Maghreb Pursuing Fluorspar Opportunities
AIM-listed Maghreb Minerals has announced that it halved its losses during the six-months ended 31 December 2009. Maghreb made a consolidated loss of £366,000 for the period, compared to a £892,000 the previous year. At 31 December 2009, the company had cash at bank of £207,000.
The company and its funding partner Firebird continue to pursue opportunities in the fluorspar sector, while the base-metals assets in Tunisia remain under care and maintenance.
Maghreb said turmoil in the global financial markets during 2009 meant that it did not receive the necessary funding required to further develop its main projects. However, the company, along with its major shareholder Firebird, continues to pursue opportunities in the fluorspar sector while its base-metals assets in Tunisia remain under care and maintenance.
Maghreb’s assets include zinc, lead, barite and fluorspar exploration projects in Tunisia, the principal of which is the the Bou Jabeur – Gite Est deposit, which has an inferred resource of 4.76 Mt (million tonnes) grading at 5.67% combined Pb/Zn with 39.6% barite, 7.69% fluorite and 7.3 g/t silver.
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