25th Mar 2008 07:01
Jubilee Platinum PLC25 March 2008 25 March 2007 AIM: JLPJSE: JBL Jubilee Platinum Plc ("Jubilee" or "the Company") Jubilee Receives Approval to Purchase Shares in NewPlats (Tjate) (Pty) Limited ("NewPlats") Highlights: • Jubilee receives regulatory approval to purchase 49.0% interest in NewPlats. • Jubilee increases its beneficial interest in Tjate to 48.72%. The Company is pleased to announce that the South African Reserve Bank (SARB)has given its approval for Jubilee to purchase a 49% interest in NewPlats(Tjate) (Pty) Limited ("NewPlats"), pursuant to the Sale of Shares Agreementannounced 17 July 2007. The SARB approval was the final condition precedent ofthe Sale of Shares Agreement. This purchase of interest in NewPlats, who areshareholders of Tjate Platinum Corporation (Pty) Limited (Tjate), increasesJubilee's direct and indirect interest in the Tjate Platinum project to 48.72%.The purchase consideration is by way of issue to NewPlats shareholders of 7 702291 ordinary shares in Jubilee at a price of ZAR8.91 or 63 pence per ordinaryshare and representing 7.34% of the enlarged issued share capital of theCompany. Application will be made to list these shares on the JSE Limited andAIM. The Company also, previously announced 17 July 2007, entered into a PreferenceShare Subscription and Sale Agreement ("Agreement") to purchase NewPlats' APreference shares by way of issue of new Jubilee shares. This Agreement issubject to SARB and the Department of Minerals and Energy (DME) approvals, anapplication for which has been submitted under section 11 of the Mineral andPetroleum Resources Development Act, 2002. The Company is still waiting forthese approvals. Colin Bird CEO of Jubilee said, "In consummating this purchase of an interest inour economic empowerment partner NewPlats, we have increased our beneficialinterest in the Tjate project and at the same facilitated economic participationof NewPlats in Jubilee. We believe this transaction enhances value for Jubileeshareholders and we look forward to working with NewPlats and our other partnersin Tjate to advance the project towards completion of its feasibility study. 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 Sarosi Jan Bosch / Paul BrettJubilee Platinum plc Investec Bank (UK) LimitedTel +44 (0) 1752 221937 Tel + 44 (0) 20 7597 5000 Notes to editors: With the conclusion of this transaction, Jubilee owns directly and indirectly48.72% of Tjate. The Tjate project, which has a converted prospecting right,comprises of three contiguous farms totaling 5,143 hectares in the easternBushveld: namely Dsjate, Fernkloof and Quartz Hill. The farms are locatedadjacent to and down dip of Impala Platinum's operating Marula platinum groupmetal (PGM) mine and of Anglo Platinum's developing Twickenham PGM project.Jubilee has embarked on a bankable feasibility study following the completion ofa positive scoping study of the project (announced 6 June 2007). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jubilee Metals