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Jubilee Platinum shares surge as it completes Hernic project

The project produced its first platinum concentrate in March but full design capacity is 45,000 tonnes
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Hydraulic re-mining of the feed material has now begun and the group is targeting full design capacity in early June (next month)

News that Jubilee Platinum PLC (LON:JLP) had completed its Hernic platinum and chrome project in South Africa sent shares in the AIM firm surging over 10%.

Hydraulic re-mining of the feed material has  now begun and the group is targeting full design capacity in early June (next month).

The project produced its first platinum concentrate in March but full design capacity is 45,000 tonnes of material feed.

The fourth largest integrated ferrochrome producer

Hernic is the world's 4th largest integrated ferrochrome producer with an estimated 3mln tonnes of platinum containing material at surface.

Jubilee will beneficiate the chromite and PGMs (platinum group metals) contained within from the largest  plant of surface chrome tailings in South Africa.

It is capable of producing annual revenues of £18.2 million at an average metal basket price of US$906 per ounce.

Second stage now complete...

The project was to be completed in four phases over 11 months and the second stage is now complete.

Phase three is the ramp up to design capacity of 55 000 tonnes per month, while phase four is the plant's stable operation.

Leon Coetzer, Chief Executive, said: "I am pleased that we have successfully completed our Hernic platinum and chrome project.  We are now looking forward to delivering the targeted production and financial numbers of this project. Platinum concentrate sales are ramping up with the first 100 tonnes of platinum concentrate delivered to the 3rd party purchaser.  We are confident to reach full production in early June 2017."

Jubilee shares rose 10.49% to 4.475p.

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