Jubilee Platinum wins Surface Processing Project



 

Regulatory Story
Jubilee Platinum PLC – JLP
Jubilee Platinum wins Surface Processing Project
Released 07:00 19-Jan-2015
RNS Number : 4720C

Jubilee Platinum PLC
19 January 2015
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162 19 January 2015
Jubilee Platinum PLC
(“Jubilee” or the “Company”)

Jubilee concludes Heads of Agreement with Hernic Ferrochrome Proprietary Limited for the beneficiation of Chrome and Platinum Group Metals from its surface tailings

Highlight
· Jubilee concludes Heads of Agreement (“HOA”) with Hernic Ferrochrome Proprietary Limited (“Hernic”) for the beneficiation of Chrome and Platinum Group Metals (“PGM’s”) from its Surface Tailings.

Jubilee, AIM-quoted and AltX-listed Mine-to-Metals company, is pleased to announce that it has concluded Heads of Agreement with Hernic; the world’s 4th largest integrated ferrochrome producer. Hernic targets to appoint Jubilee as the exclusive party to beneficiate the chrome and PGM’s contained in its surface tailings.

In addition to its PGM-containing surface tailings, Hernic also has access to at-surface secondary stocks. The HOA facilitates the processing of approximately 1.7 million tonnes of chrome tailings material and Hernic identified that the tailings material could exceed 3 million tonnes through additional drilling programs. The 1.7 million tonnes of chrome tailings material has been fully drilled and assayed for Chrome and PGM content to produce a resource statement of which approximately 90% of the resource is classified within the measured category under the internationally recognised SAMREC code.

Leon Coetzer, Chief Executive says:
“We are very proud as a company, to be selected as the exclusive partner to execute Hernic’s PGM processing project following an extensive selection process by such a prestigious entity as Hernic.” The envisaged project will be the largest PGM beneficiation plant of Chrome tailings re-claimed from a surface chrome tailings dam in South Africa. ”

Under the HOA, Hernic and Jubilee intends to conclude a Plant Engineering and Design Agreement as well as a Co-operation Agreement in respect of PGM Concentrate to facilitate the construction and operation of a PGM processing plant at Hernic.

The Company will update shareholders on further details relating to this PGM processing project in due course.

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
Sharon Owens
Tel +27 (0)11 809 7500
Nominated Adviser
SPARK Advisory Partners Limited
Sean Wyndham-Quin
Mark Brady
Tel: +44 (0)203 368 3555
Broker
Daniel Stewart and Company PLC
David Coffman
Tel: +44 (0) 207 776 6550

This information is provided by RNS
The company news service from the London Stock Exchange
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