| | | February 27, 2009
MBMI Finalizes Four Nickel Material Sales Agreements
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| | Vancouver, B.C., February 27, 2009 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that four sales agreements have been executed with Asian industrial consumers for the purchase of nickel bearing material. Two agreements call for the delivery of two separate 35,000 Wet Metric Tonne ("WMT") shipments of material having grades of approximately 1.4% nickel. This material has been prepared for delivery and is stockpiled within the Alpha, Palawan project area.
"A demand exists in Asia for the type of direct shipping nickel material available within the Alpha nickel project and cash flow can be generated even under these extreme market conditions and depressed nickel prices," said Michael Mason, President and Director of MBMI. "Asian consumer interest for lower grade nickel material with high iron content has improved during 2009, and MBMI is very encouraged by the increasing level of market interest for the full range of nickel products which the Alpha project is able to offer."
MBMI's Philippine partners have also executed sales agreements for higher grade nickel material with another Asian consumer for two shipments of approximately 27,500 WMT each to be delivered during the second half of 2009.
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 Philippine partners have an interest in nine nickel laterite projects in the Philippines, covering an area greater than 22,000 hectares. MBMI's objective is to become a major supplier of nickel products to primary industrial consumers in Asia.
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. |
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| | You can view the Next News Releases item: Tue Apr 7, 2009, MBMI Receives NI 43-101 Resource Estimate on Alpha Property
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