Update on Tjate

Jubilee Platinum PLC
03 September 2004




3rd September 2004

                              Jubilee Platinum PLC

                         ('Jubilee' or  'the Company')



Jubilee refers to its announcement on 28 July 2004 ('the 28 July Announcement')
concerning its proposed purchase of 49.9% of New Platinum Corporation (Pty) Ltd
('NPC') ('the Proposed Acquisition'). NPC owns 50% of Tjate Platinum Corporation
(Pty) Ltd ('Tjate') which holds the prospecting rights for all precious metals
and base minerals on the farms Quartzhill 543 KS, Fernkloof 539KS and Dsjate
249KT ('the Tjate Property'), located in the Eastern Limb of the South Africa
Bushveld Complex.   Jubilee also planned to invest up to R30million in NPC in
order to fund a bankable feasibility study of the Tjate Property in return for
which Jubilee expected to receive preference shares in NPC giving Jubilee an
enhanced economic interest in Tjate.



As stated in the 28 July Announcement, the Proposed Acquisition was conditional,
inter alia, upon the Proposed Acquisition being approved by the South African
Department of Minerals and Energy ('DME') and the DME granting an extension to
the time within which work must commence on the Tjate property under the
prospecting permit ('the Permit').



Following the 28 July Announcement, the shareholders of Tjate other than NPC
strongly expressed their wish that any new investor providing funding to Tjate
should do so through a direct investment in Tjate rather than through another
shareholder.  All shareholders have also advised that if any such direct
investment is made by the Jubilee Group, they will sell some equity in Tjate to
the Jubilee Group. Jubilee has been advised that DME supports this view since
the DME has indicated a preference for a structure which is agreeable to all
Tjate shareholders. Following these developments, the agreement relating to the
Proposed Acquisition has now lapsed.



The extension of the Permit which was also a precondition of the Proposed
Acquisition has proved unnecessary following the submission of a
work-in-progress report submitted to and accepted by DME.



Jubilee remains in discussions with all the existing shareholders of the issued
share capital of Tjate with a view to the Jubilee Group taking a direct interest
in Tjate.



The DME has stated that it does not foresee any problems with such a transaction
subject to Jubilee's interest in Tjate not exceeding 49.9 per cent.



Jubilee remains hopeful that a satisfactory conclusion will result from these
discussions and will make a further announcement as and when appropriate.



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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