MBMI Resources Inc. Company Profile

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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 partners control nine nickel laterite …

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 partners control 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 material to primary industrial consumers in Asia.

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  • 1. MBMI RESOURCES INC. COMPANY PROFILEPHOTO GALLERY                                
  • 2.   2  
  • 3.  MBMI RESOURCES INC. COMPANY PROFILEMBMI Resources Inc. is a Canadian-based mining company focused on the exploration and developmentof nickel mineral properties in the Philippines. MBMI and its partners control nine nickel laterite projectsin the Philippines, covering an area greater than 22,000 hectares. MBMIs objective is to become a majorsupplier of high-grade nickel material to primary industrial consumers in Asia.The Companys Philippine partners were granted Small Scale Mining Operating permits for the Alphanickel property in Narra, Philippines which have enabled the evaluation, extraction, testing, and sales ofnickel raw materials to Asian industrial consumersIn June of 2010 the Company announced the approval of a consolidated Financial and Technical Assis-tance Agreement (FTAA) with the Philippine Government which allows large-scale exploration, devel-opment and utilization of minerals on the four (4) properties on Palawan, Philippines.Projects’ OverviewAll of MBMIs properties are located in the Philippines and are within the known nickel geological trendsthat contain and/or produce raw nickel materials. Each of the properties has had historic exploration ac-tivity which has confirmed the presence of nickel mineralization.The Company is focused on identifying and developing high-grade nickel zones which can support DirectShipping Operations ("DSO"). Under DSO, nickel laterite material is excavated and the resultant productis segregated according to grade. The material is then air dried to reduce the moisture content andblended to meet customer specifications. The blended material is then loaded on barges for transfer toocean-going bulk ore freighters for sale to nickel processing plants. The material is sold for a percentageof the nickel price as stated by the London Metal Exchange ("LME"). 4  
  • 4.  ALPHAThe most advanced project in the Companys portfolio, the Alpha Project is located in the central regionof the island Province of Palawan approximately 660km southwest of the Philippine capital of Manila.Drilling and exploration was conducted during the 1970s by Pacific Metals Company (Pamco) of Japan,Olympic Mining and Development Corp. and its affiliates, and in 2001 by BHP Billitons QueenslandNickel Pty Ltd. of Australia. Evaluation of historic drill results and geological data on the Alpha propertyhas allowed MBMIS Philippine partners to identify primary drilling and excavation targets.The Companys Philippine partners have been granted three Small Scale Mining Operating permits for theAlpha nickel property which allow for the extraction of up to 150,000 dry metric tonnes of nickel bearingmaterial per year. All necessary permits have been granted in respect to the Small Scale Mining Opera-tions and MBMI, through its Philippine partner Narra Nickel Development Corporation, is currently ex-cavating, stockpiling and shipping mineralized nickel laterite material for sale to Asian consumers.Construction and development of operational infrastructure commenced in April, 2007. An initial sevenkilometre long road from the excavation site down to the stockyard area on the coast was completed inJuly, 2007, and an area greater than forty hectares in size was prepared adjacent to the completed portfacility to allow for the sorting, drying and stockpiling of nickel material. An extension to the coastal portcauseway added a 265 metre pier complete with a thirty metre turnaround to accommodate the simulta-neous loading of up to three large material handling barges. The Alpha compound also includes an opera-tions base with administration office complex, sample preparation and assay laboratory, screening andcrushing facilities as well as a nursery for Environmental Impact Assessment rehabilitation purposes.To date, the Company has shipped and sold nickel material at an average grade of 1.85% nickel to Asianconsumers. Additional nickel bearing material has been excavated from the Alpha property and is cur-rently being dried and sorted at the coastal Stockyard. In April, 2009 the Company received and filed aNational Instrument 43-101 (NI 43-101) resource estimate for the property.In June of 2010 the Company announced the approval of a Financial and Technical Assistance Agree-ment (FTAA) with the Philippine Government which allows large-scale exploration, development andutilization of minerals on the property for a term of 25 years (renewable for additional 25 years).BETHELEMLocated near the Alpha property, the Bethlehem nickel project comprises an area of 3,402 hectares in themunicipality of Narra; approximately 99 kilometres southwest of Puerto Princessa city on the Philippineisland of Palawan. The Bethlehem property has been the target of exploration by a number of companiessince the 1970s, including BHP Billitons Queensland Nickel Pty Ltd. in 2001. MBMI entered into a jointventure with Olympic Mines and Development Corporation in 2004, and in 2006 completed a resourceinventory that confirmed mineralization trends. The Company is currently working on an initial resourceestimate for the property.In June of 2010 the Company announced the approval of a Financial and Technical Assistance Agree-ment (FTAA) with the Philippine Government which allows large-scale exploration, development andutilization of minerals on the property for a term of 25 years (renewable for additional 25 years). 5  
