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  | Located near the Alpha property, the Bethlehem nickel project comprises an area of 3,402 hectares in the municipality of Narra; approximately 99 kilometres southwest of Puerto Princessa city on the Philippine island of Palawan. The Bethlehem property has been the target of exploration by a number of companies since the 1970's, including BHP Billiton's Queensland Nickel Pty Ltd. in 2001. MBMI entered into a joint venture with Olympic Mines and Development Corporation in 2004, and in 2006 completed a resource inventory that confirmed mineralization trends. The Company is currently working on an initial resource estimate for the property. In June of 2010 the Company announced the approval of a Financial and Technical Assistance Agreement (FTAA) with the Philippine Government which allows large-scale exploration, development and utilization of minerals on the property for a term of 25 years (renewable for additional 25 years). On April 19, 2011, the Company announced that it had been notified that the Office of the President of the Philippines has issued a decision cancelling the FTAA. The Company on advice of its legal counsel believes that the decision is not in accordance with legal actions of a similar nature previously settled by the Supreme Court of the Philippines. MBMI will vigorously fight this Decision and defend the Company's affiliate's legally issued FTAAs. The company has commenced curtailment of non-essential activities and will continue activities that conform to Philippine Law while defending its rights and legally issued permits. |
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