Interim Results

Interim Results for the six months ended 31 December 2007

Highlights

  • Tjate Platinum Project proceeded towards independent bankable feasibility
    study alongside unprecedented rise in Platinum Group Metal (PGM) prices
  • The Company completed a capital raising of £11M in November 2007 to fund
    feasibility study on Tjate Project
  • Madagascar projects progressed positively with the discovery of primary
    platinum and  moved to Phase two exploration on the Ambodilafa Project


Colin Bird, Chief Executive, commented: 'This has been a productive and positive
period for the Company, in which we completed a successful fundraising and
intensified drilling at Tjate, progressing towards the completion of a bankable
feasibility study. During the period, we were also able to report encouraging
drilling results from our exploration projects in Madagascar, therein
underlining our expectations for these projects. We look forward to building on
this progress throughout 2008 and to the continued support of our valued
shareholders as we do so.'


For further information please contact:

Colin Bird
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155

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

Louise Goodeve / Justine Howarth
Parkgreen Communications Ltd
Tel +44 (0) 20 7851 7480



Chairman's Statement

During the period under review the Company achieved good progress in all its
areas of operation.

Tjate Platinum Project

Drilling at the Tjate Platinum project on the Eastern Bushveld of South Africa,
returned grades generally higher than the regional average in both the Merensky
and UG2 reefs.

The Company carried out a scoping study in association with international mining
consultants Snowden Mining Industry Consultants to determine the project's
potential viability. The project has not yet defined a SAMREC compliant Mineral
Resource Estimate, thus the financial model used in the study does not yet
comply to the principles of SAMVAL. The current phase of drilling will culminate
in a SAMREC compliant Mineral Resource Estimate.  The study indicated a Net
Present Value ('NPV') of US$829 million at a 5% discount rate. The assumptions
used were conservative and little optimisation was applied. The study
demonstrated strong potential returns for the project and the results were
deemed robust by the management team.  The study was for a proposed underground
mine designed to extract ore from approximately 15 % of the license area.

Using metal prices prevalent on 28 February 2008 and keeping all other
assumptions constant, the indicative NPV of the project increases to more than
US$2.5billion. This clearly demonstrates the positive potential impact of
current metal prices to the project financials.

The Company awaits approval from the Department of Minerals and Energy and The
South African Reserve Bank for transactions, which will increase the Company's
direct and indirect interest in Tjate to 63%.

Following the successful scoping study, the Company elected to proceed to
bankable feasibility study.  Consequently a private placing was completed in
November 2007 raising some £11 million through the issue of 13 million ordinary
shares. The South African shareholding base increased from approximately 14% to
23% in line with the Company's aim to improve the balance of shareholders
between the two listings on AIM and JSE Limited.

The Company accelerated drilling at Tjate, increasing the number of drill rigs
on the site from 3 to 6 and an agreement was reached with Mineral Corporation
Consultancy (Pty) Ltd in which they will assist the Company in carrying out a
best-practice feasibility study.

Madagascar Operations

In Madagascar, all our projects advanced favourably during the period, towards
the common objective of large-scale open-pittable mining projects.

Ambodilafa reported a PGM intersection of 3.99 g/t 4E (platinum, palladium,
rhodium and gold) over 0.89 metres on its eastern PGM anomaly target and good
base metal grades (0.45% nickel (Ni) and 0.16% copper (Cu)) on the western base
metal target.

Londokomanana returned positive drilling results from its various locations and
the newly tested Mavoandro area showed grades of 0.48% Ni and 0.56g/t 3E
(platinum, palladium and gold).

The aggressive exploration programme for 2008 is well funded and the intent now
is to identify areas for closer spaced drilling in order to advance the projects
along the value curve.  Our results to date support the view that the areas we
have under licence have the potential to progress to large-scale surface mining
ventures.

Financial Review

The interim accounts for the six months to 31 December 2007 show an operating
loss of £759k compared to an operational loss of £556k for the six months to 31
December 2006. The loss per share for the period under review is 0.64p against
0.58p for the interim period ending 31 December 2006.

The platinum industry has undergone major changes during the period under
review.  The platinum price has broken through the US$2,100 per oz level caused
not least by power shortages in South Africa.  Additionally, several producers
reported production disruption for a variety of other reasons whilst metal
demand continued to rise; all of the aforementioned exerting pressure on the
price.

Our feasibility study on Tjate will consider own power generation as an
alternative to ESKOM power option, but the Company does not anticipate the
current power shortages to remain a threat to projects coming to production in
the medium term.

Jubilee is a broad based explorer with a developing platinum mine project
(Tjate) being evaluated in positive times for the platinum industry.  Similarly,
Jubilee's early-stage projects in Madagascar, have the potential to fit the
requirement - i.e. wide open-pittable and easily processed deposits - sought by
the major base metal producers.

The Board and Management intend to continue developing this portfolio of assets
and unlock shareholder value, which the Company strongly believes exists.

