Wrap Text
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN: GB0031852162
("Jubilee" or "the Company")
JUBILEE PLATINUM EXECUTES HEADS OF AGREEMENT WITH INDIAN PACIFIC
RESOURCES FOR IT TO FARM-IN TO AN IRON ORE OPPORTUNITY IN THE
AMBODILAFA TENEMENT AREA IN MADAGASCAR
Jubilee Platinum, the AIM listed and JSE quoted mine-to-metal specialist, is pleased to
announce that it has executed a Heads of Agreement (a''HoAa'') with unlisted Indian Pacific
Resources Limited (a''IPRa'') for it to farm-in up to a 90% interest in all commodities
(a''Commoditiesa'') other than platinum group metals, metals traded on the London Metals
Exchange and chrome (a''PGEs and Metalsa'') in Jubileea''s Ambodilafa tenement area
(a''Ambodilafa Projecta''), Madagascar.
Highlights
- Jubilee acquires participation rights in a potentially large non-core iron ore
opportunity in the Jubilee Platinum owned Ambodilafa Project with minimum
initial funding from Jubilee.
- IPR to farm-in in stages up to a 90% interest in the Commodities on funding
exploration.
- IPRa''s prime iron ore target identified in Samelahy area of the Ambodilafa Project is
a 6km long high intensity aeromagnetic anomaly, identified in a previous airborne
geophysics survey by Jubilee over the Ambodilafa Project targeting PGE-Ni-Cu
prospects.
- Ambodilafa is located only 45km from the ocean and 80km south west of
Tratramarina, which is a potential logistic benefit for iron ore shipping.
This Agreement is subject to underlying agreements and to the extent necessary to the
approval of regulatory authorities.
Ambodilafa is located on the east coast of Madagascar only 45km from the coastal town of
Nosy Varika and 80km to the southwest of IPRa''s key project, Tratramarina. The Samelahy
prospect, a green field exploration area lies generally outside the Companya''s PGE-Ni-Cu
project target area.
Colin Bird, Chairman commented: a''We are pleased to have entered into this agreement and
to participate in this new exploration opportunity fully funded by IPR. This is in line with our
stated ongoing review of strategic options for continued exploration in the country. a''
Heads of Agreement Key Terms
Under the terms of the HoA, IPR can earn up to a 90% interest in Commodities in the
Ambodilafa tenement area, excluding PGEs and Metals, through spending directly on
exploration.
The key terms of the HoA are:
Stage Expenditure Timetable IPR Interest IPR Cumulative Interest
Programme (US$) Earned in Earned in
Commodities Commodities
Stage 1 1,000,000 18 months 51% 51%
Stage 2 1,000,000 12 months 30% 81%
Stage 3 1,000,000 12 months 9% 90%
Jubilee has the opportunity at the end of each stage to retain its residual equity interest in
the project through contributing to future exploration. If the Company elects not to
contribute at the end of Stage 3, then IPR has the right to acquire the residual 10% interest
for either US$1,500,000 in cash or convert it to a 1.5% net sales revenue royalty.
In the event that IPRa''s exploration at Ambodilafa discovers a new PGEs and Metals deposit,
Jubilee would have the right to farm-in to the PGEs and Metals, as if IPR was the owner for
the same farm-in terms and conditions. However, Jubilee will continue to have rights over
any discovery of PGEs and Metals made by IPR.
IPR and Jubilee intend to use best endeavours to complete a formal farm-in agreement
before 31st July, 2012.
The Ambodilafa Project
The Ambodilafa Project is made up of three granted research permits, PRs 6595, 13011 and
21910, which cover an area of approximately 48km2 . The project is located around 45km
2
west of the coastal town of Nosy Varika on the central east coast of Madagascar and
approximately 80km south west of IPRa''s high priority Tratramarina Project. IPRa''s key target
at Ambodilafa is the Samelahy prospect, which lies within the northern portion of the
tenement area.
The Samelahy prospect was identified by IPR from a regional aeromagnetic survey, which
revealed Tratramarina anomaly outside of the Ambodilafa area. It is a more intense
aeromagnetic feature, which extends over a north south strike length of approximately 6km.
Jubileea''s 100m heliborne magnetic and radiometric geophysical survey over the area,
conducted in June 2008, further enhanced detail over the anomaly.
Geological mapping over the southern portion of Samelahy, carried out by Jubilee in 2010
during its PGE exploration programme, identified outcropping banded iron formation.
The Samelahy Prospect has the potential to host a significant magnetite-rich iron ore
deposit.
Following completion of formal farm-in agreement, IPRa''s immediate programme at
Ambodilafa will be to conduct geological mapping and rock chip sampling over the Samelahy
prospect. The airborne geophysical data will also be processed and interpreted in more
detail to help identify suitable sites for an initial drilling programme.
Andrew Sarosi, Director of Jubilee, holds a B.Sc. Metallurgy and M.Sc. Engineering, University of
Witwatersrand, is a member of The Institute of Materials, Minerals and Mining and is 'qualified
person' as defined under the AIM Rules for Companies and a competent person under the reporting
standards. He has approved the release of this announcement.
For further information, please contact:
Jubilee Platinum plc
Colin Bird/Leon Coetzer/Andrew Sarosi
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913/+44 (0) 1752 221937
finnCap Ltd
Matthew Robinson/Rose Herbert a'' corporate finance
Joanna Weaving a'' corporate broking
Tel +44 (0) 20 7600 1658
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/ Edward Mansfield
Tel: +44 (0) 20 7 408 4090
Sasfin Capital
Leonard Eiser /Sharon Owens
3
Bishopsgate Communications
Nick Rome/ Anna Michniewicz/ Ivana Petkova
Tel: +44 (0) 20 7562 3350
Johannesburg
9 July 2012
Sponsor
Sasfin Capital (a division of Sasfin Limited)
Date: 09/07/2012 08:00:00 Supplied by www.sharenet.co.za
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