Mirabela draws US$50M loan with Norilsk Nickel



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

    PERTH, Australia, Oct. 7 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) is pleased to announce it has drawn down the full US$50m subordinated
loan from Norilsk Nickel Harjavalta Oy. This subordinated loan was extended to
the Company as part of the recently announced five year nickel concentrate
off-take agreement with Norilsk, and will be used to fund ongoing construction
of the Santa Rita project.

    
    Nick Poll                                           Craig Burton
    Managing Director                                   Corporate Director
    

    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 6.4 mtpa nickel sulphide concentrator commenced in
November 2007 and is currently 60% complete. The plant will produce 18,500 tpa
of nickel in a sulphide concentrate from one open-cut mine starting from mid
2009 increasing to 27,000 tpa by mid 2010. At this rate of production the
project will have a mine life of at least 20 years.





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): Caroline de Mori, Purple Communications, Telephone:
+61 8 9485 1254, cdemori@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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