Name of the project and location
Ambodilafa project, Madagascar.

Project description
Jubilee Platinum has entered into an option agreement with Impala Platinum (Implats) with regard to its prospective Ambodilafa project.

Based on exploration drilling conducted at the site in 1969, the project has the potential to host significant copper, nickel and platinum-group metals, and the presence of these minerals was confirmed by an airborne survey using electromagnetics last year. The site of the project is 4 km wide and 20 km long.

The deal will progress through four phases, after each of which Implats will decide whether to remain with the project.

Value
Implats will earn up to a 51% interest in the project by spending $5-million in exploration.

Duration
Not stated.

Breakdown of main contracts
Not stated.

Client
Jubilee Platinum. Once Implats spends the $5-million for exploration, a joint venture will be formed to move towards building a mine.

Latest developments
In September 2006, Jubilee Platinum announced that it had received the appropriate regulatory approvals to embark on the first phase of exploration drilling at Ambodilafa. This will see the selected drilling of geophysical and geochemical anomalies during 2007.

The third drill hole at the project intersected semimassive to massive nickel-copper sulphide mineralisation.

Participants
Implats.

On budget and on time?
Too early to state.

Contact details for project information
Implats group investor relations manager, Bob Gilmour, tel (011) 481 3913.
Jubilee Platinum, Colin Baird, tel + 44 20 7584 2155.