Jubilee Platinum expressed its disappointment yesterday (29th September) after receiving "little interest" in its Tjate mineral resource statement, Mining Weekly reports.

An assessment of the South African site revealed a first-mine platinum, palladium, rhodium (3E) and gold resource of 22 million pgm ounces.

In addition, the Johannesburg Stock Exchange-listed exploration and development company uncovered a targeted 62 million ounces 3E and gold for the entire licence area.

However, Chairman Malcolm Burne explained that the economic crisis had a major impact on investment in the junior mining sector, with Tjate suffering as a result.

"Jubilee was disappointed to see the issue of Tjate's mineral resource statement, a major milestone for the company, attracting little interest and an insignificant share price movement," he told the news provider.

Meanwhile, Jubilee has confirmed that it has ceased operations at its nickel, copper and platinum projects in Madagascar as it is not expecting a quick economic recovery.

Mr Burne revealed that the decision was also based on the fact that the schemes were speculative and occupied a sizeable chunk of the company's cash commitments.

Jubilee Platinum, which holds a 63 per cent interest in the Tjate site, is also awaiting the outcome of its recent all-share offer for Braemore Resources.

Source:

Jubilee Platinum curtails operations in Madagascar (29/09/09)

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