MBMI Closes $1.05 Million First Tranche Financing

MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that
further to its news release of October 26 2010, the Company has closed the first
tranche of its non-brokered Private Placement financing for 5,886,666 Units
priced at $0.18 per Unit for gross proceeds of $1,059,600 million. Each Unit
consists of one common share and one half warrant. Each whole warrant will be
exercisable for one common share at $0.25 for a period of two years following
the closing. The securities issued are subject to a four month hold period
expiring in March 2011. Finders' fees of $93,960 and 329,600 broker warrants
exercisable at $0.25 for two years have been paid.


The net proceeds of this financing shall be used for the development of MBMI's
Palawan, Philippine nickel mineral properties and for general corporate
purposes.


MBMI is focused on the exploration and development of nickel mineral properties
and with its Philippine partners has executed a Financial or Technical
Assistance Agreement ("FTAA") with the Philippine government with respect to the
Alpha, Bethlehem and Rio Tuba properties. The FTAA will allow MBMI and its
Philippine Partners to progress toward development of full-scale operational
programs at each property. MBMI and its Philippine partners have an interest in
nine nickel laterite projects in the Philippines, covering an area greater than
22,000 hectares. MBMI's objective is to become a major supplier of high-grade
nickel products to primary industrial consumers in Asia.


ON BEHALF OF THE BOARD OF DIRECTORS

Michael T. Mason, President and CEO

This news release may contain forward-looking information including but not
limited to comments regarding the timing and content of upcoming financings,
work programs, geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking information includes disclosure
regarding possible future events, or conditions or results of operations that is
based on assumptions about future economic conditions and courses of action, and
therefore, involves inherent risks and uncertainties. Although management has a
reasonable basis for the conclusions drawn, actual results may differ materially
from those currently anticipated in such statements.