Jubilee Platinum issues cautionary, shares surge

By: Mariaan Webb

Published: 29th June 2009

JOHANNESBURG (miningweekly.com) – Platinum group metals exploration and development company Jubilee Platinum’s share price surged in London and Johannesburg on Monday, when it issued a cautionary announcement.

The Aim- and JSE-listed company told shareholders that it had entered “into negotiations”.

Jubilee’s share price advanced to 56p a share in London, surging 56% from Friday’s closing price of 35,75p a share.

On the JSE, Jubilee’s share price rose to by 46% to R7 a share.

The company's flagship project is Tjate project in South Africa, in which it has a 63% beneficial interest. The project covers some 5 140 ha and is downdip of Anglo Platinum’s Twickenham and Impala Platinum’s Marula operations.

Jubilee announced earlier this month that it would advance Tjate project to feasibility study stage, after a Samrec-compliant resource statement estimated that the project could contain an attributable 44-million ounces of six platinum group-metal elements and gold.

Jubilee is also is also exploring a number of nickel/copper/PGM projects in Madagascar.

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