MBMI Resources Inc.
TSX VENTURE : MBR

MBMI Resources Inc.

April 07, 2009 09:36 ET

MBMI Receives NI 43-101 Resource Estimate on Alpha Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2009) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) is pleased to report that it has received an independent National Instrument 43-101 ("NI 43-101") Mineral Resource estimate on the Alpha property located in Narra, Philippines.

The independent Mineral Resource estimate was prepared by international mining consulting company Lower Quartile Solutions Inc. ("LQS"), pursuant to the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves, and has been completed in accordance with the standards of disclosure for mineral projects as defined by National Instrument 43-101.

The Mineral Resource estimate is based only on nickel material contained in the 60 hectare Small-Scale Mining ("SSMO") permitted section of the 3,200 hectare Alpha property. The estimation was derived from the exploration drilling activities conducted during the 4th quarter of 2006 to mid 2007. 207 drill holes including 12 offset holes and 6 test pits were used to define the extent of laterization and mineralization within the three SSMO areas (news release October 30, 2007). All drill holes were diamond core of BQ gauge.

"The results of this Mineral Resource estimate are somewhat better than we anticipated based on historical exploration and drill result data obtained from the previous operators. It should be noted, however, that the Mineral Resource estimate is limited to a small portion of the 3,200 hectare Alpha property. Further exploration beyond this initial area will be conducted upon the issuance of additional exploration permits," said Michael Mason, President and Director of MBMI.

Subsequent to this exploration drilling, closely spaced (10 meters by 10 meters) grade control drilling to a depth of 10 meters (news release November 6, 2007) was completed in all three SSMO areas and mineralized nickel material from these areas has been excavated and sold. During the excavation process, further channel and bench sampling was also undertaken, however, only the exploration holes referred to above have been used for the Mineral Resource estimation. The excavated material is not included in the current resource estimate.

Results from the grade control drilling, other deposit sampling and subsequent truck and stockpile sampling, indicate that the actual nickel grades from the three SSMO areas are better than the resources estimated from the exploration drilling. These indications have not yet been formulated into a full comprehensive reconciliation and while the company believes these results to be relevant this conclusion should not be relied on by investors.

The Current Mineral Resource estimate for the SSMO areas are classified in Dry Metric Tonnes ("DMT") as per the table below using a cut-off grade of 0.5% Nickel:



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Tonnes Nickel (Ni) % Cobalt (Co) % Iron (Fe) %
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Measured 1,782,000 1.34 0.031 13.7
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Indicated 646,000 1.22 0.039 17.6
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Total 2,428,000 1.31 0.033 14.7
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Inferred 293,000 1.23 0.044 19.1
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The Mineral Resource was estimated as at 31 December, 2008.
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The Mineral Resource was estimated using the following procedure: Wireframe models were constructed in the Gemcom™ package for the Laterite, Laterized Saprolite and Enriched Supergene Saprolite individually and used in the creation of a block model with dimensions of 5m x 5m x 3m (Easting, Northing and elevation). Drill hole samples composited to 1m lengths were used to interpolate grades into the block model using the inverse distance squared methodology with an omni-directional search strategy. The dimensions of the search ellipsoids used for classifying the resource were: Measured (35m x 35m x 6m); Indicated (60m x 60m x 10m); Inferred (75m x 75m x 10m). Dry densities were applied to calculate the resource tonnages.

In addition to the table of current resources, approximately 154,000 DMT of nickel material having an average grade of 1.86% Ni and 18.5 % Fe have been shipped and approximately 81,000 DMT at 1.51% Ni and 14.5% Fe have been excavated and stockpiled in preparation for shipping.

The NI 43-101 technical report containing the above Mineral Resource estimate for the Alpha project was authored by Mr. Pierre Fourie, B.Eng Mining, BCom MAusIMM, MCIM (an independent "qualified person" as defined by NI 43-101), Mr. Dexter Ferreira, B.Sc, BEng Mining, MBA, SACNSP, Prof.Nat.Sci and Mr. Darryl Mapleson, B.Sc (Hons.), MAusIMM, all of LQS. Each have reviewed and verified the technical disclosure provided in this news release.

Mr. John F. Cook, (P.Eng) is the designated Qualified Person as defined in NI 43-101 for MBMI Resources Inc., and has reviewed and approved this news release.

The NI 43-101 Technical Report will be available at www.sedar.com and on the Company website www.mbmiresources.com within 45 days.

History of Property

The Alpha Project is located in the central region of the island Province of Palawan approximately 660km southwest of the Philippine capital of Manila.

Drilling and exploration was conducted during the 1970's by Pacific Metals Company (Pamco) of Japan, Olympic Mining and Development Corp. and its affiliates, and in 2001 by BHP Billiton's Queensland Nickel Pty Ltd. of Australia. Evaluation of historic drill results and geological data on the Alpha property allowed MBMI'S Philippine partners to identify primary drilling and initial excavation targets.

The Company's Philippine partners were originally granted SSMO permits for the Alpha nickel property in 2006 which allowed for the evaluation, extraction, testing, and sales of nickel raw materials. Drilling within the SSMO permitted areas has been focused to date on facilitating a clear understanding of the geology for excavation purposes. To take advantage of elevated commodity prices and nickel demand, MBMI's partners constructed the necessary infrastructure that enabled excavation and shipping of raw nickel materials.

In September 2008 the Philippine government renewed two of these SSMO permits which allow the Company's Philippine partners to continue the extraction and sale of up to 50,000 DMT of raw nickel material, per permit, per year for a further two years through to September 2010.

Full-scale mining permits related to the Alpha property are currently advancing through a regulatory approval process.

Corporate Profile

MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. 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 Director

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.

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