Company Information for Maghreb Minerals Plc

AIM-MMS

www.maghrebminerals.co.uk

Company stock charts - 12 Month chart

AIM; MMS

View full financial data

Company Statement

Maghreb Minerals plc is a junior exploration company listed on AIM in London, UK, focused on North Africa - Tunisia - targeting zinc-lead and precious metal deposits.

Current Operations

TUNISIA

Maghreb Minerals plc through its subsidiary company, High Marsh Holdings Limited BVI is exploring and developing zinc - lead deposits in the Mejerda Zone of northern Tunisia.

The Company holds 12 exploration permits in areas of known zinc-lead-barite-fluorite mineralisation, including sites of past production.

Ten of these exploration permits are Djebba, Djebel Fej Lahdoum, Koudiat Louatia, Ouled Moussa, Djebel Goraa, Djebel Lorbeus plus four permits around Zaghouan, at Hammam Zriba-Jebel Guebli, Sidi et Taia, Jebel el Kohol and Jebel el Mecella.

The Company also has two agreements with Office National des Mines (“O.N.M.”) to earn 90% interest in each of the former mine concessions covering the past producing mines at Bou Jabeur and Fej Lahdoum for an expenditure commitment on each of TND 400,000 over 2 years.

The Company's current focus is to bring one or more of its near production titles, starting with Bou Jabeur, through to pre-feasibility.

Verification drilling (10 drillholes) has been completed at the Gite de l'Est deposit, one of the past producing mines at Bou Jabeur. Re analyses of core pulps from earlier O.N.M. drilling to arrive at their resource* estimate of 5.1Mt grading 3.76% Zn, 1.38% Pb, 33.2% BaSO4 and 9.3% CaF2 has shown that there has been a systematic under-reporting of zinc values by ONM of up to 40%. This new analytical data, along with the Maghreb verification drillhole data are being compiled into the resource estimation block model and is expected to have a positive impact. Meanwhile, a resource statement based on existing ONM data compiled into the Maghreb block model has been received by Maghreb from Wardell Armstrong International. It reports an audited Inferred Mineral Resource estimate for Gite de l’Est at a 1% lead and zinc (“Pb+Zn”) cut off grade of 8.836 million tonnes (Mt) grading combined 3.16% zinc and lead: 2.17% zinc, 0.99% lead, 5.06% CaF₂ and 21.66% BaSO₄. At a 2% Pb + Zn cut off grade, the Inferred Mineral Resource is 5.172 Mt grading 4.40% combined zinc and lead: 3.15% zinc. 1.25% lead, 6.42% CaF₂ and 27.76% BaSO₄, prepared in accordance with JORC (2004) reporting standards.

The in situ value of this mineral resource at the 1% Pb+Zn cut off grade is estimated to exceed US$925 million at December 2007 prices: Zn US$1.06/lb, Pb US$1.19/lb, BaSO₄ US$85/t, CaF₂ US$200/t.

The first phase of verification drilling has commenced at the past producing Zriba fluorite mine and on the nearby Guebli permit. An O.N.M. resource* estimate is 4.8Mt grading 25% CaF2. The results show that there are significant quantities of fluorite present but with variable thickness. A study on the viability of mining and extending the resource is in progress. Expressions of interest for the provision of development funding for the fluorite project and production offtake have been received.

Drilling at the past producing Fej Lahdoum exploration permit has recommenced near the mine which stopped production in 2005 when the Bou Grine mill and concentrator shut down.

Exploration at Djebba has confirmed and slightly extended the deposit there. The Djebba 'resource'* stands at approximately 4Mt grading 6% Zn and 3% Pb. Gravity surveys have indicated further exploration targets to the northeast at Djebel Goraa, which will be drill tested in due course.

Exploration on other permits will continue particularly around the Lorbeus area, 4 km south west of Breakwater’s Bou Grine mill and concentrator, which is on care and maintenance.

Outlook

The Company’s focus continues to be on the three known deposits at the past producing mines with the intention to prove the resources to international reporting standards and to bring them into production as quickly as possible. Consulting geologists, with specialist knowledge of the structures and stratigraphy of the Tunisian deposits, were appointed to the management team in April 2007 and have since joined the Board to help drive the programmes forward.

Maghreb is also in discussions regarding the possibility of joint venturing one or more of the deposits.

* not to international reporting standards

ALGERIA

In Algeria, the Company has decided to terminate further exploration on its exploration permit over the Tan Chaffao Cu-Au prospect 250km NW of Tamanrassat (85% interest), in view of the high level of expenditure incurred in operating in the remote Tan Chaffao area, the slow progress of available contractors and disappointing initial results. A drilling programme (5 holes) produced results that were somewhat below expectations. Small scale gravity highs with coincident elevated copper and gold in soil samples were identified.

Geographical Spread

Tunisia

Board of Directors and Key Management

Executive Chairman

Gordon P Riddler, BSc, MBA, FIMMM, CEng, CSci

Finance Director

Richard J Collier, BCom, CA(SA)

Geology Director

Dr Chris Clayton

Geology Director (Alternate)

Dr Alastair Baird

Director

Robyn M. Storer, BSc, MBA

Country Manager Tunisia

Carlos Nascimento Bsc (Geol), MSc (Env'tal & Expl'n Geochem)

Senior Data Geologist

Andrew Cherepanov

Company Secretary and Financial Controller

Elizabeth Jane Hywood (CFA)

Company Address

Blackwell House
Guildhall Yard, London, United Kingdom EC2V 5AE


Telephone:	+44 (0) 20 7556 0940
Facsimile:	+44 (0) 207 556 0949
Email:	jane.hywood[at]maghrebminerals.co.uk
Website:	http://www.maghrebminerals.co.uk

Year End

30 June

Nominated Brokers

Hanson Westhouse LLP
1 Angel Court
London EC2R 7HJ

Nominated Advisors

Hanson Westhouse LLP
1 Angel Court
London EC2R 7HJ

Broker/Analyst Reports

18/12/06 - Maghreb Minerals - Hanson Westhouse

Major Shareholders

RAB Capital

Consolidated Global Minerals

Hawkwood Group

Most Recent Statement

10/06/08 - DRILLING RESULTS EXTEND THE DEPOSIT AND INDICATE SUBSTANTIALLY HIGHER ZINC - LEAD GRADES AT BOU JABEUR - GITE DE L'EST, TUNISIA
22/02/08 - Encouraging Results Point Towards Potential in Tunisia
14/02/08 - Bou Jabeur Title Transfer
13/12/07 - 8.8 MILLION TONNES GRADING 3.16% COMBINED ZINC AND LEAD AT THE GITE DE L'EST DEPOSIT, BOU JABEUR
20/11/07 - HIGHER ZINC VALUES IN RE-ASSAYED CORE AT BOU JABEUR
10/10/07 - AGM Statement

To top