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Monday, June 01, 2009
MBMI Reports Delay In Filing Year-End Financials
Vancouver, B.C.,
June 1, 2009 - The management of MBMI RESOURCES INC. ("MBMI" or
the "Company") (TSX V: MBR) has determined that it will not be
able to file the Company's annual audited financial statements for the year
ended January 31, 2009 (the "Required Filings"), by the June 1,
2009 filing deadline (the "Filing Deadline"). The audit is
currently well underway and the Issuer expects to be in a position to file
on or about June 16, 2009.
Financial constraints had delayed payment to the auditors of the Philippine
joint venture interests which delayed reporting to the Issuer's Canadian
auditor. All financial obligations have been satisfied and compilation of
consolidated financial statements is nearing completion.
Upon review of applicable securities legislation and after conferring with
the British Columbia Securities Commission (the Company's "Principal
Regulator") regarding the default, the Company has applied for a
Management Cease Trade Order ("MCTO"), pursuant to National Policy
12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP
12-203").
The MCTO prohibits trading in securities of the Company, whether direct or
indirect, by:
a.
the Company's
Chief Executive Officer;
b.
the Company's
Chief Financial Officer; and
c.
the members of
the board of directors of the Company or other persons or companies who
had, or may have had, access directly or indirectly to any material fact or
material change with respect to the Company that has not been generally
disclosed.
Should the Company fail to make its Required Filings on or before
August 1, 2009, the Principal Regulator can impose a cease trade order that
all trading in securities of the Company cease for such period of time as
the Principal Regulator may deem appropriate. The Company intends to
satisfy the provisions of the Alternate Information Guidelines as set out
in NP 12-203 for as long as it remains in default.
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.
You can also
view this News Release on our website at:
http://www.mbmiresources.com/s/NewsReleases.asp?ReportID=350992
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