| ||February 22, 2005|
Private Placement Financing Increased To $538,000
| ||MBMI RESOURCES INC. (TSXV:MBR) "MBMI" wishes to report that the Private Placement financing announced February 3, 2004 in the amount of $300,000 has been oversubscribed, and the Company is proceeding to complete a non-brokered Private Placement financing of 5,380,000 Units at $0.10 per Unit for gross proceeds of $538,000. Each Unit will consist of one Common Share and one half (1/2) Common Share Purchase Warrant. Each whole Warrant will entitle the holder to purchase one Common Share for a period of 2 years at a price of $0.15 during the first year and $0.20 in the second year. The Private Placement is subject to regulatory approval and Finders' fees will be paid in connection with this financing.|
The net proceeds shall be used for exploration on the Company's Philippine nickel mineral properties, and for general corporate purposes.
MBMI maintains a major interest in three nickel properties in the Philippines, and also holds the rights to three Canadian projects; the McMillan gold mine property in Espanola, Ontario, the Copper Prince Cu-Ni-Au/PGM property in Sudbury, Ontario, and the Squall Lake, Manitoba gold project.
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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