Interim Results

Jubilee Platinum PLC
26 March 2004

26th March 2004



                    Jubilee Platinum Plc (or the ('Company')

           Interim Report For The Six Months Ended 31 December 2003

Chairman's Report

I am delighted to report that the six months ended 31st December 2003 and to
date has been very positive for the Company.  In particular, exploration results
from Madagascar are highly encouraging and additional prospective exploration
ground has been optioned in South Africa.

The Company made a loss of £175,000 in the six months ended 31st December 2003.
Net assets at 31st December 2003 totaled £3.8 million.

The Company successfully completed two fund raisings, raising £800,000 in
November 2003 and £1.8 million in December 2003, to ensure sufficient capital is
available for Jubilee's management team to maximise shareholder value from
exploration and the Company's corporate efforts.  Jubilee is delighted that two
new institutional investors, Gartmore and Framlington, have shown their support
for the Company by participating in the placing.

In South Africa, the Company has pursued its property option programme and now
has some 13,500 hectares under option in some of the most prospective areas.  We
have recently received prospecting permits on the Houtenbek, Onverwacht and
Mapochsgronde properties in the eastern Bushveld and await the imminent release
of permits pertaining to Messchunfontein and the other projects in the western
Bushveld.  When these are received, your board will aggressively pursue the next
stage of exploration required on each property.

In order to comply with the new mining legislation in South Africa, the Company
has identified a Black Empowerment partner and the New Africa Mining Fund has
agreed to funding amounting to some £2.3 million against certain milestones.
The New Africa Mining Fund is a highly respected fund supported by several major
Banks, funding agencies and major mining/companies.  We appreciate their support
in assisting with our Empowerment agenda and general support of our evolving
platinum operation.  This transaction marks a milestone for Jubilee, as having
the right empowerment partner in place is crucial to accelerating the
development of its prospective PGM projects in South Africa.  The transaction
was negotiated at fair value and the Company spent considerable time identifying
the right partner in K-Plats (Pty) Ltd.

In Madagascar, the Company's phase two soil sampling and reconnaissance
programme on the Londokomanana concession showed extremely promising nickel and
copper anomalies, which doubled the strike length of the initial mineralised
zone to 700 metres, increased its width to 200 metres and extended the target
for potentially similar mineralisation to a 10 kilometre strike length.  SRK
Consulting - Cardiff, the independent mining and geological consultants,
undertook a geostatistical assessment of the raw data and concluded that there
is a clear and continuous zone of elevated copper and nickel grades and a
suggestion of the presence of either more than one type of structure, phase of
copper and nickel mineralization, or the fact that two different ore horizons
have been included in the data.

Madagascar also has recently received support from the World Bank, which has
committed the investment of US$40 million to aid the promotion of Madagascar's
emerging mining industry.  In particular, a new Mining Code offering a secure
legal and fiscal framework has been put in place and Jubilee believes the
changes in legislation will have a positive effect in encouraging foreign
investment.  A statement by the World Bank recently highlighted Madagascar as
having vast untapped mineral reserves.

Encouraged by the Londokamanana exploration results and Madagascar's stated
commitment to the mining sector, Jubilee intends to acquire further positions
where regional geology and previous work justifies.

In Sierra Leone, a soil sampling programme targeted towards extending previous
work undertaken by Jubilee's joint venture partner Golden Prospect Plc (AIM:
GOL) has been completed and the results of this programme are imminent.

The second part of the year will be spent consolidating our exploration
positions in South Africa, Madagascar and Sierra Leone and advancing exploration
where permits and results warrant.

We are encouraged by our progress during the period and look forward to
consolidation of our positions and further progress.

On behalf of the board, I would like to thank our shareholders for their
support.  I would also like to thank my fellow directors, employees and
consultants for their efforts over the period and their continuing support for
Jubilee.


Stephen Kearney
Chairman
26 March 2004


For further information please contact:


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


Consolidated Profit and Loss Account
For the six months ended 31 December 2003

                                                 Six months          Period
                                                      ended           ended
                                                  31 Dec 03       31 Dec 02
                                                     £000's          £000's

Administrative expenses                                (170)          (136)
Amortisation of goodwill                                (19)             -
                                                       ____           ____

Operating loss                                         (189)          (136)

Interest receivable                                      14             14

Amounts written off investments                           -           (266)
                                                       ____           ____

Loss on ordinary activities before taxation            (175)          (388)

Tax on loss on ordinary activities                        -              -
                                                       ____           ____

Retained loss for the period                           (175)          (388)

Basic and diluted loss per ordinary share             (0.4p)           (1p)




Consolidated Balance Sheet
As at 31 December 2003


                                                  31 Dec 03      31 Dec 02
FIXED ASSETS                                        £ 000's        £ 000's

Tangible assets                                           2              1
Intangible assets                                       394            405
                                                      _____          _____
                                                        396            406

CURRENT ASSETS

Investments                                               -            384
Debtors                                                  74             21
Cash at bank and in hand                              3,386            887
                                                      _____          _____
                                                      3,460          1,292

CREDITORS: amounts falling due within one year          (52)          (111)
                                                      _____          _____
NET CURRENT ASSETS                                    3,408          1,181
                                                      _____          _____

TOTAL ASSETS LESS CURRENT LIABILITIES                 3,804          1,587
                                                      _____          _____

CAPITAL & RESERVES

Ordinary Share Capital                                  492            388
Share Premium                                         4,042          1,587
Profit and Loss Account                                (730)          (388)
                                                     ______          _____
                                                      3,804          1,587
                                                     ______          _____
                                                                   

Interim report - Notes

1.         The interim statement for the six months ended 31 December 2003 is
unaudited and was approved by the directors on 25 March 2004.  The financial
information set out above does not constitute statutory accounts within the
meaning of section 240 of the Companies Act 1985.

2.         The accounting policies remain as stated in the Annual Report for the
period ended 30 June 2003.

3.         The calculation of loss per ordinary share is based on losses of
£175k for the six months ended 31 December 2003 and the weighted average number
of ordinary shares outstanding during the same period of 39,416,666.

4.         Copies of the interim report are available to the public free of
charge from the company at 37 Thurloe Street, London SW7 2LQ during normal
office hours for 30 days from the date of this report.







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