| | | April 11, 2011
MBMI Commences 8,000 Metre Drill Program at Alpha
|
| | Vancouver, B.C., April 11, 2011 -- MBMI RESOURCES INC. ("MBMI" or the "Company") (MBR: TSX-V) is pleased to report that further to the corporate update of February 09, 2011, an 8,000 metre drill program has commenced on the Alpha property in Palawan, Philippines. The drilling contractor's eleven tungsten-carbide core drill rigs and associated equipment arrived at the Alpha project site March 31, 2011, and were mobilized to target areas and commenced drilling on the property April 9, 2011.
The 8,000 metre drill program, which is the first phase of a much larger program, will focus on detailed mine planning as well as exploration beyond the limits of the 60 hectare area previously permitted. Past exploration activities have identified accessible high-grade, exposed nickel and chrome materials zones within the 3,200 hectare property.
The majority of the drilling will focus on grade control to identify and confirm detailed data required to expand and define high priority areas for continued mining. The grade control holes will be completed to a maximum depth of 15 meters and drilled on a 15 metre by 15 metre spacing.
The remainder of the program will consist of exploration holes drilled to a maximum depth of 25 metres on a 50 metre by 50 metre spacing focused in an area where mapping and test pitting have shown highly prospective results. These exploration holes will be located outside the boundary of the 60 hectare area previously explored and will expand currently delineated areas to confirm sufficient resources for future development operations.
"This first phase of drilling is designed as an intensive and systematic exploration program to develop and confirm results to expand the independent Mineral Resource on Alpha," said Michael T. Mason, President and Director of MBMI. "In addition, the grade control drilling will provide the Company and our partners with the required data to continue mining and development of this project."
MBMI is focused on the exploration and development of nickel mineral properties and with its Philippine partners maintains a Financial or Technical Assistance Agreement ("FTAA") with the Philippine government with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA allows 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. The Company has not yet established commercial viability, via a feasibility study, on any estimated mineralized resources that would support a commercial mining operation or demonstrate the economic viability of any of its properties. There is no guarantee that future exploration will result in the discovery of mineral resources or that these resources, if delineated, will be economic or sufficient to support a commercial mining operation. 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. |
| |
| | You can view the Next News Releases item: Tue Apr 19, 2011, MBMI Receives FTAA Cancellation Notice
You can view the Previous News Releases item: Tue Mar 22, 2011, MBMI Closes First Tranche of $3.8 Million Private Placement
You can return to the main News Releases page, or press the Back button on your browser.
|
|
|
