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:
---------------------------------------------------------------------
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.
---------------------------------------------------------------------
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.
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.
Contacts: MBMI Resources Inc. Investor Relations 1-877-399-1991
Email: mbr@mbmiresources.com Website: www.mbmiresources.com
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