Set out below is an update on the status of the merger of PLA with Jubilee Platinum plc (Jubilee) by scheme of arrangement as announced on 17 December 2012.

There have been some delays in the expected timing of the implementation of the Scheme as the parties are exploring and potentially restructuring the funding requirements of the merged entity. As a result, the parties have agreed to extend the End Date set out in the Implementation Deed for implementation of the Scheme to 31 July 2013 (previously 30 June 2013).

A Scheme Booklet containing information relating to the proposed transaction, details of the Scheme meeting and details of the treatment of PLA shareholders and creditors is expected to be sent to PLA shareholders by mid-June.

A scheme meeting of PLA shareholders to vote on the proposed Scheme is expected to be held around mid-July 2013. Subject to the approval of the Scheme by PLA shareholders, PLA creditors and the court and the timely satisfaction (or waiver) of the conditions precedent, PLA and Jubilee expect the Scheme to be implemented around late July 2013.

PLA and Jubilee remain committed to the implementation of the transaction and to creating a platinum mining group with the potential to be a significant international platinum producer.

BRYAN HUGHES
Deed Administrator
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