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FINEX ’ 08. ZINC EXPLORATION IN NORTH AFRICA Gordon P Riddler Chairman Maghreb Minerals plc [MMS]. Bou Jabeur – Gite de l’Est Headframe. Disclaimer. - PowerPoint PPT Presentation
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24 September 2008 FINEX '08, LONDON 1
ZINC EXPLORATION IN NORTH AFRICA
Gordon P RiddlerChairman
Maghreb Minerals plc [MMS]
FINEX ’08
Bou Jabeur – Gite de l’Est Headframe
24 September 2008 FINEX '08, LONDON 2
DisclaimerAlthough reasonable care has been taken to ensure that the facts stated in the presentation and in this document are accurate and that the opinions expressed are fair and reasonable, no reliance can be placed for any purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by either Maghreb Minerals Plc (the ‘Company’) (or by any of their respective directors, officers, employees, agents or advisers (as the case may be) as to the accuracy of the information or opinions contained in, or as to the completeness of, this document. Prospective investors are encouraged to obtain separate and independent verification of information and opinions contained herein as part of their own due diligence. This document is made available only on request to recipients whom the Company believe on reasonable grounds are persons falling within sections 19(5)(3), 48, 49(2) and 50 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001. Any investment or investment activity to which this proposal relates is available only to such persons and will be engaged in only with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this document. By accepting this document, the Recipient agrees to keep permanently confidential the information contained herein or sent herewith or made available in connection with further enquiries. It is a condition of the issue of this document that it will not be reproduced, copied or circulated to any third party without the express prior consent of the Directors of the Company. The distribution of this document in certain jurisdictions may be restricted by law and therefore any person into whose possession this document comes should inform himself about and observe any such restriction. This document is not for distribution outside the United Kingdom and, in particular, it or any copy of it should not be distributed by any means (including electronic transmission) either to persons with addresses in Canada, Australia, Japan, the Russian Federation, the Republic of Kazakhstan, the Kyrgyz Republic or the Republic of Ireland, or to persons with an address in the United States, its territories or possessions or to any citizens thereof, or to any corporation, partnership or other entity created or organised under the laws thereof. Any such distribution could result in a violation of Canadian, Australian, Japanese, Irish, Kazakhstan, Russian, Kyrgyz or United States law.
The statements contained in this presentation are both historical and forward-looking in nature. The forward-looking statements involve risks and uncertainties including those relating to exploration, the establishment of reserves, the recovery of any reserves, future zinc production and production costs, and future permitting dates for additional sources of ore.
NOTE: – Throughout this presentation some of the information in relation to mineral resource estimates has been sourced from the Office National des
Mines and other official sources in Tunisia. The Group has not yet been able to verify independently the accuracy of some of this information.– Where applicable in its context, any tonnage and grade estimates given in this presentation are based on available historical information and
are not compliant with International Reporting Standards but it is the only information currently available to the Group.
Zinc Exploration in North Africa• Factors influencing Maghreb strategy:
– Historical background to mining in Africa
– Where are the past and present mines and exploration?
– Factors Relevant to Increasing Production in Africa
– Potential for Discovery and Increasing Production
• Where is Maghreb Minerals plc looking?
• What is the company doing?
