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Monday, June 22, 2009
MBMI Files Year-End Financials
Vancouver, B.C., June 22, 2009 - MBMI
RESOURCES INC. ("MBMI"
or the "Company") (TSX V: MBR) is pleased to report on the fiscal year financial
period ended January 31, 2009, filed today. Full financial results may be
found at www.sedar.com or the Company's website. A summary
of the financial statements and highlights of the period and subsequent
events are as follows:
Highlights
- Approximately 118,000 Dry Metric Tonnes
("DMT") of nickel material with an average grade of 1.86% Ni
and 18.5 % Fe shipped during the period for proceeds of approximately
$8.8 million;
- Small-Scale Mine Operating Permits
("SSMO") extended, enabling 200,000 additional DMT to be
shipped by September, 2010, from the Alpha property;
- Sales agreements executed with Asian
industrial consumers for the purchase of raw nickel bearing material
for delivery in 2009;
- Current finished nickel material inventory of
50,128 DMT with an average grade of 1.49% Ni and 19.0% Fe in Alpha
coastal stockpile;
- Finalized independent National Instrument
43-101 ("NI 43-101") resource estimate of nickel bearing
resources within the SSMO permitted areas on Alpha property.
- The Company's proportionate cash flow share
from nickel material sales of approximately $5.1 million continued to
fund development activities.
Investment in
Mineral Exploration and Development
The Company's share of total expenditures on mineral properties during the
year ended January 31, 2009 was $9,398,415. Overall, exploration costs paid
in the year are consistent with maintenance of the Alpha property permits,
drilling on the Alpha property, assaying and operation of the lab, as well
as consulting fees and wages for site personnel. Exploration costs also
include the development of an excavation pit, hauling to the stockyard of
mineralized nickel material, as well as crushing, drying, blending and
sorting operations necessary for direct shipment operations. Revenues of $5,102,390
in respect of the Company's shipments of nickel laterite material were
deducted from mineral properties and deferred exploration costs, leaving a
net increase in deferred costs of $4,296,025.
During the previous year, nickel laterite material excavation commenced,
the causeway, consisting of the dock facility and pier, and the road to the
excavation site was completed and is currently undergoing improvements. The
Company made its first shipment during the previous year and has made
additional shipments since. The Company's focus in the immediate term is
the attainment of a Financial and Technical Assistance Agreement
("FTAA") permit (application having been made by the Company's
joint venture partner, Narra Nickel Mining Development Corp.), which once
granted, will allow the company to make additional capital investment and
expand operations.
In September, 2008, two (2) of the three (3) SSMO permits were renewed,
thus allowing the Company to extract a further 200,000 DMT over the two
year life of the permits.
During the year, management commissioned an independent NI 43-101compliant
technical report on the nickel bearing resources within the 60 hectare SSMO
permitted area of the 3,200 hectare Alpha property. The report confirmed
the validity of the historical drilling data that has been compiled on the
Alpha property. Further exploration beyond the restrictive (SSMO) areas
will be conducted upon the issuance of additional exploration permits. The
full report filed in May, 2009, may be found at www.sedar.com or the Company's website.
Results from the small-scale nickel material shipments have assisted the
Company in moving toward the permitting and development of a potential
full-scale operation pursuant to an FTAA and conforming to best global
environmental standards and Philippine law. The Alpha project has received
strong local community support and the project has been endorsed by the
provincial Palawan Council for Sustainable Development.
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.
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