Latest results from Southern zone deeps and Peri-Peri



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    Indicated Resource Deep Drilling - Southern Zone

    PERTH, Western Australia, April 3 /CNW/ - Mirabela Nickel Ltd. (the
"Company") (ASX: MBN, TSX: MNB) announces that infill drilling to prove up
more JORC Indicated Resource at Santa Rita continues to return thick
intersections in the Southern zone deeps area. Drill hole MBS 279 returned a
composite downhole width of 98m at 0.75% Ni. This hole is located on a section
located 80m south of previously reported intersection MBS 269 (101m at 0.71%
Ni), thereby demonstrating continuity of this mineralization along strike.

    Highlights of the recent results are as follows:

    
                ------------------------------------------------
                                            Composite
                 Hole ID       From (m)     downhole        Ni%
                                              width
                ------------------------------------------------
                 MBS 275         138            66         0.80
                 MBS 279         188            98         0.75
                 MBS 280          62            50         0.68
                 MBS 283          92            64         0.78
                 MBS 292          83            51         0.73
                 MBS 294         154            49         0.67
                ------------------------------------------------
                 0.4% Ni cut off grade, 4m minimum mining width
    

    Drill holes MBS 275 (66m at 0.80% Ni) and MBS 279 (98m at 0.75%) are
located on the same section confirming that the mineralization is continuous
down dip as well as along strike.
    Drilling of the Indicated Resource deeps program to convert 6.2Mt at
0.55% Ni of Inferred Resource within open pit limits to Indicated Resource
status is now complete. This program has returned a weighted average composite
intersection of 69m at 0.75% Ni from the 26 holes to date, significantly wider
and higher grade than the current Inferred Resource estimate.
    Additional deep drilling is underway to further test the depth extension
of the mineralization of the Southern zone.

    Measured Infill Drilling - Northern Zone

    The initial JORC Measured Resource infill program in the Northern Zone
has been completed on schedule. Many of the drilling results exceed the
average resource grade of 0.60% Ni; for example MBS 286 (84m at 0.83% Ni) and
MBS 295 (66m @ 0.76%Ni). A summary of the recent results is as follows:

    
                ------------------------------------------------
                                            Composite
                 Hole ID       From (m)     downhole        Ni%
                                              width
                ------------------------------------------------
                 MBS 285          64            72         0.65
                 MBS 286(1)        9            84         0.83
                 MBS 295          81            66         0.76
                 MBS 297          52            70         0.92
                 MBS 301          21            61         0.77
                 MBS 305(2)       18            93         0.72
                 MBS 308(3)        1            49         0.69
                 MBS 310(2)        9            69         0.72
                ------------------------------------------------
                 0.4% Ni cut off grade, 4m minimum mining width
                       (1) Oxidised intersection to 42m,
                       (2) Oxidised intersection to 30m,
                       (3) Oxidised intersection to 37m
    


    Results from the shallow infill drilling continue to be consistent with
existing drilling and current interpretations.
    This initial Measured Resource infill program closed the drill spacing
from about 40m down to about 20m along 200m of strike length. This part of
Northern zone resource is the most attractive to provide early production -
otherwise known as the starter pit.
    An further infill drilling program of 12,000m is underway to enable the
conversion at least 8 mt of resource in the starter pit from Indicated to
Measured Resource status. The upgrade to Measured Resource status is expected
provide a more accurate geological interpretation and increase confidence for
mine scheduling and financing.

    New nickel sulphide exploration - Peri Peri project

    Initial assay results from the Peri Peri exploration target have
confirmed the occurrence of nickel sulphides at potentially economic grades.
Drill hole MBS 325 intersected 29m at 0.74% Ni while 100m along strike MBS 322
intersected 36m at 0.62%Ni. The average width of the mineralized zone at Santa
Rita is 35m. Highlights of the Peri Peri results are as follows:

    
                ------------------------------------------------
                                            Composite
                 Hole ID       From (m)     downhole        Ni%
                                              width
                ------------------------------------------------
                 MBS 302(1)       13            30         0.56
                 MBS 307          57            25         0.57
                 MBS 322          36            36         0.62
                 MBS 325          40            29         0.74
                 MBS 329          96            12         0.45
                ------------------------------------------------
                 0.4% Ni cut off grade; (1)Oxidised intersection
                                           to 17m.
    


