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 January 16, 2004
MBMI Completes 2Nd Tranche Flow-Through Financing

 Further to its January 6, 2004 news release, MBMI Resources Inc. (MBR-TSXV) has now closed its 2nd and final tranche of a non-brokered private placement for 237,500 flow-through Units at $0.20 per Unit for gross proceeds of $47,500. Each Unit consists of one flow-through common share and one-half common share purchase warrant. Each warrant entitles the holder to purchase an additional common share at $0.25 for a period of one year. $136,500 flow-through funds were raised in total in both tranches. The flow-through funds will be applied towards exploration activities on the Company's Ontario projects, specifically its McMillan Gold Mine project. The securities issued related to this placement are subject to a four month hold period expiring May 17, 2004. The Company now has 16,504,198 Common Shares outstanding.

MBMI is a Canadian based mining exploration company focused on the acquisition, exploration and development of mineral properties. 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

You can view the Next News Releases item: Tue Feb 3, 2004, MBMI Restructures Nickel Project Agreement

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