| | | February 09, 2011
MBMI Advances Exploration Drilling And Excavation Programs
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| | Vancouver, B.C., February 09, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR:TSXV) reports that further to its recently completed $5 million financing, and the securing of a $7 million advance payment announced November 29, 2010, the company anticipates exploration and development activities at the Alpha and Bethlehem Palawan Properties to accelerate.
A drilling contractor has been engaged, drilling targets selected and an exploration drilling program on the Alpha property is set to commence shortly that will expand drilling beyond the limits of the 60 hectare small scale mining area previously permitted. Initial exploration has identified accessible high-grade, exposed nickel and chrome materials zones within the 3200 hectare property. The drill program objective is to expand currently delineated areas and confirm sufficient resources for supporting development operations.
Excavating, heavy earth moving equipment and haulage trucks have been ordered and first deliveries are expected to arrive at site this month. Environmental programs are being completed where multiple siltation ponds and catchment dams have been constructed protecting the areas that might be affected by potential development of the Alpha property.
A 43-101 resource estimate is anticipated to be completed this year on the adjacent 3200 hectare Bethlehem nickel property based on results of the Company's previously completed drilling program. MBMI is currently completing internal geological modeling work to provide to an independent geological consulting group for verification of initial resource estimates.
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.
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.
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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