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Braemore/Jubilee agreement

Slag-tapping at
Braemore’s refining
Johannesburg, South Africa — MININGREVIEW.COM — 21 May 2009 – Braemore Resources plc – an AIM-quoted company aiming to develop into a top 10 international nickel and platinum group metal (PGM) producer – and AIM- and JSE-listed junior platinum exploration and development company Jubilee Platinum plc have entered into a binding heads of agreement in terms of which Braemore will provide smelting and refining facilities to Jubilee.

Making this announcement in a statement released here, Braemore described the agreement as “part of its commercialisation strategy to process platinum group element concentrates, the source of which Jubilee has the rights to recover.”

The statement confirmed that Braemore’s ConRoast technology would be applied to Jubilee’s PGE concentrate from tailings, and that it would add significantly more value to Jubilee’s PGE concentrate than conventional current PGE smelting and refining practice.

It added that exploiting synergies between Jubilee’s PGE production and Braemore’s refining technology would provide the critical mass necessary to commercialise the venture. A special purpose trading vehicle would be formed to execute this binding agreement.
The statement went on to say that the agreement provided a vehicle for Braemore and Jubilee to exploit the synergies between them. It further demonstrated the commercial viability of the Braemore offering. The value of PGE concentrates from tailings would be enhanced by ensuring exposure to downstream beneficiation and upside value.

“The management of Braemore and Jubilee believe that this technology will provide considerable enhancement to the overall smelting and refining of PGE concentrates, as opposed to the conventional route,” it added.