Jubilee Platinum has announced it is planning to buy a stake in a Madagascan firm.

The company revealed that it will apply to the LSE and JSE to place 850,000 new shares with institutions in an effort to raise £1 million for the potential acquisition.

Jubilee Platinum is understood to be planning to buy a 15 per cent stake in Mineral Resources of Madagascar and dealing is expected to begin on June 20th.

The platinum exploration firm is to buy the share from Nan Tin Polychrome, Mining Weekly reports.

Jubilee is already involved in platinum exploration projects in Madagascar and recently announced that its Tjate platinum project in South Africa has reported some positive early results. It has been estimated that the Tjate site will be able to produce 262,000 ounces of platinum group metals (pgms) plus gold per year once it comes into operation.

Sources:

Jubilee to issue shares to buy Madagascan stake,14/06/07
http://www.miningweekly.co.za/article.php?a_id=110969

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