Madagascar PGM Discovery

Jubilee Platinum PLC
13 October 2004

13 October 2004



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

Jubilee Discovers PGMs (platinum group metals) in its Londokomanana Concession

               High Nickel/Copper Values Continue to be Recorded


Jubilee is delighted to announce further trenching and sampling results from
phase three of the exploration programme on its Londokomanana concession in
Madagascar.  SGS Lakefield (South Africa), an internationally recognized
inspection, verification, and testing and certification company, carried out the
analyses of the samples.


Jubilee is particularly encouraged to have discovered significantly high PGM and
gold values, including up to 1.97g/t platinum (Pt), 1.91g/t palladium (Pd) and
1.17g/t gold (Au), in trenches in Lavatrafo (southern Londokomanana).  Further
high nickel/copper values were also obtained, of up to 1.21% nickel (Ni) and
0.69% copper (Cu).


Highlights:


  • Jubilee confirms significant grades of PGMs exist in its concession.


  • The weighted average assay value of samples over the full 42m true width    
    section (samples taken every 1m) in one trench in Lavatrafo showed 0.28% Ni
    and 0.0.16% Cu (copper equivalent 1.58%) with 1.15g/t 2PGM+Au giving an
    overall indicated in situ rock value of US$70/t at current metal prices
    (Note 2PGM = 2 platinum group metal  platinum and palladium; Au = gold).


  • A 31m section, in the same trench, over which samples consistently assayed
    more than 1% copper equivalent, showed a weighted average assay of 0.41% Ni,
    0.27% Cu (copper equivalent 2.35%) with 1.61g/t 2PGM+Au, giving the section
    an indicated in situ value of US$100/t. at current metal prices.


  • Individual samples peaked at 4.26g/t 2PGM+Au.


  • Associated Ni and Cu values in samples peaked at 1.21% and 0.69%
    respectively.


  • A second trench, some 1km further south, included a mineralized 11.6m
    section assaying 0.24% Ni (copper equivalent 1.22%) with 0.58g/t 2PGM.


  • Preliminary reconnaissance results of soil sampling in the Mavoandro area
    in northern Londokomanana averaged 0.3% Ni (peak 0.7%) over a 390m soil
    traverse indicating an extension of nickel mineralisation to the north of
    its concession.


Colin Bird, Chief Executive Officer of Jubilee, said 'We are very pleased with
the results at Londokomanana and especially so with the PGM values, these being
Jubilee's first positive evidence supporting its belief that primary PGM
mineralisation with associated copper/nickel exists in the concession. The
results we are receiving provide continuing support for our conviction that the
Londokomanana concession is progressing to be a major nickel-copper-PGM target.
We continue to work on an evolving model of a bulk tonnage nickel target with
now added potential for substantial PGMs. We are accelerating our exploration
programme in order to assess better this potentially valuable deposit.


'This discovery may herald a new PGM province with strikingly similar
mineralisation characteristics to that of the Platreef PGM-bulk nickel-copper
occurrences in the northern limb of the Bushveld Complex in South Africa.  A
previously under-explored country such as Madagascar offers huge potential for
new discoveries and our exploration team is very excited by the promise of our
concessions.'


Lavatrafo

Lavatrafo is located in the southern block of Jubilee's Londokomanana concession
some 30 to 40km south of its prospective mineralised nickel-copper anomaly in
the Antsahabe-Borokely sector (see announcement dated 10 September 2004).  The
PGM mineralisation in Lavatrafo is estimated to occur over some 3 to 4km along
strike.


The area lies on a general north to south trend of pyroxenitic ridges,
ultrabasic lenses and outcrops extending some 40km from Mavoandro in the north
to Lavotrafo in the south.  The ultrabasic lenses in the Lavatrafo area appear
to be a complex of amphibolites, pyroxenites and dunites within migmatites.  At
this stage, it is uncertain as to whether the complex is a product of multiple
intrusions of differentiation.  PGM mineralisation in the two trenches appears
to be associated mainly with the dunites and pyroxenites.


Whilst mineralisation at Lavatrafo has similarities to that at Antsahabe, the
indications at this stage suggest that the mineralisation may not be an
extension of the Anstahabe Ridge type situation.


Mavoandro

Soil samples at the northern end of Mavoandro showed highly anomalous nickel
values, of up to 0.71% Ni with an average 0.3% Ni (range 0.1% to 0.7%) over a
390m long sample traverse.


Sampling (in 1m sections) of one new trench excavated by Jubilee in the southern
portion of the Mavoandro area indicated peak values of 0.11% Ni but with a
relatively low weighted average of 590ppm Ni over 34m.


This sampling programme follows the finding of anomalous and elevated nickel
values in stream sediments and rock samples from Jubilee's previous
reconnaissance in the area.


The topography in this area is similar to that in the Antsahabe area. Outcrop,
and therefore sampling, was limited to hill tops and ridge crests.  Rock types,
formations, structures and tectonic settings are similar to those found in the
Antsahabe Area and include coarse-grained gabbros exposed at the northern end of
the Mavoandro Ridge, and a combination of amphibolites, pyroxenites and
gabbro-norites on the crest ridges.


Antsahabe

Good copper/nickel values (weighted average 0.30% Ni and 0.11% Cu - copper
equivalent 1.61%) were obtained over a 30m section in a new trench excavated by
Jubilee in a geochemical anomaly zone running parallel to and about 1km east of
the main Antsahabe-Borokely Ridge mineralised trend.  A possible extension of,
or a separate mineralised copper nickel structure parallel to, the main
Antsahabe trend may be indicated.


Conclusion

Madagascar has always shown the potential to host a geologically favourable
environment for copper/nickel and PGMs. Jubilee was drawn to exploration in the
country by numerous references in historic exploration literature relating to
the discovery of PGM values in concentrates from alluvials and associated
nickel-copper geochemical surveys over several disparate areas in the north
central and east central regions of Madagascar.



Exceptional platinum and palladium values found with gold and high nickel/copper
values in the Lavatrafo area indicate a potential for a second copper/nickel
deposit in Londokomanana but with added PGMs. The potential for significant
nickel mineralisation in Londokomanana has been extended from the previous 10km
to about 15km (Mavoandro north to Borokely).


Limited geological information is available on the 30 to 40km gap in the
concession between Antsahabe in the north and Lavatrafo in the south. Jubilee
considers this area prospective for further potential copper/nickel and PGM
mineralisation and will carry out additional exploration to assess the region.


As the next stage of exploration, a programme of geophysics has been contracted
out and is scheduled to commence this month in order to identify drill targets
in the Antsahabe - Borokely region and to establish the extent of the structure
hosting the nickel-copper-PGM mineralisation in Lavatrafo.



For further information please contact:



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






                      This information is provided by RNS
            The company news service from the London Stock Exchange