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JBL - Jubilee Platinum PLC - Receives offer on behalf of Tjate Platinum Corporation for Quartzhill Farm Jubilee Platinum PLC AIM: JLP JSE: JBL Registration number: 4459850 ISIN GB0031852162 ("Jubilee" or the "Company") JUBILEE RECEIVES ON BEHALF OF TJATE PLATINUM CORPORATION, ZAR75M CASH OFFER TO TJATE FOR TJATE`S QUARTZHILL FARM, A PORTION OF TJATE`S PLATINUM PROJECT Jubilee, the AIM listed and JSE quoted mine to metals specialist, is pleased to announce that it has received, on behalf of Tjate Platinum Corporation (Pty) Ltd (Tjate), in which Jubilee is a shareholder, a formal offer ("Offer") from a major mining company to acquire from Tjate for ZAR75 million (c.GBP5.95 million at current exchange rates) in cash, Tjate`s Quartzhill farm ("Quartzhill"), which is a portion of Tjate`s Platinum Project. Highlights - ZAR75 million cash offer received from a major miner for Tjate`s Quartzhill farm; - Jubilee will be recommending the Offer to Tjate Shareholders; - Quartzhill has not been drilled and is not included in Tjate`s long-term mining plans; and - The Offer from a major minor endorses Jubilee`s original decision to earn-in into Tjate. The Tjate platinum project comprises three contiguous farms Dsjate, Fernkloof and Quartzhill. Quartzhill lies to the northwest of Tjate`s projected first mine area, which comprises only the Dsjate farm. The Tjate project is well located relative to major mining companies. The Company believes that this Offer, which the Offeror considers a strategic acquisition, is acceptable because: a) Quartzhill lies outside of the centre of gravity of Tjate`s projected first mine area and therefore costs of mining this block could be potentially prohibitive; b) Quartzhill`s platinum reefs are deeper than those targeted on Dsjate; and c) Quartzhill has not been drilled and therefore is not included either in Tjate`s current SAMREC compliant resource estimate or in Tjate`s long-term mining plan. Other than the cash that Tjate would receive as a result of this Offer, the effect of the transaction on the value of the assets of Jubilee is not considered material. The Offer, which Jubilee will be recommending to Tjate shareholders, is subject to the approval of Tjate shareholders, the Department of Mineral Resources (DMR), other regulatory bodies and the Offeror`s board, and is subject further to the Offeror`s satisfactory due diligence. Leon Coetzer CEO of Jubilee commented: "This Offer for Quartzhill recovers value to Tjate shareholders, but does not detract from the Project`s mineable value currently attributable to Jubilee, since Quartzhill has not been drilled, is distant from the targeted shaft and so potentially not viable to mine and therefore has been excluded from the current mine plan proposed in Tjate`s recently submitted Mining Right application to the DMR." Colin Bird Chairman of Jubilee said: "This cash offer gives Jubilee and all the Tjate shareholders the potential to monetise, in the short term, a very long-term and therefore non-core asset. Further, the Offer is a credibility endorsement of the Company`s original decision to earn-in into Tjate." Contacts Colin Bird/Leon Coetzer Jubilee Platinum plc Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913 Andrew Sarosi Jubilee Platinum plc Tel +44 (0) 1752 221937 Matthew Robinson/Rose Herbert - corporate finance Joanna Weaving - corporate broking finnCap Ltd Tel +44 (0) 20 7600 1658 Leonard Eiser/Sharon Owens Sasfin Capital Tel +27 (0) 11 809 7500 Nick Rome/Shabnam Bashir Bishopsgate Communications Ltd Tel +44 (0) 20 7562 3350 Shore Capital Stockbrokers Limited (Joint Broker) Jerry Keen/ Edward Mansfield Tel: +44 (0) 20 7 408 4090 4 October 2011 Sponsor: Sasfin Capital (A division of Sasfin Bank Limited) Date: 04/10/2011 08:00:18 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