Malcolm Burne
Chairman
13 March 2008



Consolidated Income Statement                                             Six months ended          Year ended
                                                                       31 Dec 2007      31 Dec 2006     30 Jun 2007
                                                                         Unaudited  Unaudited £000'   Audited £000'
                                                                             £000'

Continuing operation
Other income                                                                    18               75               0
Administration expenses                                                      (777)            (631)         (1,968)
Loss from operations                                                         (759)            (556)         (1,968)

Finance income                                                                 179              157             348
Finance cost                                                                     0             (60)           (145)
Share of operating loss in associate                                          (19)             (15)            (33)
Loss before income tax expense                                               (599)            (474)         (1,798)
Income tax expense                                                               0                0               0
Loss for the period after income tax expense from continuing                 (599)            (474)         (1,798)
operations

Minority interest
Equity                                                                          21               15             101

Loss attributable to members of Jubilee Platinum Plc                         (578)            (459)         (1,697)

Number of shares in issue                                              101,217,408       79,138,974      85,817,408
Weighted average number of shares in issue                              90,378,278       78,884,602      79,839,600
Diluted weighted average number of shares in issue                      93,023,496       81,148,888      82,305,193
Basic loss per share (pence)                                                (0.64)           (0.58)          (2.13)
Diluted loss per share (pence)                                              (0.64)           (0.58)          (2.13)
Headline loss per share (pence)                                             (0.64)           (0.58)          (2.13)


Consolidated Balance Sheet
                                                                     31 Dec 2007      31 Dec 2006      30 Jun 2007
                                                                 Unaudited £000'  Unaudited £000'          Audited
                                                                                                             £000'
Assets
Non-current assets
Intangible assets                                                          5,792            4,389            5,344
Property, plant and equipment                                                 80               47               56
Investment in associates                                                   2,473            2,487            2,392
Other debtors                                                              3,044                0            1,999
Total non-current assets                                                  11,389            6,923            9,791

Current assets
Trade and other receivables                                                4,618              712            3,711
Cash and cash equivalent                                                  13,565            7,269            7,495
Other debtors                                                              1,377                0            1,999
Total current assets                                                      19,560            7,981           13,205

Total assets                                                              30,949           14,904           22,996

Current liabilities
Trade and other payables                                                   (196)          (1,132)          (3,339)
Loans and borrowings                                                           0          (3,519)                0
Total current liabilities                                                  (196)          (4,651)          (3,339)

Total liabilities                                                          (196)          (4,651)          (3,339)

Net current assets                                                        19,364            3,330            9,866

Net assets                                                                30,753           10,253           19,657

Equity
Called up share capital                                                    1,012              791              858
Share premium account                                                     30,994           12,341           18,343
Share based payment reserve                                                  852              473              703
Currency translation reserve                                               (732)            (566)            (819)
Other reserves                                                             1,038                0            1,761
Retained earnings                                                        (4,324)          (2,775)          (3,768)
Equity attributable to equity holders of the parent                       28,840           10,264           17,078
Equity interest of minorities                                              1,913             (11)            2,579

Total equity                                                              30,753           10,253           19,657


Consolidated Statement of Changes in Equity
                                            Share        Share  Share based       Other     Accumulated        Total
                                          Capital      Premium      payment    reserves            loss
                                                                    reserve
                                            £000'        £000'        £000'       £000'           £000'        £000'
Balance at 1 July 2006                        786       11,859          250           0         (2,608)       10,287
Issue of share capital                          5            0            0           0               0            5
Premium on issue of share capital               0          482            0           0               0          482
Share-based payment charge                      0            0          223           0               0          223
Net loss for the period                         0            0            0           0           (459)        (459)
Currency translation difference                 0            0            0           0           (274)        (274)
Balance at 31 December 2006                   791       12,341          473           0         (3,341)       10,264

Issue of share capital                         67            0            0           0               0           67
Premium on issue of share capital               0        6,137            0           0               0        6,137
Commission on issue of shares                   0        (135)            0           0               0        (135)
Share-based payment charge                      0            0          230           0               0          230
Other reserves                                  0            0            0       1,761               0        1,761
Net loss for the year                           0            0            0           0         (1,238)      (1,238)
Currency translation difference                 0            0            0           0             (8)          (8)
Balance at 30 June 2007                       858       18,343          703       1,761         (4,587)       17,078

Issue of share capital                        154            0            0           0               0          154
Premium on issue of share capital               0       13,368            0           0               0       13,368
Commission on issue of shares                   0        (717)            0           0               0        (717)
Share-based payment charge                      0            0          149           0               0          149
Other reserves adjustment                       0            0            0       (723)              22        (701)
Net loss for the year                           0            0            0           0           (578)        (578)
Currency translation difference                 0            0            0           0              87           87
Balance at 31 December 2007                 1,012       30,994          852       1,038         (5,056)       28,840




Consolidated Cash Flow Statement                                            Six months ended              Year ended
                                                                         31 Dec 2007     31 Dec 2006     30 Jun 2007
                                                                     Unaudited £000' Unaudited £000'   Audited £000'
Cash flows from operating activities
Loss for the year                                                              (759)           (556)         (1,968)
Depreciation                                                                       3               1              25
Amounts written off exploration expenditure                                       35               -             220
Other income                                                                       -            (75)               -
Decrease in creditors                                                          (139)           (391)             (6)
Share based payments                                                             149             211             453
Interest received                                                                179             157             271
Interest paid                                                                      -            (60)           (145)
Net cash outflow from operating activities                                     (532)           (713)         (1,150)