  • 5.  RIO TUBALocated on the southerly portion of the island of Palawan, the Malatgao and Northern Rio Tuba proper-ties (collectively the Rio Tuba project) cover an area in excess of 8,900 hectares.Rio Tuba is a joint venture between MBMI and Olympic Mines and Development Corporation. Theproperties are contiguous to Sumitomo Metal Mining Co. Ltds recently commissioned "Coral Bay"Ferro-nickel project which has mined and shipped nickel material for over twenty-five years. Permittingand exploration is focused on the potential for Direct Shipping nickel laterite material from these proper-ties. Mine planning and engineering evaluations are in progress and drill targets have been identified.In June of 2010 the Company announced the approval of a Financial and Technical Assistance Agree-ment (FTAA) with the Philippine Government which allows large-scale exploration, development andutilization of minerals on both properties for a term of 25 years (renewable for additional 25 years).DINAGAT ISLANDThe Dinagat Island project provides MBMI Resources with an opportunity to assume an alternate role inthe production process. The Company has entered into a long-term Purchase Agreement for mineral ma-terials produced from the property, and in return will provide financial and technical services as well asmarketing and transaction services with respect to the liquidation of the mineral products produced. Inaddition, MBMI will provide pre-export financing for the project which will be secured by the nickelproduct stockpiles from the property. The agreement term is for the life of the exploration, development,and utilization of the property.The counterparty to this agreement holds a Mineral Production Sharing Agreement (MPSA) locatedwithin the Philippine Government designated Surigao Mineral Reservation and is at an advanced stage inthe approval process for all required permits to commence excavation.SAMARMBMI has the right to earn up to a 92% interest in four advanced exploration nickel projects encompass-ing 10,150 hectares located in the southeastern region of the island of Samar, Philippines.These four projects have historic (non NI 43-101 compliant) resource estimates and will be the subject offuture exploration programs. Location and existent infrastructure in the project area would require up-grades to facilitate ground access should the projects return successful results from initial drilling explora-tion.Corporate ManagementMichael T. Mason (B.Sc., MBA)Position: President & DirectorAs a managing Partner of Mineral Services, LLC. Mr. Mason 35 years experience of marketing precious &base metals, specialist in risk management, off-take agreements & international trading; recent Consultantto North Ltd., BHP, Phelps Dodge Corp., Western Mining Company Ltd., Apex Silver and other majormining companies. 6  
  • 6.  David G. Tafel (B.A., Econ)Position: V.P. Corporate Development & DirectorMr. Tafel contributes 20 years of corporate management, strategic planning, administration and financialservices experience to the MBMI Resources team. Mr. Tafel has managed private investment funds as aninvestment advisor for a major Canadian investment firm, and is currently President of a corporate advi-sory services firm offering strategic planning services and administrative guidance for emerging publiccorporations. Member of the Audit Committee. Mr. Tafel is also a President & director of Garson GoldCorp.Kenneth A. Cawkell (B.A.,LLB)Position: Secretary & DirectorMr. Cawkell is a member of the Alberta and British Columbia Bar Associations and has over 25 years ofexperience in both public and private venture capital markets. He co-founded Cawkell Brodie GlaisterLLP Business Lawyers in 1987, where he acts as a managing partner. Throughout his career, Mr. Cawkellhas veen extensively involved in all aspects of corporate structuring, finance and securities law. He is aninvestor in and founder of a number of private companies where he has held executive management posi-tions, and currently sits on the board of a number of private and public companies. He is a member ofthe Securities Law Advisory Committee to the BC Securities Commission. Member of the Audit Commit-tee.John F. Cook (P.Eng.)