Jubilee Hernic PGM Project

RNS Number : 1347B

Jubilee Metals Group PLC

05 January 2018

 

Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

("Jubilee" or "Company")

Jubilee Hernic PGM Project

Jubilee notes recent media speculation regarding operations at Hernic Ferrochrome Proprietary Limited ("Hernic") and wishes to issue a clarification.

Jubilee operates a chrome and platinum recovery plant at Hernic's ferrochrome mine in South Africa.

On Friday 29 December 2017 a tailings spill occurred, which caused a V-shaped failure of the side wall of compartment 2 of the tailings dam.  The failure in the wall was resealed the same day by Hernic. The spillage was contained on the adjacent property, which was previously used as an opencast mining area.  Hernic has commenced with the clean-up of the spill and expects to resume depositing of final processed tailings in compartment 2 before the end of the month.  Compartment 2 of the tailings dam was used by Hernic for depositing the final chrome and PGM processed tailings from Jubilee's Hernic Project operation. During this interim period, compartment 1 of the tailings dam will be used for depositing the final processed tailings.  Jubilee will continue operating its PGM processing plant and will reduce throughput only during the interim period by approximately 30% to allow Hernic to fully restore compartment 2.  

Jubilee is targeting the release shortly of its Q4 2017 Hernic project results which are expected to record a further increase in PGM ounce production in excess of 25% over Q3 2017.

5 January 2018

Contacts

Jubilee Metals Group plc

Colin Bird/Leon Coetzer
Tel [phone] / Tel [phone]
Andrew Sarosi
Tel [phone]

JSE Sponsor

Sasfin Capital, a member of Sasfin group

Sharon Owens
Tel [phone]

Nominated Adviser

SPARK Advisory Partners Limited
Mark Brady/Andrew Emmott
Tel: [phone]

Broker

Beaufort Securities Limited
Jon Belliss
Tel: [phone]

 

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