| | | May 31, 2010
MBMI Comparative Financial Results Year-End 2010
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| | Vancouver, B.C., May 31, 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) reports that it has completed and filed its 2010 audited Financial Statements and its Management Discussion and Analysis for the comparative year ended January 31, 2010. The Company recorded a comprehensive loss for the year ended January 31, 2010 of $2,224,880 ($0.02 per share), compared with $7,842,450 ($0.10 per share) for 2009.
The decrease in comprehensive loss is mostly due to rationalization of administration, project consulting and communications. Head office management accepted a 50% reduction in remuneration and a reduction in development activities, travel costs and lower stock based compensation contributed to this decrease. Costs associated with mineral exploration and acquisitions decreased year over year due to the reduction of exploration activities on the Alpha property. Development activities were kept to a minimum as the Company awaited the grant of an FTAA permit on this property.
Included in the 2010 year-end audited financial statements, the Company restated its consolidated balance sheet as at January 31, 2009 to reclassify certain property, plant and equipment of $1,527,417, previously included in mineral properties and deferred exploration costs. As the amortization of these assets is capitalized to mineral properties and deferred exploration costs, the reclassification did not result in any changes to the consolidated statements of operations and comprehensive loss and shareholders' equity for the years ended January 31, 2010 and 2009.
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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