*Position: DirectorA Professional Mining Engineer, Mr. Cook has more than 40 years of extensive experience in all facets ofmining development, operations and management. Currently, he serves as Chairman of Wolfden Re-sources Inc., Anaconda Gold Corporation and Castlerock Resources, and as a non-executive Directorwith GLR Resources Inc. Past positions include Senior Mining and Managing Consultant of RTZ Con-sultants Ltd.; Senior Project Manager, General Manager and V.P. Engineering of Lac Minerals Ltd.; andV.P. Operations of GoldCorp Inc.Christopher A. Serin (M.B.A., P.Eng)Position: DirectorMr.Serin is a mining engineer who has more than 30 years international financial and corporate manage-ment experience mainly involved in natural resources projects. He was CFO of Royal Oak Mines from1990 to 1994 when annual productive capacity increased from 200,000 to 500,000 ounces of gold. Mr.Serin was also responsible for the formation of Ouromias Minerals Inc.Hermes DichosaPosition: DirectorDirector and In-house Counsel to MBMIs Philippine subsidiary Narra Nickel Mining and DevelopmentCorp since October 2005. From June 2003 to October 2005 Mr. Dichosa was an Administrative Officerat San Beda College, Manila, Philippines. Mr. Dichosa holds a Graduate degree of Bachelor of laws and 7  
  • 7.  an AB Philosophy. He is a member of Integrated Bar of the Philippines and has twenty years of experi-ence in mining and mineral processing.John SeamanPosition: DirectorMr. Seaman has served as the Chief Financial Officer of Pediment Exploration Ltd., a mining explorationcompany, since April 2007, as the Chief Financial Officer and Director of Premier Goldmines Limited, amineral exploration company, since May 29, 2006 and is also the Controller for Apex Investigation &Security Inc. (private security firm) since 1992. From October 1, 2002 to May 11, 2007, Mr. Seamanserved as the Chief Financial Officer and Director of Wolfden Resources Inc., a mineral exploration anddevelopment company. In addition Mr. Seaman sits on the Board of Directors of Rolling Rock Re-sources, Valor Resources, and Skybridge Development Corp.Adrian Rothwell (CA, B.Econ.)Position: Chief Financial OfficerMr. Rothwell has been providing financial consulting, management and controllership services to themining industry since 1995. He has previously acted as a financial consultant to a number of other pub-licly-traded companies. As a Chartered Accountant he offers many years of professional accounting, pub-lic practice, and industry specific expertise. Mr. Rothwell is a member of the Institute of Chartered Ac-countants of British Columbia, Canada and the Institute of Chartered Accountants of Australia.Lloyd JacobsPosition: Manager, Corporate CommunicationsMr. Jacobs graduated from the British Columbia Institute of Technology with a specialization in Market-ing Management and Communications. Mr. Jacobs has had a successful career in both private and pub-licly traded companies, and prior to his appointment at MBMI developed and maintained the investorrelations functions for a small cap U.S. mining and exploration company.Philippine ManagementJose P. Leviste Jr.Position: Vice Chairman of MBMI PhilippinesManuel AgcaoiliPosition: Country Manager & Director, Narra NickelReuben (Benji) MacolorPosition: C.O.O., Narra NickelSteve ShieldkretPosition: V.P of Marketing (Logistics/shipping/sales)Frank Pastorino 8  
  • 8.  Position: V.P of Development (MBMI Philippines)* is a qualified person under National Instrument 43-101Corporate DirectoryCorporate Address: MBMI Resources Inc.Email: info@mbmiresources.comAddress: Suite 322, 470 Granville Street Vancouver, BC Canada V6C 1V5Telephone: 604-683-1991Fax: 604-683-8544Toll Free: 1-877-399-1991Auditor: Grant Thornton LLP, Chartered Accountants Address: Suite 1600, 333 Seymour Street Vancouver, BC Canada V6B 0A4 Telephone: 604-687-2711Legal Counsel: Cawkell, Brodie & Glaister Address: Suite 1260 - 1188 West Georgia Street Vancouver, BC Canada V6E 4A2Philippine Legal Counsel: Tolosa Romulo Agabin & Flores Law Offices Address: 8th Floor, GMA Lou-Bel Plaza Chino Roces Ave. cor. Bagtikan St San Antonio Village, Makati City Metro Manila, PhilippinesTransfer Agent: Computershare Investor Services Address: 2nd Floor -- 510 Burrard Street Vancouver, BC Canada V6C 3B9 Toll Free: 1-800-564-6253CommunityMBMI and its Philippine partners are committed to funding and advancing initiatives to enhance conser-vation and community development. Responsible mining practices to minimize environmental and socialimpacts are primary objectives for the Company. 9  
  • 9.  Contributing to meaningful projects such as the tree and seedling nursery located adjacent to the Alphanickel project in Narra, Palawan, is important to the Company. Since its initiation, the nursery has pro-vided local inhabitants with cash crop seedlings and land management educational programs that assist insupplementing the Philippine governments regional vegetation program.The Company is also committed to increasing employee wellness and has initiated the development of anumber of local recreational facilities in the municipality of Narra.Programs such as these, combined with direct employment of in excess of 500 skilled and manual localPhilippine labourers, have enabled MBMI and its Philippine partners to provide a balanced program ofresponsible mining with respect to the economic and social development of the surrounding communi-ties.CODE OF BUSINESS CONDUCT AND ETHICSMBMI RESOURCES INC.CODE OF ETHICS AND CONDUCTFOR DIRECTORS, OFFICERS AND EMPLOYEESINTRODUCTIONMBMI Resources Inc. ("MBMI or the Company") is committed