| | | June 02, 2010
MBMI Partners' FTAA Application Approved
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| | Vancouver, B.C., June 2 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to announce that the consolidation application of Narra Nickel Mining and Development, Inc. (NNMDC), Tesoro Mining and Development, Inc. (TMDI), and McArthur Mining, Inc. (MMI) has been approved into one Financial or Technical Assistance Agreement (FTAA) covering four (4) properties located in the municipalities of Rizal, Bataraza, and Narra, all in Palawan, subject to existing laws, rules, and regulations of the Philippines. Approval of this FTAA application will allow MBMI and its Philippine Partners to substantially increase exploration activities and to progress toward development of full-scale operational programs at each property.
The Company intends to fund the development of each project once all necessary requirements have been satisfied, and expects to gradually increase activities after all environment, social, and local obligations have been reconfirmed and total compliance has been exceeded. The company's objective is to achieve harmony amongst the communities while developing operations that demonstrate responsible mining and positive environmental action.
MBMI has established long-term consumer interest for the full spectrum of nickel and chrome products which are anticipated to be generated from operations and has advanced discussions with several major potential strategic partners whom are interested in jointly developing down-stream value-added processing facilities in the Philippines.
The exploration and development of the four properties contained within the FTAA will exceed US $50 million where the allocation is estimated to be over a period of one to four years. To date approximately US$20 million has been expended on exploration, evaluation, development, infrastructure, and community relations for the Palawan properties.
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-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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