MBMI Partners' FTAA Application Approved
03 June 2010 - 12:18AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR) is
pleased to announce that the consolidation application of Narra
Nickel Mining and Development, Inc. (NNMDC), Tesoro Mining and
Development, Inc. (TMDI), and McArthur Mining, Inc. (MMI) has been
approved into one Financial or Technical Assistance Agreement
(FTAA) covering four (4) properties located in the municipalities
of Rizal, Bataraza, and Narra, all in Palawan, subject to existing
laws, rules, and regulations of the Philippines. Approval of this
FTAA application will allow MBMI and its Philippine Partners to
substantially increase exploration activities and to progress
toward development of full-scale operational programs at each
property.
The Company intends to fund the development of each project once
all necessary requirements have been satisfied, and expects to
gradually increase activities after all environment, social, and
local obligations have been reconfirmed and total compliance has
been exceeded. The company's objective is to achieve harmony
amongst the communities while developing operations that
demonstrate responsible mining and positive environmental
action.
MBMI has established long-term consumer interest for the full
spectrum of nickel and chrome products which are anticipated to be
generated from operations and has advanced discussions with several
major potential strategic partners whom are interested in jointly
developing down-stream value-added processing facilities in the
Philippines.
The exploration and development of the four properties contained
within the FTAA will exceed US $50 million where the allocation is
estimated to be over a period of one to four years. To date
approximately US$20 million has been expended on exploration,
evaluation, development, infrastructure, and community relations
for the Palawan properties.
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-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 Toll Free:
1-877-399-1991 or 604-683-1991 604-683-8544 (FAX)
mbr@mbmiresources.com www.mbmiresources.com
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