to conducting its business in accordancewith applicable laws, rules and regulations, and the highest standards of business ethics.This Code of Ethics applies to all directors, officers and employees of the Company (collectively referredto as the "Employees") and sets forth specific policies to guide you in the performance of your duties.CODE OF ETHICS and CONDUCTIt is the policy of the Company that the Employees observe the highest standards of business and per-sonal ethics in the conduct of their duties and responsibilities. Employees must practice honesty and in-tegrity in every aspect of dealing with other Company employees, the public, the business community,stockholders, customers, suppliers and governmental authorities. The Employees will abide by this Codeof Ethics (the "Code") and will adhere to the following ethical principles: 1. Honest and Ethical Conduct: Each Employee will act and conduct themselves honestly and ethi- cally, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships. 2. Full, Fair, Accurate, Timely and Understandable Disclosure: Each Employee will make full, fair, accurate, timely and understandable disclosure in reports and documents prepared for the Com- pany and which the Company files with, or submits to, the regulatory authorities and in other public communications made by the Company. 3. Expenses Reporting: Each Employee will exercise integrity, prudence and judgment in incurring and approving business expenses and ensure that business expenses are reasonable and serve the Companys business interests. Each Employee should ensure that all transactions and expenses are properly authorized and recorded accurately, completely and promptly. 4. Disclosure of Transactions and Expenses: No Employee shall conceal any funds, expenses or transactions from management, the Disclosure Committee or the Companys Auditors 10  
  • 10.   5. Compliance with Applicable Laws: Each Employee will comply with applicable governmental laws, rules and regulations. 6. Accept or Offer to Bribes: No Employee shall attempt to improperly influence the decisions of any party dealing with the Company by offering or accepting gifts or bribes out of the ordinary course of business. 7. Intellectual Property: Each Employee shall take precautions to avoid inadvertent disclosure of the Companys confidential information and intellectual property by not discussing such informa- tion in public. 8. Reporting of Conflicts of Interest: Each Employee will promptly report any material transaction or relationship that reasonably could be expected to give rise to a "conflict of interest" to the Disclosure Committee. A "conflict of interest" occurs when an Employees personal interests could compromise, or could reasonably appear to compromise, that Employees ability to per- form his/her responsibilities objectively and in the best interests of the Company. Even the per- ception of the conflict should be avoided as it may jeopardize the trust of the Companys stake- holders. Any situation which might constitute a potential conflict of interest should be reported to the Disclosure Committee. 9. Corporate Opportunity; No Employee will: i) take personally for his/her self or associates, the benefit of or from any business oppor- tunity that is discovered by virtue of the Employees position or through the use of the Companys property or information that may reasonably be expected to compete now or in the future with the business of the Company; ii) serve as a director or officer of, or work as an employee or consultant for, any competi- tor or business partner of the Company without first disclosing same to the Disclo- sure Committee in writing and abiding by their decision. 10. Consequences for non-adherence to the Code: Any violation of this Code, whether or not mate- rial, may have repercussions which could include termination of employment and or legal action to recover damages or property.Issued by the Board of DirectorsENVIRONMENTMBMI Resources Inc. ("MBMI" or the "Company") is committed to take positive action to conservenatural resources and minimize the impact of its activities on the environment through diligent applica-tion of appropriate technology and responsible conduct at all stages of exploration, development, miningand mineral processing.MBMIs Environmental Policy provides a measurable framework for the performance of the Companysactivities in an environmentally responsible manner, ensuring compliance by the Company and its em-ployees with all applicable environmental regulations and commitments.MBMI Resources Inc. will: Evaluate, plan, construct, and operate all projects and facilities to reduce adverse environmental impacts and to meet or exceed applicable environmental laws, regulations, and standards. In the absence of applicable regulations, the Company will apply cost effective best management prac- tices to protect the environment. Require managers of all projects and operations to adhere to the Company Environmental Policy and to identify, evaluate, and minimize risks to the environment. 11  
