Tuesday, May 19, 2009
MBMI Files Technical Report On Alpha Property
Vancouver, B.C., May 19, 2009 - MBMI RESOURCES
INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that further
to its April 07, 2009 news release, the NI 43-101 technical report
pertaining to the Alpha Nickel Project, Palawan, Philippines has been
completed and filed on SEDAR (www.sedar.com). It is also available for
review on MBMI's website at: http://www.mbmiresources.com/s/Alpha.asp
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 2006/2007. 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 Report was completed 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 in accordance with the
standards of disclosure for mineral projects as defined by National
Instrument 43-101.
The Current Mineral Resource estimate for the SSMO areas are classified in
Dry Metric Tonnes ("DMT") as per the tables below using various
Nickel cut-off grades:
UNDEPLETED TOTAL MEASURED AND INDICATED
|
Cut Off
|
Volume
|
Density
|
DMT
|
Nickel (Ni) %
|
Cobalt (Co) %
|
Iron (Fe) %
|
> 2.00
|
179,337
|
1.05
|
188,304
|
2.24
|
0.034
|
12.56
|
> 1.60
|
622,950
|
1.05
|
654,098
|
1.91
|
0.03
|
13.26
|
> 1.00
|
1,936,799
|
1.05
|
2,033,639
|
1.49
|
0.034
|
14.74
|
> 0.50
|
2,548,856
|
1.05
|
2,676,299
|
1.34
|
0.033
|
14.7
|
UNDEPLETED TOTAL
INFERRED
|
Cut Off
|
Volume
|
Density
|
DMT
|
Nickel (Ni) %
|
Cobalt (Co) %
|
Iron (Fe) %
|
> 2.00
|
13,640
|
1.05
|
14,321
|
2.45
|
0.076
|
18.04
|
> 1.60
|
36,371
|
1.05
|
38,189
|
2.04
|
0.054
|
18.88
|
> 1.00
|
184,047
|
1.05
|
193,249
|
1.41
|
0.047
|
20.47
|
> 0.50
|
279,026
|
1.05
|
292,977
|
1.23
|
0.044
|
19.14
|
The Mineral Resource was estimated as at 31 December, 2008.
|
Subsequent to the estimation of the resources contained in the tables
above, 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.
DEPLETED MINERAL
RESOURCES
|
|
Tonnes
|
Nickel (Ni) %
|
Cobalt (Co) %
|
Iron (Fe) %
|
Measured
|
1,782,000
|
1.34
|
0.031
|
13.7
|
Indicated
|
646,000
|
1.22
|
0.039
|
17.6
|
Total
|
2,428,000
|
1.31
|
0.033
|
14.7
|
Inferred
|
293,000
|
1.23
|
0.044
|
19.1
|
The Mineral Resource was estimated as at 31 December, 2008
using a cut-off grade of 0.5% Nickel.
|
The Mineral Resource was estimated using the following
procedure: Wireframe models were constructed in the Gemcom(tm) 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.
|
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.
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
Further Information
For further information relating to the Company or this release, please
refer to the Company's website at www.mbmiresources.com or contact Investor Relations at
1-877-399-1991 or mbr@mbmiresources.com.
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.
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.
You can also view this News Release
on our website at:
http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=348020
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