

Colin Bird, CEO of Jubilee, commented 'I am pleased to report further successful
exploration results at Lavatrafo, which suggest the potential for a large
resource. Over the last three field seasons, we have 'homed in' on the best
exploration methodology and are confident that we have now developed an
effective and cost-efficient exploration model. In essence, close spaced
geochemical sampling has enabled us to identify consistent corridors of
concurrent PGM-Ni-Cu mineralisation, which defines drill targets. We have
currently some 12km of mineralised corridor within Lavatrafo and are
investigating further potential areas of interest.'


Borehole LAV7 Results

Borehole LAV7, which was drilled approximately 1.1km south-south-west from
borehole LAV2A, was the first drill hole to target one of several 'mineralised
corridors' being delineated within the ultrabasic Lavatrafo project formation.
The borehole intersected PGM, Ni and Cu mineralisation 35m down the hole (25m
vertical depth). Over the past several field seasons, Jubilee has been
identifying and delineating mineralised corridors on several ultrabasic
formations through meticulous and focused geochemical soil sampling.  The
Company was able to accelerate this soil campaign utilising a hand-held X-ray
fluorescence spectrometer, which it acquired to enable the very fast turnaround
of assays.

Selected LAV7 intercept results are summarised in Table 1 below.  The results
for the whole of the mineralised intersection are given in the table as an
appendix hereto.


Table 1            Borehole LAV7  - Selected results of mineralised intercepts:

                Mineralised Intersection                                    weighted average grade
                       From        To       Thickness        Au          Pt         Pd       3E       Ni        Cu
                         m         m            m            g/t         g/t       g/t      g/t        %         %

Total                  35.61     54.65         19.0         0.09        0.25       0.19     0.53     0.18      0.21
including              35.61     43.25         7.6          0.11        0.42       0.29     0.82     0.16      0.15
including              41.25     44.25         3.0          0.22        0.52       0.40     1.13     0.27      0.19
including              45.25     46.00         0.8          0.13        0.31       0.27     0.71     0.21      1.03
including              42.25     43.25         1.0          0.25        0.75       0.61     1.61     0.33      0.30
including              52.48     53.48         1.0          0.04        0.06       0.07     0.17     0.20      1.05


Several new ultrabasic formations in Lavatrafo and Londokomanana have been
confirmed through mapping. Significant mineralised corridors (i.e. areas along
strike showing anomalous base metal values) are being delineated in these
formations including:

  • Amboasary (some 5km long) in the northern section;
  • Anomaly B  (some 2km long) in the current central section;
  • Ranomena (some 3km long in the southern section; and
  • Mavoandro (some 2km long) in the northern section of the Londokomanana
    licence area.

Concurrently, the Company is continuing in addition with ground mapping and
anticipates that it will generate prospective drilling targets based on
collation of the above geochemical, geophysic and mapping data.

In addition the Company drilled several reconnaissance boreholes in Lavatrafo to
test a drill-target model based on dipole-dipole ('DPDP') measurements from
previous induced polarisation geophyic surveys. This was predicated on the
theory of an association of disseminated sulphides with relative high
chargeability response from DPDP measurements.  The DPDP methodology, which
generally picks up anomalies at depth, identified several drill targets within
and on the current ultrabasic formations but generally outside of the
mineralised corridor. These reconnaissance boreholes intersected insignificant
mineralisation, giving further weight to geochemistry in soils being the optimum
exploration approach.

The DPDP model has proved to be an inadequate tool in this geological
environment. However, the gradient array data generated from the geophysic
surveys have proved an excellent mapping aide complementing conventional ground
mapping, since outcrop is relatively sparse in the area.


New Extension Area of Ultrabasic Formation (Ranomena)

The Company confirmed a new ultrabasic formation area (Ranomena) seen in
recently acquired historic data and maps. The Ranomena formation is located in
the southern section of Lavatrafo some 8km south-south-west of the current
Lavatrafo working area.

