25 May 2010 07:50
25 May 2010
Maghreb Minerals PLC
("Maghreb Minerals" or the "Company")
Resumption of Exploration Activities
Tunisian Exploration Activities
The Board of Maghreb Minerals is pleased to announce the resumption of exploration activities on its four core exploration permits (EPs). They are the Bou Jabeur Pb/Zn (lead/zinc) Mine, the Fej Lahdoum Pb/Zn Mine, together with the surrounding exploration area and the Zriba-Guebli CaF2 (fluorspar) deposit. The decision follows the completion of a detailed review of all of its exploration permits.
The planned exploration program is broken into distinct phases separated by decision points so that no monies are spent on unnecessary work. Phase one will run from July to mid August 2010 and involve drilling the Zriba South and Zriba North CaF2 orebodies to test for projected extensions of the main (mined out) Zriba orebody and to verify the results of old boreholes drilled by Tunisian Office National des Mines (ONM) in the area.
No drilling will be carried out during Ramadan (mid August to mid September). During this time the Zriba drilling results will be reviewed. If they are positive, a second phase of infill holes will be drilled at Zriba. It is anticipated that the Zriba drilling program will be completed by the end of October 2010 after which the drill rig will be moved to the Bou Jabeur EP.
The proposed Bou Jabeur drill program will consist of three to four holes drilled at Gite de l'Est to test the projected extension of the Gîte de l'Est Pb/Zn orebody to the South and at depth. Thereafter, three exploratory holes will be drilled in the vicinity of the Excelsior Gîte to test for mineralisation.
The Bou Jabeur drill program is anticipated to be completed by the year end and a drilling program at Fej Lahdoum has been scheduled to start early in 2011.
Future developments
Having completed a strategic review, the Maghreb management team with the support of the Company's major shareholders, are actively pursuing a program of identifying and evaluating additional potential investment opportunities, with a focus on acquiring producing assets in the fluorspar sector internationally.
In addition, management is continuing with its endeavours to find an industry partner to assist in advancing Maghreb's two prospective Pb/Zn projects, namely Bou Jabeur and Fej Lahdoum.
For further information, please contact:
Maghreb Minerals Plc
Richard Linnell - Chairman Tel: + 27 11 459 2853
Dunbar Dales - CEO Tel: +27 83 258 9062
Westhouse Securities Limited Tel: +44 (0) 20 7601 6100
Tim Metcalfe / Martin Davison
ENDS