| | | May 19, 2009
MBMI Files Technical Report On Alpha Property
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| | Vancouver, B.C., May 19, 2009 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that further to its April 07, 2009 news release, the NI 43-101 technical report pertaining to the Alpha Nickel Project, Palawan, Philippines has been completed and filed on SEDAR (www.sedar.com). It is also available for review on MBMI's website at: http://www.mbmiresources.com/s/Alpha.asp
The Mineral Resource estimate is based only on nickel material contained in the 60 hectare Small-Scale Mining ("SSMO") permitted section of the 3,200 hectare Alpha property. The estimation was derived from the exploration drilling activities conducted during 2006/2007. 207 drill holes including 12 offset holes and 6 test pits were used to define the extent of laterization and mineralization within the three SSMO areas (news release October 30, 2007). All drill holes were diamond core of BQ gauge.
The Report was completed by international mining consulting company Lower Quartile Solutions Inc. ("LQS") pursuant to the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and in accordance with the standards of disclosure for mineral projects as defined by National Instrument 43-101.
The Current Mineral Resource estimate for the SSMO areas are classified in Dry Metric Tonnes ("DMT") as per the tables below using various Nickel cut-off grades:
UNDEPLETED
TOTAL MEASURED AND INDICATED |
| Cut Off |
Volume |
Density |
DMT |
Nickel (Ni) % |
Cobalt (Co) % |
Iron (Fe) % |
| > 2.00 |
179,337 |
1.05 |
188,304 |
2.24 |
0.034 |
12.56 |
| > 1.60 |
622,950 |
1.05 |
654,098 |
1.91 |
0.03 |
13.26 |
| > 1.00 |
1,936,799 |
1.05 |
2,033,639 |
1.49 |
0.034 |
14.74 |
| > 0.50 |
2,548,856 |
1.05 |
2,676,299 |
1.34 |
0.033 |
14.7 |
UNDEPLETED
TOTAL INFERRED |
| Cut Off |
Volume |
Density |
DMT |
Nickel (Ni) % |
Cobalt (Co) % |
Iron (Fe) % |
| > 2.00 |
13,640 |
1.05 |
14,321 |
2.45 |
0.076 |
18.04 |
| > 1.60 |
36,371 |
1.05 |
38,189 |
2.04 |
0.054 |
18.88 |
| > 1.00 |
184,047 |
1.05 |
193,249 |
1.41 |
0.047 |
20.47 |
| > 0.50 |
279,026 |
1.05 |
292,977 |
1.23 |
0.044 |
19.14 |
| The
Mineral Resource was estimated as at 31 December, 2008. |
Subsequent to the estimation of the resources contained in the tables above, approximately 154,000 DMT of nickel material having an average grade of 1.86% Ni and 18.5 % Fe have been shipped and approximately 81,000 DMT at 1.51% Ni and 14.5% Fe have been excavated and stockpiled in preparation for shipping.
DEPLETED
MINERAL RESOURCES |
| |
Tonnes |
Nickel (Ni) % |
Cobalt (Co) % |
Iron (Fe) % |
| Measured |
1,782,000 |
1.34 |
0.031 |
13.7 |
| Indicated |
646,000 |
1.22 |
0.039 |
17.6 |
| Total |
2,428,000 |
1.31 |
0.033 |
14.7 |
| Inferred |
293,000 |
1.23 |
0.044 |
19.1 |
| The
Mineral Resource was estimated as at 31 December, 2008 using a cut-off grade of 0.5% Nickel. |
| The
Mineral Resource was estimated using the following procedure: Wireframe
models were constructed in the Gemcom(tm) package for the Laterite, Laterized
Saprolite and Enriched Supergene Saprolite individually and used in the
creation of a block model with dimensions of 5m x 5m x 3m (Easting, Northing
and elevation). Drill hole samples composited to 1m lengths were used to
interpolate grades into the block model using the inverse distance squared
methodology with an omni-directional search strategy. The dimensions of the
search ellipsoids used for classifying the resource were: Measured (35m x 35m
x 6m); Indicated (60m x 60m x 10m); Inferred (75m x 75m x 10m). Dry densities
were applied to calculate the resource tonnages. |
The NI 43-101 technical report containing the above Mineral Resource estimate for the Alpha project was authored by Mr. Pierre Fourie, B.Eng Mining, BCom MAusIMM, MCIM (an independent "qualified person" as defined by NI 43-101), Mr. Dexter Ferreira, B.Sc, BEng Mining, MBA, SACNSP, Prof.Nat.Sci and Mr. Darryl Mapleson, B.Sc (Hons.), MAusIMM, all of LQS. Each have reviewed and verified the technical disclosure provided in this news release.
Mr. John F. Cook, (P.Eng) is the designated Qualified Person as defined in NI 43-101 for MBMI Resources Inc., and has reviewed and approved this news release.
History of Property
The Alpha Project is located in the central region of the island Province of Palawan approximately 660km southwest of the Philippine capital of Manila.
Drilling and exploration was conducted during the 1970's by Pacific Metals Company (Pamco) of Japan, Olympic Mining and Development Corp. and its affiliates, and in 2001 by BHP Billiton's Queensland Nickel Pty Ltd. of Australia. Evaluation of historic drill results and geological data on the Alpha property allowed MBMI'S Philippine partners to identify primary drilling and initial excavation targets.
The Company's Philippine partners were originally granted SSMO permits for the Alpha nickel property in 2006 which allowed for the evaluation, extraction, testing, and sales of nickel raw materials. Drilling within the SSMO permitted areas has been focused to date on facilitating a clear understanding of the geology for excavation purposes .To take advantage of elevated commodity prices and nickel demand, MBMI's partners constructed the necessary infrastructure that enabled excavation and shipping of raw nickel materials.
In September 2008 the Philippine government renewed two of these SSMO permits which allow the Company's Philippine partners to continue the extraction and sale of up to 50,000 DMT of raw nickel material, per permit, per year for a further two years through to September 2010.
Full-scale mining permits related to the Alpha property are currently advancing through a regulatory approval process.
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 high-grade 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or 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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