Cash flows utilised by investing activities
Increase in loans and investments                                            (3,502)               -         (2,864)
Repayment of funds relating to investment aborted                              (191)               -               -
Purchase of intangible fixed assets                                            (457)           (355)           (574)
Purchase of tangible fixed assets                                               (27)               4            (35)
Net cash outflow from investing activities                                   (4,177)           (351)         (3,473)

Cash flows from financing activities
Proceeds from issue of new borrowings                                              -           3,126           2,026
Repayment of borrowings                                                      (2,026)               -               -
Issue of shares and warrants                                                  12,805             539           5,424
Net cash inflow from financing activities                                     10,779           3,665           7,450

Net increase in cash and cash equivalents                                      6,070           2,601           2,827
Cash and cash equivalents at the beginning of the period/year                  7,495           4,668           4,668
Cash and cash equivalents at the end of the period/year                       13,565           7,269           7,495

Notes

1.      The interim financial information for the six months ended 31 December
2007 has been prepared in accordance with the recognition, measurement and
presentation and disclosure requirements of IAS34 Interim Financial Reporting.
The accounting policies have been applied consistently through the Group and are
consistent with those for the year ended 30 June 2007.  The Financial Statements
were approved by the board on 12 March 2008.

2.      Segmental Analysis

Business segments

The Group's only business segment is the exploration and development of Platinum
Group Metals (PGMs) and associated metals.

Geographical segments

An analysis of loss on ordinary activities before taxation, net assets and
exploration expenditure by geographical area is given below.

                                                                    Six months ended                Year ended
                                                                 31 Dec 2007     31 Dec 2006 30 Jun 2007 £000'
                                                                       £000'           £000'
Loss on ordinary activities (excluding associates)
United Kingdom                                                         (506)           (279)             (682)
South Africa                                                            (11)           (161)             (805)
Madagascar                                                                 2            (19)             (272)
Mauritius                                                               (65)               -               (6)
                                                                       (580)           (459)           (1,765)

Loss on ordinary activities in associates
South Africa                                                            (19)            (15)              (33)

Total loss before minority interests                                   (599)           (474)           (1,798)

Net assets by location (excluding associates)
United Kingdom                                                        21,489           4,879            10,196
South Africa                                                           1,390           1,110               996
Madagascar                                                             2,645           1,788             2,076
Mauritius                                                              2,756               -             3,997
                                                                      28,280           7,777            17,265

Net assets in associates
South Africa                                                           2,473           2,487             2,392

Total net assets                                                      30,753          10,264            19,657

Exploration expenditure
Madagascar                                                               490             420             5,794
Total exploration expenditure                                            490             420             5,794


3.      The Group recognised total expenses of £149,114 (2006: £210,895) related
to share-based payment transactions during the six months ended 31 December
2007.

4.      The Group reviewed the impairment position of its property holdings and
decided to impair fully the Itsindro exploration assets held in its 49% owned
subsidiary in Mauritius, Itsindro (Mauritius) Ltd. The total impairment charge
amounted to £34,767.

5.TransAsia Minerals Ltd ('TransAsia') elected not to continue with their
investment in Itsindro Mauritius Ltd.  Consequently, funds advanced to date by
TransAsia that were not expended on the project totalling US$381,124 have been
returned to TransAsia and the debtor of US$2,500,000 receivable by Itsindro
Mauritius Ltd from TransAsia has been cancelled. The balance of £21,317
outstanding in other reserves relating to the Itsindro project has been
transferred to the profit and loss reserve in the group accounts.  The balance
of £1,038,326 currently being carried forward in other reserves relates to the
other investment made by TransAsia in Antsahabe Mauritius Ltd as detailed in
note 11 of the Financial Statements to 30 June 2007.

6.      Loss per share


                                                                    Six months ended                Year ended
                                                                 31 Dec 2007     31 Dec 2006       30 Jun 2007

Loss for the financial period                                       £577,591        £459,216        £1,697,363
Weighted average number of shares in issue                        90,378,278      78,884,602        79,839,600
Basic loss per share (pence)                                          (0.64)          (0.58)            (2.13)


7.      No dividend was declared during the period ended 31 December 2007
(December 2006: Nil).

8.      The Group issued 15,400,000 shares during the period under review,
raising £12,805,272 net of costs of £717,056.


Date issued                                                  Number of shares          Price per share (pence)
28 September 2007 (exercise of options)                               200,000                            28.00
28 September 2007                                                   2,000,000                            81.69
12 November 2007                                                   13,000,000                            98.00
19 November 2007                                                      200,000                            89.00

9.      Copies of interim report are available to the public free of charge from
the Company at 4th Floor, 2 Cromwell Place, London, SW7 2JE, during normal
office hours for 30 days from the date of this report.