| | | April 19, 2011
MBMI Receives FTAA Cancellation Notice
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| | Vancouver, B.C., April 19, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX-V: MBR) announces that our legal team in the Philippines has been notified that the Office of the President of the Philippines has issued a decision (the "Decision") cancelling the Financial and Technical Assistance Agreements ("FTAAs").
The FTAAs were signed by the authority of the President of the Philippines pursuant to Philippine law on April 12, 2010 and were registered with the Department of Environment and Natural Resources on May 31, 2010 and formally issued on June 2, 2010 to affiliates of MBMI, Narra Nickel Mining & Development Corp., Tesoro Mining and Development Inc., and McArthur Nickel Mining. This Decision is in connection with a case filed by Redmont Consolidated Mines Corp.
The Company on advice of its legal counsel believes that the decision is not in accordance with legal actions of a similar nature previously settled by the Supreme Court of the Philippines. MBMI has instructed its legal counsel to immediately file a Motion for Reconsideration with the Office of the President. The Company will also file immediate actions with the appropriate courts seeking to overturn the Decision.
MBMI will vigorously fight this Decision and defend the Company's affiliate's legally issued FTAAs. The company has commenced curtailment of non-essential activities and will continue activities that conform to Philippine Law while defending its rights and legally issued permits.
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 604-683-1991 or 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. |
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