Mirabela Announces New Drilling Results



    
    TSX: MNB, ASX: MBN
    Ordinary shares outstanding: 129,791,100
    

    PERTH, Australia, Feb. 13 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) is pleased to announce new drilling results from its Santa Rita drilling
programs. These are the last results up until suspension of ongoing drilling
activities in November last year.

    Open-pit drilling

    New intersections from drilling at the base of the open-pit are as
follows:

    

                 Composite result from Pit Extension Drilling
          --------------------------------------------------------
                                   Composite
                                    downhole
          Hole ID      From (m)     width (m)       Ni%       Cu%
          --------------------------------------------------------
          MBS-609        565           87          0.87      0.44
          MBS-610        492           40          0.75      0.21
          MBS-612        516           53          0.77      0.20
          MBS-615        441           26          0.61      0.22
          MBS-616        494           46          0.87      0.24
          MBS-617        350           51          0.67      0.13
          MBS-618        515          119          0.80      0.22
          MBS-619        345           63          0.76      0.23
          MBS-620        479           73          0.85      0.25
          --------------------------------------------------------
               0.4% Ni cut off grade, 4m minimum mining width
    

    The above intersections are designed to deepen the open-pit and
contribute to the conversion of Inferred resource within open-pit limits (20mt
at 0.60% Ni) to Indicated status. The results demonstrate strong continuity in
the Southern zone deeps as well as higher grades at the base of pit in the
Central zone, and are expected to deepen the open-pit resource, particularly
in the Central zone.
    Most intersections are located within the area of the Inferred resource
component of the in-pit resource. The average width and grade of these holes
(62m at 0.79% Ni and 0.25% Cu) suggests a significant improvement on the
current resource estimate. True widths are expected to be about 90% of the
intersection widths.

    
    Extended Deeps drilling

    New intersections from the extended deeps drilling are as follows:

              Composite results from the Extended Deeps program
          --------------------------------------------------------
                                   Composite
                                    downhole
          Hole ID      From (m)     width (m)       Ni%       Cu%
          --------------------------------------------------------
          MBS-607        834           68          0.85      0.25
          MBS-613       1008           90          0.77      0.17
          MBS-614        699           47          0.77      0.21
          --------------------------------------------------------
               0.5% Ni cut off grade, 4m minimum mining width
    

    These results are similar to previously announced holes that now comprise
the maiden underground resource of 55mt at 0.60% Ni announced in December,
2008. The holes demonstrate continuity along strike of the underground
resource both to the north and the south. The underground resource remains
open in all directions. True widths are expected to be about 90% of the
intersection widths.
    A new underground resource estimate is underway to update the underground
inferred resource with the new holes above and is expected within the next few
weeks.
    Further drilling at Santa Rita is planned, but awaiting completion of the
project financing.
    More details of all the above results are set out in Attachments 1, 2 and
3.
    A schematic long section showing the location of the new intersections
can be found on the Company's website at:
    http://www.mirabela.com.au/projects_galleries.asp

    For and on behalf of the Board


    Background

    Mirabela Nickel Ltd owns 100% of the world class Santa Rita nickel
sulphide project and is listed on the Australian and Toronto stock exchanges.
With a JORC Indicated open-cut resource of 130mt grading 0.60% Ni for 780,000t
of contained Ni, Santa Rita is the largest nickel sulphide discovery
world-wide in the last 12 years.
    Construction of a 6.4mtpa nickel sulphide concentrator commenced in
November 2007. Construction is now about 80% complete and the project remains
on track to commence production mid 2009.
    The plant will produce 18,500tpa of nickel in a sulphide concentrate from
one open-cut mine starting from mid 2009 increasing to 27,000tpa by mid 2010.
At this rate of production the project will have a mine life of at least 20
years.
    Photos of the construction progress are available on the Company website
at:
    http://www.mirabela.com.au/projects_galleries.asp.

    Qualified Person Statement: The information in this report that relates
to Mineral Resources and Exploration Results is based on information compiled
by Lauritz Barnes who is a Member of The Australian Institute of
Geoscientists. Lauritz Barnes is a consultant to Mirabela Nickel Limited.
Lauritz Barnes 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 in accordance with
NI 43-101. Lauritz Barnes consents to the inclusion in the report of the
matters based on their information in the form and context in which it
appears.

    To view: New intersections - Pit Extension drilling, New intersections -
Extended Deeps drilling, Drill hole collar locations and an image depicting
Longditudal Projection - Grade x Thickness, please see the link below:

    http://files.newswire.ca/785/mirabelaTablesandPic.pdf





For further information:

For further information: Australia contact: Nick Poll or Craig Burton,
Telephone: +61 8 9324 1177, nickp@mirabela.com.au, craigb@mirabela.com.au;
Australia contact (media): Warick Hazeldine, Purple Communications, Telephone:
+61 8 9485 1254, whazeldine@purplecom.com.au; Toronto contact (media): Eric
Tang, Porter Novelli, Telephone: (416) 422-7200, eric.tang@porternovelli.com

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Mirabela Nickel Ltd.

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