[miningmx.com] — Mining exploration and development company Jubilee Platinum, which is listed on London’s AIM and the JSE, on Tuesday reported the narrowing of its first half headline loss to 0.11 pence a share from 0.37 pence a share the year before.
The company posted a loss of £289 000 for the six months to end December 2009 compared to a loss of £396 000 for the six months to end December 2008.
While sales were recorded at £215 000, loss from operations mounted to £1.7m from £774 000 the year before.
“The highlight of the period was the acquisition of Braemore Resources, which
owns the exclusive rights to the Mintek patented ConRoast Process for the smelting of high chrome bearing Platinum Group Metal (PGM) concentrates,” said Jubilee
Platinum chairperson Malcolm Burne.
Jubilee has the exclusive rights to ConRoast until 2020 and Braemore also has
certain exploitation rights to BHP Billiton-owned nickel tailings in Western
“The Tjate mineral resource statement was studied further, the results of which
demonstrated that Tjate remains a robust project,” said Burne.
The board has since elected to advance the project towards feasibility.
In Madagascar, the company carried out a further soil geochemical testing
programme on the northwest of Ambodilafa, following up on previous encouraging
The resultant nickel/copper anomaly plots give considerable encouragement for a limited drill test programme, which is scheduled to commence late April 2010.
In November 2009, the company successfully raised £13.25m at a price of 30 pence per share resulting in the issue of 44.16 million new ordinary shares.
“The platinum price has been particularly strong during the credit crisis and at the time of writing continues to demonstrate further price growth potential,” said Burne.
“With the acquisition of Braemore and further definition of the Tjate mineral
resource, the company now has a broad base and critical mass from which to develop and further enhance shareholder value in a period of strong platinum price
predictions,” Burne added.