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MAGHREB MINERALS PLC

Maghreb Minerals shareholder Firebird appoints new chairman and 2 directors

Maghreb Minerals PLC said following discussions with principal shareholders Firebird regarding future development of the business, chairman Gordon Riddler is stepping down and will be replaced by Firebird choice Richard Linnell, with James Passin and Albert Gourley appointed as additional directors.

Firebird Global Master Fund Ltd. and Firebird Global Master Fund II LLP together hold 24.06 percent of Maghreb’s issued capital, and the funds have approximately USD$1.75 billion in assets under management.

In a statement, Maghreb said Firebird has indicated that they are interested in supporting the company in its efforts to maximise potential returns from its fluorite assets, which may require additional investment.
Firebird has a particular interest in the fluorite industry, having several investments in this business and a positive outlook for this particular market.

Maghreb noted it has limited financial resources and, in current market conditions, external funding will be difficult to secure.

It said it is well advanced with the preparation by independent experts of a scoping study evaluating its lead/zinc assets at Bou Jabeur, which is expected to be published by the end of this year. Drilling on the Fej Lahdoum lead and zinc permits has recommenced and the Company continues to pursue its exploration programmes in accordance with the obligations under its other exploration permits.

Passin joined Firebird in 1999, and he co-founded and manages Firebird Global Fund and Firebird Global Fund II. Mr. Passin serves on the board of directors of National Investment Bank of Mongolia and Sharyn Gol, a coal producer listed on the Mongolian Stock Exchange. He also serves as a director of several private, venture-stage international resource companies.

Linnell has been active in the resources sector for almost forty years with significant global experience in the development and marketing of resources and commodities and was a former head of Billiton PLC's African exploration and development operations. He has served as a board member of several public companies listed on the ASX, TSX, JSE and/or AIM markets.

Gourley is a London-based corporate partner in the law firm Fasken Martineau DuMoulin, LLP with a particular focus on initial public offerings, equity financings and mergers & acquisitions in the resource industry. Mr. Gourley is also the managing partner of the firm's Johannesburg office and has served as a board member of several public companies listed on the AIM and/or TSX markets.