Mirabela Nickel Limited - Further details of Santa Rita proven and probable reserve



    TSX: MNB, ASX: MBN

    Ordinary shares outstanding: 127,771,100

    PERTH, AUSTRALIA, Jan. 23 /CNW/ - Further to the recent announcement (21
January) of a JORC Code compliant Proven and Probable Reserve at Santa Rita,
the breakdown of the Reserve between Proven and Probable is set out below.

    
             Santa Rita Proven and Probable Reserves January 2008

    -------------------------------------------------------------------------
    Reserve     Tonnes(Mt)     Grade(%Ni)     Ni metal(tonnes)    Ni metal
                                                                (Million lbs)
    -------------------------------------------------------------------------
     Proven        8.8           0.68%             59,000             130
    -------------------------------------------------------------------------
    Probable      75.2           0.60%            449,000             990
    -------------------------------------------------------------------------
     Total        84.0           0.61%            508,000           1,120
    -------------------------------------------------------------------------
    

    Drilling at Santa Rita is ongoing both to increase the Probable Reserve
by drilling up additional in-pit Indicated Resource and to increase the Proven
Reserve by in-fill drilling the starter pit to Measured Resource status.

    Background

    Mirabela Nickel is listed on the Australian and Toronto stock exchanges.
With an in-pit Indicated Resource of 90mt at 0.60% Ni, Santa Rita is the
largest greenfields nickel sulphide discovery worldwide in the last 12 years
and the largest nickel sulphide deposit in Latin America. Exploration is
underway to determine underground mining potential below 500m deep, as
mineralization appears to continue well below current drilling.
    Construction of a nickel sulphide concentrator commenced in November 2007
and is progressing well. The plant is expected to produce 18,500t a year of
nickel in a sulphide concentrate from one open-cut mine starting from mid
2009. At this rate of production the project is expected to have a mine life
of at least 18 years. Studies are underway to increase nickel production to
25,000t a year.

    Managing Director
    Nick Poll

    The information in this report that relates to ore reserve estimation is
based on information compiled by Carlos Guzman who is a professional Mining
Engineer and Project Manager with NCL Brasil and a Member of the Australasian
Institute of Mining and Metallurgy and is a Qualified Person in accordance
with NI 43-101. Carlos Guzman is a consultant to Mirabela Nickel Limited. Mr.
Guzman consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.
    All other technical information in this report has been reviewed by
Nicholas Poll, who is a Member of the Australasian Institute of Mining and
Metallurgy. Nicholas Poll is the Managing Director of the Company. Nicholas
Poll consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears.




For further information:

For further information: Australia contact: Nick Poll, +61 8 9324 1177,
nickp@mirabela.com.au; Toronto contact (media): Eric Tang, Porter Novelli,
(416) 422-7200, eric.tang@porternovelli.com

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Mirabela Nickel Ltd.

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