Mirabela Nickel Limited closes concurrent private placement



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

    TSX: MNB, ASX: MBN

    PERTH, AUSTRALIA, April 17 /CNW/ - Mirabela Nickel Limited (TSX: MNB,
ASX: MBN) is pleased to announce it has closed its previously announced
concurrent private placement of 32,445,275 ordinary shares at a price of
C$1.00 (A$1.20) per share.

    
    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.

    Certain statements and information in this news release, including all
statements that are not historical facts, contain forward-looking statements
and forward-looking information within the meaning of applicable Canadian
securities laws. Such forward-looking statements or information include, but
are not limited to, statements or information with respect to completion of
the Santa Rita Project and production therefrom. In making the forward-looking
statements and providing the forward-looking information included in this
news, the Company has made numerous assumptions. These assumptions include
among other things, assumptions about the availability of resources and
equipment and that the processing plant will operate in accordance with its
specifications. Although management believes that the assumptions made and the
expectations represented by such statements or information are reasonable,
there can be no assurance that the forward-looking statements will prove to be
accurate. By their nature, forward-looking statements and information are
based on assumptions and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, performance or achievements,
or industry results, to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
information. Such risks, uncertainties and other factors include among other
things the following:, discrepancies between actual and estimated production
and mineral reserves and resources; operational and development risk; the
speculative nature of mineral exploration and regulatory risks. The Company
undertakes no obligation to reissue or update forward-looking statements or
information as a result of new information or events after the date of this
news release except as may be required by law.
    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: Contact details: 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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