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 November 20, 2006
MBMI Arranges Up To $2,700,000 Private Placement

 November 20, 2006. MBMI RESOURCES INC. (MBR:TSXV) ("MBMI") ("the Company") reports that it has arranged a non-brokered Private Placement financing consisting of $1,850,000 in 10% 2 year Convertible Debentures (the "debentures"). The Debentures may be exchanged in part or in whole into Common Shares of the issuer during the 2 year term. Debentures can be convertible into Common Shares of the issuer in Year 1 at $0.85 per share; Year 2 at $1.10 per share. Should the Common Shares of the issuer trade at a price greater than or equal to a 75% premium to the conversion schedule above, for a period of 15 consecutive trading days, the Company shall have the option of forcing conversion of the then outstanding Principal Amount in to Common Shares of the Company (the "Forced Conversion") in whole or in part, at the option of the Company.

The Company also announces a non brokered Private Placement financing of up to 1,062,500 Units at $0.80 per Unit for gross proceeds of $850,000. Each Unit will consist of one Common Share and one half (1/2) Common Share Purchase Warrant. Each full Warrant will entitle the holder to purchase one Common Share for a period of 2 years at a price of $1.10. Finders' fees will be paid in connection with this financing. The Private Placement is subject to regulatory approval.

The net proceeds shall be used for exploration and development of the Company's Philippine nickel mineral properties, and for general corporate purposes.

MBMI jointly controls four nickel laterite projects in Palawan, Philippines and four nickel projects in Samar, Philippines covering an area of 22,000 hectares. The Company's objective is to become a major supplier of high-grade nickel products to the primary nickel consumers in Asia.

For further information:

David G. Tafel - VP Corporate Development

Tel: 604-683-1991; Fax: 604-683-8544; Toll free: 1-877-399-1991

Email: mbr@mbmiresources.com
Website: www.mbmiresources.com

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

You can view the Next News Releases item: Mon Dec 11, 2006, MBMI Closes $2,538,000 Private Placements

You can view the Previous News Releases item: Mon Sep 25, 2006, MBMI Distributes Garson Resources Ltd. Shares As Stock Dividend

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