| | | February 27, 2006
MBMI Reports Successful Drilling Program (Bethlehem Nickel Project)
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" is pleased to report that further to its December 13, 2005 news release it has received assay results on an additional 204 drill holes from its drilling program on the Bethlehem nickel laterite property located near the town of Narra, in Palawan, Philippines. The Company's drilling programs were designed to identify high grade zones (1.5% nickel or greater) which can support Direct Shipping Nickel Operations. An extensive drilling exploration program has completed 536 drill holes (7,180) meters with assay results having been received now for 524 drill holes. The results from this program have provided the Company with confidence that the property can host a Direct Shipping Nickel Operation.
One high grade zone reported in the December 13 news release identified as "Block 3" measures approximately 500 meters by 700 meters (35 hectares). Mineralization commences in many instances within a meter of the surface, indicating a very low stripping ratio. 142 holes have yielded intercepts which grade over 2% nickel. The best hole encountered assayed nickel over 18 meters at 2.63% nickel (hole-WX45). The thickness of the mineralized intervals using a 1.5% nickel cut-off ranges up to 19 meters and averages approximately 4-5 meters. The results are very encouraging as 301 of the 524 drill holes for which assays have been received contained mineralized intercepts with grades equal to or greater than 1.5% nickel over a length of 1 meter or greater.
Core drilling was initiated on a systematic 100X100 meter drill hole grid pattern. When a high grade zone was identified, an infill drill program on a 50X50 meter grid was completed. The Bethlehem property is 3402 hectares in size, and located adjacent to the Company's Alpha Property. For a comparison, the Toronto Property owned by the Platinum Group, Philippines, (which is surrounded by the Alpha property) is currently operating a Direct Shipping Nickel Operation from a 4 hectare size mine site.
Analytical Techniques and Methodology
Drill core is logged, and split; and, a portion is then pulverized, split, and bagged. A portion of the pulverized reserve sample is shipped to Ostrea Mineral Laboratories in Manila, Philippines for the purpose of control assays that allow a rapid transition in the drilling program from the 100X100 meter grid to a 50X50 meter grid in areas where high grade zones are defined. The remaining reserve samples and split original cores are stored in a secure location. Control assays are conducted for only the primary elements of nickel, iron and cobalt. After the geology of the Property is evaluated, reserve samples within the areas of interest will be completely assayed by certified labs with a random percentage of reserve samples assayed by alternative certified labs for verification and comparison with the primary certified lab.
Mr. John Cook, (P.Eng) is the designated Qualified Person as defined in National Instrument 43-101, and has reviewed the foregoing data.
MBMI has an interest in four Philippine nickel properties in the province of Palawan and is finalizing the acquisition of four additional nickel projects in Samar province, Philippines. The Company's objective is to become a major supplier of high-grade nickel products to the primary nickel consumers in Asia.
To view accompanying Drill Hole Location Map please click the link below.
http://www.mbmiresources.com/i/pdf/NewsRelease-DrillingLocationMap-20060227.pdf
To view accompanying complete Results of Drill Hole Intersections please click link below
http://www.mbmiresources.com/i/pdf/NewsRelease-DrillingResults-20060227.pdf
TOP 30 DRILL HOLES
| BLOCK # |
HOLE # |
TOTAL HOLE DEPTH (meters) |
Depth to 1% Ni Mineralization (meters) |
Intercepts greater than equal to 1.0% (meters) |
Intercepts greater than equal to 1.5% - 2.0% Ni (meters) |
Intercepts greater than equal to 2.0% Ni (meters) |
| 2 |
WX4.5* |
32.3 |
8 |
23.3 |
1.3 |
18 |
| 2 |
Z17 |
24.4 |
3 |
20 |
6 |
12 |
| 3 |
GGHH15 |
12.85 |
0 |
12.85 |
1 |
11 |
| 2 |
YZ17 |
23.9 |
0 |
21 |
4 |
11 |
| 3 |
BB15.5 |
19 |
0 |
18 |
6 |
9 |
| 2 |
ZAA16 |
20.55 |
0 |
13 |
4 |
9 |
| 3 |
DD14.5* |
20.35 |
0 |
16 |
4 |
8 |
| 3 |
FFGG16 |
13.6 |
0 |
12 |
1 |
8 |
| 2 |
Z16.5 |
16.95 |
0 |
16.95 |
6.95 |
8 |
| 5 |
1B46 |
13.7 |
0 |
12 |
1 |
7 |
| 3 |
CC15* |
14.1 |
1 |
11 |
3 |
6 |
| 3 |
IIJJ15 |
11.15 |
0 |
11.15 |
3 |
6 |
| 2 |
Z15.5 |
17.7 |
0 |
12 |
3 |
6 |
| 2 |
Z17.5 |
8.2 |
0 |
8.2 |
2 |
5.2 |
| 5 |
1C42 |
15.1 |
0 |
7 |
2 |
5 |
| 5 |
A44 |
22.05 |
0 |
18 |
7 |
5 |
| 3 |
AA15.5 |
14.8 |
0 |
12 |
3 |
5 |
| 3 |
DD16.5* |
18.45 |
0 |
16 |
7 |
5 |
| 5 |
G39 |
10 |
0 |
10 |
3 |
5 |
| 3 |
IIJJ15.5 |
8.5 |
0 |
8 |
2 |
5 |
| 2 |
T19 |
29.8 |
0 |
18 |
2 |
5 |
| 3 |
AABB15 |
10.2 |
0 |
10.2 |
3 |
4.2 |
| 3 |
AABB16 |
21.65 |
0 |
17 |
6 |
4 |
| 3 |
BB14.5 |
9.9 |
0 |
7 |
2 |
4 |
| 3 |
DD14* |
29 |
0 |
23 |
8 |
4 |
| 1 |
F5 |
25.6 |
14 |
11.6 |
4 |
4 |
| 1 |
I4 |
18.8 |
2 |
6 |
1 |
4 |
| 2 |
Y16* |
13.9 |
0 |
13 |
6 |
4 |
| 2 |
Y16.5 |
20.85 |
0 |
18 |
9 |
4 |
| 2 |
YZ16.5 |
14.8 |
0 |
13.8 |
5 |
4 |
* Denotes previously reported holes
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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