  • 11.   Continuously review environmental achievements and technology to seek and implement meth- ods for further improvement. Require all operations to have site-specific emergency response plans, which meet or exceed all applicable regulations. Conduct regular audits of environmental performance and emergency response plans to verify compliance with the Companys policy and applicable regulations. Identify revisions or improve- ments to current practices in order to minimize environmental impacts. Educate employees in environmental matters and responsibilities relating to performance of their assigned tasks. Entrust all employees to maintain necessary environmental performance for their activities. Foster communication with shareholders, the public, employees, and government to enhance understanding of environmental issues affecting the Companys activities. Work pro-actively with government and the public to define environmental priorities. Participate in the development of responsible laws for the protection of the environment.COMMITTEE CHARTERS Audit Committee Whistleblower Policy Corporate Governance Policy Compensation CommitteeMBMI Advances Exploration Drilling And Excavation ProgramsFebruary 09, 2011Vancouver, B.C., February 09, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company")(MBR:TSXV) reports that further to its recently completed $5 million financing, and the securing of a $7million advance payment announced November 29, 2010, the company anticipates exploration and de-velopment 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 theAlpha property is set to commence shortly that will expand drilling beyond the limits of the 60 hectaresmall scale mining area previously permitted. Initial exploration has identified accessible high-grade, ex-posed nickel and chrome materials zones within the 3200 hectare property. The drill program objective isto expand currently delineated areas and confirm sufficient resources for supporting development opera-tions.Excavating, heavy earth moving equipment and haulage trucks have been ordered and first deliveries areexpected to arrive at site this month. Environmental programs are being completed where multiple silta-tion ponds and catchment dams have been constructed protecting the areas that might be affected bypotential development of the Alpha property.A 43-101 resource estimate is anticipated to be completed this year on the adjacent 3200 hectare Bethle-hem nickel property based on results of the Companys previously completed drilling program. MBMI iscurrently completing internal geological modeling work to provide to an independent geological consult-ing group for verification of initial resource estimates.MBMI is focused on the exploration and development of nickel mineral properties and with its Philippinepartners holds a Financial or Technical Assistance Agreement ("FTAA") with the Philippine government 12  
  • 12.  with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and its Phil-ippine 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, cover-ing an area greater than 22,000 hectares. MBMIs objective is to become a major supplier of high-gradenickel 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 Re-sources Inc., and has reviewed and approved this news release.ON BEHALF OF THE BOARD OF DIRECTORS"Michael T. Mason"President and CEOFurther InformationFor further information relating to the Company or this release, please refer to the Companys website atwww.mbmiresources.com or contact Investor Relations at 604-683-1991or 1-877-399-1991 ormbr@mbmiresources.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release may contain forward-looking information including but not limited to comments re-garding the timing and content of upcoming financings, work programs, geological interpretations, receiptof property titles, potential mineral recovery processes, etc. Forward-looking information includes disclo-sure regarding possible future events, or conditions or results of operations that is based on assumptionsabout future economic conditions and courses of action, and therefore, involves inherent risks and uncer-tainties. Although management has a reasonable basis for the conclusions drawn, actual results may differmaterially from those currently anticipated in such statements. You can view the Previous News Releases item: Wed Feb 2, 2011, MBMI Closes $5.18 Million PrivatePlacementYou can return to the main News Releases page, or press the Back button on your browser.http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=441846&_Type=News-Releases&_Title=MBMI-Advances-Exploration-Drilling-And-Excavation-ProgramsMBMI Closes $5.18 Million Private PlacementFebruary 02, 2011Vancouver, B.C., February 2, 2011 -- MBMI RESOURCES INC. ("MBMI" or the "Company")(MBR:TSXV) reports that further to its news release on January 31, 2011, it has closed a non-brokeredPrivate Placement financing for 32,379,348 Shares priced at $0.16 per Share for gross proceeds of$5,180,695. The shares will be subject to a four month hold expiring in June 2011. Finders fees of$259,034 and 719,541 broker warrants exercisable for two years at $0.18 have been paid. The net pro-ceeds of this financing shall be used for the development of MBMIs Palawan, Philippine nickel mineralproperties and for general corporate purposes. 13  
