MBMI Receives FTAA Cancellation Notice
19 April 2011 - 11:07PM
Marketwired
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR)
announces that our legal team in the Philippines has been notified
that the Office of the President of the Philippines has issued a
decision (the "Decision") cancelling the Financial and Technical
Assistance Agreements ("FTAAs").
The FTAAs were signed by the authority of the President of the
Philippines pursuant to Philippine law on April 12, 2010 and were
registered with the Department of Environment and Natural Resources
on May 31, 2010 and formally issued on June 2, 2010 to affiliates
of MBMI, Narra Nickel Mining & Development Corp., Tesoro Mining
and Development Inc., and McArthur Nickel Mining. This Decision is
in connection with a case filed by Redmont Consolidated Mines
Corp.
The Company on advice of its legal counsel believes that the
decision is not in accordance with legal actions of a similar
nature previously settled by the Supreme Court of the Philippines.
MBMI has instructed its legal counsel to immediately file a Motion
for Reconsideration with the Office of the President. The Company
will also file immediate actions with the appropriate courts
seeking to overturn the Decision.
MBMI will vigorously fight this Decision and defend the
Company's affiliate's legally issued FTAAs. The company has
commenced curtailment of non-essential activities and will continue
activities that conform to Philippine Law while defending its
rights and legally issued permits.
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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