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Am2 Deposit – New High Grade Results

Friday, July 20th, 2007

Jubilee Mines NL is pleased to announce a series of new high grade nickel sulphide intersections in a down-plunge extension to the Alec Mairs 2 Deposit (AM2). The AM2 deposit is located within a highly prospective area located approximately 500 metres south of the Cosmos Deeps mine in close proximity to existing infrastructure. This deposit is interpreted to be just one of a number of high grade mineralised surfaces in this position and is located in a footwall position to the recently announced discovery of the AM5 high grade disseminated deposit.
These new high grade drill results are (see table 1 for details);
• AMD250 3.3 metres @ 10.6% Ni
• AMD253 1.3 metres @ 13.3% Ni
• AMD260 3.1 metres @ 9.8% Ni
• AMD261a 5.3 metres @ 7.3% Ni
Subject to confirmatory drilling it now appears likely that the AM2 Deposit will be extended for at least another 70 metres down-plunge. The mineralisation remains open and potential exists to extend this for a further 100 metres beyond these new results.
These results have now defined the AM2 Deposit as a high grade shoot of massive nickel sulphides with a down-plunge extent of at least 200 metres.
It is now anticipated that in-fill and extensional drilling of the AM2 deposit will commence with a view of including this extensional area into short to medium term mine plans. In addition, Jubilee has recently committed to extend its underground development within the Alec Mairs complex to enable the establishment of additional underground drilling platforms for further exploration of the AM5 deposit and the wider Alec Mairs Complex.
Table (1) – Alec Mairs 2 Significant Drilling Intercepts
Hole No, Northing, Easting, Dip, Az, From(m), To(m), Width(m), Grade(Ni%)
AMD249 6,943,884 260,229 -20 080 148.5 150.3 1.8 2.9
AMD250 6,943,884 260,229 -25 080 159.5 162.8 3.3 10.6
AMD253 6,943,884 260,229 -25 082 160.4 161.7 1.3 13.3
AMD260 6,943,884 260,229 -19 089 155.9 159.0 3.1 9.8
AMD261a 6,943,884 260,229 -25 090 171.7 177.0 5.3 7.3

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