| ||August 01, 2006|
MBMI Reports on Annual General Meeting
| ||August 1, 2006. MBMI RESOURCES INC. (MBR:TSVX) "MBMI" reports that the company has received shareholder approval for all management resolutions proposed in its information circular at its Annual General Meeting (AGM) held on July 31, 2006. The six Directors proposed and elected include: Michael Mason, Ken Cawkell, David Tafel, Chris Serin, Robert McCurdy, and John Cook.|
Update On Corporate Affairs
The past year was a very positive year for our Company that included the completion of several Philippine nickel acquisitions, significant exploration and development activity on the Philippine projects, and advancement on the spin-off of our affiliated company, Garson Resources Ltd., (holder of the Canadian gold properties) to the shareholders.
With the acquisition of the four Samar, Philippine nickel properties, MBMI's total mineral claim area now exceeds 22,000 hectares contained within eight defined properties. Elevated commodity prices and positive equity markets lead to a successful financing year. We completed several equity financings, which resulted in gross proceeds of $3,745,215. These funds were principally allocated to the acquisition, exploration, and development of the Philippine nickel properties. Subsequent to our January 31, 2006 year-end, our Company has been able to raise an additional $3,225,637 in equity financing.
The Company is currently focused on the Narra region on Palawan Island, Philippines where the Company's Alpha and the Bethlehem properties are located. These properties are approximately 8 kilometers from tidewater and are 3 kilometers apart.
Alpha property- Over the last 30 years, two ore zones on the Alpha property have undergone substantial concentrated exploration activity. Confirmatory drilling was conducted within these zones validating some of the historic exploration data. A decision was made to initiate development of this property through a Small Scale Mining Operation (SSMO) license. This will allow our Company to produce bulk samples of raw nickel material, thereby obtaining a comprehensive understanding of the deposits, and enabling their advancement of the properties toward full scale mining operations. This program will generate revenues that will be re-invested into additional exploration, and development programs on the properties. SSMO permits are issued by the provincial governments to encourage exploration and development of mineral properties. There are a number of stages or steps to the SSMO license, and to date the Company has received required municipal approvals which have allowed the construction of related infrastructure projects. MBMI has also received approval of its Strategic Environmental Plan (SEP) issued by the Palawan Council for Sustainable Development, and is awaiting receipt of its Environmental Compliance certificate (ECC) from the Department of Environment and Natural Resources (DENR).
Garson Resources Ltd.- The spin-out of Garson Resources Ltd. into a new public company focused on the exploration and development of the three Canadian gold properties is nearing completion. Once the Company has received final approval for its prospectus, MBMI's 4,491,250 shares in Garson will be distributed via dividend to the MBMI shareholders of record at January 6, 2006. The dividend ratio will be one share in Garson for every ten shares held in the Company. Garson has received conditional approval to list its shares on the CNQ exchange in Canada. To complete this public listing Garson requires approval of the British Columbia Securities Commission (BCSC) of its recently filed prospectus documentation. The Company anticipates receiving a response from the BCSC within 30 days.
Management is committed to the transition of our Company from a junior explorer into a dynamic resource development-production firm able to transform attractive growth opportunities into enhanced long term shareholder value.
For further information:
David G. Tafel - VP Corporate Development
Tel: 604-683-1991; Fax: 604-683-8544; Toll free: 1-877-399-1991
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.
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