24 September 2008 FINEX '08, LONDON 3
24 September 2008 FINEX '08, LONDON 4
Historical Background
• Pre-historic hearth smelting
• Roman working
• Artisanal and small-scale mining
• Colonial development
• Disruption following independence
• Mining getting back on track in many countries in Africa
24 September 2008 FINEX '08, LONDON 5
Active Mining
Closed Mine
R Resource
RR
RRR
R1,2
3
7
E
ExplorationE
5,698
11
10
12, 1314
15, 1617, 18
19
2420, 21, 22, 23
E
25, 2627, 2837
E E
3129, 30
32
33, 3435 E
EE
E 38, 39, 40, 41, 42, 43, 44, 45
36
Active Mining
Closed Mine
R Resource
RR
RRR
R1,2
3
7
E
ExplorationE
5,698
11
10
12, 1314
15, 1617, 18
19
2420, 21, 22, 23
E
25, 2627, 2837
E E
3129, 30
32
33, 3435 E
EE
E 38, 39, 40, 41, 42, 43, 44, 45
36
ZINC
IN
AFRICA
24 September 2008 FINEX '08, LONDON 6
Zinc in Africa
Country
#
Deposit Name
Status Mine Start
(Mine Closure)
Resource Data c Ma-Host Rock Age
Host Rock Type
1 Black Mountain M 2 Broken Hill M
1981 Reserves: 12.7Mt @1.8%Zn, 4.38% Pb (2001),
2000 Ma
3 Gamsberg R 90Mt @ 6.3% Zn, 0.5% Pb with Cu 2000
Granulite gneiss
4 Pering 1984 (2002) 18Mt @ 3.6% Zn, 0.69% Pb 2521 Dolomite MVT 5 Maranda E
South Africa
6 Metorex (2003) Reserves: 0.3 Mt @ 15.3% Zn, 1.5% Cu 7 Tsumeb/Adenab 1907 (1996) 30Mt @ 4.0% Cu, 9.0% Pb. 3.2% Zn 1500 dolomite 8 Rosh Pina M 1969 Reserves: 6.5Mt @ 8.7% Zn, 2.5% Pb
Resources: 15Mt 600 Volcanic -
sedimentary
Namibia
9 Skorpion M 2003 24.6Mt @ 10.6% Zn 600 Volc – sed Zambia 10 Kabwe 1906 (1994) Mine capacity 250,000 tpa 1500-220 carbonates DRC 11 Kipushi R 1929 (1973) 17Mt 16.7% Zn, 2.32% Cu plus
9Mt @ 23.3% Zn 1.93% Cu 1500 dolomite
12 Yanga Koubanza E 1905 (1978) 5.53Mt @ 8%Pb. 7% Zn. 1.9% Cu 1500 Calc schist
13 Mindouli (1978) Largest in E Niari region 1500 dolomite
Congo
14 Mfouati 1938 (1984) 15 Ishiagu M 16 Enyiba M 17 Ameri M
Nigeria
18 Ameka M
1.5Mt @ 7% Zn (2006) Overall average grade for Benue Valley deposits 12% Zn+ Pb ratio 2:1
100 Carb shales
Burkina Faso
19 Perkoa R Expected 2008 6.3Mt @ 14.5% Zn, .06% Pb, 10% BaSO4, 26 g/t Ag
2000 Volc tuffites VMS
20 Asmara R
21 Debarwa R 5.3 Mt @1.57 g/t Au, 74.8 g/t Ag, 2% Cu, 0.8% Zn
22 Adi Nefas R 1.2Mt @ 11.5% Zn, 1.1%Cu, 4.4 g/t Au, 165 g/t Ag
23 Emba Derho E R 40 Mt target
Eritrea
24 Bisha E Assy: 6.27%Cu, 1g/t Au, 42.g/t Ag +Zn
1500 VMS
Status: M= Active Mine; = Closed Mine; R = Estimated Resource; E = Active Exploration.
