MMS.L Regulatory News (MMS)

5 Sep 2008 11:58



MAGHREB MINERALS PLC

PHASE 2 STEP OUT DRILLING COMPLETED WITH MORE EXCELLENT RESULTS AT BOU JABEUR - GITE DE L'EST, TUNISIA

Maghreb Minerals Plc ("Maghreb" or "the Company"), the AIM-quoted exploration company developing base metal and industrial mineral deposits in Tunisia, is pleased to announce an excellent set of results following the completion of its Phase 2 infill and step out drilling programme at the Gite de l'Est deposit, Bou Jabeur, Tunisia.

Highlights

Phase 2, infill and step out drilling has been completed,  returning excellent results and demonstrating mineralisation well below the known resource at Gite de l'Est, which is still open laterally and at depth. 

MBJ27 intersected 35.90m grading 6.99 per cent Zn and 1.28 per cent Pb at 222m depth. 

Step out drill hole MBJ28  cut richer lead mineralisation including 14m of 6.94 per cent Pb and 2.01 per cent Zn and with MBJ29 confirming lateral continuity of this mineralisation to the west at a depth substantially below the known resource at over 400m. 

Drilling Results

Ten infill and step out holes (MBJ25 to MBJ34) for a total of 3,850.95m complete the Phase 2 drilling programme at Bou Jabeur - Gite de l'Est. Principal intersections are as follows:

Drill holes MBJ27 and MBJ28 intersected strong zinc-lead mineralisation, with sub-massive intervals. Step out drill holes MBJ28 and MBJ29 targeted mineralisation below the previously known O.N.M. resource to provide new information and determine extensions in volume and grade for the deposit. MBJ28 shows a marked increase in lead grades at depth and where silver assays when received could be expected to reflect the lead content as in MBJ12.  MBJ29, about 50m west of MBJ 28, established the continuity of the mineralisation at this greater depth. The results of Phase 2 drilling demonstrate that mineralisation extends at least 150m below the known resource which is still open laterally and at depth. 

The results for MBJ32 are awaited. A potential fault-offset at the north-east end of the deposit, suggested from recent geological modelling work, was tested by MBJ33 but did not locate mineralisation. This target area will be reviewed. MBJ34 was drilled to test geologic Unit 7 some 2 km to the south-west of Gite de l'Est on the opposite side of the ridge from MBJ13 and MBJ15 but did not intersect significant mineralisation.

Gordon Riddler, Chairman, said:

"The results from the final part of the Phase 2 drilling indicates significant deeper mineralisation adding considerable upside potential to the value of the deposit. The Gite de l'Est work programme is now at a point where the Company must take stock of the available information by means of the scoping study which is now in progress to determine the economic viability and potential value of this zinc-lead-silver deposit."

*NOTE FOR EDITORS

The results of the verification drilling, the significantly higher zinc grades following the re-assay of the original O.N.M. core pulps, the excellent results from the Phase 2 step out and infill drilling and the fact that the deposit remains open laterally and at depth, provide the Company with confidence that the mineral resource at Gite de l'Est is substantially greater both in terms of tonnage and grade than earlier estimates. 

Consequently, in June 2008, the Company commissioned a mining and metallurgical scoping study with the objective of establishing the deposit's economic viability. The scoping study is being completed by the Scott Wilson Mining Group and SGS Lakefield Research Europe respectively. It will include an updated resource estimate and is scheduled to be completed early in the final quarter of 2008. 

The Company reported in December 2007 an audited Inferred Mineral Resource estimate, prepared in accordance with JORC (2004) reporting standards, using only the historical O.N.M. data for Gite de l'Est. At a 1% zinc and lead ("Zn+Pb") cut off grade, the resource contains 8.836Mt grading combined 3.16% Zn and Pb: 2.17% Zn, 0.99% Pb, 5.06% CaF2 and 21.66% BaSO4, and at a 2% Zn + Pb cut off grade, 5.172Mt grading 4.40% combined Zn and Pb: 3.15% Zn. 1.25% Pb, 6.42% CaF2 and 27.76% BaSO4. 

The Company exercised its right to earn a 90% interest in the Bou Jabeur Exploration Permit ("EP") in February 2008. The O.N.M. holds the other 10%. The EP, formerly known as the Bou Jabeur mine concession, covers a significant area of mineralisation including the Gite de l'Est zinc-lead barite-fluorite mine. The earn-in agreement with the O.N.M. signed on 16 January 2007 included a commitment by the Company to spend TND 400,000 over two years on exploration and project evaluation. A report detailing this qualifying expenditure was submitted to the O.N.M. by the Company in November 2007 and the right for 90% of this EP has since been acquired by the Company and officially gazetted.

ENQUIRIES:

Maghreb Minerals Plc  Tel: +44 (0) 20 7556 0940

Gordon Riddler, Chairman

Hanson Westhouse Limited  Tel: +44 (0) 20 7601 6100

Tim Metcalfe / Anita Ghanekar

Lothbury Financial   Tel: +44 (0) 0207 011 9411

Michael Padley / Libby Moss

The sources of some of the information in relation to the Bou Jabeur mine were sourced from O.N.M. The Company has not been able to independently verify the accuracy of all of this information.

The technical content of this press release has been reviewed by the Chairman of Maghreb Minerals plc, Gordon Riddler, BSc, MBA, FIMMM, CEng, CSci. who has 40 years of experience in the mining sector and is a Fellow of the Institute of Materials, Minerals and Mining, a recognised professional association.