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 February 03, 2004
MBMI Restructures Nickel Project Agreement

 MBMI RESOURCES INC. (MBR-TSXV) "MBMI", wishes to announce that it has reached an agreement in principle for the restructuring of its previously disputed Mining Rights Agreement pertaining to the Celestial Nickel Laterite Project in Palawan, Philippines.

The agreement in principle sets out a framework for a 50/50 joint venture with Celestial Nickel Mining Exploration Corp. (CNMEC), the property claim holder. MBMI anticipates entering into a formal Joint Venture Agreement with CNMEC shortly, which will include a schedule of payments to be made by MBMI to CNMEC to establish MBMI's interest.

Previous work on the property includes a pre-feasibility study completed in 1998, followed by a scoping study in 2001, which contemplated the construction of a processing facility capable of producing 30,000 DMT (tonnes) of nickel content per year.

Subject to the completion of the Joint Venture Agreement, the parties intend to complete work on a bankable feasibility study. The initial phase of this program will be focused on developing a mine plan, resource calculation and engineering evaluation of the Project. Further, MBMI has continued and intensified its efforts to encourage the participation of several international strategic partners in the Project.

The Joint Venture Agreement will be subject to the approval of regulatory authorities and MBMI's Board of Directors.

MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. In addition to the Palawan nickel project, MBMI holds the rights to three Canadian projects: the Squall Lake, Manitoba gold project; the Copper Prince nickel, copper property in Sudbury, Ontario; and the McMillan gold mine property in Espanola, Ontario.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

For further information, contact:

David G. Tafel - VP Corporate Development

Tel: 604-683-1991

Email: mbr@mbmiresources.com

Website: www.mbmiresources.com

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