| | | November 26, 2004
$121,600 Private Placement Financing Completed
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| | MBMI RESOURCES INC. "MBMI" (MBR: TSXV), further to its news release of November 16, 2004, has now closed a non-brokered Private Placement financing of 1,013,333 Units at $0.12 per Unit for gross proceeds of $121,600. Each Unit consists of one Common Share and one Common Share Purchase Warrant entitling the holder to purchase one Common Share for a period of 2 years at a price of $0.15 during the first year and $0.25 in the second year. Finders' fees of $11,040.00, and 25,000 broker warrants were paid. All securities issued are subject to a four month hold period expiring March 25, 2004. The net proceeds shall be used for exploration on the Company's mineral properties, and for general corporate purposes.
Copper Prince Property drilling commenced
Drilling has now commenced on MBMI's Copper Prince, Sudbury, Ontario Property. The diamond drill program will total approximately 800 meters and comprise 16-18 shallow holes testing near surface geophysical copper/gold and platinum group metals targets. The Company anticipates the drill program to be completed in approximately three weeks. The Copper Prince property consists of 16 contiguous patented claims located in Falconbridge Township, Sudbury Mining Division, Ontario. The claim group lies 2.4 miles southeast of Falconbridge town and smelter, and 1.2 miles in the footwall to the south of the Sudbury Igneous Complex (SIC) and the mined out Falconbridge Main copper-nickel orebody.
MBMI maintains a major interest in three nickel laterite properties in the Philippines, and also holds the rights to three Canadian projects; the McMillan gold mine property in Espanola, Ontario, the Copper Prince Cu-Ni-Au/PGM property in Sudbury, Ontario, and the Squall Lake, Manitoba gold project.
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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