MBMI Resources reports that its Philippine subsidiary has completed its first nickel material shipment from the Alpha, Philippines nickel project. Approximately 53,000 wet metric tonnes of nickel material averaging 1.9% Ni/tonne has been loaded and shipped to a Chinese nickel consumer. This is a milestone achievement for MBMI and its Philippine partners and marks the emergence of the Alpha project as a nickel material supplier to the Asian market.
To date, in excess of 110,000 wet metric tonnes of mineralised nickel material has been excavated and transported to the stock yard where it has been prepared for shipment to potential Asian nickel consumers. MBMI’s subsidiaries have been issued three small scale mine operating (SSMO) permits by the government of the Philippines with respect to the Alpha project. The SSMO’s allow the shipment of up to 50,000 dry metric tonnes of material per permit per year for a two-year period.
The Philippine government has not yet granted full mineral apartment rights to the Alpha property and only small scale mining operations can be carried out in accordance with government regulations and not the right to commence full scale commercial production. The Co and its Philippine subsidiaries continue to make progress with Financial and Technical Assistance Agreement (FTAA) applications on the Palawan nickel projects which once granted would allow full scale commercial production. It should be noted that the Co has not yet established a mineral resource or reserve in accordance with CIM classifications pursuant to NI 43-101 that would support a commercial mining operation and there is no guarantee that the current small scale operations will be economic.
MBMI’s subsidiaries control eight nickel laterite projects in Palawan and Samar, Philippines covering an area greater than 22,000 hectares. As with all mining projects worldwide there are various groups including INGO’s who oppose the Company’s plans and progress through legal processes and otherwise. The Co will continue to respond aggressively to these challenges. The continued operations of the Co require various licenses and permits from various governmental authorities. There is no assurance that the Co will be successful in obtaining the necessary licenses and permits to continue its exploration and development activities in the future.
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 programmes, 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.
SOURCE: MBMI Resources Inc.
MBMI Resources Inc.
David G. Tafel
VP Corporate Development, director
(604) 683-1991 or Toll Free: 1-877-399-1991
(604) 683-8544 (FAX)
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January 9, 2008