August 1, 2008
MBMI Reports on Annual General Meeting
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that pursuant to the Annual General Meeting held July 29, 2008, shareholders have voted in favour of all management resolutions proposed in the Management Information Circular. The seven members elected to the Board of Directors include: Michael T. Mason, John F. Cook, David G. Tafel, Kenneth A. Cawkell, John Seaman, Christopher A. Serin, and Robert L. McCurdy. Subsequent to the AGM, the Board has appointed the following officers: Michael Mason-President and CEO; David Tafel-VP Corporate Development; Adrian Rothwell-CFO, and Kenneth Cawkell-Secretary.
Corporate updateIn keeping with its long term objective of developing a value- added ferro-nickel processing facility in the Philippines in partnership with established Philippine and major international processors, MBMI has executed confidentiality agreements with two major international metal processors. The Company is in the process of identifying a commercially viable and environmentally acceptable technology to achieve its long term processing objectives. The development of any such facility would be subject to defining adequate resources, and generating positive feasibility studies.
As previously disclosed the Company's Philippine partners have been granted three Small Scale Mining Operating permits for the Alpha nickel property in Narra, Philippines which have enabled the extraction and sale of raw nickel material to Asian industrial consumers. Financial and Technical Assistance Agreement (FTAA) applications related to the Alpha property and three other Palawan nickel projects are advancing through an approval process within the Philippine Department of Environment and Natural Resources (DENR) and once granted would allow for full-scale commercial production.
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 eight 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.
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. At this time the Company has not yet established NI 43- 101 compliant mineral resources or mineral reserves that would support a commercial mining operation.
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