Note: Indicative List. Resources quoted may not be to reporting code standards
24 September 2008 FINEX '08, LONDON 7
Zinc in Africa
Country
#
Deposit Name
Status Mine Start
(Mine Closure)
Resource Data c Ma-Host Rock Age
Host Rock Type
25 Bou Beker 1926 (1997) 26 Touissit (2003) 27 Mekta 28 Beddiane
1926 (1997)
Between 1926 and 1997 produced 67Mt @ 7%Pb, 3% Zn and up to 600 g/t Ag
170 dolomites
29 Hajar M 1992 8.4Mt @ 10.5% Zn, 3% Pb, 0.3% Cu, 60 g/t Ag (2002)
Morocco
30 Drâa Lasfar M 2004 7.79Mt 5.52% Zn, 2.3% Pb, 0.27% Cu
355 Volc – sed contact zone
31 Tighza M E 1955 5 Mt; production 30 ktpa Pb, 4 ktpa Zn 350 volc – sed Algeria 32 Oued Amizour E 30 Mt @ 5.5% Zn, 1.4% Pb of which
11Mt @ 10.9% Zn. 3% Pb 150 Lavas + sed
33 Bouk Dema E 1927 (1930) 18.4Mt @ 4% Zn, 2% Pb
34 Kef Semmah E 1900 (1953) Oxide: 2.1 MT @ 20% Zn, 2.93% Pb Sulphide: 3.2Mt @ 6% Zn, 1.35% Pb
35 Ain Sedjra E 1911 (1953) 2.2Mt @ 11.4% Zn, 1.14% Pb
100
36 Bou Jabeur West R Zinc mineralisation recorded - ?5Mt 170
Dolomites
37 El Abed (1997) Part of Bou Beker – Touissit resource 170 dolomites 38 Gite l’Est E 1891 (2002) 5.1 Mt @ 3.76% Zn, 1.38% Pb, 33.2%
BaSO4, 9.3% CaF2 39 Dar N’Hal Nord E 1891 (2005) 1.2 Mt @ 6.1% Zn, 5.5% Pb mine
reserve left. 40 Djebba E 1920 (1956) 2.7 Mt @6.14% Zn, 3.34% Pb
41 Bougrine E 1990s (2005) c10 Mt at start 1.3Mt @ 10.9% Zn, 1.9% Pb (2002)
42 Zriba Guebli E 1967 (1992) 4Mt @ 25% CaF2, 2% Pb + Zn
43 Kohol R E 0.4 Mt @ 35% CaF2, 5% Pb + Zn
44 Sidi at Taia E Mineralisation 3.5% Pb + Zn, 15% CaF2, 10% BaSO4
Tunisia
45 Mesella E Zinc oxide and sulphide
100 - 10 Karstic carbonates and dolomites
Status: M = Active Mine; = Closed Mine; R = Estimated Resource; E = Active Exploration
Note: Indicative List. Resources quoted may not be to reporting code standards
24 September 2008 FINEX '08, LONDON 8
Zinc in Africa
Factors Relevant to Increasing Production • Political risk• Stability of title• Stability of fiscal regime• Data availability and infrastructure support• Access to under-explored areas and former mine
sites• Application of modern exploration and mining
techniques• Innovative processing
24 September 2008 FINEX '08, LONDON 9
Potential for Discovery and Increasing Production
• Large (>40Mt), lower grade VMS type deposits in older Proterozoic terrains (Gamsberg, Asmara)– Complex mineral paragenesis; complicated metallurgy
• Smaller (~5 - 10Mt), higher grade MVT type carbonate hosted deposits (Benue Valley, Bouk Dema, Fej Lahboum, Gite de l’Est)– Central processing facility and more extensive infrastructure
• Zinc Oxide Deposits– Application of SE/EW technology (Skorpion, Kef Semmah)
• Volcano-sedimentary Hercynian terrains (Hajar, Draa Lasfar)
24 September 2008 FINEX '08, LONDON 10
Where is Maghreb Minerals Looking?
