| ||December 23, 2005|
MBMI Declares Record Date For Stock Dividend Distribution
| ||MBMI RESOURCES INC. (MBR-TSXV) "MBMI" pursuant to its news release of November 1, 2005, MBMI announced it is spinning out its three Canadian properties held within subsidiary Garson Resources Ltd. ("Garson") (previously known as Tri-Energy Inc.) into a separate public company. MBMI holds 4,491,250 common shares of Garson. Subject to the completion of certain conditions, it is proposed that MBMI's interest in Garson Resources would be transferred to MBMI shareholders by way of a stock dividend (the "Stock Dividend").|
The Stock Dividend will be distributed to holders of MBMI common shares of record at the close of business on January 6, 2006, on a pro rata basis of approximately one share in Garson for every ten shares held in MBMI. This distribution ratio is based on MBMI currently having 40,020,300 shares outstanding and the distribution ratio may change as further MBMI shares are issued. The timing of the actual distribution of the shares is subject to approval of the regulatory authorities and the completion of an initial public offering (IPO) of Garson.
The Board of Directors of Garson will initially be comprised of four members. Ed Stringer -- President, Director; Kenneth A. Cawkell B.A., LL.B - Secretary, Director; David W. Constable P.Geo, MBA- Director; David G. Tafel B.A. Economics --V.P. Corporate Development, Director .
Garson anticipates that there will be approximately 18 million Garson shares outstanding on a fully diluted basis as at December 31, 2005.
The completion of the Garson spin-out will enable MBMI management to concentrate its efforts toward the effective development of the Philippine nickel properties, and enable Garson to continue development of its current Canadian gold properties, and proceed with investigation of additional potential acquisitions.
MBMI has an interest in four Philippine nickel properties in the province of Palawan and is finalizing the acquisition of four additional nickel projects in Samar province, Philippines. 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
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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