ZINC EXPLORATION IN NORTH AFRICA

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FINEX 08
ZINC EXPLORATION IN NORTH AFRICA Gordon P
RiddlerChairmanMaghreb Minerals plc MMS
Bou Jabeur Gite de lEst Headframe
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Disclaimer

• Although 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
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  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.

24 September 2008
FINEX '08, LONDON
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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?

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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

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ZINC IN AFRICA
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Zinc in Africa
Note Indicative List. Resources quoted may not
be to reporting code standards
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Zinc in Africa
Note Indicative List. Resources quoted may not
be to reporting code standards
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Zinc in AfricaFactors 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

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Potential for Discovery and Increasing Production

• Large (gt40Mt), 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 lEst)
• 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)

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Where is Maghreb Minerals Looking?
FOLLOWING THE ROMANS INTO TUNISIA
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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

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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

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Maghreb portfolio of assets

Past Producing Fej Lahdoum mine current
resource 1.5 Mt grading 11.6
PbZn Significant Upside Tonnage Potential
Past producing mine PbZn showing Mejerda Zone

Djebba resource approx. 3 to 4 Mt grading
6 Zn 3 Pb 10km from Fej Lahdoum
Past Producing Breakwater Resources Bou Grine
Mine up to 2,000 tpd mill Closed September 2005
on care and maintenance
125km
Past Producing Zaghouan-Zriba
fluorite mine Current resource gt 4.8 Mt
grading 25 CaF2 Significant Upside Tonnage
Potential
10km
Past Producing Bou Jabeur Pb-Zn-Ba-CaF2
mine(s) Gîte de lEst 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
50km

Lorbeus EL
not to reporting code standard
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Past Producing Mine Resource Evaluation Projects
Bou Jabeur Gite de lEst Step out drilling,
May 2008
15 March 2007
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Bou Jabeur EP - Gite de lEst Mine
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 (gt40) from re-analyses of the first
batch of these.  December 2007 Inferred Mineral
Resource estimate for Gite de lEst 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 US925
million at December 2007 metal prices. January
June 2008 Earned 90 interest in the Bou Jabeur
exploration permit. Phase 2 complete.
1000 m
450 m
Gite de lEst Resource Model
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Bou Jabeur
Bou Jabeur Mill originally fed by nearby mining
operations in the hillside
Gite de lEst Mine 5.1 Mt 3.76 Zn, 1.38 Pb,
33.2 BaSO4 9.3 CaF2
First verification hole MBJ-1 PbZn mineralised
core
Ouled Moussa EL 100 Maghreb
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Bou Jabeur - Gite de lEst - Drilling
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Bou Jabeur - Gite de lEst - Drilling
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Gite de lEst Mine Verification Drilling - 2007
Gite de lEst Bou Jabeur MBJ Series
Verification Drilling Best Zinc Lead Results
PHASE 2 DRILLING January June 2008 Bou Jabeur
Gite de lEstDrill hole MBJ 24April/May
2008 46m interval _at_ 9.12 Zn and 1.72 Pb Adds
200m to depth extent
Re-analyses results from ONM BJ series cores and
Maghrebs MBJ series results still to be entered
in resource model
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Bou Jabeur Gite de lEst Phase 2 Step out
drilling results
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Fej Lahdoum Dar NHal Nord Mine
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Fej Lahdoum - Dar NHal Mine

• Dar NHal Nord PbZn deposit
• estimated 1.2 Mt 11.6 PbZn left of 1991
  Bulgarian reserve
• 2005 drilling extended the surface area of the
  resource by 20
• DNH25 7m _at_ 16.4 PbZn DHN 26 5.8m _at_ 21.19
  PbZn

