MBMI Advances Exploration Drilling and Excavation Programs
10 February 2011 - 10:19AM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
reports that further to its recently completed $5 million
financing, and the securing of a $7 million advance payment
announced November 29, 2010, the company anticipates exploration
and development activities at the Alpha and Bethlehem Palawan
Properties to accelerate.
A drilling contractor has been engaged, drilling targets
selected and an exploration drilling program on the Alpha property
is set to commence shortly that will expand drilling beyond the
limits of the 60 hectare small scale mining area previously
permitted. Initial exploration has identified accessible
high-grade, exposed nickel and chrome materials zones within the
3200 hectare property. The drill program objective is to expand
currently delineated areas and confirm sufficient resources for
supporting development operations.
Excavating, heavy earth moving equipment and haulage trucks have
been ordered and first deliveries are expected to arrive at site
this month. Environmental programs are being completed where
multiple siltation ponds and catchment dams have been constructed
protecting the areas that might be affected by potential
development of the Alpha property.
A 43-101 resource estimate is anticipated to be completed this
year on the adjacent 3200 hectare Bethlehem nickel property based
on results of the Company's previously completed drilling program.
MBMI is currently completing internal geological modeling work to
provide to an independent geological consulting group for
verification of initial resource estimates.
MBMI is focused on the exploration and development of nickel
mineral properties and with its Philippine partners holds a
Financial or Technical Assistance Agreement ("FTAA") with the
Philippine government with respect to the Alpha, Bethlehem and Rio
Tuba properties. The FTAA will allow MBMI and its Philippine
Partners to progress toward development of full-scale operational
programs at each property.
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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael T. Mason, President and CEO
Further Information
For further information relating to the Company or this release,
please refer to the Company's website at www.mbmiresources.com.
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 604-683-1991 or
Toll Free: 1-877-399-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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