JBL - Jubilee Platinum PLC - Operations update

Release Date: 05/08/2011 08:00
Code(s): JBL
Wrap Text

JBL - Jubilee Platinum PLC - Operations update Jubilee Platinum PLC AIM: JLP JSE: JBL Registration number: 4459850 ISIN GB0031852162 ("Jubilee" or the "Company") OPERATIONS UPDATE Jubilee Platinum Plc, the AIM and JSE quoted mine to metal specialist is pleased to announce that is has reached operational temperatures at the Company`s new 5MW AC furnace at Middelburg which is now moving towards full production of 2,400 tonnes per month of ferroalloy feed stock and/or concentrate. In addition, the Company is delighted to announce exceptional results from Platinum Group Metals ("PGMs") flotation recovery testwork carried out on a representative UG2 chromitite reef drill core samples from its Tjate Platinum project ("Tjate") as part of its on-going prefeasibility study. HIGHLIGHTS - The additional capacity provided by the new furnace could potentially generate additional monthly revenues of around R6.0 million (GBP540,000 at current exchange rates ) while producing ferroalloys; - Currently the furnace is being fine tuned and final inspections concluded after the initial smelting runs, for ramp up to full production; - Tjate continues to produce positive results towards its pre-feasibility study; - Recoveries of 90.0% to 91.5% of 4E (platinum palladium rhodium & gold) from flotation testwork on the UG2 ore while producing above average concentrate grade; and - The exceptional recoveries of the platinum group elements ("PGEs") were achieved by producing a UG2 concentrate containing high chrome. ConRoast is the only available smelting solution for effectively processing such chrome rich platinum concentrates. Leon Coetzer, CEO of Jubilee Platinum commented: "We are delighted to report that we have commenced feeding ferroalloy concentrate to the new 5MW furnace at our Middelburg smelting facility. Tjate testwork results continue to add value to our project, supported by our ability to process high chrome containing platinum concentrates." Bringing into production of the new 5MW AC- furnace Aligned with the two existing 2.5MW AC furnaces, the new 5 MW AC furnace effectively doubles the furnace capacity on site at Middelburg to 10MW. The new furnace`s production will be ramped up to a designed throughput of feed material of 2,400 tonnes per month. This additional capacity is potentially capable of generating additional monthly revenues of around R 6.0 million (c.GBP540,000 at current exchange rates) while operating as a ferroalloy furnace. Tjate Flotation testwork Eight UG2 reef drill core sampl
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