Mirabela completes real conversion for CAPEX



    TSX: MNB, ASX: MBN

    Ordinary shares outstanding: 126,871,100

    PERTH, Australia, Jan. 23 /CNW/ - Mirabela Nickel Limited (TSX: MNB,
ASX: MBN) is pleased to announce the placement forward contracts to convert
US$70m to Brazilian Real at a conversion rate of R$1.91 to the US Dollar.
    The Company now has a total of US$270 in forward conversion contracts at
an average price of R$1.99 to the US Dollar. This completes the currency
conversion requirements to cover Real exposure on the US$322m in capital costs
for a 4.6mtpa plant throughput rate.
    The Company currently has about US$152m in cash reserves. A debt
financing facility for up to $260m was mandated to BNP Paribas and Credit
Suisse in January, 2008. Due diligence is now well underway and it is expected
that the facility will be ready for drawdown in mid 2008.

    (signed)

    Nick Poll
    Managing Director





For further information:

For further information: Mirabela Nickel, Ground-Floor, 8 Colin Street,
West Perth, WA, 6005, Tel: +61-8-9324-1177, Fax: +61-8-9324-2171, Email:
info@mirabela.com.au

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Mirabela Nickel Ltd.

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