  • 13.  MBMI is focused on the exploration and development of nickel mineral properties and with its Philippinepartners maintains a Financial or Technical Assistance Agreement ("FTAA") with the Philippine govern-ment with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and itsPhilippine 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, cover-ing an area greater than 22,000 hectares. MBMIs objective is to become a major supplier of high-gradenickel products to primary industrial consumers in Asia.ON BEHALF OF THE BOARD OF DIRECTORS"Michael T. Mason"President and CEOFurther InformationFor further information relating to the Company or this release, please refer to the Companys website atwww.mbmiresources.com or contact Investor Relations at 604-683-1991or 1-877-399-1991 ormbr@mbmiresources.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release may contain forward-looking information including but not limited to comments re-garding the timing and content of upcoming financings, work programs, geological interpretations, receiptof property titles, potential mineral recovery processes, etc. Forward-looking information includes disclo-sure regarding possible future events, or conditions or results of operations that is based on assumptionsabout future economic conditions and courses of action, and therefore, involves inherent risks and uncer-tainties. Although management has a reasonable basis for the conclusions drawn, actual results may differmaterially from those currently anticipated in such statements. You can view the Next News Releases item: Wed Feb 9, 2011, MBMI Advances Exploration DrillingAnd Excavation ProgramsYou can view the Previous News Releases item: Mon Jan 31, 2011, MBMI Announces $5.1 Million Pri-vate PlacementYou can return to the main News Releases page, or press the Back button on your browser.http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=440890&_Type=News-Releases&_Title=MBMI-Closes-5.18-Million-Private-PlacementMBMI Announces $5.1 Million Private PlacementJanuary 31, 2011Vancouver, B.C., January 31, 2011 - MBMI RESOURCES INC. ("MBMI" or the "Company")(MBR:TSXV) reports that it has arranged a non-brokered Private Placement financing for 32,379,348Shares priced at $0.16 per Share for gross proceeds of $5,180,695. The net proceeds of this financing shallbe used for the development of MBMIs Palawan, Philippine nickel mineral properties and for generalcorporate purposes. The placement is subject to approval of the TSX Venture exchange. 14  
  • 14.  MBMI is focused on the exploration and development of nickel mineral properties and with its Philippinepartners maintains a Financial or Technical Assistance Agreement ("FTAA") with the Philippine govern-ment with respect to the Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and itsPhilippine 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, cover-ing an area greater than 22,000 hectares. MBMIs objective is to become a major supplier of high-gradenickel products to primary industrial consumers in Asia.ON BEHALF OF THE BOARD OF DIRECTORS"Michael T. Mason"President and CEOFurther InformationFor further information relating to the Company or this release, please refer to the Companys website atwww.mbmiresources.com or contact Investor Relations at 604-683-1991or 1-877-399-1991 ormbr@mbmiresources.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release may contain forward-looking information including but not limited to comments re-garding the timing and content of upcoming financings, work programs, geological interpretations, receiptof property titles, potential mineral recovery processes, etc. Forward-looking information includes disclo-sure regarding possible future events, or conditions or results of operations that is based on assumptionsabout future economic conditions and courses of action, and therefore, involves inherent risks and uncer-tainties. Although management has a reasonable basis for the conclusions drawn, actual results may differmaterially from those currently anticipated in such statements. You can view the Next News Releases item: Wed Feb 2, 2011, MBMI Closes $5.18 Million PrivatePlacementYou can view the Previous News Releases item: Tue Dec 14, 2010, MBMI Closes Private Placement Fi-nancingYou can return to the main News Releases page, or press the Back button on your browser.http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=440454&_Type=News-Releases&_Title=MBMI-Announces-5.1-Million-Private-PlacementMBMI Partners FTAA Application ApprovedJune 02, 2010Vancouver, B.C., June 2 2010 - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX V: 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 beenapproved into one Financial or Technical Assistance Agreement (FTAA) covering four (4) properties lo- 15  