Four trenches, C1 to C4, were recovered and sampled at 1m intervals. High PGMs
and Ni mineralisation values were obtained across lengths of up to 60m,
particularly in Trench C3 which included 8m run @ 0.92g/t 3E and 0.36% Ni and
two 1m intervals assaying 1.38 g/t 3E and 1.68 g/t 3E.

The results for the four trenches are summarised in Table 2 below.

Table 2            Trench C1 to C4 - Summarised results

    Trench        interval
                  sampled
                                    3E             Au             Pt             Pd             Ni             Cu
                     m             g/t            g/t            g/t            g/t             %              %
      C1
total                26            0.4            0.01           0.23           0.17           0.19           0.06
including            2             0.58           0.00           0.30           0.28           0.20           0.12
including            2             0.61           0.00           0.40           0.21           0.18           0.06
including            2             0.51           0.00           0.33           0.18           0.44           0.18

      C2
total                60            0.27           0.00           0.15           0.12           0.18           0.02
including            3             0.90           0.02           0.31           0.57           0.78           0.18

      C3
total                16            0.64           0.01           0.32           0.31           0.27           0.08
including            8             0.92           0.02           0.47           0.43           0.36           0.12
including            1             1.38           0.00           0.86           0.52           0.44           0.18
including            1             1.68           0.03           0.91           0.74           0.11           0.08

      C4
total                30            0.14           0.02           0.07           0.08           0.34           0.1
including            2             0.30           0.04           0.13           0.13           0.53           0.13


The Company's initial mapping of the trench area shows a 3m to 4m wide band of
ironstone/magnetite generally coincident with the metal values. The data suggest
an immediate target for extensive mapping, soil sampling and drilling.

Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, South
Africa, carried out the analyses of the borehole and trench samples. Quality
control and assurance in place currently comprises of standards, blanks and
check samples making between 10% and 20% of samples submitted.

* prices used  Pt $1160; Pd $310; Au $580; Ni $27,400 ; Cu $7,400


For further information please contact:

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


Appendix


Table               Borehole LAV7 - Results of the mineralised intersection

             Intersection                                                   Grade
    From          To        Interval        Au            Pt            Pd            3E           Ni           Cu
     m            m            m            g/t           g/t           g/t          g/t           %            %

   35.61        35.90         0.29         0.27          0.35          0.28          0.89         0.06         0.22
   35.90        36.75         0.85         0.05          0.22          0.16          0.43         0.14         0.15
   36.75        37.35         0.60         0.05          0.69          0.39          1.13         0.20         0.11
   37.35        37.75         0.40         0.04          0.57          0.25          0.86         0.12         0.07
   37.75        40.25         2.50         0.03          0.28          0.19          0.50         0.10         0.09
   40.25        41.25         1.00         0.17          0.36          0.27          0.79         0.13         0.12
   41.25        42.25         1.00         0.21          0.47          0.31          0.98         0.18         0.20
   42.25        43.25         1.00         0.25          0.75          0.61          1.61         0.33         0.30
   43.25        44.25         1.00         0.19          0.34          0.27          0.80         0.29         0.09
   44.25        45.25         1.00         0.04          0.14          0.17          0.35         0.27         0.16
   45.25        46.00         0.75         0.13          0.31          0.27          0.71         0.21         1.03
   46.00        47.55         1.55         0.03          0.06          0.07          0.15         0.11         0.10
   47.55        48.55         1.00         0.10          0.19          0.18          0.47         0.26         0.17
   48.55        49.55         1.00         0.18          0.33          0.28          0.78         0.34         0.25
   49.55        50.80         1.25         0.04          0.08          0.10          0.22         0.23         0.07
   50.80        52.48         1.68         <0.01         <0.01         <0.01                      0.03         0.02
   52.48        53.48         1.00         0.04          0.06          0.07          0.17         0.20         1.05
   53.48        54.65         1.17         0.04          0.06          0.07          0.17         0.19         0.10



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