    The Peri Peri target is located approximately 2km northeast of Santa Rita
along the intrusion-basement contact. The disseminated sulphide mineralization
is hosted primarily within the steeply dipping pyroxenite unit that has a true
width of between 20 and 40m. Drilling has intersected the pyroxenite for over
200m of strike length and as deep as 130m. Disseminated sulphide
mineralization is also found in the basement footwall, although this has a
slightly different mineral assemblage and returns a lower assay grade. A
schematic long section of Peri Peri showing the approximate location and
composite intersections of each hole, is available on Mirabela's website at
www.mirabela.com.au.
    Local occurrences of matrix style mineralization with up to 30% sulfides
have been intersected within the basement footwall. The assemblage of
sulphides in this matrix style mineralization is similar to that seen in drill
holes at the northern limit of the Santa Rita resource and includes
chalcopyrite, pyrite, pyrrhotite and pentlandite in varying percentages. Below
is a table that highlights the estimated mineral percentages within the matrix
mineralization:

    
    -------------------------------------------------------------------------
                                              Width of  Estimated  Estimated
                                              matrix      Ni% in     Cu% in
               Sample Interval                mineral-    matrix     matrix
     Hole ID     From    To      Ni%    Cu%   ization      min.       min.
    -------------------------------------------------------------------------
     MBS-302       50    51     1.01   1.96     0.4        2.53       4.90
     MBS-307       97    98     2.31   0.10     0.3        7.70       0.35
     MBS-307      111   112     1.96   0.21     0.3        6.53       0.71
    -------------------------------------------------------------------------
    

    Drilling is still underway at Peri Peri. To date 16 drill holes have been
completed for a total of 1500m along 300m of strike length.
    A detailed table of all recent intersections from the drilling programs
discussed above is set out below. An updated schematic long section of Santa
Rita showing the best two intersections for recent drill holes, is also is
available on Mirabela's website at www.mirabela.com.au.

    The information in this report that relates to Exploration Results,
Mineral Resources or Ore Reserves is based on information compiled by Nick
Poll, who is a Member of The Australasia Institute of Mining and Metallurgy.
Nick Poll is employed by Mirabela Nickel Limited.
    Nick Poll has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2004 Edition of the 'Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserve' and a Qualified Person within the meaning
of Canadian National Instrument 43-101 . Nick Poll consents to the inclusion
in the report of the matters based on his information in the form and context
in which it appears.
    There can be no assurance that the resources at Mirabela's projects will
be increased as a consequence of the drilling results referred to herein.

    Not for distribution to United States newswire services or for
dissemination in the United States. The securities referred to herein have not
been registered under the US Securities Act of 1933 and may not be offered or
sold in the United States or to a US person absent registration or an
applicable exemption from registration.


    
    Attachment 1: New significant intersections - Indicated Resource Drilling
              (0.4% Ni cut off grade, 4m minimum mining width)

              -------------------------------------------------
               Hole ID  From (m)  To (m)  Downhole   Ni%   Cu%
                                            width
              -------------------------------------------------
               MBS 275    138      160       22     0.78  0.23
               MBS 275    205      240       35     0.78  0.20
               MBS 275    295      304        9     0.92  0.29

               MBS 279    188      249       61     0.78  0.24
               MBS 279    255      271       16     0.54  0.16
               MBS 279    283      291        8     0.43  0.10
               MBS 279    302      315       13     1.05  0.26

               MBS 280     62       78       16     0.80  0.23
               MBS 280    122      134       12     0.64  0.20
               MBS 280    138      145        7     0.61  0.13
               MBS 280    155      162        7     0.84  0.26
               MBS 280    173      181        8     0.44  0.07

               MBS 283     92      102       10     0.62  0.19
               MBS 283    111      126       15     0.60  0.18
               MBS 283    241      255       14     0.79  0.25
               MBS 283    260      285       25     0.95  0.21

               MBS 287     13       18        5     0.74  0.17
               MBS 287     23       36       13     0.52  0.14

               MBS 292     83       89        6     0.59  0.20
               MBS 292    117      121        4     0.68  0.19
               MBS 292    215      228       13     0.47  0.14
               MBS 292    242      270       28     0.90  0.21

