MBN MIRABELA NICKEL

[donnie]

This could be a good long term prospect with production starting in 2008.


Resource within open pit limits

Preliminary pit optimization studies indicate the following JORC Global Resource lies within open pit limits:

52.0 million tonnes grading 0.60% Ni, 0.14% Cu Strip ratio 6.6 : 1 Representing 312,000 tonnes of
contained nickel

This result exceeds the previous August 2005 estimate (39 million tonnes grading 0.62% Ni) by 33%.
The larger resource within open pit limits represents an exciting development for the Company, as it extends
the project life and opens up the possibility of additional downstream processing. As compared with earlier pit
studies, a lower cost of mining (from US$1.20 to $0.90 pt material) and a higher nickel price (from US$4.00 to
$4.75 lb) enabled a modest increase in the strip ratio.

Drilling to convert the remaining 5.6 million tonnes of Inferred resource (within open pit limits) to Indicated
status is already well advanced. The majority of this Inferred resource lies within the Central zone near the
base of the projected pit.

A total of 56 holes for 17,600m were planned to increase confidence levels in deeper sections of the resource
and to convert Inferred resource located within or near open pit limits to Indicated status. Already 41 holes for
11,600m of this program have been drilled, with an additional 15 holes for 6,000m to be completed within the
next two months. Excellent preliminary results have just been received for the latest 11 holes, which will be
the subject of a separate announcement upon receipt of final assays.

Early planned production

Preliminary pit scheduling suggests that the first 3.5 years of resource available for production will comprise:
14.2 million tonnes grading 0.66% Ni, 0.16% Cu Strip ratio 2.9 : 1

The scheduled grade for this early production exceeds the previous estimate (0.64% Ni), due to relatively
higher grade results from near surface infill drilling.

The Company intends to convert 8 million tonnes (the first two years production) to JORC Measured
Resource status to reduce the perceived risk of paying back capital expenditure on the project. This program
is estimated to require about 160 holes for 16,000m at a drill hole spacing of about 20m x 25m.



Commentary

This announcement confirms Santa Rita is South America's largest nickel sulphide project and the largest
greenfields nickel sulphide discovery anywhere in the world in the last 10 years.

Mirabela Managing Director Mr Nick Poll said “We are very pleased with the way the resource has
proven up following extensive infill drilling. Our early estimates for the resource have been verified and
in places expanded. The life of the open cut mining operation is now increased from ten to thirteen
years with plenty of room for this to be further increased.

Just as important, the confidence levels are greatly improved with 90% of the open cut resource now in the JORC Indicated category” Mirabela expects to complete the Santa Rita Bankable Feasibility Study in April 2007 with commencement of production planned for the end of 2008.

"This is a major achievement for a Perth-based, ASX-listed company operating internationally. A proposed
listing on the Toronto Stock Exchange will give Mirabela access to North American equity markets ahead of
project financing in mid 2007," Mr Poll said from Brazil.

"With production of over 17,000 tonnes per annum of nickel in concentrate planned from late 2008, Mirabela will be among the top five nickel producers listed in Australia.

Our planned scale of production and mine life is strategically significant for smelters and the available local infrastructure greatly enhances the project's feasibility." Mr Poll said.

Santa Rita’s concentrate specifications are expected to be confirmed by December, 2006.

"We are in discussions with smelters and the market for selling nickel concentrates remains very strong.
However, we will await final specifications from the Bankable Feasibility Study before proceeding to

[edison]

Donnie,

I totally agree with u on this one. I have been in and out of it recently, but I am still watching it from the sidelines, and I mentioned it earlier in the Nickel thread.

It is not a traders stock because of low volume. So this stock is fantastic for long term holders Also look at the major shareholders which include Platinum Asset Management and Inco, which both are great companies.

[ratkin]

Significant new discovery today, onwards and upwards

[ratkin]

Very good research here

http://www.allegiance-mining.com.au/default.asp?id=66

its the fox davies capital report you need to look at

[cjh]

MBN trading on Toronto exchange [MNB] from 26/3.

[ratkin]

upo 2.2% so far on canadian exchange, only 9000 volume though

[ratkin]

Hit an all time high today, this stock is going to be a multibagger in the next few years.
Even if the Nickle price drops two thirds in value then the stock is still cheap

[ratkin]

Well, up over a dollar in a week 5.50 and climbing, this stock is a star

[ratkin]

Read this report just out, they have upgraded targets due to more nickle being found

http://www.minesite.com/fileadmin/co...April_2007.pdf

The stock will be well up again on tuesday as it has gone crazy on the canadian market overnight , the canadian listing is helping bigtime, volume is increasing too and the stock is in heavy demand

[ratkin]

Now past the 7.00 mark , seems to attract less attention than many nickle stocks but so far has not put a foot wrong.