Wrap Text
Tjate Executes Mining Right
Jubilee Platinum PLC
Registration number (4459850)
AltX share code: JBL
AIM share code: JLP
ISIN: GB0031852162
("Jubilee" or the "Company")
TJATE EXECUTES MINING RIGHT
Highlights
- The 22.33 million PGM ounce* Tjate Platinum Project (“Project”) is awarded its
Mining Right
- The execution of the Mining Right is a significant milestone in the development of
the Tjate Platinum Project in support of Jubilee’s Mine-to-Metals strategy
Leon Coetzer, Chief Executive Officer of Jubilee said:” We are pleased that the Tjate
Platinum Project has received the mining right. The mining right is a major milestone in the
development of the Project and is in line with the Company’s Mine-to-Metals strategy. The
mining right confirms the significant potential value the Project offers to Tjate and
contributes to the Company’s resource portfolio. The timing of the mining right coincides
with the continued global recovery supporting the anticipated improvement in the platinum
markets. The Tjate Platinum Project is one of the world’s largest undeveloped block of
platinum and we look forward to unlock its full potential.”
Jubilee, the AIM-quoted and AltX-listed Mine-to-Metals specialist, is pleased to announced
that Tjate Platinum Corporation Proprietary Limited (“Tjate”), has executed a mining right
(“Mining Right”) with the Department of Mineral Resources in respect of the Project
comprising the Farms Dsjate 249 KT, Fernkloof 539KS and Quartzhill 542 KS, situated in the
Magisterial District of Sekhukhune in the Limpopo Province of South Africa.
Tjate now has the right to mine and process all platinum group metals, chrome, nickel,
copper, gold and certain associated metals and minerals from the Project mining area,
subject to Tjate complying with the terms of the Mining Right and alignment to the
requirements of the Mining Charter.
The Mining Right is significant not only to Tjate and Jubilee, as largest shareholder, but also
for South Africa's mining industry as a whole and is a culmination of Tjate’s exploration on
the Bushveld for the past 10 years.
The Mining Right has been executed in terms of section 23 (1) of the Mineral and Petroleum
Resources Development Act 2002 (Act 28 0f 2002) (“MRPDA”) as amended by the MPRDA
Amendment Act 2008 (Act 24). The Mining Right covers the development of platinum-group
elements, gold, nickel, copper, chrome and other associated minerals from the Project for a
period of 30 years, renewable for an unlimited number of consecutive periods each of up to
30 years. In terms of Section 25 (2) (a) of the MPRDA.
Pursuant to a Deferred Share agreement (“Agreement”) as previously announced on 6 May
2009, with the historically disadvantaged shareholders (“Beneficiaries”) of black economic
empowered “New Plats (Tjate) Proprietary Limited”, a shareholder in Tjate, the Company is
required to issue 4 960 978 Jubilee ordinary shares of 1 pence (“Shares”) to the
Beneficiaries on the execution of a Mining Right. The Company will initiate this process as
soon as practically possible.
* SAMREC COMPLIANT 3PGE +Au ounce indicated plus inferred resource estimate for First
Mine area. Based on boreholes and mine resource and geological data, the Company
believes an exploration target of some 368 million tonnes (before geological losses)
containing 70 million oz 6PGE+Au is possible for the three farms of the Tjate project
(announced 4 June 2009).
Andrew Sarosi, Director of Jubilee, who holds a B.Sc. Metallurgy and M.Sc. Engineering,
University of Witwatersrand and is a member of the Institute of Materials, Minerals and
Mining, is a "qualified person" as defined under the AIM Rules for Companies and a
competent person under the reporting standards. The technical parts of this
announcement have been prepared under Andrew's supervision and he has approved the
release of this announcement.
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
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin / Mark Brady
Tel: +44 (0)203 368 3555
Brokers
Beaufort Securities
Limited John Belliss
Tel +44 (0) 20 7382 8300
JSE Sponsor
Sasfin Capital, a division
of Sasfin Bank Limited
Sharon Owens
Tel +27 (0) 11 809 7500
2 March 2017
Date: 02/03/2017 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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