               MBS 293     76       85        9     0.48  0.10

               MBS 294    154      158        4     0.60  0.19
               MBS 294    166      170        4     0.41  0.13
               MBS 294    175      194       19     0.82  0.29
               MBS 294    198      202        4     0.46  0.22
               MBS 294    205      209        4     0.56  0.17
               MBS 294    249      256        7     0.59  0.20
               MBS 294    265      272        7     0.69  0.16

               MBS 304     83       88        5     0.52  0.18
               MBS 304    128      132        4     1.10  0.13
               MBS 304    144      149        5     0.47  0.15
               MBS 304    154      173       19     0.44  0.13
               MBS 304    178      182        4     0.42  0.11
               MBS 304    188      200       12     0.50  0.16
               MBS 304    211      224       13     0.64  0.16
               MBS 304    229      233        4     0.56  0.14
               MBS 306     53       58        5     0.46  0.18
               MBS 306    180      195       15     0.53  0.15

               MBS 311     48       62       14     0.42  0.13
               MBS 311    153      157        4     0.49  0.13
               MBS 311    174      178        4     0.53  0.12
               MBS 311    208      212        4     0.51  0.11
              -------------------------------------------------


    Attachment 2: New significant intersections - Measured Resource Drilling
              (0.4% Ni cut off grade, 4m minimum mining width)

              -------------------------------------------------
               Hole ID  From (m)  To (m)  Downhole  Ni%   Cu%
                                            width
              -------------------------------------------------
               MBS 281     76      132       56     0.60  0.22

               MBS 282     76       80        4     0.48  0.08
               MBS 282     95      109       14     0.59  0.13
               MBS 282    132      142       10     0.46  0.06

               MBS 284     94      107       13     0.43  0.12
               MBS 284    152      159        7     0.52  0.11
               MBS 284    163      171        8     0.43  0.06

               MBS 285     64     136.4      72     0.65  0.22

               MBS 286(1)   9       93       84     0.83  0.20

               MBS 288    123      133       10     0.88  0.21
               MBS 288    137      158       21     0.62  0.12

               MBS 289(2)   0       29       29     0.95  0.21

               MBS 290     28       32        4     0.42  0.08
               MBS 290     46       67       21     0.45  0.11
               MBS 290     74       82        8     0.62  0.12
               MBS 290     96      100        4     0.41  0.07
               MBS 290    106      111        5     0.60  0.12

               MBS 291     24       28        4     0.55  0.20
               MBS 291     96      102        6     0.74  0.16
               MBS 291    120      124        4     0.62  0.14

               MBS 295     81       85        4     0.70  0.19
               MBS 295    118      158       40     0.79  0.21
               MBS 295    162      184       22     0.72  0.14

               MBS 296(3)  20       32       12     0.55  0.11
               MBS 296     42       67       25     0.53  0.10

               MBS 297     52      118       66     0.95  0.27
               MBS 297    136      140        4     0.47  0.05

               MBS 299      0        9        9     0.51  0.08
               MBS 299     15       27       12     0.51  0.10
               MBS 299     38       42        4     0.40  0.05

               MBS 301     21       27        6     0.43  0.12
               MBS 301     31       35        4     0.55  0.14
               MBS 301     42       58       16     0.85  0.19
               MBS 301     66      101       35     0.82  0.21

               MBS 305(4)  18       92       74     0.74  0.18
               MBS 305    104      123       19     0.63  0.12

               MBS 308(5)   1        5        4     0.46  0.12
               MBS 308     35       80       45     0.71  0.14

               MBS 310(6)   9       62       53     0.80  0.21
               MBS 310     83       99       16     0.45  0.09
              -------------------------------------------------
                      (1) Oxidised intersection to 42m,
                      (2) Oxidised intersection to 21m,
                      (3) Oxidised intersection to 41m,
                      (4) Oxidised intersection to 30m,
                      (5) Oxidised intersection to 37m,
                      (6) Oxidised intersection to 30m.


