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Jubilee Platinum says revenues improved significantly, shares surge

Published: 10:08 22 May 2012 BST

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Jubilee Platinum (LON:JLP) rallied in early trade after reporting a significant improvement in revenues in the second half.

The mining group said that its revenues for the first four months of the second half of its financial year already exceed that for the first half.

Jubilee also told investors that daily production rate at its 70 percent owned Middelburg smelting operation reached its targeted full capacity of 38 tonnes per day at the end of May.

At the Leinster nickel tailings project in Australia, pre-flotation testwork has now started at the Mintek facility on the refining of the flowsheet for the ongoing engineering study and economic evaluation.

This test programme is progressing on schedule, added Jubilee.

“We are pleased to have reached the targeted full daily production rate towards the end of May 2012 and look forward to sustaining this performance going forward,” said chief executive of Jubilee Platinum Leon Coetzer.

“With regard to our Australian project we are pleased to have reached this stage and look forward to the outcome of the testwork at Mintek with a view towards the potential development of the project.”

In addition, Jubilee said its ConRoast smelting technology continues to receive strong interest in the platinum industry due to the challenges associated with the processing of chrome-containing platinum concentrates.

The group has been awarded a consulting contract to carry out a feasibility study incorporating ConRoast into the current operations plan of a platinum company.

This contract is supported by formal enquiries from two other platinum producers to gain access to the ConRoast process, added Jubilee.

Shares in Jubilee surged 8.5 percent to 10.88 pence by 10 am, valuing the group at £31.3 million.

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