July 28, 2009                                                                                                                                                                      

MIRABELA FILES activity report for the quarter ended june 30, 2009

Perth, Australia.  Mirabela Nickel Limited (TSX: MNB, ASX: MBN) (?Mirabela? or the ?Company?) filed its fourth quarter activity report (the ?Quarterly Report?) for the quarter ended June 30, 2009, today. The Quarterly Report was filed in accordance with Australian Securities Exchange (?ASX?) Listing Rule 5.1. 

Report Highlights

?         US$323 million in debt and equity financing completed for the Company?s Santa Rita nickel sulphide project in Bahia state, Brazil (the ?Santa Rita Project?).

?         Construction of the Santa Rita Project expected to be completed in late September 2009.

?         US$55 million equipment lease facility entered into with Caterpillar Financial Services Corporation and Caterpillar Financial SARL.

?         Additional nickel hedging arrangements entered into, with 2,400 tonnes of nickel sold at an average price of US$6.60lb (US$14,550.51/tonne) and an additional US$40 million of US dollar / Brazilian reais cover at an average rate of R$2.12/USD.

?         Preliminary mining study completed on the underground mining project at the Santa Rita Project..

The Quarterly Report has been filed under the Company?s profile on the ASX website at www.asx.com and is available on the Company?s website at www.mirabela.com.au.

For and on behalf of the Board

Nick Poll                                                                                                              Craig Burton

Managing Director                                                                                          Corporate Director

Caution Concerning Forward-Looking Statements:

This news release contains ?forward-looking statements? and ?forward-looking information?, which may include, but is not limited to the timing of the commencement of production at the Santa Rita Project.  The purpose of forward-looking information is to provide the reader with information about management?s expectations and plans.  In making and providing the forward-looking information included in this new release, the Company has made numerous assumptions.  These assumptions include among other things: (i) assumptions about the price of nickel and other base metals; (ii) that there are no material delays in development of the Santa Rita Project; (iii) anticipated costs and expenditures; (iv) future production and recovery; (v) that the supply and demand for nickel develops as expected; (vi) that there is no unanticipated fluctuation in interest rates and foreign exchange rates; and (vii) that there is no further material deterioration in general economic conditions.  Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Readers are cautioned that forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Mirabela and/or its subsidiaries to be materially different from future results, performance or achievements expressed or implied by the forward-looking information. Such risks, uncertainties and other factors include, among others, those discussed in the section entitled ?Risk Factors? in the preliminary short form prospectus of the Company dated July 27, 2009 and the documents incorporated therein and include the following: (i) the risk that production from the Santa Rita Project will be delayed; (ii) the risk that additional financing will not be obtained as and when required; (iii) capital and operating costs are higher than anticipated; (iv) decreases in the price of nickel; (v) the Company?s financial condition may, among other things, make it difficult for the Company to obtain financing; (vi) adverse fluctuations in foreign exchange rates; (vii) adverse fluctuations in interest rates; (viii) failure to comply with restrictions and covenants in senior loan agreement; (ix) discretion in the use of proceeds;  (x) changes in the terms of the Company?s senior loan in order to achieve successful syndication; (xi) changes in the terms of the Company?s equipment leasing facility in order to achieve successful syndication; (xii) structural subordination of the Company?s ordinary shares; and (xiii) future sales or issuances of the Company?s ordinary shares lowering the price thereof, diluting investors? voting power and reducing the Company?s earnings per share. Forward-looking information contained herein are made as of the date of this document based on the opinions and estimates of management on the date statements containing such forward looking information are made, and Mirabela disclaims any obligation to update any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward looking information. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

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Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 6314 6300 Fax: 08 6314 6355

purple@purplecom.com.au