| | | June 04, 2007
Alpha Nickel Project Update
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| | June 04, 2007. MBMI RESOURCES INC. (MBR:TSVX) ("MBMI") ("the Company") is pleased to advise that it's subsidiary company, Narra Nickel which owns the Alpha nickel project in Palawan Philippines is advancing rapidly toward first shipments of raw nickel products from its project. The first shipment is anticipated within 30 days subject to weather conditions.
Narra Nickel has constructed a seven kilometre road into the permitted mining area, and ore is being prepared for transport from the mine site to the stockpiling location for beneficiation and drying prior shipment. All infrastructure facilities required to commence shipping of product to consumers is nearing completion, including the office complex, sample preparation and assay laboratories, installation of screening and crushing facilities, stockpiling area, and shipping/causeway structure. A tightly spaced drilling program is progressing within the permitted mining area with the objective to further define and ultimately advance calculated resources to mineral compliant NI 43-101 status.
Narra Nickel has executed sales agreements for liquidation of nickel products with several major consumers including Posco of Korea, and HGMG of China. Initial test shipments are related to forward long-term sales agreements for expanded quantities of a wide range of nickel grades.
The price MBMI will receive for direct shipping nickel products is calculated as a percentage of the LME price. The percentage varies according to the nickel grade and is calculated on the contained nickel content of the ore, on a dry basis.
Palawan, Philippines has been exporting raw nickel materials to the Asian nickel and stainless steel market for approximately 30 years, and Narra Nickel's Alpha project is ideally located to supply this expanding marketplace.
MBMI and its Philippine partners jointly control a 100% interest in eight nickel laterite material projects in Palawan and Samar, Philippines covering an area greater than 22,000 hectares where the objective is to develop a series of major suppliers of high-grade nickel products to the primary nickel consumers in Asia.
For further information:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991; Fax: 604-683-8544; Toll free: 1-877-399-1991
Email: mbr@mbmiresources.com
Website: www.mbmiresources.com
Forward Looking Statement
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from either of the Companies' expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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