FOLLOWING
THE
ROMANS
INTO
TUNISIA
24 September 2008 FINEX '08, LONDON 11
Why Tunisia ? Opportunity to re-start mining at past producing mines
mining stopped at a time of low metal prices; these mines have established resources in situ and upside for more
Bougrine concentrator on care and maintenance Centrally located with capacity up to 2,000 tpd
Ready Market in Europe World shortage of good quality concentrate
Clean concentrate commanding high prices in the European smelting market Bou Grine product sold to a number of European smelters
Competitive mining code and stable fiscal regime Good existing infrastructure
power, water, rail, concentrate handling, extensive good quality geodata and effective government support
Little modern exploration and excellent exploration potential
24 September 2008 FINEX '08, LONDON 12
Maghreb Minerals Response…
Built a strong portfolio of exploration permits Hold 100% title on 7 EPs around and along strike from
former producing mines
After extended negotiation, recently (2007) secured title to three past producing mines Opportunity to fast track to production
Exploration targeting using alternative model "thrust related model replaces salt dome related concept“
24 September 2008 FINEX '08, LONDON 13
Maghreb portfolio of assets
10km 125km
50km
Past producing minePb=Zn showing Mejerda Zone
* not to reporting code standard
Past Producing Zaghouan-Zriba fluorite
mine Current ‘resource’ > 4.8
Mt grading 25% CaF2
Significant Upside Tonnage Potential
Past Producing Bou Jabeur
Pb-Zn-Ba-CaF2 mine(s)Gîte de l’Est ‘resource’* 5.1 Mt grading 3.76% Zn, 1.38%
Pb, 33.2% BaSO4, 9.3% CaF2
Significant Upside Tonnage Potential at depth & along
strike
Past Producing Fej Lahdoum mine current ‘resource’*
1.5 Mt grading 11.6% Pb+ZnSignificant Upside Tonnage Potential
Djebba ‘resource’*approx. 3 to 4 Mt grading
6% Zn + 3% Pb10km from Fej Lahdoum
Past Producing Breakwater Resources
Bou Grine Mine up to 2,000 tpd mill
Closed September 2005 on care and maintenance
Lorbeus EL
24 September 2008 FINEX '08, LONDON 14
Past – Producing Mine Resource Evaluation Projects
15 March 2007
Bou Jabeur – Gite de l’Est – Step out drilling, May 2008
15
Bou Jabeur EP - Gite de l’Est Mine
1000 m
450
m
March to September 2007: Phase 1 - Verification Drilling completed at Gite de l'Est. 10 drill holes totalling 3,404.5m. Drilling results confirm and verify the previous O.N.M. drilling results, with some zinc assays in cores looking considerably better.June to October 2007: Discovery of cores and pulps from original ONM drilling programme used for earlier COMINO (2001) resource estimates. Significant uplift in zinc results (>40%) from re-analyses of the first batch of these. December 2007: Inferred Mineral Resource estimate for Gite de l’Est of 8.836 million tonnes (Mt) grading combined 3.16% zinc and lead: 2.17% zinc, 0.99% lead, 5.06% CaF2 and 21.66% BaSO4 (JORC (2004) - in situ value of the mineral resource is estimated to exceed US$925 million at December 2007 metal prices.January – June 2008: Earned 90% interest in the Bou Jabeur exploration permit. Phase 2 complete.
