Mr. Bird: Jubilee Platinum plc is an AIM listed company. Its total mission is platinum exploration with a view of getting into platinum production. It was put together over a three-year period but listed on the AIM market in July of last year, which was a very difficult time to list, as you can imagine. The Charter had just come out in South Africa and markets were very low. Nonetheless, the company was floated and we raised £2.2 million, which was quite a modest offering. We set about our mission of advancing various exploration projects. The platinum projects we've got are in South Africa (the Bushveld), Madagascar and Canada-which gave a hedge against platinum-we pursued palladium in the Thunder Bay district of Canada and we had certain options in Ethiopia and Sierra Leone. It became very evident to us when the Charter came into being that it was eminently sensible to focus the company into South Africa since that's where most of the world’s platinum comes from. Towards the end of last year we focused ourselves into South Africa and acquired several good positions in the geological system called ‘the Bushveld Complex.’ The area is known (generally divided) as the Eastern Bushveld, the Western Bushveld and the Northern Bushveld. We are currently positioned in all of these locations. We have a mixture of opportunities. We have near surface opportunities, which we could probably bring into production in the short term. We have mid-term opportunities, which we need to drill, explore, discover and hopefully identify a medium sized reserve. We have one stretch of ground, which is within 12 kilometres of De Brochen, Anglo-American’s developing mine. It is due to open in 2005/2006. Twelve kilometres south of there, we have quite an extensive ground holding, which if platinum is found, could lead to a large undertaking. We have been securing ground on the premise that most of the world’s platinum comes from South Africa i.e. 75%; “If you are looking for elephants, go look where elephants have been found before.” None of our ground is conceptual; it’s within close proximity to existing mines, concentrators and smelters. It is a South African situation where we are trying to position the company and in the South African platinum scene, we have successfully identified Empowerment partners. We are committed to Black Empowerment in South Africa. To balance the South African situation we have got quite a large situation in Madagascar, 150 kilometres north of the capital. We have had good results inasmuch as we found a 350 metre lateral extent of mineralisation anomaly, between 4 and 20 metres wide. We discovered a very interesting surface expression of an ore body. Very recently we’ve tested this and we got an indication that instead of being quite small, which 350 meters is; it probably is as much as 10 kilometres. We have also carried out soil sampling. Obviously, it is early days but results support the potential of quite a large system. Since we floated in July last year, we’ve put together a company which has extensive platinum exploration holdings in South Africa. We also have a nickel/copper situation developing in Madagascar. We’ve joint ventured in Canada with Noranda. In Ethiopia, we’ve actually elected not to proceed since the project did not fit our criteria. We believe that in the short term since we floated that we’ve turned ourselves into one of the more serious, focussed platinum players. We did a placing a couple of weeks ago and raised £800,000. Currently, there are about 42 million shares out at a share price of about 29p with a market capitalization of about £12.5 – £13 million. We feel that we are now poised to move onto the next stage-which is production. We are involved in several corporate activities, all targeted at getting the company into production. We are not just waiting for exploration results; we’re actually working with institutions down in South Africa with a view to either a buy-in or joint venture into new and emerging platinum production.
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