Fonds régional de solidarité FTQ Abitibi-Témiscamingue

Fonds régional de solidarité FTQ Abitibi-Témiscamingue

January 25, 2006 12:12 ET

The Regional Abitibi -Temiscamingue Solidarity FTQ Fund Authorizes an Investment in Mirabel's Thermal Fragmentation Process

POINTE-CLAIRE, QUEBEC--(CCNMatthews - Jan. 25, 2006) - Mirabel Resources inc. (TSX VENTURE:RMB) is pleased to announce that the financial committee of the regional Abitibi-Temiscamingue solidarity FTQ fund has approved a $200,000 investment to implement Mirabel's thermal fragmentation mining process.

"We view this investment as a major mark of confidence regarding our unique mining process and we look forward to a long lasting working relationship with the Solidarity Fund as an important financial partner", stated Mr. Donald Brisebois, President and CEO of Mirabel.

Subject to approval by the TSX-Venture Stock Exchange, the terms and conditions of the proposed investment are as follows: the issuance of a $200,000 convertible debenture carrying a yearly interest rate of 12%, payable in common shares every six months. The term of the debenture is 36 months and reimbursable upon maturity. The debenture is also convertible into common shares.

About the Abitibi-Temiscamingue solidarity FTQ fund

The Abitibi-Temiscamingue solidarity FTQ fund is an important economic player that actively participates in the development strategies of its region. The Fund's priorities are the development of the manufacturing industry and technological innovation, the consolidation and diversification of the region's forest industry and the enhancement of mineral potential.


Subject to approval by the TSX-Venture Stock Exchange, Mirabel has completed by Offering Memorandum the final closing totaling $350,000 of the proposed $838,200 offering previously announced via press release dated January 3rd, 2006. The company issued 625,011 flow-through shares for an amount of $150,000 and 1,250,000 common shares for an amount of $200,000. A cash commission totaling $25,900 was paid. Additionally, the company issued 1,250,000 warrants exercisable at 0.25$ for a period of 24 months. All the securities issued in virtue of these placements are 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.

Proceeds will be used to further the development of our Russian Kid gold mine and for working capital purposes.

Subject to approval by the TSX-Venture Stock Exchange, Mirabel has issued to Mr. John Stella, responsible for investor relations, an option to purchase 100,000 common shares exercisable at 0.30$ over the next five years.

Mirabel's growth strategy is to focus on the development of quality assets that will significantly enhance shareholder value. Exploitation of narrow high-grade precious metal quartz veins with its exclusive thermal fragmentation process coupled with conventional mining methods will lead the Company in becoming a mid-size gold producer. The acquisition, development and future exploitation activities at the recently acquired Russian Kid property are an excellent example of this strategy.

Mirabel Resources Inc., is a Canadian junior exploration company actively involved in the acquisition, exploration and development of precious metal 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 precious metal quartz vein properties.

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


Contact Information

  • Mirabel Resources Inc.
    Donald Brisebois
    President and CEO
    (514) 428-4185
    (514) 630-6989 (FAX)
    Mirabel Resources Inc.
    John Stella
    Investor Relations
    (514) 428-4185
    (514) 630-6989 (FAX)
    (514) 718-7976 (Cell)