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Jubilee Mines NL

Tuesday, July 24th, 2007

Jubilee Mines NL is pleased to announce significant extensions to the Sinclair nickel sulphide deposit at the Company’s 100% owned Sinclair Nickel Project (formerly Bannockburn Project). The project is located near Leonora in the Eastern Goldfields of Western Australia, and is approximately 100 kilometres south of Jubilee Mines NL’s Cosmos Nickel Project.
The Sinclair Nickel Sulphide Deposit was discovered by Jubilee Mines NL in late 2005 and has subsequently been drill defined to indicated and inferred resource status (1.22mt @ 2.77% Ni for 33,700 tonnes of contained Ni-metal).
Whilst the drilling is ongoing, and the full geometry of the mineralised zone is still being fully defined, the results to date are highly encouraging and confirm a robust extension to the Sinclair Deposit. Significant new results include:
• CWD290 5.4 metres @ 4.7% Ni
• CWD337 48.0 metres @ 1.9% Ni
• CWD338 10.4 metres @ 3.4% Ni
• CWD341 26.0 metres @ 2.5% Ni
• CWD347 34.4 metres @ 3.0% Ni
• CWD348 15.0 metres @ 1.5% Ni
• CWD350 25.0 metres @ 2.3% Ni
As has been typical of the Sinclair Deposit to date, the mineralisation consists predominantly of thick medium tenor disseminated and matrix sulphides with associated basal accumulation of massive nickel sulphides located on the contact with the underlying footwall basalt unit. The central core of the mineralisation is thickened in the hinge zone of an anti-formal fold structure that strikes north to south and plunges gently to the north. This folding, combined with a series of off-setting faults, presents potential opportunities for structural thickening and repetition of the mineralisation along this “terrace” structure. Based on recent experience and the support of down hole electromagnetic data (DHEM) the expectation is that with tighter spaced delineation drilling the proportion of massive nickel sulphides will increase.
The Sinclair Deposit remains totally open in the down-plunge position to the north and excellent potential exists for new zones to be discovered both up and down dip.
Resource delineation drilling will continue in this extension zone at least to the end of July 2007. The aim will be to fully define the geometry of the nickel sulphide mineralisation and provide the required level of information for an updated JORC compliant resource estimation. Following the completion of this work, drilling will recommence to test for the down-plunge continuation and for new parallel zones of mineralisation.
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