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Jubilee soars on talks news

Reuters | Mon, 29 Jun 2009 17:23
[miningmx.com] -- Mining exploration company Jubilee Platinum Plc said on Monday it was involved in talks that, if successful, could affect its shares, sending its stock soaring 46 percent.

The exploration firm with a focus on platinum group elements (PGE), nickel and copper said in a statement that its shareholders should exercise caution when dealing in its shares until a further announcement is made.

London-listed Jubilee Platinum did not mention the nature of the negotiations, or which company it was in negotiations with.

Jubilee Platinum's shares closed 46.14 percent higher at 7 rand on the Johannesburg bourse, against a 0.02 percent decline by the All Share index <.JALSH>.

Its shares in London were up 51 percent by 1506 GMT.

The company's prime asset in South Africa is the Tjate platinum project, in which it has a 63 percent interest.

On its website, the company says the project is estimated to have some 65 million ounces of PGEs, of which 41 million ounces would belong to Jubilee Platinum.

Jubilee is also exploring a number of nickel, copper and platinum group metal projects in Madagascar, including a joint venture with Impala Platinum Holdings, the second largest platinum producer in the world.




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