MMS.L Regulatory News (MMS)

17 Jul 2007 07:00

Maghreb Minerals PLC17 July 2007 MAGHREB MINERALS PLC Discovery of mineralised core from previous drilling at Bou Jabeur - Gite del'Est adds significant value to the current resource assessment programme 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 a significant boost to its exploration programme with thediscovery of mineralised core from the former drilling programmes completed bythe Office National des Mines ("O.N.M.") at the Bou Jabeur - Gite de l'Estdeposit between 1977 and 1986. The core was discovered in storage which waseither inaccessible or unknown to the Company. This unexpected find will meanthat the amount of drilling necessary for the compliant resource statement toInternational Reporting Standards currently being prepared is significantlyreduced. Highlights •Two sets of mineralised core and milled core sample assay pulps from the former O.N.M. drilling programmes at Bou Jabeur - Gite de l'Est have been discovered. These comprise 3,803 metres (m) of mineralised sections of core and represent approximately one third of the 10,465m from 31 completed drill holes. A total of 47 holes were drilled by the O.N.M. at Bou Jabeur - Gite de l'Est. •The core is in good condition and can be used for the compilation of the compliant resource statement currently being undertaken. •This core significantly reduces the number of verification drillholes planned by the Company. Drilling therefore can be redirected to providing additional drillholes targeted at extending the mineral deposit laterally and at depth. •The value of this core, in terms of savings in drilling costs, is estimated at approximately £870,000 based on a cost of £80 per meter. The first set of cores (10 drillholes, 2,166m, 650 samples of half core and 95%of the milled core sample assay pulps) were found in a building at the BouJabeur mine with the assistance of a former Bou Jabeur mine geologist. A secondset (21 drillholes, 1,637m, 1,298 samples of half core) was discovered in thebasement of the old mine office behind a sealed brick wall during a search byCompany staff. There were no milled core sample assay pulps for the second setof cores. Gordon Riddler, Executive Chairman commented: " These discoveries by the Maghreb field team, at such an early stage in theresource assessment programme, will significantly speed up verification of theknown deposit at Bou Jabeur - Gite de l'Est as well as work on extending theknown deposit, establishing a resource to International Reporting Standards anddetermining the parameters for the redevelopment of mining operations at thedeposit as quickly as possible, saving the Company considerable time and money." Editor's Note In January 2007, Maghreb announced the successful conclusion of its negotiationswith the O.N.M. to acquire the rights to the Bou Jabeur deposit, whereby Maghrebhas the right to earn a 90% interest in the Bou Jabeur exploration permit. TheBou Jabeur exploration permit covers the ground referred to in the Maghreb AIMAdmission document, December 2004, as the Bou Jabeur mine concession, whichcovers a significant area of mineralisation including the Gite de l'Estzinc-lead-fluorite-barite mine. In 2000 the operators of Bou Jabeur Gite del'Est quoted proven, probable and possible reserves (not to InternationalReporting Standards) totalling 5.1 million tonnes 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 billion,based on recent prices*. (*Zn US$1.75/lb, Pb US$0.71/lb, BaSO4 US$35/t, CaF2US$230/t.) ENQUIRIES: Maghreb Minerals Plc Tel: +44 (0) 20 7556 7038Gordon Riddler, Executive Chairman Hanson Westhouse Limited Tel: +44 (0) 20 7601 6100Tim Metcalfe / Anita Ghanekar Bankside Consultants Tel: +44 (0) 20 7367 8888Michael 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 of experience in the mining sector and is a Fellow of theInstitute of Materials, Minerals and Mining, a recognised professionalassociation. This information is provided by RNS The company news service from the London Stock Exchange