October 31, 2005 10:01 ET

Mirabel Closes a $267,200 Private Placement and Issues a Corporate Update

POINTE-CLAIRE, QUEBEC--(CCNMatthews - Oct. 31, 2005) - Mirabel Resources Inc. "Mirabel" or the "Company" (TSX VENTURE:RMB) is pleased to announce that is has successfully closed a private placement, raising total gross proceeds of $267,200.

Flow through Financing

Under the terms of the private placement, the Company issued 267 Units at a price of $1,000 per Unit for total proceeds of $267,200. Each Unit consists of 4,175 Flow through Shares at $0.24 per share. The agents will receive commissions totaling $13,750. Non-transferable warrants entitling the holder to purchase a maximum of 41,750 Common Shares at a price of $0.24 per share for a period of 24 months from the closing will also be issued.

The securities issued in virtue of the placement will be subject to certain resale restrictions imposed under the applicable securities laws, which require that the securities not be traded for a period of four months from the closing (February 28, 2006). The proceeds of this placement will be for exploration work on the Russian Kid gold property.

Subject to the authority's approval, Mirabel announces that it has entered into debt settlement agreements with 2 different creditors. Mirabel could issue common shares at a deemed price of $0.16 per share and 362,500 warrants at $0.25 for a period of 24 months following the closing date, in full satisfaction of an aggregate outstanding debt of $142,000. All of the said shares are subject to a four-month hold period from the date of issue.

Additionally, Mirabel has acquired 12 claims from a local prospector in exchange for 300,000 common shares of Mirabel. The claims are strategically located in the Currie Township, Lake Rose section in close proximity to the Lake Rose property. Additional information will be made public as warranted.

Corporate update

Management reports that as per the agreement with the Industrial Group, Wabi Development Corporation, rehabilitation work on the Russian Kid gold property commenced on October 17th, 2005. The initial phase of the rehabilitation work currently underway includes: verification and preparation of ramp and shaft access and installation of ground support as additional safety for workers.

"We are very pleased with the current pace of operations and eagerly await the re-opening of the Russian Kid Gold Mine to demonstrate the effectiveness of our patented thermal fragmentation process", stated Mr. Donald Brisebois, President and CEO of Mirabel Resources.

The Wabi Development Corporation is a privately owned, multi-disciplined construction company. With a management team totalling 130 years of combined construction experience, it has demonstrated its ability to successfully complete projects, meeting, or exceeding the most demanding client requirements.

Mirabel's Russian Kid gold property is located north of Lake Labyrinthe, within the Dasserat Township, in close proximity to Rouyn-Noranda. Underground infrastructure from previous work includes a ramp and galleries on three different levels. The 3 underground development levels reach 150, 300 and 425 feet. Also present is a 320 foot deep shaft containing 2 compartments.

Mirabel Resources Inc., is a Canadian junior exploration company actively involved in the acquisition, exploration and development of gold projects. The Company's exclusive thermal fragmentation process combined with its growth strategy place it as the partner of choice for the development of narrow high-grade gold bearing quartz vein properties. A TSX-V listed company Mirabel Resources trades under the symbol RMB.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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