Jubille JBM 15c Dividend $29m profit

Jubilee Mines NL (ASX: JBM) will reward its shareholders with a 15
cent maiden dividend after announcing a 69.5% increase in net annual
profit to $29.56 million. This is the company's second successive
year of strong profit growth and outstanding production performance
as a nickel producer.

The maiden dividend, combined with the strong profit performance,
confirms Jubilee's status as one of Australia's leading mid-sized
mining companies.

The increased net profit was struck on a slightly lower gross sales
revenue of $120.4 million, compared with $131.1 million for the
previous year. Gross operating profit for the project was $65.6
million, compared with $69.1 million previously, demonstrating the
continued high operating margins of Jubilee's key asset, the Cosmos
Nickel Mine in Western Australia's North Eastern Goldfields. Sales
revenue net of hedging was $118.7 million for the year, compared with
$110.3 million for the previous year.

The full year bottom line performance was a reflection of increased
nickel prices in the second half of the year compared with the first
half, and the completion of Jubilee's hedging program.

The net profit was achieved after taking into account amortisation
and depreciation of $12.75 million, royalties of $4.8 million,
financing costs of $3.7 million and tax of $11.5 million. In
addition, the company made a combined hedging and foreign exchange
gain of $2.3 million compared with a loss of $20.7 million last year.

The profit result equates to earnings per share (EPS) of 24.3 cents.

The dividend, which is unfranked, will be paid to all shareholders
registered at 2 September, 2002, is payable on September 30, 2002,
and comes just two years after Jubilee made the transition from
explorer to producer.

Jubilee's Managing Director, Kerry Harmanis, said the strong result
was a pleasing outcome following a successful year for the company.

"We have had an excellent year, with Cosmos turning in another
consistently strong operational performance and continuing to exceed
feasibility forecasts," he added.

"Our financial performance for the 2001/2002 year was enhanced by the
strong recovery in nickel prices, particularly towards the end of the
financial year," Mr Harmanis said. "Now that the company has
completed its nickel hedge program, we can benefit fully from
improved world nickel prices which are expected to continue during
the current financial year."

Mr Harmanis said Jubilee's board was keen to maintain the current
level of return to shareholders, but this would obviously depend on
nickel prices this financial year.

Jubilee is on track to achieve a smooth transition to underground
mining during mid-2003, enabling the Company to maintain annual
nickel production in excess of 10,000 tonnes per annum at
life-of-mine cash costs of around US49 cents a pound.

OUTLOOK

Mr Harmanis said the outlook for 2002/2003 was encouraging, with
Jubilee benefiting from further recovery of world nickel prices.

"With the payment of our maiden dividend in September, a continued
intensive exploration effort and the transition to underground mining
scheduled for mid-2003, the outlook for Jubilee and its shareholders
is very positive," Mr Harmanis added.


Released by: On behalf of:
Jan Hope / Nicholas Read Kerry Harmanis
Jan Hope & Partners MANAGING DIRECTOR
Telephone: (+61-8) 9388-1474 Jubilee Mines NL
Telephone: (+61-8) 9213-1588
www.jubileemines.com.au