  • 15.  cated in the municipalities of Rizal, Bataraza, and Narra, all in Palawan, subject to existing laws, rules, andregulations of the Philippines. Approval of this FTAA application will allow MBMI and its PhilippinePartners to substantially increase exploration activities and to progress toward development of full-scaleoperational programs at each property.The Company intends to fund the development of each project once all necessary requirements havebeen satisfied, and expects to gradually increase activities after all environment, social, and local obliga-tions have been reconfirmed and total compliance has been exceeded. The companys objective is toachieve harmony amongst the communities while developing operations that demonstrate responsiblemining and positive environmental action.MBMI has established long-term consumer interest for the full spectrum of nickel and chrome productswhich are anticipated to be generated from operations and has advanced discussions with several majorpotential strategic partners whom are interested in jointly developing down-stream value-added process-ing facilities in the Philippines.The exploration and development of the four properties contained within the FTAA will exceed US $50million where the allocation is estimated to be over a period of one to four years. To date approximatelyUS$20 million has been expended on exploration, evaluation, development, infrastructure, and commu-nity relations for the Palawan properties.MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and developmentof nickel mineral properties in the Philippines. MBMI and its Philippine partners have an interest in ninenickel-projects in the Philippines, covering an area greater than 22,000 hectares. MBMIs objective is tobecome 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 DirectorFurther InformationFor further information relating to the Company or this release, please refer to the Companys website atwww.mbmiresources.com or contact Investor Relations at 1-877-399-1991 or mbr@mbmiresources.com.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This news release may contain forward-looking information including but not limited to comments re-garding the timing and content of upcoming financings, work programs, geological interpretations, receiptof property titles, potential mineral recovery processes, etc. Forward-looking information includes disclo-sure regarding possible future events, or conditions or results of operations that is based on assumptionsabout future economic conditions and courses of action, and therefore, involves inherent risks and uncer-tainties. Although management has a reasonable basis for the conclusions drawn, actual results may differmaterially from those currently anticipated in such statements. 16  
  • 16.  General DisclaimerMBMI Resources Inc. ("MBMI" or the "Company"), has taken all reasonable care in producing and pub-lishing information contained on this website, and will endeavour to do so regularly. Material on this sitemay still contain technical or other inaccuracies, omissions, or typographical errors, for which MBMI as-sumes no responsibility. The Company does not warrant or make any representations regarding the use,validity, accuracy, completeness or reliability of any claims, statements or information on this site. Underno circumstances, including, but not limited to, negligence, shall MBMI be liable for any direct, indirect,special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss ofdata, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibilityof damage, arising from your use, or inability to use, the material on this site. The information is not asubstitute for independent professional advice before making any investment decisions. Furthermore, youmay not modify or reproduce in any form, electronic or otherwise, any information on this site, exceptfor personal use unless you have obtained our express permission.The TSX Venture Exchange has not reviewed the information on this website and does not accept re-sponsibility for the adequacy or accuracy of it.Forward-Looking StatementsThis website contains forward-looking statements, including but not limited to comments regarding pre-dictions and projections. Forward-looking statements address future events and conditions and thereforeinvolve inherent risks and uncertainties. Actual results may differ materially from those currently antici-pated in such statements.This website uses the terms "inferred resources", "indicated resources" and "mineral resources". TheCompany advises readers that although these terms are recognized and required by Canadian securitiesregulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the USSecurities and Exchange Commission does not recognize these terms. Readers are cautioned not to as-sume that any part or all of the mineral deposits in these categories will ever be converted into reserves.In addition, "inferred resources" have a great amount of uncertainty as to their existence, and economicand legal feasibility. It cannot be assumed that any part of an Indicated or Inferred Mineral Resource willever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resourcesmay not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Prelimi-nary Assessment as defined under National Instrument 43-101. Readers are cautioned not to assume thatpart or all of an inferred resource exists, or is economically or legally mineable.Third Party LinksMBMI has provided links from this website to several other websites which are arms-length to the Com-pany. The viewer should be aware that in linking to these outside websites, he or she is leaving the MBMIweb site and that MBMI is not responsible for the content of any other site. 17