Gite de l’Est Resource Model
24 September 2008 FINEX '08, LONDON 16
Ouled Moussa EL
100% Maghreb
Bou Jabeur Mill originally fed by nearby mining operations in the
hillside
Bou Jabeur
Gite de l’Est Mine 5.1 Mt 3.76% Zn, 1.38% Pb, 33.2% BaSO49.3% CaF2
First verification hole MBJ-1 Pb+Zn
mineralised core
24 September 2008 FINEX '08, LONDON 17
Bou Jabeur - Gite de l’Est - Drilling
Bou Jabeur - Gite de l’Est - Drilling
24 September 2008 FINEX '08, LONDON 18
19
Gite de l’Est Mine – Verification Drilling - 2007
Gite de l’Est – Bou JabeurMBJ Series Verification Drilling
Best Zinc – Lead ResultsDRILL HOLE
TOTAL INTERVAL(m)
Zn (av. %)
Pb (av. %)
COMBINED av. Zn%+Pb%
MBJ 1 34.2 4.74 0.90 5.64 MBJ 2 36.10 4.60 1.82 6.42 MBJ 4 40.65 6.48 1.83 8.31 MBJ 5 36.65 5.04 1.54 6.58 MBJ 6 44.70 7.47 0.71 8.18 MBJ 8 10.60 5.22 0.87 6.09 MBJ 10 13.90 3.96 1.28 5.24
PHASE 2 DRILLING
January – June 2008
Bou Jabeur Gite de l’EstDrill hole MBJ 24April/May 2008
46m interval @ 9.12% Zn and 1.72% Pb
Adds 200m to depth extent Re-analyses results from ONM BJ series cores and Maghreb’s MBJ series results still to be entered in resource model
PHASE 2
24 September 2008 FINEX '08, LONDON 20
Bou Jabeur – Gite de l’EstPhase 2: Step out drilling
results
DRILL HOLE
FROM (m)
TO (m)
INTERVAL (m)
Ag (g/t)
Zn (%)
Pb (%)
COMBINED Zn%+Pb%
MBJ12 348.60 352.90 4.30 0.85 3.13 3.98 357.80 360.10 2.30 1.34 4.01 5.35 368.60 369.60 1.00 2.25 1.55 3.80 371.60 393.45 21.85 15.60 5.51 2.62 8.13 including 375.30 380.45 5.15 9.12 4.08 13.20 including 382.90 386.20 3.30 7.74 6.56 14.30 including 387.20 388.35 1.15 1.35 10.27 11.62 395.45 402.40 6.95 21.01 0.01 3.04 3.05 including 401.50 402.40 0.90 0.01 9.07 9.08 MBJ17 256.15 273.10 16.95 7.13 1.98 9.11 including 256.15 258.25 2.10 16.16 1.63 17.79 including 259.45 260.45 1.00 10.50 0.90 11.40 including 263.55 268.80 5.25 13.32 0.65 13.97 of which 263.55 264.65 1.10 18.04 1.00 19.04 of which 267.65 268.80 1.15 21.18 1.27 22.45 including 270.80 271.60 0.80 