Jubilee & Impala JointVenture

Jubilee Platinum PLC
06 April 2006

JOINT NEWS RELEASE - FOR IMMEDIATE RELEASE


6 April 2006                Jubilee Platinum Plc                        AIM: JLP
                Impala Platinum Holdings Limited                        JSE: IMP
                                                                       LSE: IPLA
                                                                      ADR: IMPUY


                              Jubilee Platinum Plc
                          ('Jubilee' or 'the Company')

                                      and

                        Impala Platinum Holdings Limited
                         ('Implats' or 'the Company')


   Jubilee and Implats Agree Joint Venture on Ambodilafa Project, Madagascar


Jubilee today announced that it has entered into an option agreement with
Implats with regards to its prospective Ambodilafa project in Madagascar.  The
project has the potential to host significant Ni-Cu-PGE mineralisation.



Highlights



•         Jubilee, through its Madagascan subsidiary MRM Sarl ('MRM'), and
Implats agree to an option agreement on MRM's Ambodilafa project ('Ambodilafa')
in Madagascar



•         Implats has the right to earn an undivided 51% interest in the
Ambodilafa property by funding in four phases a total aggregate of US$5,000,000
for exploration, though expenditure can be accelerated if required



•         MRM retains a 49% equity stake if Jubilee elects to continue funding
Ambodilafa to  feasibility stage and through to mine development



•         MRM dilutes to 35% of a new mine without further funding from Jubilee
shareholders if  Jubilee elects not to continue funding



•         Jubilee will remain the operator of Ambodilafa until incorporation of
a Joint Venture, for which the Company will receive a 5% management fee



•         Ambodilafa is an extensive 20 kilometres long by 4 kilometres wide
mafic-ultramafic system, which could host significant Ni-Cu-PGE (platinum group
element) mineralisation



•         Jubilee has established that a drilling programme carried out in 1969
was on the fringes of the main system and intends to focus activities on the
apparent system defined by airborne geophysics





Colin Bird, Chief Executive Officer of Jubilee, said: 'In concluding this
agreement, we looked at several options for the development of Ambodilafa and
Implats offered the better route for shareholder value, considering its size,
mission and modus-operandi in working with junior partners. With our highly
prospective exploration projects in Madagascar and South Africa, risk sharing in
what could be our largest project makes good sense. We look forward to working
with Implats to unlock the value we believe is contained in the project.'



Les Paton, Executive Director of Impala said, 'We recognise the Ni-Cu-PGE
potential of the Ambodilafa Project area and we look forward to working with
Jubilee on this project.'



About the Joint Venture Agreement:



Jubilee and MRM grant Implats the sole and exclusive right and option to acquire
incrementally an undivided 51% interest in the Ambodilafa property by funding in
four phases a total aggregate of US$5,000,000 for exploration.  Implats may
accelerate expenditure if it elects.



In the event of termination of the agreement subsequent to the first funding
phase but prior to the second funding phase, Implats's accrued interest
prevailing will be converted to a 1% Net Smelter Returns ('NSR') royalty.



Implats will retain its progressively accrued interest subsequent to the second
funding phase and should it elect to terminate the agreement before the fourth
funding phase, Jubilee may buy back such interest on the basis of proven
historical expenditure incurred.



On Implats expending US$5,000,000, the parties will automatically incorporate a
joint venture ('JV') company for the further development of the property,
including feasibility studies and mine development. At JV formation, Implats
will own 51% of the equity and MRM 49%.



Jubilee remains the operator until incorporation of a JV, for which it receives
a 5% management fee.



Jubilee may elect to part fund or not fund the feasibility studies, in which
case MRM will dilute pro rata to not less than 35% interest, which cannot be
diluted.



On decision to mine, MRM may elect for its 35% share to be carried by Implats to
production and such carried funding will be recovered from part of the operating
cash flow that would be attributable to MRM.



MRM Sarl, Jubilee's 85% owned Madagascan subsidiary, is the legal owner of the
Ambodilafa property. Jubilee has the legal right to buy back 10% of the local
partner's 15% interest in MRM for US$100,000 per percentage point.



This agreement is conditional on both parties evidencing to the satisfaction of
the other that all licences, permissions and regulatory approvals are in place.





About Ambodilafa:



Jubilee's large 4 kilometres wide by 20 kilometres long Ambodilafa concession is
part of an extensive mafic-ultramafic system. The property is located some 160
kilometres southeast of the Madagascan capital Antananarivo.



Previous regional reconnaissance drilling by others in the area, in 1969,
included an intersection of 93 metres of disseminated sulphides, containing
pyrrhotite, pentlandite (nickel ore mineral) and chalcopyrite (copper ore
mineral).  The intersection included a 1.5 metre intercept assaying 2.2% nickel
and 0.35% copper. The drill cores were not analysed for their PGE (platinum
group elements) content, but later stream sediment sampling in 1990 defined
several drainage catchments in the vicinity of the area drilled, which showed
anomalous platinum and palladium values.



This earlier drilling, which followed identified geochemical anomalies, was
carried out generally to the west of a significant electro-magnetic geophysical
anomaly identified by others in 1969 and subsequently confirmed by the recently
announced results (8 December 2005) of the helicopter-borne Versatile
Time-Domain Electromagnetics geophysical survey over the same area.





For further information, please contact:



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

Les Paton                                  Bob Gilmour
Implats                                    Implats
Executive Director                         Group Investor Relations Manager
Tel [phone]                     Tel + 27 11 481 3913/2


                      This information is provided by RNS
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