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ZINC EXPLORATION IN NORTH AFRICA Gordon P Riddler Chairman Maghreb Minerals plc [MMS]

FINEX ’ 08. ZINC EXPLORATION IN NORTH AFRICA Gordon P Riddler Chairman Maghreb Minerals plc [MMS]. Bou Jabeur – Gite de l’Est Headframe. Disclaimer.

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ZINC EXPLORATION IN NORTH AFRICA Gordon P Riddler Chairman Maghreb Minerals plc [MMS]

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  1. FINEX ’08 ZINC EXPLORATION IN NORTH AFRICA Gordon P RiddlerChairmanMaghreb Minerals plc [MMS] Bou Jabeur – Gite de l’Est Headframe FINEX '08, LONDON

  2. 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 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. 24 September 2008 FINEX '08, LONDON 2

  3. 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? FINEX '08, LONDON

  4. 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 Historical Background FINEX '08, LONDON

  5. ZINC IN AFRICA FINEX '08, LONDON

  6. Zinc in Africa Note: Indicative List. Resources quoted may not be to reporting code standards FINEX '08, LONDON

  7. Zinc in Africa Note: Indicative List. Resources quoted may not be to reporting code standards FINEX '08, LONDON

  8. 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 Zinc in AfricaFactors Relevant to Increasing Production FINEX '08, LONDON

  9. 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) Potential for Discovery and Increasing Production FINEX '08, LONDON

  10. Where is Maghreb Minerals Looking? FOLLOWING THE ROMANS INTO TUNISIA FINEX '08, LONDON

  11. 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 Why Tunisia ? FINEX '08, LONDON

  12. 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“ Maghreb Minerals Response… FINEX '08, LONDON

  13. Maghreb portfolio of assets Past Producing Fej Lahdoum mine current ‘resource’* 1.5 Mt grading 11.6% Pb+Zn Significant Upside Tonnage Potential Past producing mine Pb=Zn 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 millClosed September 2005 on care and maintenance 125km Past Producing Zaghouan-Zriba fluorite mine Current ‘resource’ > 4.8 Mt grading 25% CaF2 Significant Upside Tonnage Potential 10km 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 50km Lorbeus EL FINEX '08, LONDON * not to reporting code standard

  14. Past – Producing Mine Resource Evaluation Projects Bou Jabeur – Gite de l’Est – Step out drilling, May 2008 15 March 2007 FINEX '08, LONDON

  15. Bou Jabeur EP - Gite de l’Est 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 (>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. 1000 m 450 m Gite de l’Est Resource Model

  16. Bou Jabeur Bou Jabeur Mill originally fed by nearby mining operations in the hillside Gite de l’Est Mine 5.1 Mt 3.76% Zn, 1.38% Pb, 33.2% BaSO4 9.3% CaF2 First verification hole MBJ-1 Pb+Znmineralised core Ouled Moussa EL 100% Maghreb FINEX '08, LONDON

  17. Bou Jabeur - Gite de l’Est - Drilling FINEX '08, LONDON

  18. Bou Jabeur - Gite de l’Est - Drilling FINEX '08, LONDON

  19. PHASE 2 Gite de l’Est Mine – Verification Drilling - 2007 Gite de l’Est – Bou Jabeur MBJ Series Verification Drilling Best Zinc – Lead Results 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

  20. Bou Jabeur – Gite de l’Est Phase 2: Step out drilling results FINEX '08, LONDON

  21. Fej Lahdoum – Dar N’Hal Nord Mine FINEX '08, LONDON

  22. Fej Lahdoum - Dar N’Hal Mine • 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 Dar N’Hal Sud: 400,000 t grading 13.3% Pb+Zn, Grades verified by drilling in 2005 Dar N’Hal Sud Current combined > 1.5 Mt, additional drilling needed between the 2 known ore zones and at depth to add resources FINEX '08, LONDON Dar N’Hal Nord

  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 + Pb MFL 18: 17.5 m @ 13.5% Zn + Pb MFL 21: 24.45 m @ 7.15% Zn + Pb MFL22: 19.90 m @ 8.75% Zn + Pb FINEX '08, LONDON

  24. Possible sub-surface extent of the Fej Lahdoum Lead - Zinc deposit in Dar N’Hal Nord and Sud. Dar N’Hal Nord Mine Entrance FINEX '08, LONDON

  25. Fej Lahdoum – Current Drill Target 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 O/C mining operation Old U/G mining operation FINEX '08, LONDON

  27. Djebba: Contact Zone Mineralisation SHALLOW MINERALISATION OPEN AT DEPTH MDJ4 42m-70m: 27.9m @ 9.67% Pb/Zn 74m-96m:25.6m @ 5.92% Pb/Zn MDJ3 38m-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, MDJ 3: 0.45m @ 10.31% Zn & 50.90% Pb FINEX '08, LONDON

  28. Djebba Mineral Resource Djebba Zn orebody Triassic rocks Fault between Cretaceous rocks and Trias - Neogene basins Neogene rocks FINEX '08, LONDON

  29. Exploration Projects FINEX '08, LONDON

  30. 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 Zaghouan Fluorite Exploration Zriba mine June 2006 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) 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) 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 FINEX’08. LONDON

  34. 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 @ 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 FINEX '08, LONDON

  35. Fej Lahdoum Regional Exploration 100% owned Maghreb Exploration Licence FINEX '08, LONDON

  36. 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 FINEX '08, LONDON

  37. Bou Grine Mine – 4km from Lorbeus • 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. Lorbeus Area – with train line to Bou Grine mill FINEX '08, LONDON

  38. 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 Bou Grine Pb-Zn Mill Central Tunisia FINEX '08, LONDON

  39. 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 Galena stringers at surface FINEX '08, LONDON

  40. Lorbeus Exploration Regional Lineaments Niton Survey Anomalous gravity and Lead and zinc in soils FINEX '08, LONDON

  41. 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. FINEX '08, LONDON

  42. 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 FINEX '08, LONDON

  43. 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-sericiteschists. • 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. FINEX '08, LONDON

  44. 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 Maghreb Minerals plc Plans… FINEX '08, LONDON

  45. FINEX ’08 THANK YOU Maghreb Minerals plc Blackwell House Guildhall Yard London EC2V 5AE Tel: +44 20 7556 0940 Fax: +44 20 7556 0949 Web: www.maghrebminerals.co.uk FINEX '08, LONDON

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