MBMI holds a major interest in a joint venture with Olympic Mines & Development Corporation ("Olympic") pertaining to three nickel laterite properties in Palawan Philippines. MBMI will focus exploration activity on the potential for Direct Shipping nickel laterite material from these properties. Two of the Olympic (Rio Tuba) properties are contiguous to Sumitomo Metal Mining Co. Ltd's "Coral Bay" project which has been operating a successful direct shipping nickel facility for many years.

Drilling and exploration conducted during the 1970's and 1980's by Olympic and its strategic affiliates has disclosed a historic resource profiles. The historic resource profiles were calculated prior to National Instrument 43-101, may not conform to NI-43-101 parameters. (An independent NI 43-101 geology report completed by consulting geologist Steven Goertz, has concluded that a high grade(>2% Ni) resource potential of 8-9 million tonnes for the (2) Rio Tuba projects and approximately 1.3 million tonnes for the Bethlehem property for a total of 9- 10 million tonnes exists.)

Evaluation of historic drill results and geological data has enabled MBMI to identify primary drilling targets on these properties. Results of an initial exploration drilling program were reported in news releases dated December 13, 2005, and February 27, 2006.

Property Drilling Results February 27, 2006

Property Drilling Results December 13, 2005