Mirabela makes first drawing under financing package



    TSX: MNB, ASX: MBN
    Ordinary shares outstanding: 129,781,100

    PERTH, Australia, Aug. 4 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) is pleased to announce it has drawn down US$50m under the US$80m bridge
financing facility recently announced with Barclays and Credit Suisse. With
construction of the Santa Rita project more than 50% complete, ongoing funding
of the project has moved from equity to debt.
    In addition to the bridge facility, Barclays and Credit Suisse have
underwritten a US$280m term loan facility to be syndicated later this year,
whereupon the bridge facility will be repaid.
    "Barclays and Credit Suisse have provided this bridge facility from their
own balance sheets after an extensive due diligence and credit approval
process. This reflects the strength of the Santa Rita project with its low
capital and operating cost structure compared with other new nickel projects,"
said Managing Director, Nick Poll. "Syndication of the US$280m term loan is
expected to be straight-forward and will be undertaken later this year," he
said.

    
    (signed)                      (signed)
    Nick Poll                     Craig Burton
    Managing Director             Corporate Director
    

    Background

    Mirabela Nickel Ltd is listed on the Australian and Toronto stock
exchanges. With an open-cut mining reserve of 84mt grading 0.61% Ni, Santa
Rita is the largest greenfields nickel sulphide discovery in the last 12 years
and the third largest open-cut nickel sulphide mining reserve worldwide.
    Construction of a nickel sulphide concentrator commenced in November 2007
and is progressing well. The plant is expected to 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 14 years.






For further information:

For further information: Australia contact: Nick Poll, Managing
Director, Telephone: +61 8 9324 1177, nickp@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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