      Attachment 3: New significant intersections - Peri Peri Drilling
                           (0.4% Ni cut off grade)

              -------------------------------------------------
               Hole ID  From (m)  To (m)  Downhole  Ni%   Cu%
                                            width
              -------------------------------------------------
               MBS 302(1)  13       21        8     0.90  0.22
               MBS 302     29       51       22     0.44  0.20

               MBS 307     57       63        6     0.42  0.18
               MBS 307     66       70        4     0.40  0.12
               MBS 307     74       78        4     0.54  0.13
               MBS 307     83       90        7     0.40  0.15
               MBS 307     97      100        3     1.11  0.12
               MBS 307    111      112        1     1.96  0.21

               MBS 312(2)  24       30        6     0.46  0.11

               MBS 322     36       40        4     0.46  0.15
               MBS 322     52       84       32     0.63  0.22

               MBS 325     40       44        4     0.47  0.15
               MBS 325     53       57        4     0.45  0.14
               MBS 325     73       94       21     0.84  0.26

               MBS 329     96      100        4     0.47  0.10
               MBS 329    121      129        8     0.44  0.22
              -------------------------------------------------
                      (1) Oxidised intersection to 17m,
                      (2) Oxidised intersection to 33m.


                 Attachment 4:  Drill hole collar locations

    -------------------------------------------------------------------------
                        Survey                            Hole
     Hole ID  Hole type  type   Easting  Northing   RL   Depth   Dip  Azimuth
    -------------------------------------------------------------------------
     MBS 275  Resource    TS(1)  422656   8430357   178    330   270    -60
     MBS 279  Resource    TS     422710   8430356   164    371   270    -60
     MBS 280  Resource    TS     422635   8430271   192  212.6   270    -60
     MBS 281  Resource    TS     422561   8431448   192  145.3   270    -60
     MBS 282  Resource    TS     422480   8431325   220    142   270    -60
     MBS 283  Resource    TS     422700   8430272   168    307   270    -60
     MBS 284  Resource    TS     422577   8431399   185    185   270    -60
     MBS 285  Resource    TS     422542   8431451   198  139.4   270    -60
     MBS 286  Resource    TS     422440   8431324   231    112   270    -60
     MBS 287  Extension   TS     423170   8429812   129     60   225    -50
     MBS 288  Resource    TS     422554   8431401   192    180   270    -60
     MBS 289  Resource    TS     422391   8431324   214     61   270    -60
     MBS 290  Resource    TS     422515   8431450   206    120   270    -60
     MBS 291  Resource    TS     422508   8431300   208    150   270    -60
     MBS 292  Resource    TS     422717   8430230   167    295   270    -60
     MBS 293  Extension   TS     423203   8429846   126    100   225    -50
     MBS 294  Resource    TS     422701   8430314   167    287   270    -60
     MBS 295  Resource    TS     422537   8431399   198  189.2   270    -60
     MBS 296  Resource    TS     422497   8431449   208  75.25   270    -60
     MBS 297  Resource    TS     422486   8431300   218    145   270    -60
     MBS 298  Resource    TS     422940   8429909   139    100   180    -50
     MBS 299  Resource    TS     422474   8431450   207  55.25   270    -60
     MBS 301  Resource    TS     422502   8431401   213    110   270    -60
     MBS 302  Peri Peri   TS     424508   8432284   158  69.55    45    -60
     MBS 304  Resource    TS     422885   8430069   137    250   270    -60
     MBS 305  Resource    TS     422446   8431302   234    125   270    -60
     MBS 306  Resource    TS     422805   8430110   147    290   270    -60
     MBS 307  Peri Peri   TS     424519   8432227   144  130.4    45    -60
     MBS 308  Resource    TS     422457   8431401   219     80   270    -60
     MBS 309  Resource    TS     422288   8429899   160    100   180    -50
     MBS 310  Resource    TS     422428   8431301   233    121   270    -60
     MBS 311  Resource    TS     422717   8430189   169    245   270    -60
     MBS 322  Peri Peri   TS     424587   8432218   144  121.3    45    -60
     MBS 325  Peri Peri   TS     424490   8432262   152  136.3    45    -60
     MBS 329  Peri Peri   TS     424592   8432155   134  160.3    45    -60
    -------------------------------------------------------------------------
                     (1) TS - Total Station Survey Tool.
    





For further information:

For further information: Nick Poll, CEO and Managing Director,
Telephone: +61 8 9324 1177, Facsimile: +61 8 9324 2171, Email:
info@mirabela.com.au

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