MBMI Resources Inc.
TSX VENTURE : MBR

MBMI Resources Inc.

February 02, 2011 17:20 ET

MBMI Closes $5.18 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2011) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that further to its news release on January 31, 2011, it has closed a non-brokered Private Placement financing for 32,379,348 Shares priced at $0.16 per Share for gross proceeds of $5,180,695. The shares will be subject to a four month hold expiring in June 2011. Finder's fees of $259,034 and 719,541 broker warrants exercisable for two years at $0.18 have been paid. The net proceeds of this financing shall be used for the development of MBMI's Palawan, Philippine nickel mineral properties and for general corporate purposes.

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.

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.

Contact Information