MBMI Commences 8,000 Metre Drill Program at Alpha
11 April 2011 - 11:00PM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR) is
pleased to report that further to the corporate update of February
09, 2011, an 8,000 metre drill program has commenced on the Alpha
property in Palawan, Philippines. The drilling contractor's eleven
tungsten-carbide core drill rigs and associated equipment arrived
at the Alpha project site March 31, 2011, and were mobilized to
target areas and commenced drilling on the property April 9, 2011.
The 8,000 metre drill program, which is the first phase of a
much larger program, will focus on detailed mine planning as well
as exploration beyond the limits of the 60 hectare area previously
permitted. Past exploration activities have identified accessible
high-grade, exposed nickel and chrome materials zones within the
3,200 hectare property.
The majority of the drilling will focus on grade control to
identify and confirm detailed data required to expand and define
high priority areas for continued mining. The grade control holes
will be completed to a maximum depth of 15 meters and drilled on a
15 metre by 15 metre spacing.
The remainder of the program will consist of exploration holes
drilled to a maximum depth of 25 metres on a 50 metre by 50 metre
spacing focused in an area where mapping and test pitting have
shown highly prospective results. These exploration holes will be
located outside the boundary of the 60 hectare area previously
explored and will expand currently delineated areas to confirm
sufficient resources for future development operations.
"This first phase of drilling is designed as an intensive and
systematic exploration program to develop and confirm results to
expand the independent Mineral Resource on Alpha," said Michael T.
Mason, President and Director of MBMI. "In addition, the grade
control drilling will provide the Company and our partners with the
required data to continue mining and development of this
project."
MBMI is focused on the exploration and development of nickel
mineral properties and with its Philippine partners maintains a
Financial or Technical Assistance Agreement ("FTAA") with the
Philippine government with respect to the Alpha, Bethlehem and Rio
Tuba properties. The FTAA allows 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Michael T. Mason, President and CEO
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. The Company has not yet established
commercial viability, via a feasibility study, on any estimated
mineralized resources that would support a commercial mining
operation or demonstrate the economic viability of any of its
properties. There is no guarantee that future exploration will
result in the discovery of mineral resources or that these
resources, if delineated, will be economic or sufficient to support
a commercial mining operation. 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
1-877-399-1991 604-683-8544 (FAX) mbr@mbmiresources.com
www.mbmiresources.com
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