re. Acquisition

Jubilee Platinum PLC
13 May 2004


13 May 2004

                              Jubilee Platinum plc

                          ('Jubilee' or 'the Company')

Jubilee Platinum plc has entered into a conditional agreement with the owners of
New Platinum Corporation (Pty) Ltd ('NPC') that could enable Jubilee to acquire,
by way of ownership of NPC, a 50% interest in Tjate Platinum Corporation (Pty)
Ltd ('Tjate') for £5m in cash. Tjate has prospecting rights to three
strategically important platinum group metal ('PGM') properties in the Eastern
Bushveld of South Africa.

  • Jubilee agrees conditional purchase of 51% of NPC for £2.55m

  • Call and put options enable Jubilee acquisition of remaining 49% for
    £2.45m

  • 100% NPC ownership provides 50% holding in Tjate

  • Tjate postulated to contain some 65m ozs of PGMs and gold

  • Jubilee in talks with other parties to increase effective Tjate holding
    beyond 50%

  • If Jubilee achieves greater than 50% effective Tjate holding by other
    means, Jubilee call option not intended to be exercised

  • Funding options may include an equity capital raising by Jubilee


AIM-listed Jubilee Platinum plc announces that it has entered into a Sale of
Shares and Claims Agreement ('the Agreement') with the owners of NPC ('the
Sellers'), which allows for the purchase of 51% of the Sellers' interest in a
South African incorporated company New Platinum Corporation (Pty) Ltd ('NPC')
for the rand equivalent of £2.55 million. NPC holds a 50% interest in the Tjate
Platinum Corporation (Pty) Ltd ('Tjate'), a company which holds the rights to
prospect for all precious metals and base minerals on the farms Quartz Hill
542KS, Fernkloof 539KS and Dsjate 249KT ('the Tjate Property'), located in the
Eastern Limb of the South African Bushveld Complex. On completion, the purchase
would therefore give Jubilee an indirect 25.5% interest in Tjate.

Jubilee also has a call option, under the Agreement, to acquire all or part of
the remaining 49% of NPC within a two-year period ('the Call Option'). The
Sellers in turn have a put option (the 'Put Option') to sell all or part of the
remaining 49% of NPC to Jubilee, subject to certain conditions being fulfilled.
If either the Call or the Put Options are exercised in full, Jubilee will hold
100% of NPC and thus an indirect 50% interest in Tjate. No consideration is
payable for either the Call or the Put Options. The consideration payable on
exercise of the Call or Put Option is £2.45 million.

The Agreement is subject, inter alia, to completion by Jubilee of due diligence
on Tjate and NPC and to Jubilee raising funding of not less than £5 million for
the purposes of the transaction. Upon completion of these matters, Jubilee will,
in accordance with the terms of the Agreement, take responsibility for funding
Tjate in respect of exploration and data capture through to Bankable Feasibility
Study stage.

Jubilee is in discussions with other parties who hold interests in the remaining
50% of Tjate and the Directors of Jubilee are optimistic of increasing the
Company's eventual interest in Tjate beyond 50%. In the event that Jubilee is
successful in taking its effective ownership of Tjate beyond 50% by entering
into a transaction with parties other than the Sellers, Jubilee intends not to
exercise the Call Option and, assuming they do not exercise their Put Option,
the Sellers will remain as shareholders in NPC.

The Tjate Property is immediately down dip of Anglo American's Twickenham Mine
and Impala Platinum's Marula Mine on the farm Winnaarshoek. Previous estimates
of the platinum group metal ('PGM') resource on the Tjate Property, compiled by
Vermaak and Van der Merwe in 2001, postulated some 65 million ounces of 5 PGE
(platinum group elements) and gold.

Geological and mining consultancy Ddraig Minerals Development Ltd has concluded
that the Tjate Property is located in an area of excellent geological potential
and that very little doubt exists that the Tjate Property is underlain by the
economically important and well mapped Merensky and UG2 PGM bearing reefs.

Jubilee is evaluating funding opportunities to raise the finance necessary to
conclude this transaction, which may include an equity capital raising.

Cohn Bird, Jubilee's chief executive said, 'This transaction represents a very
major step in Jubilee's mission to discover and acquire PGM ounces for future
mining.'


 Ends


For further information please contact:

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

                      This information is provided by RNS
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