| | | March 02, 2006
MBMI Completes Samar Nickel Projects Acquisition
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" is pleased to report that further to its July 8, 2005 news release it has received TSX Venture Exchange approval for a joint venture agreement entered into between MBMI and Falcon Ridge Resources Management Corporation (Falcon Ridge) of the Philippines. The agreement enables MBMI to earn up to a 92% interest in four advanced exploration nickel projects encompassing 10,150 hectares located in the south eastern region of Samar, Philippines.
A series of reports prepared in 1970 and 1971 by Olympic Mines and Development Corporation "Olympic" and based on drilling and exploration conducted during the period by Olympic, and its strategic affiliates, resulted in a resource estimate (which is not compliant with NI 43-101) totaling 300 million tonnes (DMT) with average grade greater than 1.5% Nickel . The resource categories used in the estimation are unknown and therefore cannot be compared to current CIM categories. To the best of the Company's knowledge, no qualified person has verified the historical resource estimate, there are no other recent estimates or data available, and the Company is not treating the historical resource as a current mineral resource. Readers are cautioned that the estimate should not be relied upon. While the resources previously estimated do not conform to NI 43-101 standards, the Company believes them to be relevant. A systematic exploration program will be required to confirm the estimates.
The joint venture agreement is structured in a series of phases to facilitate a cost effective exploration program. The initial phase of the joint venture entails property payments totalling US$120,000 (paid) and the issuance of 876,691 shares (at a deemed value of $0.37 per share) and 438,345 warrants (exercisable at $0.65 for a period of 2 years). MBMI can maintain its interest in the joint venture by making a total of US$208,000 in property payments per property on a phased basis and by financing exploration costs through to production.
A technical (National Instrument 43-101 compliant) report on the properties can be viewed by clicking the link, http://www.mbmiresources.com/pdf/samar-for-sedar-02-06.pdf and can also be found on the Sedar website at www.sedar.com . Mr. John Cook, (P.Eng) is the designated Qualified Person as defined in National Instrument 43-101, and has reviewed the news release.
MBMI jointly controls four nickel laterite projects in Palawan, Philippines and four nickel projects in Samar, Philippines covering an area of 22,000 hectares. The Company's objective is to become a major supplier 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
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. |
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