| | | October 19, 2005
Alpha Property Exploration Program Commences
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" reports that the company has commenced an exploration program on its 3,200 hectare "Alpha" nickel laterite property located near the town of Narra, on Palawan Island Philippines. A base camp has been constructed between zones C and C1, evaluation of historic exploration data has been completed, and four drill rigs are currently being mobilized to commence an initial 1500 meter program. Evaluation of historical drill results has enabled MBMI to identify drilling targets on these two historically defined deposits with the objective of rapidly confirming a Small Scale Mining target area. Previous exploration and drilling activities conducted on these deposits, (located contiguous to the current Direct Shipping Ore Operation at the Toronto Property operated by the Platinum Group of the Philippines), has revealed significant nickel mineralization on several identified areas. The objective of this focused drill program is to confirm sufficient quality resources that will support a sustained mining program. As the results from this exploration program are received, MBMI intends to expand the current program within C and C1; and include the drilling of two additional attractive zones (D and E) within the Property where the recently revised government regulations now allow exploration and development.
An ongoing drill exploration program on its 3400 hectare "Bethlehem", Philippines nickel laterite property is advancing well with seven drills currently being employed. The initial phase of drilling on 100 meter centers, has completed approximately 200 holes to date having an average depth of approximately 14 meters per hole on blocks 1, 2, and 3. Within blocks 2 and 3 the drilling is being expanded to a targeted in-fill program, first on 50 meter centers then on 25 meter centers within the area where attractive potential economic zones have been identified. The program's objective is to determine the commercial viability of a Direct Shipping Ore (DSO) operation through an initial Small Scale Mining program for the Bethlehem property, which is similar to the Company's approach on the Alpha property.
In addition to the Alpha and Bethlehem projects, MBMI holds an interest in two other nickel projects on Palawan Island in the Philipines and is in the process of completing the acquisition of four additional projects in Samar province, Philippines. MBMI's ultimate objective is to become a supplier of high-grade nickel materials 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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