15 Feb 2011 08:46
Maghreb Minerals PLC
("Maghreb" or the "Company")
Recommencement of production at Sallies' Witkop Mine
On 19 January 2011, Maghreb announced that it had entered into a fixed term Facility Agreement whereby Maghreb agreed to provide Sallies Limited ("Sallies") with an unsecured facility of up to US$8 million to provide the working capital needed to restart operations at the Witkop Mine ("the Facility")
Sallies has today announced that it will be recommencing production at its Witkop Fluorspar Mine to fulfill recently negotiated orders and anticipated further orders. In order to finance the recommencement of production, Sallies will be drawing down on the Facility an initial sum of US$2 million.
Update on the Acquisitions
Further to the announcements on 24 December 2010, the Board wishes to update shareholders on the progress being made on the proposed acquisition of interests in Sallies and Kenya Fluorspar Limited (the "Acquisitions").
The Acquisitions together constitute a reverse takeover of the Company for the purposes of the AIM Rules for Companies. The Company is currently working with its advisers on the preparation of an AIM admission document which it expects to be able to publish in the second quarter of 2011.
For further information, please contact:
Maghreb Minerals Plc
Dunbar Dales - CEO Tel: +27 83 258 9062
Westhouse Securities Limited Tel: +44 (0) 20 7601 6100
Tim Feather / Martin Davison
ENDS