0.04 17.00 17.04 including 272.30 273.10 0.80 0.78 10.26 11.04 MBJ20 144.60 172.00 27.40 3.10 2.29 5.39 including 153.60 157.50 3.90 7.10 2.93 10.03 including 162.65 165.85 3.20 5.05 1.81 6.86 176.80 185.90 9.10 3.19 1.38 4.57 MBJ24 311.25 357.50 46.25 9.12 1.72 10.84 including 311.25 319.35 8.10 14.14 1.45 15.59 of which 314.35 319.35 5.00 17.18 2.05 19.23 including 331.40 341.40 10.00 15.74 1.07 16.81 of which 337.40 341.40 4.00 22.49 1.03 23.52 including 352.40 355.20 2.80 12.26 6.89 19.15 MBJ27 222.10 258.00 35.90 6.99 1.28 8.27
including 224.50 228.90 4.40 11.20 1.45 12.65
including 236.00 240.00 4.00 9.61 0.88 10.49 including 243.10 245.30 2.20 9.97 1.96 11.93 including 246.65 249.50 2.85 9.88 2.48 12.36 including 253.20 255.40 2.20 7.95 1.69 9.64 270.00 286.40 16.40 2.81 2.55 5.36 including 274.40 282.00 7.60 4.66 3.75 8.41
MBJ28 383.75 386.40 2.65 4.25 0.63 4.88
389.60 391.50 1.90 4.04 0.77 4.81
24 September 2008 FINEX '08, LONDON 21
Fej Lahdoum – Dar N’Hal Nord Mine
24 September 2008 FINEX '08, LONDON 22
Fej Lahdoum - Dar N’Hal Mine
Dar N’Hal Nord
Dar N’Hal Sud
Current combined > 1.5 Mt, additional drilling
needed between the 2 known ore zones and at depth to add resources
Dar N’Hal Sud: 400,000 t grading 13.3% Pb+Zn, Grades verified by drilling in 2005
Dar N’Hal Nord Pb+Zn deposit:
• estimated 1.2 Mt 11.6% Pb+Zn left of 1991 Bulgarian reserve
• 2005 drilling extended the surface area of the resource by ~20%
• DNH25: 7m @ 16.4% Pb+Zn & DHN 26: 5.8m @ 21.19% Pb+Zn
24 September 2008 FINEX '08, LONDON 23
Fej Lahdoum
Maghreb’s drilling program is targeted at extending the zone of mineralisation at depth and
along strike
Maghreb 2005 drilling selected results include:MFL 8: 79.80 m 5 intervals @ 3% to 5% Zn + Pb
MFL 9: 32.75 m 3 intervals @ 4.5% to 6% Zn + PbMFL 18: 17.5 m @ 13.5% Zn + PbMFL 21: 24.45 m @ 7.15% Zn + PbMFL22: 19.90 m @ 8.75% Zn + Pb
Possible sub-surface extent of the Fej Lahdoum Lead - Zinc deposit in
Dar N’Hal Nord and Sud.
