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Tuesday, April 07, 2009
MBMI Receives NI 43-101 Resource Estimate on Alpha Property
Vancouver, B.C., April 07, 2009 - MBMI RESOURCES
INC. ("MBMI" or the "Company") (TSX V: MBR) is pleased to report that it has
received an independent National Instrument 43-101 ("NI 43-101")
Mineral Resource estimate on the Alpha property located in Narra,
Philippines.
The independent Mineral Resource estimate was prepared by international
mining consulting company Lower Quartile Solutions Inc. ("LQS"),
pursuant to the Canadian Institute of Mining, Metallurgy and Petroleum
Definition Standards for Mineral Resources and Mineral Reserves, and has
been completed in accordance with the standards of disclosure for mineral
projects as defined by National Instrument 43-101.
The Mineral Resource estimate is based only on nickel material contained in
the 60 hectare Small-Scale Mining ("SSMO") permitted section of
the 3,200 hectare Alpha property. The estimation was derived from the
exploration drilling activities conducted during the 4th quarter of 2006 to
mid 2007. 207 drill holes including 12 offset holes and 6 test pits were
used to define the extent of laterization and mineralization within the
three SSMO areas (news release October 30, 2007). All drill holes were
diamond core of BQ gauge.
"The results of this Mineral Resource estimate are somewhat better
than we anticipated based on historical exploration and drill result data
obtained from the previous operators. It should be noted, however, that the
Mineral Resource estimate is limited to a small portion of the 3,200
hectare Alpha property. Further exploration beyond this initial area will
be conducted upon the issuance of additional exploration permits,"
said Michael Mason, President and Director of MBMI.
Subsequent to this exploration drilling, closely spaced (10 meters by 10
meters) grade control drilling to a depth of 10 meters (news release
November 6, 2007) was completed in all three SSMO areas and mineralized
nickel material from these areas has been excavated and sold. During the excavation
process, further channel and bench sampling was also undertaken, however,
only the exploration holes referred to above have been used for the Mineral
Resource estimation. The excavated material is not included in the current
resource estimate.
Results from the grade control drilling, other deposit sampling and
subsequent truck and stockpile sampling, indicate that the actual nickel
grades from the three SSMO areas are better than the resources estimated
from the exploration drilling. These indications have not yet been
formulated into a full comprehensive reconciliation and while the company
believes these results to be relevant this conclusion should not be relied
on by investors.
The Current Mineral Resource estimate for the SSMO areas are classified in
Dry Metric Tonnes ("DMT") as per the table below using a cut-off
grade of 0.5% Nickel:
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Tonnes
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Nickel (Ni) %
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Cobalt (Co) %
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Iron (Fe) %
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Measured
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1,782,000
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1.34
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0.031
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13.7
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Indicated
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646,000
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1.22
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0.039
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17.6
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Total
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2,428,000
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1.31
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0.033
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14.7
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Inferred
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293,000
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1.23
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0.044
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19.1
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The
Mineral Resource was estimated as at 31 December, 2008.
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The
Mineral Resource was estimated using the following procedure: Wireframe
models were constructed in the Gemcom� package for the Laterite,
Laterized Saprolite and Enriched Supergene Saprolite individually and
used in the creation of a block model with dimensions of 5m x 5m x 3m
(Easting, Northing and elevation). Drill hole samples composited to 1m
lengths were used to interpolate grades into the block model using the
inverse distance squared methodology with an omni-directional search
strategy. The dimensions of the search ellipsoids used for classifying
the resource were: Measured (35m x 35m x 6m); Indicated (60m x 60m x
10m); Inferred (75m x 75m x 10m). Dry densities
were applied to calculate the resource tonnages.
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In addition to the table of current resources, approximately 154,000 DMT of
nickel material having an average grade of 1.86% Ni and 18.5 % Fe have been
shipped and approximately 81,000 DMT at 1.51% Ni and 14.5% Fe have been
excavated and stockpiled in preparation for shipping.
The NI 43-101 technical report containing the above Mineral Resource
estimate for the Alpha project was authored by Mr. Pierre Fourie, B.Eng
Mining, BCom MAusIMM, MCIM (an independent "qualified person" as
defined by NI 43-101), Mr. Dexter Ferreira, B.Sc, BEng Mining, MBA, SACNSP,
Prof.Nat.Sci and Mr. Darryl Mapleson, B.Sc (Hons.), MAusIMM, all of LQS.
Each have reviewed and verified the technical disclosure provided in this
news release.
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.
The NI 43-101 Technical Report will be available at www.sedar.com and on
the Company website www.mbmiresources.com within 45 days.
History of Property
The Alpha Project is located in the central region of the island Province
of Palawan approximately 660km southwest of the Philippine capital of
Manila.
Drilling and exploration was conducted during the 1970's by Pacific Metals
Company (Pamco) of Japan, Olympic Mining and Development Corp. and its
affiliates, and in 2001 by BHP Billiton's Queensland Nickel Pty Ltd. of
Australia. Evaluation of historic drill results and geological data on the
Alpha property allowed MBMI'S Philippine partners to identify primary
drilling and initial excavation targets.
The Company's Philippine partners were originally granted SSMO permits for
the Alpha nickel property in 2006 which allowed for the evaluation,
extraction, testing, and sales of nickel raw materials. Drilling within the
SSMO permitted areas has been focused to date on facilitating a clear
understanding of the geology for excavation purposes .To take advantage of
elevated commodity prices and nickel demand, MBMI's partners constructed
the necessary infrastructure that enabled excavation and shipping of raw
nickel materials.
In September 2008 the Philippine government renewed two of these SSMO
permits which allow the Company's Philippine partners to continue the
extraction and sale of up to 50,000 DMT of raw nickel material, per permit,
per year for a further two years through to September 2010.
Full-scale mining permits related to the Alpha property are currently
advancing through a regulatory approval process.
Corporate Profile
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 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 Director
Further Information
For further information relating to the Company or this release, please
refer to the Company's website at www.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 the policies 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 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.
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