Madagascar Acquisitions

Jubilee Platinum PLC
1 July 2004

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1 July 2004



                                 JUBILEE PLATINUM PLC

                             ('JUBILEE' or 'the Company')



               Extension of Madagascar agreement and concessions

               - reconnaissance samples reveal high copper values



Jubilee announces the extension of its existing agreement with its local
partners in Madagascar to form a subsidiary company, in which the Madagascan
partners will hold a 15 per cent interest.  In conjunction with the extended
agreement, new exclusive licence concessions have been acquired, on one of which
recent reconnaissance samples have revealed high copper values.



-       Subsidiary company formed: Mineral Resources of Madagascar



-       Further prospective platinum, copper and nickel properties acquired in
Madagascar to add to current exploration portfolio



-       High copper values (up to 17.5% Cu) obtained in samples from
reconnaissance exploration on new Pachoud-Lanjanina concession in Madagascar



-       Probable reserve of 17,000 tonnes copper in Pachoud (reported in 1972)
valued at US$44 million in situ at today's prices - potential to add
significantly to copper tonnage



Jubilee has extended its existing agreement with its local partners in
Madagascar and formed a subsidiary company, Mineral Resources of Madagascar ('
MRM'), in which the Company will hold its current Madagascar properties together
with new property acquisitions.



Jubilee holds an 85% interest in MRM and the partners a 15% interest.  The
Company has the right to buy back, at any time before commercial production, up
to 10% of MRM for US$100,000 per percentage point.



Through MRM, the Company has acquired exclusive licence concessions ('AERPs')
for more than 900km2 of new prospective platinum group metal ('PGM'), copper and
nickel blocks in north central and east central Madagascar.  Applications to
convert these AERPs to 10-year exploration permits (Permits de Recherche) have
been submitted to the Ministry of Mines.



The newly acquired concessions include Pachoud-Lanjanina, which is located some
200km south east of the capital Antananarivo.  It includes the old (1884 to
1918) near-surface Pachoud copper mine and is in an area considered geologically
favourable for copper.



Results from recent reconnaissance show assays from 5.5% to 17.5% Cu in grab
samples of variously oxidised mineralised vein material, from the Pachoud mine
area, whilst grab samples from Belanitra, which includes the old Jamet copper
mine some 3km north east of the Pachoud mine, assayed up to 3.6% Cu.



Pachoud vein material mineralisation includes chalcopyrite, pyrite and malachite
and in the Belanitra area, disseminated azurite and malachite within a slightly
friable quartzite unit. Elsewhere in the area, pyrrhotite rich mineralised
lenses/bodies were seen in a coarse grained basic intrusive body exposed within
the river bed.  Collectively, these data suggest the potential for significant
and extensive mineralisation in the area.



The Geological Service of Madagascar, in its annual report (1972), reviewed
previous exploration data on the Pachoud mine area and estimated the area to
contain a 'probable reserve' of 17,000 tonnes copper in 900,000 tonnes ore
grading 1.9% Cu. At today's prices this copper tonnage would be valued at US$44
million in situ.



The Company's reconnaissance of the area suggests the potential for significant
addition to this copper tonnage and has identified Pachoud-Lanjanina as a highly
prospective exploration target with the potential to host large near surface
copper mineralisation.



The Company has initiated a follow-up systematic geochemical soil sampling
campaign in the area to establish more definitively the potential extent of
mineralisation and identify targets for drilling.



The new concessions, in addition to Pachoud-Lanjanina, include Ambodilafa, where
previous drilling in the 1960s, intersected 93m of ultra basic rocks rich in
disseminated sulphides with an average grade of 1% equivalent copper and a 1.5m
interval assaying  1.33% Ni. Other new concessions acquired include Tsaratanana
in northern Londokomanana, considered prospective for platinum, nickel and
copper, and Mandrolatra/Andonabe in Marolambo, which is prospective for nickel.




Colin Bird, Chief Executive Officer said 'We are pleased to have consolidated
our joint venture position in Madagascar into a formal subsidiary.  Our holdings
are situated in areas where the geological prospectivity for Platinum, Nickel
and Copper is highly favourable. We are excited with our early results at
Pachoud and Londokomanana (the latter announced 21 October 2003) and look
forward to progressing our position.  Madagascar now figures on many exploration
companies' radar screens and the Company has again established 'first mover'
advantage.'





For further information please contact:

Colin Bird                                     Justine Howarth / Cathy Malins
Jubilee Platinum plc                           Parkgreen Communications Ltd
Tel [phone]                              Tel [phone]
www.jubileeplatinum.com


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