MMS.L Regulatory News (MMS)

10 Oct 2007 09:55

Maghreb Minerals PLC10 October 2007 MAGHREB MINERALS PLC AGM Statement At the Annual General Meeting to be held today, Gordon Riddler, Chairman ofMaghreb Minerals Plc ("Maghreb" or "the Company"), the AIM quoted explorationcompany developing base metal and industrial mineral deposits in North Africa,will make the following statement: "This past year has been one during which the Company has made significantprogress. We have consolidated the permit portfolio to 12 exploration permits inTunisia. "Maghreb's prime focus is on those highly prospective Tunisian assets mostlikely to be able to develop producing mines in the medium term. "We are concentrating on the verification, evaluation and expansion of the knownresources at three properties which include the past producing lead-zinc minesof Fej Lahdoum and Bou Jabeur and the fluorite mine at Zriba/Guebli (Zaghouan).The work programmes are focused on advancing these projects towardspre-feasibility studies through 2008. The results to date have been veryencouraging and confirm the previous Office National des Mines results. "Significant progress has been made on the Bou Jabeur Gite de l'Est deposit,where the Company has remodelled the geological controls to the mineralisationand has completed the 10-drill hole verification and metallurgical samplingdrilling programme, which commenced in mid-March 2007. In addition, the recoveryof core and pulps from the previous O.N.M. drilling programmes has acceleratedthe Company's progress towards commencing a proposed pre-feasibility study onthe deposit. "The Bou Jabeur Gite de l'Est deposit is a rich polymetallic ore body whichcould generate revenues from four products: zinc and lead concentrates, fluoriteand barite. "The in-situ value of the deposit has been generally estimated to be in excessof US$1 billion, based on current prices, but the Company's programme is aimedat establishing a JORC-reportable resource statement for the deposit,anticipated to be ready early in 2008, followed by an assessment of the miningviability of this deposit. "The Board has been strengthened with the appointment of Drs. Baird and Claytonwho have an excellent understanding of the local geology and have beeninstrumental in directing our successful drill programmes. "Following the recent £2.8m fundraising we have the monies to accelerate theprogrammes and move systematically towards pre-feasibility studies. "During the reporting period the Company has verified the existence ofsubstantial lead, zinc and barite resources at Bou Jabeur, strong fluoritemineralisation of variable thickness at Zriba/Guebli (Zaghouan) and is about tocommence drilling at Fej Lahdoum to seek extensions to the known resource there.The Company has the funding and the management in place to allow us to evaluatethese deposits and to bring the projects to pre-feasibility stage with a view tore-establishing mining operations. "I would like to thank the Maghreb team for their outstanding efforts this pastyear and look forward to an exciting year ahead for Maghreb Minerals." 10 October 2007 ENQUIRIES: Maghreb Minerals PlcGordon Riddler, Executive Chairman Tel: +44 (0) 20 7556 0940 Hanson Westhouse LimitedTim Metcalfe/ Anita Ghanekar Tel: +44 (0) 20 7601 6100 Bankside ConsultantsMichael Padley / Libby Moss Tel: +44 (0) 20 7367 8888 Notes to Editors: Maghreb Minerals Plc is an AIM quoted exploration company developing base metaldeposits in Tunisia where it holds the rights to several licence areas. TheCompany is targeting base metals, mainly lead and zinc, but has also identifiedareas containing barite and fluorite in Tunisia. For further information, pleasevisit www.maghrebminerals.co.uk The technical content of this press release has been reviewed by the ExecutiveChairman of Maghreb Minerals plc, Gordon Riddler, BSc, MBA, FIMMM, CEng, CSciwho has 40 years of experience in the mining sector and is a Fellow of theInstitute of Materials, Minerals and Mining, a recognised professionalassociation. ENDS This information is provided by RNS The company news service from the London Stock Exchange