Business
Withdrawal of Cautionary Announcement
Withdrawal of Cautionary Announcement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 0673K Jubilee Platinum PLC 08 July 2011 \n \n\n8 July 2011\nAIM: JLP\nJSE: JBL\nRegistration number: 4459850\nISIN: GB0031852162\nJUBILEE PLATINUM PLC\n(\"Jubilee\" or \"the Company\")\nWITHDRAWAL OF CAUTIONARY ANNOUNCEMENT\nHighlights\n· Jubilee progresses its strategy in obtaining rights to platinum in chrome ores\nFurther to the announcement dated 5 April 2011 in which Jubilee announced that it had executed a binding Memorandum of Understanding (\"MOU\") for the acquisition of a mining opportunity and operating company identified with near-surface chrome ore bodies containing platinum group elements (PGE's), Shareholders are referred to the cautionary announcement published on 14 March and are advised that as the negotiations relating to the subject matter of the cautionary announcement have been terminated, caution is no longer required to be exercised by shareholders when dealing in their Jubilee securities.\nThe Company provides the following update in this matter. \nThe binding MOU was allowed to expire by the Company principally as the result of the Company being unable to satisfy itself on the security of the mineral rights.\nAs previously announced Jubilee's subsidiaries Braemore Resources and Maude Mining, have made significant progress in securing rights to platinum in near surface chrome ores for both exploration and mining of PGE's from the Department of Minerals and Resources (\"DMR\") in South Africa. Braemore Resources has received acceptance from the DMR for PGE's and chrome exploration rights for more than 60 portions on and around the Bokfontein farm in the North West province of South Africa. Maude Mining has received acceptance from the DMR for PGE's mining rights to a further 6 portions on the Bokfontein farm in the North West province of South Africa. \nThe properties where these rights are held are in the region of the proposed transaction under the MOU. Jubilee's focus in the proposed transaction was to gain access to the platinum in the chrome reefs and the success by Jubilee's subsidiaries in gaining access to more significant platinum in chrome reefs in the region of the targeted company, negates the need for further pursuing the proposed transaction. \nJubilee is continuing with its strategy o...