MBMI Announces $925,000 Loan Exchange for Convertible Debenture

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - MBMI RESOURCES INC. (TSX VENTURE:MBR) ("MBMI" or the "Company") reports that it has arranged to exchange outstanding Promissory Notes amounting to $925,000 for 10% Secured Convertible Debentures. The Promissory Notes currently held by the lenders (pursuant to July 31, 2009 and October 20, 2010 agreements) are to be exchanged for the Debentures which will be convertible at the option of the Lenders for a period of eighteen months at $0.20 per common share. Four months following closing, MBMI can force conversion of the Debentures into common shares if the shares trade above $0.28 per share on a 10 day volume weighted average basis. The transaction is subject to approval of the TSX Venture Exchange.

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 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

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.