Business
Prospective New Project
Prospective New Project.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n21 February 2006\n\n\n JUBILEE PLATINUM PLC\n ('Jubilee' or 'the Company')\n\n Jubilee Acquires 70% Option in Prospective New Platinum Project\n\n\nJubilee today announces that it has agreed terms for a Joint Venture with MSA\nProjects (Pty) Ltd ('MSA'), which will allow the Company to earn a minimum of\n70% interest in the prospective Grass Valley Platreef project in the northern\nlimb of the Bushveld Complex. The earn-in option is valid over a period of 33\nmonths, mainly through the funding of exploration by its wholly owned subsidiary\nWindsor Platinum Investments (Pty) Limited ('Windsor') and the staged issuing of\nWindsor shares to MSA.\n\n\nHighlights\n \n• Jubilee acquires option to earn-in to a 70% interest in the Grass Valley \n platinum group metal (PGM) project in the northern limb of the Bushveld\n Complex\n\n• The 663 hectares project, represents possibly the last remaining\n untested block of Platreef ground in the Bushveld Complex\n\n• Five kilometres of potential Platreef identified in outcrop\n\n• The project is located between exploration successes including the War\n Springs, Rooipoort and Volspruit deposits\n\n• Open-pittable PGM deposits predominate on the Platreef\n\n• The project has Prospecting Rights and is drill ready\n\nThe terms of the Joint Venture give Windsor the right to undertake an\nexploration programme including drilling, for which prior to commencement\nWindsor will pay MSA ZAR140,000 and Jubilee will grant MSA a five-year option,\nfrom date of the issue of the prospecting right, to subscribe for 500,000 shares\nin Jubilee at the share price plus 15% prevailing at the time of subscription.\nAfter commencement of exploration, Windsor will earn-in to up to a 70% interest\nin the project by funding the programme in stages and by the issuance of Windsor\nshares to MSA. The issue of Windsor shares to MSA will depend on the level of\nexploration funding committed by Windsor and the technical/commercial success of\nthe various exploration stages. MSA will have the right to convert the Windsor\nshares to Jubilee shares up to a maximum of 5,500,000 Jubilee shares.\n\nJubilee and MSA support both the philosophy and intentions of the Mineral and\nPetroleum Resources Development Act (MPRDA) and the Mining Charter of South\nAfrica and the agreement makes provision for...