| | | November 29, 2010
MBMI Executes US$7 Million Pre-Advance Financing
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| | Vancouver, B.C., November 29, 2010 -- MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR:TSXV) reports that it has concluded a Pre-Advance Payment agreement of up to US$7 million to be utilized in advancing the Palawan nickel projects to full-scale development. The Funding will be repaid through proceeds of future nickel material deliveries to Japanese nickel consumers who have arranged the financing at a negotiated rate of the net sales value of nickel material shipments with interest charged at Libor plus 2% annual rate.
The proceeds of this financing shall be used for the development of MBMI's Palawan, Philippine nickel mineral properties.
MBMI is focused on the exploration and development of nickel mineral properties and with its Philippine partners holds a Financial or Technical Assistance Agreement ("FTAA") with the Philippine government with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and its Philippine Partners to progress toward development of full-scale operational programs at each property.
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 CEO
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 604-683-1991or 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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