| | | May 30, 2005
MBMI Resources Nickel Projects Update
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| | MBMI RESOURCES INC. (MBR-TSXV) "MBMI" reports that the company is advancing its evaluation and exploration on its four nickel laterite properties in Palawan, Philippines. As announced, April 18, 2005, MBMI has initiated a focused drilling exploration program on its Bethlehem property with the intent to confirm sufficient quality resources through drilling that will support a sustained mining program. As the results from this exploration program are received, MBMI intends to expand the current program to include drill testing of additional target zones on the property.
Parallel with the exploration program on the Bethlehem property, MBMI is rapidly advancing the evaluation of the resource potential on the recently acquired Alpha property announced May 24, 2005. The Company anticipates a drilling program to commence on the Alpha property once the first stage of the program on the Bethlehem property is completed. In addition, a wide-spaced drill exploration program is being prepared for the two Rio Tuba Properties, also located on Palawan, in order to define primary target zones.
The announcement on May 2, 2005, of the signing of a Memorandum of Understanding pertaining to the acquisition of three additional nickel laterite properties in Samar, Philippines, significantly advances the Company's corporate strategy of becoming a supplier of high-grade nickel material to the primary nickel consumers in Asia. MBMI has now secured an interest in seven Philippine nickel laterite properties covering a total area in excess of 22,000 hectares.
As disclosed in previous news releases, MBMI has introduced its Philippine Projects to several potential strategic partners, with the objective of achieving a participation agreement with one or more of these firms. MBMI is aggressively advancing its exploration programs, and is committed to the enhancement of shareholder value by maximizing the development potential of its Philippine Properties.
MBMI now maintains a major interest in seven nickel properties totaling 22,000 hectares in the Philippines, and also holds the rights to three Canadian gold projects.
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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