| | | April 01, 2008
MBMI Updates Corporate Activities
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| | Vancouver, B.C., April 01, 2008. MBMI RESOURCES INC. (MBR: TSX-V) ("MBMI") (the "Company") reports that since the granting of the small scale mine operating permits (SSMO) to its Philippine partnership companies, in excess of 200,000 wet metric tonnes of mineralized nickel material has been excavated from the Alpha property and transported to the stock yard where it has been prepared for shipment. Shipments to Asian industrial nickel consumers have continued since commencement in January, 2008. Demand by Asian stainless steel processors for nickel laterite material grading 1.5% Ni and above remains extremely strong and it is anticipated that up to 300,000 dry metric tonnes could be shipped by the end of the fiscal 2nd quarter pursuant to the SSMO permits.
Philippine community acceptance has been endorsed through a public hearing approval process which supports the Palawan projects' socially responsible commitments to sustainable development. The Company has been advised by its Philippine legal counsel that its corporate structure is fully compliant with Philippine foreign ownership regulations, and government authorities have confirmed the legal status of the underlying SSMO permits. The Company and its Philippine partners are optimistic they will be successful in obtaining the necessary licenses and full scale permits from the requisite governmental authorities to continue exploration and development activities in the future but there is no assurance that this will be the case.
MBMI has engaged an independent qualified geologist to verify and calculate an initial mineral resource within the permitted development areas of the Alpha property in accordance with CIM classifications pursuant to National Instrument 43-101. Completion and receipt of this report is anticipated during fiscal 2nd quarter.
Positive Philippine government attitudes toward foreign investment and mineral resource development have encouraged MBMI and its Philippine partners to fund and develop numerous community initiatives including a tree and seedling nursery located adjacent to the Alpha nickel project in Narra, Palawan. Over the last 2years, the Nursery has provided local inhabitants with cash crop seedlings and land management educational programs as well as supplementing the government's regional vegetation program. Initiatives such as these, combined with direct employment of in excess of 450 skilled and manual local Philippine labourers have contributed to the economic development of the Palawan community.
MBMI maintains its long term objective of developing value-added ferro-nickel processing facilities in the Philippines in partnership with established Philippine and major international processors. The Company is in the process of identifying technologies that will have superior economical and environmental advantages over high pressure acid leach facilities. The development of any such facility would be subject to defining adequate resources, securing mineral tenure and generating positive feasibility studies.
MBMI's Philippine partners and its Philippine subsidiaries jointly control eight nickel laterite projects in Palawan and Samar, Philippines covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of high-grade nickel material to primary industrial consumers in Asia.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael T. Mason"
President and Director
For further information:
David G. Tafel -- VP Corporate Development, Director
Tel: (604)683-1991
Fax: (604) 683-8544
Toll free: 1-877-399-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com
The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.
This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements |
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