Mirabela Nickel announces first drawdown under US$190m Senior Loan agreement



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

    TSX: MNB, ASX: MBN
    

    PERTH, Australia, May 22 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) (the "Company") is pleased to announce that on 21 May 2009 it made the
first drawdown of US$165m under its US$190m Senior Loan. The Senior Loan
facility was signed in April 2009 with Barclays Bank plc, Credit Suisse
International, WestLB AG, Bayerische Hypo-und Vereinsbank AG and Caterpillar
Financial Services Corporation.
    The Company will use these funds to repay its US$80m Bridge Loan with
Barclays and Credit Suisse, to fund a US$25m Reserve Contingency Account under
the Senior Loan facility, and to pay for the continued construction and
development of the Santa Rita Project.
    The US$190m Senior Loan, in combination with recent equity raisings by
the Company, completes the financing requirements for the Santa Rita Project.

    
    For and on behalf of the Board

    Nick Poll                         Craig Burton
    Managing Director                 Corporate Director
    

    Background

    Mirabela Nickel Ltd owns 100% of the Santa Rita nickel sulphide project,
located in Bahia, Brazil, and its shares are listed on the Australian and
Toronto stock exchanges.
    Construction of a 6.4 mtpa nickel sulphide concentrator commenced in
November 2007 and is now about 90% complete. The Project is scheduled to
commence production in September 2009. The plant will have a capacity of
26,000tpa of nickel in a sulphide concentrate from one open-cut mine with a
life of at least 19 years.

    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.

    Additional information about the Company and its business activities is
available under the Company's profile on SEDAR at www.sedar.com.




For further information:

For further information: Australia contact: Nick Poll, Managing
Director, Telephone: +61 8 9324 1177, nickp@mirabela.com.au; Craig Burton,
Executive Director, Telephone: +61 8 9324 1177, craigb@mirabela.com.au;
Australia contact (media): Warrick 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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