Dar NHal Sud 400,000 t grading 13.3
PbZn, Grades verified by drilling in 2005
Dar NHal Sud
Current combined gt 1.5 Mt, additional drilling
needed between the 2 known ore zones and at
depth to add resources
Dar NHal Nord
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Fej Lahdoum
Maghrebs 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 _at_ 3 to
5 Zn Pb MFL 9 32.75 m 3 intervals _at_ 4.5
to 6 Zn Pb MFL 18 17.5 m _at_ 13.5 Zn
Pb MFL 21 24.45 m _at_ 7.15 Zn Pb MFL22
19.90 m _at_ 8.75 Zn Pb
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Possible sub-surface extent of the Fej Lahdoum
Lead - Zinc deposit in Dar NHal Nord and Sud.
Dar NHal Nord Mine Entrance
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Fej Lahdoum Current Drill Target
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Djebba Exploration Permit (100 Maghreb)

• Satellite deposit 10km north of Fej Lahdoum
• Miocene basin
• Canadian SIDAMMinorex (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 O/C mining operation
Old U/G mining operation
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Djebba Contact Zone Mineralisation
SHALLOW MINERALISATION OPEN AT DEPTH MDJ4
42m-70m 27.9m _at_ 9.67 Pb/Zn 74m-96m
25.6m _at_ 5.92 Pb/Zn MDJ3 38m-59m
21.2m _at_ 13.24 Pb/Zn
MDJ1 23.05m-28.25m 5.2m _at_ 19.2
Pb/Zn MDJ2 21.85m-32.30m 10.45m _at_ 19.1
Pb/Zn,
MDJ 3 0.45m _at_ 10.31 Zn 50.90 Pb
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Djebba Mineral Resource
Djebba Zn orebody
Triassic rocks
Fault between Cretaceous rocks and Trias -
Neogene basins
Neogene rocks
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Exploration Projects
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Zaghouan Fluorite Exploration

• Zriba Mine produced approx. 4Mt of ore, grading
  25 fluorite (CaF2), 1-2 PbZn from 1967 to 1992
  
• Mine closed due to low metal prices
• Simple room and pillar mining operation
• Current resources gt 4.8 Mt grading 25 CaF2
• Fluorspar prices to remain high
• recent acid grade fluorspar cif price US400/t,
  compared with an average of US180/t in 2005
• Tunisia annually imports US20mln worth of CaF2
• Significant exploration potential for ZnPb
• Advanced discussions with partners

Zriba mine June 2006
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Zriba Guebli Potential

• Zriba mine is largely worked out
• (4 Mt _at_ 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)

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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)

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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
  (lt10m) distances
• Largely stratabound and flat
• Typically 18 - 20 CaF2

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Bou Jabeur Exploration

• Limited exploration to date
• Three targets
• Old workings for lead-zinc-barite in galleries in
  the hillside mining stopped at the water table
• High grade assays in drilling near the Algerian
  border
• Gravity target on 100 Maghreb owned Ouled Moussa
  EL

• S12 29 m _at_ 7.16 Zn
• S36 3.3 m _at_ 10.5 Pb
• S37 4.9 m _at_ 45 Zn
• S50 2.0 m _at_ 23.5 Zn
• S51 5m _at_ 15.5 Zn, 2.0 Pb

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Fej Lahdoum Regional Exploration
100 owned Maghreb Exploration Licence
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Lorbeus Exploration

• 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

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Bou Grine Mine 4km from Lorbeus

• Bou Grine is Tunisias 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.

Lorbeus Area with train line to Bou Grine mill
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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

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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
• Maghrebs geology re-mapping showed
• prospective near basin margin facies
• evidence of extensive hydrofracturing and fluid
  flow
• lead mineralisation at surface

Galena stringers at surface
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Lorbeus Exploration
Regional Lineaments
Niton Survey
Anomalous gravity and Lead and zinc in soils
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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.

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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

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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.

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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 lEst 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 lEst Q3 2007 Fej Lahdoum Q3 2008
• Deposit resource delineation and scoping study
• Djebba Q2 2008 Zaghouan Q2 2009 Bou
  Jabeur/Gite de lEst Q4 2008 Fej Lahdoum Q3
  2009
• Exploration on permits
• Ongoing for completion Q4 2009

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FINEX 08
THANK YOU
Maghreb Minerals plc Blackwell House Guildhall
Yard London EC2V 5AE Tel [phone]
0940 Fax [phone] Web
www.maghrebminerals.co.uk