Passport Management, LLC reports its control over 9.01% of the securities of MBMI Resources Inc.



    SAN FRANCISCO, Jan. 13 /CNW/ - PASSPORT MANAGEMENT, LLC ("Passport")
announced today that it has filed an early warning report with the Canadian
securities regulatory authorities concerning its control over 396,000 common
shares and 7,579,191 common share purchase warrants of MBMI Resources Inc.
("MBMI") (TSX: MBR), representing 9.01% of the 80,919,045 common shares of
MBMI referred to as being issued and outstanding as per MBMI's most recent
interim MD&A dated December 23, 2008.
    Passport is an investment manager with full investment discretion with
regards to various investment funds, including Passport Global Master Fund SPC
Ltd ("Global") and Passport Materials Master Fund, LP ("Materials")
(collectively the "Funds"). Prior to December 19, 2008, Passport controlled
2,800,000 common shares and 7,579,191 common share purchase warrants of MBMI
that were beneficially owned, in the aggregate, by the Funds, which
represented 11.73% of the 80,919,045 common shares of MBMI referred to as
being issued and outstanding as per MBMI's most recent interim MD&A dated
December 23, 2008. On December 19, 2008, the Funds sold an aggregate of
2,404,000 common shares of MBMI and owned on that date, in the aggregate,
396,000 common shares and 7,579,191 common share purchase warrants of MBMI as
follows: Passport Global Master Fund SPC Ltd. (396,000 common shares and
4,400,299 common share purchase warrants) and Passport Materials Master Fund,
LP (3,178,892 common share purchase warrants). This represents 9.01% of the
80,919,045 outstanding common shares of MBMI referred to as being issued and
outstanding as per MBMI's most recent interim MD&A dated December 23, 2008.
    Passport has purchased and sold common shares and common share purchase
warrants of MBMI on behalf of the Funds over the past several years, for
passive investment purposes and not with a view to influencing management or
the direction of the company. The Funds controlled by Passport may, as
investment conditions warrant, acquire further common shares or dispose of
their respective holdings of common shares of MBMI.

    Passport Management, LLC is located at 30 Hotaling Place, Ste. 300, San
Francisco, CA 94111.





For further information:

For further information: Joanne Cormican at (415) 321-4618 or
joanne@passportcapital.com

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PASSPORT MANAGEMENT, LLC

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