MBMI Closes $5.18 Million Private Placement

MBMI RESOURCES INC. ("MBMI" or the "Company") (TSX VENTURE:MBR) reports that
further to its news release on January 31, 2011, it has closed a non-brokered
Private Placement financing for 32,379,348 Shares priced at $0.16 per Share for
gross proceeds of $5,180,695. The shares will be subject to a four month hold
expiring in June 2011. Finder's fees of $259,034 and 719,541 broker warrants
exercisable for two years at $0.18 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 maintains 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.