MMS.L Regulatory News (MMS)

24 May 2007 07:01

Maghreb Minerals PLC24 May 2007 24 May 2007 MAGHREB MINERALS PLC First assay results for Bou Jabeur Gite de l'Est verification drilling confirm high grade zinc mineralisation and multiple mineralised zones Maghreb Minerals Plc ("Maghreb" or "the Company"), the AIM-quoted explorationcompany developing base metal and industrial mineral deposits in North Africa,is pleased to announce assay results for lead and zinc from the firstverification drill hole at its Bou Jabeur Gite de l'Est deposit. The assaysconfirm the presence of significant thickness of lead and zinc mineralisationand the presence of zones of high grade zinc mineralisation at Gite de l'Est, inline with expectations based on previous Tunisian Government drilling. Thedrilling work is being undertaken to upgrade the zinc-lead-fluorite-bariteresource to International Reporting Standards prior to commencing aPre-Feasibility Study on the redevelopment of the mine. Highlights * The first of the verification drill holes (MBJ1) located immediately to the west of the existing Gite de l'Est headframe, has returned assays of 34 metres of lead- zinc mineralisation intersected in five zones including : 10.45 m grading 5.28% Zn, 1.31% Pb from 150 m and 5.9 m grading 9.23% Zn, 0.32%Pb from 219.80 m. Assay results for barite and fluorite are pending. * Verification drilling will be shortened significantly as a result of the recovery of core for 10 holes drilled by the Tunisian Government. The core has been reviewed by Wardell Armstrong International, the Company's independent advisors, and is suitable for re-assaying, thereby obviating the need to re-drill some of these holes. * A further 7 holes of verification drilling are planned. DRILL HOLE MBJ-1 ASSAY RESULTS -------- -------- -------- -------- -------- -------- From To Interval Pb Zn Pb+Zn (m) (m) (m) (%) (%) (%) -------- -------- -------- -------- -------- -------- 150.00 160.45 10.45 1.31 5.28 6.59 180.85 184.90 4.05 0.83 3.81 4.64 187.50 188.75 1.25 1.00 5.99 6.99 219.80 225.70 5.90 0.32 9.23 9.55 227.55 234.00 6.45 0.88 2.64 3.51 242.25 246.90 4.65 0.89 1.48 2.37 326.25 327.70 1.45 0.65 3.93 4.58 -------- -------- -------- -------- -------- --------Total and average grades 34.20 0.90 4.74 5.65--------------- ------ -------- -------- -------- Gordon Riddler, Executive Chairman commented: "We are very pleased that the first verification drill hole has returnedslightly better than anticipated results. The drilling has confirmed thepresence of high grade zinc mineralisation. This gives strong support to theCompany's strategy to focus on working towards verifying the known resource toInternational Reporting Standards and to establish the parameters for theredevelopment of mining operations at Gite de l'Est as quickly as possible. In January 2007, Maghreb announced the successful conclusion of its negotiationswith the Office Nationale des Mines ("O.N.M.") to acquire the rights to the BouJabeur deposit, whereby Maghreb has the right to earn a 90% interest in the BouJabeur exploration permit. The Bou Jabeur exploration permit (EP) covers theground referred to in the Maghreb AIM Admission document, December 2004, as theBou Jabeur mine concession, which covers a significant area of mineralisationincluding the Gite de l'Est zinc-lead-fluorite-barite mine. In 2000 theoperators of Bou Jabeur Gite de l'Est quoted a proven, probable and possiblereserve (not to JORC standard) of 5.1 million tonnes (Mt) with a grade of 1.38%Pb, 3.76% Zn, 33.2% BaSO4, and 9.3% CaF2. The in-situ value of the deposit is estimated to be in excess of US$1,000million, based on recent prices*. (*Zn US$1.75/lb, Pb US$0.71/lb, BaSO4 US$35/t,CaF2 US$230/t.) ENQUIRIES: Maghreb Minerals Plc Tel: +44 (0) 20 7556 7038 Gordon Riddler, Executive Chairman Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100 Tim Metcalfe / Anita Ghanekar Bankside Consultants Tel: +44 (0) 20 7367 8888 Michael Padley / Michael Spriggs The sources of some of the information in relation to the Bou Jabeur mine weresourced from O.N.M. The Company has not been able to independently verify theaccuracy of some of this information. The technical content of this press release has been reviewed by the ExecutiveChairman of Maghreb Minerals plc, Gordon Riddler, BSc, MBA, FIMMM, CEng, CSci. who has 40 years ofexperience in the mining sector and is a Fellow of the Institute of Materials,Minerals and Mining, a recognised professional association. This information is provided by RNS The company news service from the London Stock Exchange