Mirabela Nickel announces placement of 5 million shares to institutional investors



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

    TSX: MNB, ASX: MBN
    Ordinary shares outstanding: 282,236,375
    

    PERTH, Australia, May 12 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) (the "Company") is pleased to announce the placement of 5 million shares
to institutional investors at A$2.15 each to raise A$10.75 million (C$9.6
million).
    This placement, which represents less than 2% of the issued capital of
the Company, is to provide additional working and development capital for the
Santa Rita project.
    The placement is being undertaken as an exempt issue using the directors'
capacity under ASX rules and is subject to TSX approval.

    
    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
and its ordinary shares are listed on the Australian and Toronto stock
exchanges.
    Construction of a 6.4 mtpa nickel sulphide concentrator commenced in
November 2007. Construction is now about 85% complete and the project remains
on track to commence production mid 2009.
    The plant will have a capacity of 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 19 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): 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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