19th Jul 2007 07:00
Jubilee Platinum PLC19 July 2007 Jubilee Platinum Plc ("Jubilee" or "the Company") Jubilee Acquires Preference Shares in New Plats (Tjate) (Pty) Limited ("NewPlats") The Company announces that the Sale of Shares Agreement announced in December2006, has been amended whereby Jubilee has now acquired a 49% interest inNewPlats by way of issue of new Jubilee shares, subject to South African ReserveBank (SARB) approval, thereby increasing to 48.72% the Company's direct andindirect interest in Tjate Platinum Corporation (Pty) Limited ("Tjate"). The Company is pleased to announce further that it has now entered into aPreference Share Subscription and Sale Agreement ("Agreement") to purchaseNewPlats' A Preference shares ('Preference Shares') by way of issue of newJubilee shares, subject to SARB and the Department of Minerals and Energy (DME)approval. On receipt of this approval the Company's indirect and direct interestin Tjate will increase to 58.53%. Highlights: • This Preference Share Agreement will result in Jubilee holding a further 9.81% indirect interest in Tjate • Jubilee's direct and indirect stake in Tjate will increase to 58.53% from the 48% previously announced in December 2006 • The consideration for the Preference shares will be by way of issue of new Jubilee shares Colin Bird CEO of Jubilee said, "In taking this step, we are progressing ourinterest in Tjate. This Agreement with NewPlats further cements our relationshipwith our economic empowerment partners and Jubilee looks forward to working withthem to advance the project towards development." Salient Terms of the Agreement NewPlats shareholders, who have elected to do so, will subscribe pro rata theirinterest in NewPlats for Preference Shares at par value. The Company will purchase all NewPlats Preference shares in issue, theconsideration for which will be by way of issue of 5,507,493 Jubilee shares toNewPlats. The Preference Shares confer on the holders the right to receive all dividendsor other distributions declared and/or paid by NewPlats to its shareholders inrespect of 9.81% of the shares it holds in Tjate. Under this Agreement theCompany will have the right, subject to DME approval, to convert the PreferenceShares to equity in Tjate. Notes to editors: Jubilee has a 25% interest in Black Economic Empowered Tjate with a right tosubscribe for a further 10% interest on expenditure of ZAR14 million towardsexploration and a feasibility study. The Tjate project, which has a converted new order prospecting right, comprisesof three contiguous farms, totaling 5,143 hectares in the eastern Bushveld:namely Dsjate, Fernkloof and Quartz Hill. The farms are down dip of Implats'operating Marula PGM mine and Anglo Platinum's developing Twickenham PGMproject. Jubilee has recently completed a positive scoping study of the project (announced 6 June 2007) based on the first phase of drilling on the Dsjate farmof seven boreholes, all of which intersected at targeted depths the Merenskyreef and, where drilled deeper, the UG2 reef. For further information please contact: Colin Bird Louise Goodeve/ Justine HowarthJubilee Platinum plc Parkgreen Communications LtdTel +44 (0) 20 7584 2155 Tel +44 (0) 20 7851 7480 Andrew SarosiJubilee Platinum plcTel +44 (0) 1752 221937 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jubilee Metals