MMS.L Regulatory News (MMS)

29 Aug 2007 07:00

Maghreb Minerals PLC29 August 2007 MAGHREB MINERALS PLC EXCELLENT LEAD - ZINC RESULTS FROM VERIFICATION PROGRAMME AT BOU JABEUR GITE DE L'EST 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 next fourdrillholes, MBJ2 to MBJ5, at its Bou Jabeur Gite de l'Est deposit in Tunisia.The assays confirm the presence of high-grade lead-zinc mineralisation in linewith expectations from the previous Tunisian government Office National desMines ("O.N.M.") drilling results. Fluorite and barite assay results areawaited. The drill programme commenced in mid-March 2007, with a view to verifying pastresource estimates* and to provide metallurgical samples for test work, whichwill form part of a proposed pre-feasibility study. Highlights • Drilling results from the five verification holes drilled to date, at the Gite de l'Est deposit, confirm and verify the previous O.N.M. drilling results, with results from some lead and zinc assays in cores looking considerably better. • Assays confirm the presence of significant thickness of lead and zinc mineralisation and the presence of zones of high-grade zinc mineralisation. Hole MBJ 4, assayed over a 67m interval, returned 40.65 metres grading at 6.48% Zn and 1.83% Pb, for a total combined assay of Pb+Zn 8.31%. This included a 14.20m intersection at a depth of 211.7m at a grade of 9.88% Zn and 1.97% Pb, for a combined Pb+Zn 11.85%. • A first estimate, compliant with International Reporting Standards will be compiled when the results from the current phase of drilling are received. A finalisation of the first estimate is expected in Q4 2007. • The initial Surpac(R) wireframe model is being constructed by Maghreb and will be audited by Wardell Armstrong International ("WAI"). * A 1996 O.N.M report cites a "resource estimate" of 5.8 million tonnes (Mt) with a grading of 3.6% Zn, 1.5% Pb, 33.80% BaSO4, and 9.3% CaF2, including possible, probable and certain categories (the latter being 3.4 Mt at 3.6% Zn, 1.2% Pb, 10.6% CaF2, 39.2% BaSO4). It is estimated that less than 800,000 tonnes of the deposit has been mined. The in-situ value of the deposit, which consists of lead, zinc, barite and fluorite, is estimated to be in excess of US$980 million, based on current prices. (Zn US$1.75/lb, Pb US$0.71/lb, BaSO4 US$35/t, CaF2 US$230/t). Verification Results The first verification drill hole (MBJ1 - twinned with previous O.N.M. drillholeBJ5 reported previously) is located immediately to the west of the existing Gitede l'Est mine headframe, and returned assays indicating 34 metres of lead-zincmineralisation intersected in five zones. Four further verification drillholes(MBJ2 to MBJ5) intersected the deposit and have since been completed for a totalof 1,300m and assay results received. The best intersections are as follows: DRILL(3) FROM TO INTERVAL Zn Pb COMBINEDHOLE (m) (m) (m) (%) (%) Zn%+Pb%--------------------------------------------------------------------------------MBJ 2 59.90 67.60 7.70 4.32 1.18 5.50Zn + Pb) 77.85 80.15 2.30 4.67 0.57 5.24 153.50 170.00 16.50 3.71 2.14 5.85 179.10 188.70 9.60 6.34 2.10 8.44Total 36.10 4.60 1.82 6.42 --------------------------------------------------------------------------------MBJ 3 179.20 182.35 3.15 5.91 3.05 8.96 216.60 219.35 2.75 2.53 2.03 4.56 226.30 227.40 1.10 1.71 4.17 5.88--------------------------------------------------------------------------------Total 7.00 3.92 2.83 6.75----------------------------------------------------------------------------------------------------------------------------------------------------------------MBJ 4 190.55 197.40 6.85 9.17 0.66 9.83including 191.60 195.85 4.25 12.26 0.96 13.22 202.85 206.15 3.30 3.62 2.13 5.75 207.95 211.65 3.70 2.69 0.65 3.34 211.65 225.85 14.20 9.88 1.97 11.85 251.85 259.50 7.65 4.98 0.83 5.81 262.15 267.10 4.95 3.78 1.63 5.41--------------------------------------------------------------------------------Total 40.65 6.48 1.83 8.31--------------------------------------------------------------------------------MBJ 5 257.70 286.20 28.50 5.85 1.05 6.90(1)--------------------------------------------------------------------------------including 257.70 263.45 5.75 15.05 0.74 15.79(2)-------------------------------------------------------------------------------- 267.20 271.10 3.90 8.32 1.17 9.49-------------------------------------------------------------------------------- 288.50 292.75 4.25 2.96 1.58 4.54-------------------------------------------------------------------------------- 300.90 301.95 1.05 1.40 2.69 4.09-------------------------------------------------------------------------------- 335.50 338.35 2.85 1.32 5.93 7.25--------------------------------------------------------------------------------Including 335.50 336.80 1.30 1.69 11.43 13.12--------------------------------------------------------------------------------Total 36.65 5.04 1.54 6.58-------------------------------------------------------------------------------- Notes: Sections of poor core recovery at the Aptian (chronostratigraphic lowercretaceous) contact require to be considered in drill hole MBJ5 - over 11.4m(Note 1) and 4.2m (Note 2). These sections are well mineralised in intervalsabove and below the poor recovery zones and also in adjacent drill holes. Note3: Maghreb drillholes MBJ2, MBJ3, MBJ4, MBJ5 are twinned with previous O.N.M.drill holes BJ16, BJ14, BJ2 and BJ10 respectively. Drilling results to date confirm and verify the previous O.N.M. drillingresults, with some lead and zinc assays in cores looking considerably better.The assays confirm the presence of significant thicknesses of lead and zincmineralisation and the presence of zones of high-grade zinc mineralisation. Wardell Armstrong International ("WAI") geologists have been on-site to observeand review Maghreb's programme and data collection for Bou Jabeur Gite de l'Est,with a view to ensuring that all new data meet the necessary InternationalReporting Standards. The initial Surpac(R) wireframe model being compiled byMaghreb will be audited by WAI. Through a subsequent iterative process of auditand additional work the statistical robustness of the model will be improvedleading to a resource statement when the results of the current phase ofdrilling are received over the next two months. Gordon Riddler, Executive Chairman commented: "The drilling results to date continue to be very encouraging. Significantprogress is being made on the verification and modelling of the Bou Jabeur Gitede l'Est deposit data. We are moving towards a greater understanding of thedeposit and expect to be in a position to be able to prepare a compliantresource statement in the near term, quickly followed by a pre-feasibiltystudy." NOTE FOR EDITORS In March 2007, Maghreb Minerals Plc. appointed Wardell Armstrong Internationalto assist in the preparation of a compliant resource statement to InternationalReporting Standards, prior to Maghreb commencing a Pre-Feasibility Study on theresumption of mining operations at Bou Jabeur Gite de l'Est. WAI geologists have observed Maghreb's drilling activities in their entirety.They have reviewed the core from 10 of the original 45 ONM drill holes and theplans for its re-analysis, and overseen the quality control procedures for thesurveying and logging of the drill holes and the compilation of the database.Most of the available data has been entered into a Surpac(R) geological model. The initial Surpac(R) wireframe model is now of sufficient quality that is readyto be run, and when generated, it will be audited by WAI. A subsequent iterativeprocess of audit and additional work will improve the statistical robustness ofthe model leading to a resource statement when the results of the current phaseof drilling are received over the next two months. 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