24 September 2008 FINEX '08, LONDON 24
Touila Fault
Bou Kcherida Fault zone Down-dip extension of ore body is unknow n
Possib le extension northw ards into the Bou Kcherida block
Dar N’Hal Nord Mine Entrance
24 September 2008 FINEX '08, LONDON 25
Fej Lahdoum – Current Drill Target
24 September 2008 FINEX '08, LONDON 26
Djebba Exploration Permit (100% Maghreb)
• Satellite deposit 10km north of Fej Lahdoum
• Miocene basin– Canadian SIDAM–Minorex
(1989) ‘Reserve’ estimate of 2.7 Mt grading 6.14% Zn and 3.34% Pb, including an open-pit mineable resource of 800,000 tonnes at 6.59% Zn and 4.09% Pb
• Cretaceous – Triassic contact zone
– High grade Pb – Zn mineralisation intersected in 2005/2006 shallow drilling at south and north end of previously defined mineralisation
Old U/G mining operation
Old O/C mining
operation
24 September 2008 FINEX '08, LONDON 27
SHALLOW MINERALISATION OPEN AT DEPTH
MDJ4 42m-70m: 27.9m @ 9.67% Pb/Zn 74m-96m: 25.6m @ 5.92% Pb/Zn
MDJ338m-59m : 21.2m @ 13.24% Pb/Zn
MDJ1 23.05m-28.25m 5.2m @ 19.2 % Pb/Zn
MDJ2 21.85m-32.30m: 10.45m @ 19.1% Pb/Zn,
Djebba: Contact Zone Mineralisation
MDJ 3: 0.45m @ 10.31% Zn & 50.90% Pb
24 September 2008 FINEX '08, LONDON 28
Djebba Zn orebody
Djebba Mineral Resource
Triassic rocksFault between Cretaceous rocks and Trias - Neogene basins
Neogene rocks
24 September 2008 FINEX '08, LONDON 29
Exploration Projects
24 September 2008 FINEX '08, LONDON 30
Hammam Zriba-Jebel Guebli
Sidi et Taia
Jebel el kohol
Jebel el Messella
Henchir el Jebs
Henchir Mejdoub
Sidi Salem el Garci
Zaghouan
Bou Ficha
Grombalia
Jebel Fkirine
500000
500000
520000
520000
540000
540000
560000
560000
300
000
300000
320
000
320000
340
000
340000
360
000
360000
380
000
380000
10 0 10 20 Kilometers
N
EW
S
Decoupage administratifGouvernorat de Ben ArousGouvernorat de ZaghouanDecoupage cartographique à1/50000
Permis de recherches demandés (3ème G)
Permis de 4ème groupe valides
SITUATION GENERALE DES PERMIS DE RECHERCHE DEMANDES
Zaghouan Fluorite Exploration
Zriba Mine produced approx. 4Mt of ore, grading 25% fluorite (CaF2), 1-2% Pb+Zn from 1967 to 1992
Mine closed due to low metal prices Simple room and pillar mining operation Current “resources”
> 4.8 Mt grading 25% CaF2
Fluorspar prices to remain high recent acid grade fluorspar cif price
US$400/t, compared with an average of US$180/t in 2005
Tunisia annually imports US$20mln worth of CaF2
Significant exploration potential for Zn+Pb Advanced discussions with partners
Zriba mine June 2006
24 September 2008 FINEX ’08, LONDON 31
Zriba – Guebli Potential
Zriba mine is largely worked out
(4 Mt @ 25% CaF2 produced to 1992; 4.8Mt* remain)
Potential to NW and SE but both known to be thinnerthan at the mined part of the deposit
Guebli considered a better target for fast development but Zriba data are being studied to understand genesis and likely geometry at Guebli
(*not compliant with international reporting standards)
24 September 2008 FINEX’08, LONDON 32
Zriba Mine
Dominantly a flat lying barite-fluorite deposit with subsidiary Zn and Pb
Stratigraphically controlled and varying in thickness from 2 – 13 metres
Sandwiched between Jurassic Portlandian limestones and Cretaceous Campanian chalks (Abiod Formation)
24 September 2008 FINEX’08. LONDON 33
GUEBLI DEPOSIT
South west of Zriba
Not exposed at surface
60m – 70m deep in main part of valley
extensive drilling and trial mining but no exploitation yet
256 historic drillholes and 15 recent MMplc drillholes
Significant variations in thickness over short (<10m) distances
Largely stratabound and flat
Typically 18% - 20% CaF2
24 September 2008 FINEX '08, LONDON 34
Bou Jabeur Exploration• Limited exploration to date
• Three targets:
1. Old workings for lead-zinc-barite in galleries in the hillside – mining stopped at the water table
2. High grade assays in drilling near the Algerian border
3. Gravity target on 100% Maghreb owned Ouled Moussa EL
S12 – 29 m @ 7.16% Zn S36 – 3.3 m @ 10.5% Pb S37 – 4.9 m @ 45% Zn S50 – 2.0 m @ 23.5% Zn S51 – 5m @ 15.5% Zn, 2.0% Pb
24 September 2008 FINEX '08, LONDON 35
Fej Lahdoum Regional Exploration
100% owned Maghreb Exploration Licence
Lorbeus Exploration
24 September 2008 FINEX '08, LONDON 36
Past small-scale producer of high grade Pb – Zn mineralisation (closed in 1929)
On the same mineralised basin margin structure as the nearby (4 km) Bou Grine Mine
Over 1.5km of strike length of mineralised host rocks and prospective structures
Bou Grine Mine – 4km from Lorbeus
24 September 2008 FINEX '08, LONDON 37
Lorbeus Area – with train line to Bou Grine mill
• Bou Grine is Tunisia’s largest known zinc/lead deposit to date.
• Discovered in 1981, the Bou Grine deposit was estimated, in 1985, at 7.3M grading 2.4% Pb and 9.7% Zn using a cut-off of 4% Zn.
• Bou Grine Mine operated byBreakwater Resources closed inSeptember 2005.
