MMS.L Share News (MMS)

LONDON (Dow Jones)--Maghreb Minerals PLC (MMS.LN) said Monday that drilling operations have started on the Zriba-Guebli CaF2 (fluorspar) project deposit, Tunisia, following the successful mobilization of the exploration team. MAIN FACTS: -The Zriba drilling program is a reconnaissance one aimed at confirming the projected extensions to the south (Zriba South) and north of the Zriba orebody (Zriba North) and verifying the old "S" series of holes drilled by the Tunisian Mines Department, the Office National des Mines (ONM) in the 1970's. -The ONM drilled 11 wide-spaced holes in the Zriba South block and 5 in Zriba North block. -The two blocks represent potentially large extensions to the Zriba orebody. -The program will be conducted in two stages. In the first stage (beginning now and continuing into mid-August), three holes will be drilled in Zriba South and one hole in Zriba North. -The Zriba South holes will consist of: * a twin hole to the ONM borehole No. S184 * an infill hole between ONM holes No. S181 and No. S183 to test for continuity * a hole to test the extension of the mineralization to the south of ONM hole No. S183 -The results from these holes will be reviewed during the Ramadan break. -If the results are positive, three to four additional holes will be drilled in Zriba South and/or Zriba North. -It is anticipated that the Zriba drilling program will be completed by the end of October, after which the drill rig will be moved to the Bou Jabeur EP. -It has raised GBP200,002.20 through subscriptions for 13,333,480 new ordinary shares of 0.6 pence each at a price of 1.5 pence per share. This fundraising is intended to provide the Company with sufficient funds to carry out the abovementioned work at Zriba over the coming months. -Shares at 1225 GMT up 0.1 pence, or 10.0%, at 1.4 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 28, 2010 08:28 ET (12:28 GMT)