| | | June 23, 2009
MBMI Comparative Financial Year-End 2008 Restatement Note
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| | Vancouver, B.C., June 23, 2009 --MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) reports that, included in the 2009 year-end audited financial statements filed June 22, 2009, for the fiscal year ended January 31, 2009, the Company restated its consolidated balance sheet as at January 31, 2008 to correct an error in the accounting for a note receivable of $450,794. These funds were advanced in fiscal 2008 to acquire land used by the Company's joint venture for stockyard facilities. A director of one of the Company's Philippine joint ventures retains title to the land because of legal restrictions preventing the Company's joint venture company from owning land. The 2008 consolidated balance sheet and consolidated statement of cash flows have been restated to correctly report the advance as a note receivable as opposed to property, plant and equipment. This restatement did not result in any changes to the consolidated statements of operations and comprehensive loss and shareholders' equity for the year ended January 31, 2008.
Full financial results may be found at www.sedar.com or the Company's website.
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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