Ambodilafa Drilling Update




Jubilee Metals Group PLC

Registration number (4459850)

AltX share code: JBL

AIM share code: JLP

ISIN: GB0031852162

(“Jubilee” or “the Company”)

 

Ambodilafa Drilling Update



Madagascar - Ambodilafa Drilling Update

  Borehole ALF008 Intersects Further Nickel-Copper Sulphide Mineralisation in
                                   Ambodilafa

Jubilee is pleased to announce that borehole ALF008 has intersected
nickel-copper sulphide mineralization on the Ambodilafa prospect at 101 metres
with higher grade intersections assaying 0.45% nickel (Ni) and 0.16% copper (Cu)
over an intersected width of 13.9 metres from 243 metres down-hole, which
includes 8.0 metres assaying 0.57% Ni and 0.20% Cu. Further significant sulphide
mineralization was intersected at 260.6 metres downhole, which included 3.8
metres assaying 0.67% Ni and 0.25% Cu. Sulphide mineralization mainly of a
disseminated nature with lesser net textured and massive forms.

Borehole ALF008 was collared in the western portions of the intrusion some 88
metres northwest of and drilled through the vertical borehole ALF003, which as
previously announced (22 February, 2007) intersected good nickel-copper sulphide
mineralization.

Highlights:

•         Borehole ALF008 intersected disseminated sulphide mineralization at
101 metres down-hole, which is largely persistent to 303 metres down-hole and
includes wide intersected widths of up to 14 metres of mineralization

•         The intersections (cut-off grade 0.2% Ni) include:

      • 13.9 metres grading 0.45% Ni and 0.16% Cu (gross metal value ('GMV')
        US$138/t rock at current prices*) including 8.0 metres of 0.57% Ni and
        0.20% Cu (GMV: US$175/t);

      • 7.6 metres of 0.47% Ni and 0.19%Cu (GMV: US146$/t) including 3.8
        metres of 0.67% Ni and 0.25% Cu (GMV:US$207/t); and

      • 10.5 metres of 0.35% Ni and 0.16% Cu (GMV: US$110/t)

*Prices US$/t:   Ni 28 000; Cu 7 800

Selected mineralized intersections are summarised in the table below

Table 1            Borehole ALF 008       Selected results
   Intersection         From            to          Interval         Ni            Cu            3E
                         m              m              m              %             %            g/t

Total                  243.4          257.3           13.9          0.45          0.16          0.08
         including     243.3          251.3            8.0          0.57          0.20          0.10

Total                  260.6          268.2           7.6           0.47          0.19          0.09
         including     261.5          265.3            3.8          0.67          0.25          0.11

Total                  275.9          279.1           3.2           0.42          0.18          0.08
Total                  281.3          290.8           10.5          0.35          0.16          0.06
         including     285.9          287.3            1.4          0.44          0.19          0.07

Total                  298.2          303.3           5.1           0.35          0.16          0.09

3E:  platinum, palladium and gold


Colin Bird, CEO of Jubilee commented, 'This is another good borehole result from
the base-metal sulphide mineralized area on the western margin of the
prospective Ambodilafa property. Our 2008 programme, which will include a
significant amount of drilling, is planning to focus aggressively on this area
as well as on the platinum discovery some 2000 metres to the east of borehole
ALF008 that was previously announced on 13 December 2007'.

Borehole ALF008
Location: 207017.568E 77366.27.395S
Total Depth 347.47 m
Azimuth 135degrees, dip -60degrees

The mineralization is hosted in a medium to coarse-grained pyroxenite and occurs
as disseminated to net-textured Ni and Cu sulphides. Disseminated sulphides were
intersected from 101 metres, and although not continuous, are generally
persistent to a depth of 347.5 metres (end of hole). ALF008 represents part of a
3-hole fence some 197 metres long along a NW direction, which targets part of a
Cu-Ni-Cr soil anomaly associated with the southern part of the Ambodilafa
ultramafic-mafic intrusion. Assay results from ALF009 are not yet available.

About Ambodilafa

The Ambodilafa project lies within the extensive Vohipaha ultramafic-mafic
intrusive, itself some 4 kilometres wide by 17 kilometres long. The Ambodilafa
licence of property is located 160 kilometres southeast of the Madagascan
capital Antananarivo. The 10-year exploration licence is held by Mineral
Resources of Madagascar Sarl, 100% owned by Jubilee. Impala Platinum Holdings
have an option agreement with Jubilee to earn in a 51% interest in the project.

Set Point Laboratories (ISO 17025 and SANAS Accredited) in Johannesburg, South
Africa, carried out the analyses of the borehole samples. Quality control and
assurance currently in place comprises standards, blanks and check samples
making between 10% and 20% of samples submitted.

For further information please contact:

Colin Bird                                          Louise Goodeve
Jubilee Platinum plc                                Parkgreen Communications Ltd
Tel: +44 7768 397 627                               Tel +44 20 7851 7480

Jan Bosch/Paul Brett
Investec Bank (UK) Limited
Tel + 44 (0) 20 7597 5000