| ||June 30, 2004|
Summary Of Financial Results For Quarter-End April 2004
| ||MBMI RESOURCES INC. (MBR-TSXV) "MBMI" reports its interim financial results for the quarter ended April 30, 2004. Full results and additional information relating to the Company may be found on SEDAR at www.sedar.com.|
The Company recorded a net loss for the first quarter of $158,269 ($0.01 per share), $104,035 in 2003 ($0.01) per share. Overall, expenses increased by $34,521 mainly due to an increase of travel expenses of $43,322 over the comparable quarter as a result of increased time spent in the Philippines pursuant to restructuring the Company's Celestial project. Accounting and legal costs have been reduced through accruing these costs over the quarters beginning in the second quarter of the 2004 fiscal year. Consulting fees have increased to $31,000 from $Nil, due to increased financing and exploration activities. General exploration expenses have decreased to nil due to the deferral of $166,949 of exploration costs allowed under GAAP for exploration companies in the development stage.
Net expenditures on mineral properties increased during the 1st quarter of 2005 to $346,701 from $177,752 at January 31, 2004. Net expenditures consist of $154,568 of property maintenance payments and exploration costs on the Celestial property. $14,381 related to preliminary exploration on the McMillan (Tri-Energy) property. A successful first phase drill program was completed on the McMillan property subsequent to the end of the quarter.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, contact:
David G. Tafel - VP Corporate Development
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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