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Tjarte update and issue of equity
Jubilee Platinum PLC
Registration number (4459850)
JSE share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company")
TJATE UPDATE AND ISSUE OF EQUITY
Progress on Tjate Mining Application
The Company is pleased to announce that its subsidiary, Tjate
Platinum Corporation (Pty) Ltd (“Tjate”), received a Department of
Mineral Resources (“DMR”) notification of acceptance of its Mining
Right Application for the Tjate Platinum Mine project. Tjate is
consulting with the DMR in this regard, to agree on the timing and
deadlines for submission of a scoping report and separately an
Environmental Management Programme as required by the Mineral and
Petroleum Resources Development Act, 2002 (Act 28 of 2002).
PGM Processing Agreement Executed and Issue of Equity
Jubilee has made application to AIM and the JSE Limited (“JSE”) to
list in aggregate 12,628,474 ordinary shares of 1 pence each
(“Ordinary Shares”) as to:
- 11,031,440 Ordinary Shares to Corridor Mining Resources (Pty) Ltd
(“CMR”) in lieu of a ZAR10 million (approximately GBP666,666) payment
under the terms of a Treatment of Tailings Agreement, as announced on
21 November 2012, for the acquisition of the sole right to process
the platinum group metals (“PGMs”) from CMR for the Dilokong Chrome
Mine tailings (collectively the “Agreement”). The shares are being
issued at the 30d-volume weighted average price (“VWAP”) as at 17
September 2013 being ZAR0.9065 (GBP5.77p). This payment includes all
future royalties payable to CMR for the next 18 months operations
enabling the Company to commence processing of the Dilokong Chrome
Mine tailings; and
- 1,597,034 Ordinary Shares to YA Global Master SPV, Ltd pursuant to
a SEDA advance notice dated 24 September 2013 for an equivalent
amount of GBP84 704 (approximately ZAR1 270 560).
Application has been made for the 12,628,474 Ordinary Shares to be
listed on the JSE (“Listing”) and admitted to trading on AIM
(“Admission”). The Listing and Admission is expected to occur on or
around 07 October 2013.
The total issued share capital of the Company will be 370,359,947
shares following the Listing and Admission of the above Ordinary
Shares. The Ordinary Shares will, from the date of allotment and
issue, rank pari passu in all respects with the existing ordinary
shares in the issued share capital of Jubilee.
The Company holds no ordinary shares in treasury.
Leon Coetzer, CEO of Jubilee Platinum commented:
“The acceptance of the Mining Right Application for the Tjate
Platinum Mine project brings us one step closer to progressing the
project. It has been independently appraised to contain a potential
net 70 million ounces of PGMs and gold. While this remains a long-
term development the fact that we have it in our portfolio highlights
the scope and scale of the business that we are building as we also
have a number of near-term opportunities.
“On that front we are now in a position to commence processing of the
Dilokong Chrome Mine tailings and ramp up production over the coming
months. We remain focussed on creating a platinum company which
combines strongly complementary assets.”
Contacts
Jubilee Platinum plc
Colin Bird/Leon Coetzer
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937
JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Angela Teeling-Smith/Sharon Owens
Tel +27 (0) 11 809 7500
NOMAD
finnCap Ltd
Matthew Robinson/Ben Thompson – corporate finance
Joanna Weaving – corporate broking
Tel +44 (0) 20 7220 0500
Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz
Tel +44 (0) 20 7562 3350
Additional information on Tjate:
Jubilee’s 63%-owned Tjate project on the eastern limb of the Bushveld
Complex is independently judged to contain the world’s largest
undeveloped defined block of platinum ore. The property covers 5,140
hectares on three farms and the area has been independently appraised
to contain a potential net 70 million ounces of platinum group metals
(PGMs) and gold. This represents the resource targeted by future
exploratory drilling.
Furthermore, this targeted estimate, which derives from the
extrapolation of current drilling results is approximately three
times greater than the currently indicated and inferred SAMREC-
compliant resource estimate shown below. This resource estimate was
derived from exploratory drilling completed in May 2009.
2 October 2013
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
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