MBMI Closes First Tranche of $3.8 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 22, 2011) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that further to its news release on March 1, 2011, it has closed the first tranche of a non-brokered private placement financing. The Company has received gross proceeds of $1,900,609 in consideration of the issuance of 10,558,942 units at a price of $0.18 per unit. Each unit consists of one common share and one warrant. Each warrant will be exercisable for one common share at $0.25 for a period of one year following the closing. In the event that the common shares trade at a closing price of greater than $0.50 per share for a period of 20 consecutive trading days at any time after four months and one day from closing, the Company can accelerate the expiry date of the warrants to 30 days from the day of notice. The units are subject to a four month hold expiring in July 2011.

As a result of this placement, Gwynneth Gold Limited has become an "insider" of MBMI as it now holds approximately 12.7% of common shares currently outstanding.

Finder's fees of $95,030 and 263,973 broker warrants exercisable for two years at $0.18 have been paid in connection with this first tranche.

MBMI intends to close a second tranche of this private placement whereby one placee has subscribed for 10,558,942 units at a price of $0.18 per unit for gross proceeds of $1,900,609 and upon completion would also become an "insider" of MBMI. Closing is subject to TSX Venture Exchange approval.

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 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

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.