MBMI Announces Proposed Convertible Debenture Financing and Share Consolidation

MBMI RESOURCES INC. (the "Company") (TSX VENTURE:MBR) announces a proposed
private placement of convertible debentures ("Debentures") with an aggregate
principal amount of up to $1,500,000, and a proposed consolidation of the common
shares of the Company ("Share Consolidaton") on a 5 to 1 basis, whereby one new
common shares would be issued in exchange for every 5 pre-consolidation common
shares outstanding. The Debentures, which will be unsecured, will accrue
interest at a rate of 12% per annum and will mature one year after issuance.
Following the completion of the Share Consolidation, the principal amount of the
Debenture would be convertible at the option of the holder into units ("Units")
at a deemed price of $0.10 per Unit. The Share Consolidation is subject to the
approval of the Company's shareholders and the TSX Venture Exchange. The Company
anticipates that the Share Consolidation will be proposed to shareholders for
approval at the Company's next shareholders' meeting.


Each Unit would be comprised of one common share of the Company and one-half of
one warrant ("Warrant"), each whole Warrant being exercisable for one common
share at a price of $0.12 per share for a period of one year after the Share
Consolidation. 


Finders or agents may be entitled to receive finder's fees of up to 8% of the
principal of the Debenture placed by finders payable in shares ("Finder's
Shares") with a deemed price of $0.05 per share, and a number of finder's
warrants ("Finder's Warrants") equal to the number of Finder's Shares issued.
Each Finder's Warrant would be exercisable to acquire, for a term of one year
after the Share Consolidation, one common share at a price of $0.12 per share. 


The conversion price per Unit and exercise price of the Warrants and Finder's
Warrants are based on the Share Consolidation being completed on a 5 to 1 basis.
If the Share Consolidation is completed at a different consolidation ratio, the
conversion price and warrant exercise prices will be adjusted accordingly. 


The private placement is subject to the approval of the TSX Venture Exchange. 

For further information relating to the Company or this release, please refer to
the Company's website at www.mbmiresources.com.


Cautionary Statement: 

The foregoing information may contain forward-looking statements relating to the
future performance of MBMI Resources Inc. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially from the Company's
plans and expectations. These plans, expectations, risks and uncertainties are
detailed herein and from time to time in the filings made by the Company with
the TSX Venture Exchange and securities regulators. MBMI Resources Inc. does not
assume any obligation to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise.