| | | July 11, 2008
MBMI Announces Confirmatory Grade Control Drill Results From Alpha
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| | Vancouver, B.C., July 11, 2008 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report the results of 974 confirmatory grade control drill holes completed by its Philippine partners on the 3,200 hectare Alpha nickel property located in Narra, Palawan, Philippines. In addition to the previously announced exploration and development drilling results on the property (see news releases dated October 30, 2007 and November 6, 2007), these results provide detailed data required for mapping the Small Scale Mine Operating ("SSMO") permitted area for current and future excavation.
The updated drilling occurred within Narra Nickel South Block and Alpha-Patricia Central Block; two (of three) twenty hectare SSMO permitted areas granted to the Company's partners. Each hole was completed to a depth of ten meters and drilled on a ten meters by ten meters spacing to provide better grade control in the identified mineralized areas. Samples were taken every meter down each hole (to a depth of ten meters). Approximately ninety percent of the total holes drilled had mineralized intercept grading of greater than 1% Nickel; of these holes the average grade was 1.51% Nickel over an average mineralized intersection length of 6.16 meters.
"The confirmatory drilling program on Alpha provides the on-site operating team with the data to continue excavation and development of this project" said Michael T. Mason, President and Director of MBMI. "With the Company's recent emergence as a nickel material supplier for the Asian stainless steel market, the expansion of mineralized zones capable of supporting excavation of deliverable nickel material is a key factor in the future success of this operation."
The three SSMO permits allow the shipment of up to 50,000 dry metric tonnes of mineralized material per year for a two year period from each twenty hectare permitted area. Through the year-end and up to May 31, 2008, the Company has sold and shipped approximately 99,000 dry metric tonnes of material at an average grade of 1.85% Nickel to Asian consumers. An additional 140,000 wet metric tonnes of nickel bearing material has been excavated and transported to the coastal stockyard facility in preparation for shipping.
Accompanying Drill Hole location maps:
Click here for the SSMO Permitted Area Location Map
Click here for the Narra Nickel South Block Map
Click here for the Alpha-Patricia Central Map
Click here to view accompanying Drill Hole data results.
Analytical Techniques and Methodology
The drill core is sampled on a per meter basis and every sample is assayed. After logging the core (BQ) is split and one half is delivered to the Narra Nickel Mineral Laboratory located at the Narra project site (previously operated by Ostrea Mineral Labs). The samples are dried for 14 hours, crushed to minus ¼", further crushed to 30 mesh, and then reduced to a 300-500g fraction via a one-stage riffle splitter. The split fraction is then pulverized to 90% minus 200 mesh and further dried. A 0.25 gram charge of minus 200 mesh pulp material is digested in a single stage four acid process and then finished with AAS for Ni, Fe and Co. It is standard procedure in the laboratory that every 10th sample is duplicated and the analysis confirmed. No outside checks have been undertaken but the samples remain available to complete this. The half cores, the coarse rejects and the pulps have been stored in secure storage in the Narra area.
Mr. John F. Cook, (P.Eng) is the designated Qualified Person as defined in National Instrument 43-101, and has reviewed and approved the news release.
Corporate Profile
MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. MBMI and its partners control eight nickel laterite projects in the Philippines, covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of high-grade nickel material to primary industrial consumers in Asia.
The Company's Philippine partners have been granted three Small Scale Mining Operating permits for the Alpha nickel property in Narra, Philippines. The issuance of these permits enable the extraction of raw nickel material for shipment to Asian consumers, and the first nickel material shipment was made in January, 2008. Permits in the form of Financial and Technical Assistance Agreement applications on the Alpha property and three other Palawan nickel projects are well-advanced, and once granted would allow for full-scale commercial production.
ON BEHALF OF THE BOARD OF DIRECTORS
"Michael T. Mason"
President and Director
Further Information
For further information relating to the Company or this release, please refer to the Company's website at www.mbmiresources.com or contact Investor Relations at 1-877-399-1991 or mbr@mbmiresources.com.
The TSX Venture Exchange has not reviewed and does not take responsibility for the accuracy of this release.
This news release may contain forward-looking information including but not limited to comments regarding the timing and content of upcoming financings, work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking information includes disclosure regarding possible future events, or conditions or results of operations that is based on assumptions about future economic conditions and courses of action, and therefore, involves inherent risks and uncertainties. Although management has a reasonable basis for the conclusions drawn, actual results may differ materially from those currently anticipated in such statements. At this time the Company has not yet established NI 43-101 compliant mineral resources or mineral reserves that would support a commercial mining operation. |
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