Madagascar update

RNS Number : 9446M

Jubilee Platinum PLC

06 February 2009

 



AIM: JLP

JSE: JBL

Registration number: 4459850

ISIN: GB0031852162

JUBILEE PLATINUM PLC

('Jubilee' or 'the Company')

Jubilee Identifies Significant Gold-in Soil Anomalies 

on Ambodilafa Project in Madagascar

Jubilee Platinum, the AIM quoted and JSE listed mining exploration and development company with a focus on nickel/copper and platinum group metals (PGM) in Madagascar, is pleased to announce a significant cluster of highly elevated gold-in-soil anomalies recently discovered during a programme of regional ridge-and-spur soil sampling for base metals and platinum group elements (PGE) undertaken on the Ambodilafa project in Madagascar. 

Highlights 

• Elevated gold-in-soil anomaly cluster over one square kilometre area identified in the eastern section of the central region of the Vohipaha intrusive on Ambodilafa
  

• Anomalous gold values recorded of up to 6.07g/t Au with 0.045g/t 2E (platinum palladium) 

• This anomaly, although exploration is not yet complete, appears open ended 

• Prime exploration target, which will be pursued

Selected results are summarised in the table below

Sample	Easting	Northing	Au  g/t	2E (Pt Pd) g/t
Alfc00755-S	206764	7742279	1.31	0.035
Alfc00756-S	206831	7742279	6.07	0.045
Alfc00757-S	206881	7742276	0.74	0.01
Alfc00758-S	206928	7742293	0.55	0.035
Alfc00759-S	206977	7742297	0.42	0.01
Alfc00761-S	206840	7742109	2.87	0.065
Alfc00762-S	206888	7742092	0.76	0.01
Alfc00763-S	206936	7742076	5.80	0.1
Alfc00764-S	206981	7742053	0.03	0.01
Alfc00766-S	207049	7741990	1.83	0.01
Alfc00767-S	207078	7741949	0.06	0.01
Alfc00768-S	207107	7741905	0.94	0.09
Alfc00770-S	207145	7741813	1.21	0.035
Alfc00771-S	207334	7741570	1.34	0.035

This anomalous gold discovery occurs in a 500m by 200m area in the eastern section of the centre of the 17 km x 4 km Vohipaha ultramafic/mafic intrusive. This anomaly, which appears to be open ended and as yet untested, is a prime target for further investigation. At this early stage the anomaly appears to correlate with slightly elevated 2E (platinum and palladium) values identified in the vicinity. Further exploration will confirm this.

Colin Bird, CEO of Jubilee said: 'The Company carried out geochemical sampling in the Bebasy gold area in the south west of the mafic/ultramafic intrusive with modest results. The results now reported are from a different area to the east of the intrusive and forms part of a general evaluation of areas within the largely untested intrusive. The gold anomalies are very encouraging and the platinum-in-soil anomalies identified in the vicinity are significant. We intend to pursue this new discovery this year.'  

SGS Lakefield Research Africa in Johannesburg carried out the analyses of the samples. This laboratory is SNAS TO169 accredited.

About Ambodilafa

The Ambodilafa project lies within the extensive Vohipaha ultramafic-mafic intrusive, itself some 4 kilometres wide by 17 kilometres long. The Ambodilafa licence of property is located 160 kilometres southeast of the Madagascan capital Antananarivo. The 10-year exploration licence is held by Mineral Resources of Madagascar Sarl, 100% owned by Jubilee. Impala Platinum Holdings Ltd has an option agreement with Jubilee to earn in a 51% interest in the project. 

For further information please contact:

Colin Bird                                       Nick Rome/Michael Kinirons

Jubilee Platinum plc                        Bishopsgate Communications Ltd 

Tel: [phone]               Tel [phone]

Jan Bosch/Paul Brett

Investec Bank UK Limited

Tel [phone]

 

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