Business
Jubilee & Impala JointVenture
Jubilee & Impala JointVenture.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n06 April 2006\n\nJOINT NEWS RELEASE - FOR IMMEDIATE RELEASE\n\n\n6 April 2006 Jubilee Platinum Plc AIM: JLP\n Impala Platinum Holdings Limited JSE: IMP\n LSE: IPLA\n ADR: IMPUY\n\n\n Jubilee Platinum Plc\n ('Jubilee' or 'the Company')\n\n and\n\n Impala Platinum Holdings Limited\n ('Implats' or 'the Company')\n\n\n Jubilee and Implats Agree Joint Venture on Ambodilafa Project, Madagascar\n\n\nJubilee today announced that it has entered into an option agreement with\nImplats with regards to its prospective Ambodilafa project in Madagascar. The\nproject has the potential to host significant Ni-Cu-PGE mineralisation.\n\n\n\nHighlights\n\n\n\n• Jubilee, through its Madagascan subsidiary MRM Sarl ('MRM'), and\nImplats agree to an option agreement on MRM's Ambodilafa project ('Ambodilafa')\nin Madagascar\n\n\n\n• Implats has the right to earn an undivided 51% interest in the\nAmbodilafa property by funding in four phases a total aggregate of US$5,000,000\nfor exploration, though expenditure can be accelerated if required\n\n\n\n• MRM retains a 49% equity stake if Jubilee elects to continue funding\nAmbodilafa to feasibility stage and through to mine development\n\n\n\n• MRM dilutes to 35% of a new mine without further funding from Jubilee\nshareholders if Jubilee elects not to continue funding\n\n\n\n• Jubilee will remain the operator of Ambodilafa until incorporation of\na Joint Venture, for which the Company will receive a 5% management fee\n\n\n\n• Ambodilafa is an extensive 20 kilometres long by 4 kilometres wide\nmafic-ultramafic system, which could host significant Ni-Cu-PGE (platinum group\nelement) mineralisation\n\n\n\n• Jubilee has established that a drilling programme carried out in 1969\nwas on the fringes of the main system and intends to focus activities on the\napparent system defined by airborne geophysics\n\n\n\n\n\nColin Bird, Chief Executive Officer of Jubilee, said: 'In concluding this\nagreement, we looked at several options for the development of Ambodilafa and\nImplats offered the better route for shareholder value, considering its size,\nmission and modus-operandi in working with junior partners. With our highly\nprospective exploration projects in Madagascar and South Africa, risk sharing in\nwhat could be our largest project makes good sense. We look forward to working\n...