MBMI Files Technical Report on Alpha Property
May 19 2009 - 7:31AM
Marketwired Canada
MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) is pleased to
report that further to its April 07, 2009 news release, the NI 43-101 technical
report pertaining to the Alpha Nickel Project, Palawan, Philippines has been
completed and filed on SEDAR (www.sedar.com). It is also available for review on
MBMI's website at: http://www.mbmiresources.com/s/Alpha.asp.
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 2006/2007. 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 Report was completed 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 in accordance with the standards of disclosure for mineral
projects as defined by National Instrument 43-101.
The Current Mineral Resource estimate for the SSMO areas are classified in Dry
Metric Tonnes ("DMT") as per the tables below using various Nickel cut-off
grades:
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UNDEPLETED TOTAL MEASURED AND INDICATED
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Nickel Cobalt Iron
Cut Off Volume Density DMT (Ni)% (Co)% (Fe)%
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Greater than 2.00 179,337 1.05 188,304 2.24 0.034 12.56
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Greater than 1.60 622,950 1.05 654,098 1.91 0.030 13.26
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Greater than 1.00 1,936,799 1.05 2,033,639 1.49 0.034 14.74
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Greater than 0.50 2,548,856 1.05 2,676,299 1.34 0.033 14.70
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UNDEPLETED TOTAL INFERRED
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Nickel Cobalt Iron
Cut Off Volume Density DMT (Ni)% (Co)% (Fe)%
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Greater than 2.00 13,640 1.05 14,321 2.45 0.076 18.04
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Greater than 1.60 36,371 1.05 38,189 2.04 0.054 18.88
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Greater than 1.00 184,047 1.05 193,249 1.41 0.047 20.47
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Greater than 0.50 279,026 1.05 292,977 1.23 0.044 19.14
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The Mineral Resource was estimated as at 31 December, 2008.
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Subsequent to the estimation of the resources contained in the tables above,
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.
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DEPLETED MINERAL RESOURCES
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Nickel Cobalt Iron
Tonnes (Ni)% (Co)% (Fe)%
---------------------------------------------------------------
Measured 1,782,000 1.34 0.031 13.7
---------------------------------------------------------------
Indicated 646,000 1.22 0.039 17.6
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Total 2,428,000 1.31 0.033 14.7
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Inferred 293,000 1.23 0.044 19.1
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The Mineral Resource was estimated as at 31 December, 2008
using a cut-off grade of 0.5% Nickel.
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The Mineral Resource was estimated using the following
procedure: Wireframe models were constructed in the Gemcom(TM)
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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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.
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
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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