24 September 2008 FINEX '08, LONDON 38
Bou Grine Pb-Zn Mill Central Tunisia
1,000 – 2,000 tpd Bou Grine Mill on Care & Maintenance
Opportunity to fast track getting back into production via a possible deal with Breakwater to toll treat or purchase the mill
Fej Lahdoum was supplying 15% of mill feed until closure in 2005
Rail access from Bou Jabeur and Lorbeus to the Bou Grine Mill
Rail from mill to the port and concentrate storage facility in Tunis
Lorbeus Exploration• Positive indications for MVT mineralization of lead and zinc.• Office National des Mine reworked soil geochemical survey
data shows very positive lead zinc anomalies.• A positive residual gravity is partly coincident with the soil
geochemistry anomalies which track linear satellite trends • Maghreb’s geology re-mapping showed:
– prospective near basin margin facies; – evidence of extensive hydrofracturing and fluid flow– lead mineralisation at surface
24 September 2008 FINEX '08, LONDON 39
Galena stringers at surface
Lorbeus Exploration
24 September 2008 FINEX '08, LONDON 40
NitonSurvey
Regional Lineaments
Anomalous gravity and Lead and zinc in soils
Postscript - Algeria
Tan Chaffao location and geology:• acid volcanics (porphyritic rhyolites)
• overlain by a volcano-sedimentary unit (volcanic tuffs, with mafic volcanics)
• major fault structures traverse the area.
24 September 2008 FINEX '08, LONDON 41
Tan Chaffao Mineralisation
The polymetallic (Zn, Pb, Cu, Au)
mineralisation of Tan Chaffao:
• discovered in 1971 and explored by O.R.G.M teams
• geological and geophysical studies and a 10-hole drill programme.
• drilled to depths of between 100m to 200m
• several mineral-bearing zones over a strike length of 1,450m
• lenses - length from 50m to 300m; widths between 0.6m and 21m
24 September 2008 FINEX '08, LONDON 42
Verification work programme by Maghreb Tan Chaffao
• five drillholes (MTC001 – MTC005), for a total of 823 metres• mineralisation in an altered sulphidic quartzite below chlorite-sericite schists.• assay results below expectations based on previous O.R.G.M. data.
• gravity soil geochemistry surveys identified some small-scale gravity highs with coincident elevated copper and gold in soils.
• high level of expenditure operating in the remote Tan Chaffao area, slow progress of available contractors and disappointing initial results
• DECISION - terminate further exploration over this permit.
24 September 2008 FINEX '08, LONDON 43
Drill Hole From (m)
To (m) Interval (m)
Assay
MTC 001including including
84.6090.10115.00118.50
94.5091.10121.70119.50
9.901.006.701.00
2.27%Zn; 0.53%Pb; 0.23% Cu0.72g/t Au1.42%Zn; 0.34% Cu0.53 g/t Au
MTC 003includingof which
101.00107.00108.00
119.00110.00109.00
18.003.001.00
2.4%Zn; 0.79% Pb; 0.17% Cu3.02 g/t Au8.04 g/t Au
MTC 004 68.35 74.35 6.00 0.81%Zn; 1.35%PbMTC 005including
113.20116.20
125.80122.80
12.606.60
3.89%Zn; 1.73%Pb; 0.16%Cu6.38%Zn; 2.77%Pb; 0.21%Cu
24 September 2008 FINEX '08, LONDON 44
Maghreb Minerals plc Plans…
Focus in Tunisia on drilling in 2008 to get to compliant resource statements for its deposit holdings: Initial estmate for Bou Jabeur-Gite de l’Est by WAI, December 2007 Updated estimate by Scott Wilson Mining, November 2008
Working to timetable: Completion of verification drilling
Djebba – Q1 2007; Zaghouan – Q3 2007; Bou Jabeur Gite de l’Est – Q3 2007; Fej Lahdoum Q3 2008
Deposit resource delineation and scoping study* Djebba – Q2 2008; Zaghouan – Q2 2009; Bou Jabeur/Gite de
l’Est* – Q4 2008; Fej Lahdoum Q3 2009 Exploration on permits
Ongoing for completion Q4 2009
24 September 2008 FINEX '08, LONDON 45
FINEX ’08
THANK YOUMaghreb Minerals plcBlackwell HouseGuildhall YardLondon EC2V 5AE
Tel: +44 20 7556 0940Fax: +44 20 7556 0949
Web: www.maghrebminerals.co.uk