MBMI Closes $1,400,000 Loan Agreement

  MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE: MBR) is pleased to announce that further to its news release of September 3, 2009, it has closed the second tranche of a secured loan. Gross proceeds of $1,400,000 have been advanced to MBMI in the form of a secured two year convertible debenture for $700,000 and a secured two year bridge loan for $700,000 (the "Loans"). The Loans bear interest at 10% per annum, compounded and payable monthly.

The principal amount of the debenture is convertible into units of MBMI at the option of the lenders at a fixed conversion price of $0.10 per unit. The units will be comprised of a common share and one common share purchase warrant. One warrant will entitle the holder to purchase one common share of MBMI at a price of $0.13 per share for a period of 2 years from closing.

As additional consideration for providing the Loans, the lenders have been issued 1,037,036 common shares of MBMI at a deemed price of $0.135, and paid a $14,000 structuring fee pursuant to the Debenture. Finders' fees of $110,000 have been paid.

The net proceeds of the Loans will be used for exploration and development of MBMI's Philippine nickel mineral properties, and for general corporate purposes.

The debenture and the common shares issued pursuant to the Loans are subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.

MBMI Resources Inc. is a Canadian-based mining company focused on the exploration and development of nickel mineral properties in the Philippines. 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 Director

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: MBMI Resources Inc. Investor Relations Toll Free: 1-877-399-1991 or 604-683-1991 604-683-8544 (FAX) [e-mail] www.mbmiresources.com