Mirabela Nickel Limited files final prospectus



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

    PERTH, Western Australia, April 25 /CNW/ - Mirabela Nickel Limited
("Mirabela") (TSX: MNB, ASX: MBN) is pleased to announce that it has filed a
final prospectus with regulatory authorities in all of the provinces of
Canada, other than Québec, to issue 30,000,000 ordinary shares at a price of
C $5.30 per share for gross proceeds of C$159,000,000. In connection with the
offering, the agents have also been granted an option to purchase up to an
additional 4,500,000 shares for a period of 30 days from the closing of the
offering. If the option is exercised in full, gross proceeds of the offering
will be C$182,850,000.
    The offering is scheduled to close on or about May 2, 2007.
    Cormark Securities Inc. (formerly Sprott Securities Inc.) is acting as
lead agent in connection with the offering together with a syndicate that
includes Dundee Securities Corporation, GMP Securities L.P., RBC Dominion
Securities Inc. and BMO Nesbitt Burns Inc.
    In satisfaction of its existing right to participate in the offering,
CVRD Inco Limited ("CVRD Inco") has entered into a letter agreement with
Mirabela confirming that CVRD Inco may subscribe for up to 10% of the number
of shares issued through the offering. Any shares issued to CVRD Inco would be
in addition to the shares issued in the prospectus offering and would be
issued by way of a private placement to CVRD Inco at C$5.30 per share. The
agreement is exercisable by CVRD Inco within 30 days of Mirabela receiving a
receipt for the final prospectus, and is subject to applicable regulatory
approval.

    Mirabela is a mineral exploration company incorporated under the laws of
Australia and listed on the Toronto Stock Exchange and the Australian
Securities Exchange. Mirabela has a portfolio of prospective nickel and other
base metal projects in Brazil. Mirabela expects that the net proceeds from the
offering will be used to finance a portion of the capital costs of the Santa
Rita disseminated nickel sulphide deposit in Bahia State, Brazil.
    Additional information relating to Mirabela is available on the company's
website at: www.mirabela.com.au.

    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.





For further information:

For further information: Nick Poll, CEO and Managing Director,
Telephone: +61 8 9324 1177, Facsimile: +61 8 9324 2171, Email:
info@mirabela.com.au

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Mirabela Nickel Ltd.

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