Jubilee Platinum Phase 1 Pilot Scale CVMR Trials See Good Results

21st Jul 2010 07:28

LONDON (Dow Jones)--Jubilee Platinum PLC (JLP.LN), said Wednesday that phase 1 pilot scale CVMR process trials achieved exceptional results in the extraction of base metals at 99.5% of nickel and 95.6% of iron from ConRoast alloy as separate potentially premium grade nickel and iron products and a high grade PGM residue MAIN FACTS: -Phase 2 commenced comprising additional refining testwork and preparation of feasibility study documents. -Engineering and design study fast-tracked for the installation of the Company's first commercial ConRoast DC arc furnace utilizing existing infrastructure and equipment at the newly acquired Middleburg processing facility; -Four-phase feasibility study commissioned for the refining of metals in ConRoast PGM alloy using the CVMR process; -The company has commissioned Environmental & Process Solutions Ltd, to undertake an engineering and design study, in order to fast track the commissioning of the new 5MVA ConRoast DC ARC furnace. -The EDS will maximise the use of existing infrastructure at the newly acquired Middleburg site. -The EDS will require 4 weeks to complete. -A further estimated 6 weeks is planned for concluding a procurement and management contract to install the furnace and associated equipment, the completion and commissioning of which is expected in early 2011. -The company has secured all required funding for this first fully commercial ConRoast DC arc furnace. -Shares at Tuesday at 27.50 pence, valuing the company at GBP70.10 million. -By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; [email protected] (END) Dow Jones Newswires July 21, 2010 02:28 ET (06:28 GMT)