Prospective New Project

Jubilee Platinum PLC
21 February 2006


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

        Jubilee Acquires 70% Option in Prospective New Platinum Project


Jubilee today announces that it has agreed terms for a Joint Venture with MSA
Projects (Pty) Ltd ('MSA'), which will allow the Company to earn a minimum of
70% interest in the prospective Grass Valley Platreef project in the northern
limb of the Bushveld Complex. The earn-in option is valid over a period of 33
months, mainly through the funding of exploration by its wholly owned subsidiary
Windsor Platinum Investments (Pty) Limited ('Windsor') and the staged issuing of
Windsor shares to MSA.


Highlights
     
•    Jubilee acquires option to earn-in to a 70% interest in the Grass Valley 
     platinum group metal (PGM) project in the northern limb of the Bushveld
     Complex

•    The 663 hectares project, represents possibly the last remaining
     untested block of Platreef ground in the Bushveld Complex

•    Five kilometres of potential Platreef identified in outcrop

•    The project is located between exploration successes including the War
     Springs, Rooipoort and Volspruit deposits

•    Open-pittable PGM deposits predominate on the Platreef

•    The project has Prospecting Rights and is drill ready

The terms of the Joint Venture give Windsor the right to undertake an
exploration programme including drilling, for which prior to commencement
Windsor will pay MSA ZAR140,000 and Jubilee will grant MSA a five-year option,
from date of the issue of the prospecting right, to subscribe for 500,000 shares
in Jubilee at the share price plus 15% prevailing at the time of subscription.
After commencement of exploration, Windsor will earn-in to up to a 70% interest
in the project by funding the programme in stages and by the issuance of Windsor
shares to MSA. The issue of Windsor shares to MSA will depend on the level of
exploration funding committed by Windsor and the technical/commercial success of
the various exploration stages.  MSA will have the right to convert the Windsor
shares to Jubilee shares up to a maximum of 5,500,000 Jubilee shares.

Jubilee and MSA support both the philosophy and intentions of the Mineral and
Petroleum Resources Development Act (MPRDA) and the Mining Charter of South
Africa and the agreement makes provision for a suitably qualified Black Economic
Empowerment partner.

Colin Bird, Chief Executive for Jubilee said:  'This position is a major step
towards securing an open-pittable resource in the northern limb of the Bushveld
Complex. The strike length of this resource is considerable and we intend to
progress work on this target quickly. Soil geochemistry on the property and the
mineralisation on the surrounding farms indicate a drill ready target. The
shares issued to MSA will be against project success and thus for the Company
there is significant mitigation of both technical and financial risk.'

The 663 hectares Grass Valley Platreef project, which represents possibly the
last remaining untested block of Platreef ground in the Bushveld, is situated
just south of Mokopane (formerly Potgietersrus), squarely between the Platinum
Group Metals' War Springs deposit, Caledonia's Rooipoort deposit and the Pan
Palladium Volspruit deposit.

Approximately 5 kilometres of potential Platreef outcrop have been identified
through a geochemical soil-sampling programme undertaken by MSA during 2004. A
comprehensive diamond-drilling programme is currently being designed to drill
test these anomalies and will form the basis of initial resource estimates. The
initial phase of diamond drilling is planned to start during the first quarter
of 2006.

The Platreef is a wide platinum bearing reef occurring along approximately 100
kilometres of outcrop on the northern limb of the Bushveld Complex. This open
pittable reef zone has been the focus of significant and well publicised
exploration during the past five years, with companies such as Angloplats,
Anooraq, Ivanhoe, Platinum Group Metals, Pan Palladium and Caledonia having
embarked on extensive and successful drilling programmes in the zone.

One of the major benefits of this wide reef zone in general is that, in addition
to significant contained platinum and palladium, there is also substantial
associated nickel and copper credits, making the Platreef an exciting, low-cost,
polymetallic prospect.


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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