Mirabela Announces Nickel and Copper Hedging Completed

    Ordinary shares outstanding: 129,784,100

    PERTH, Australia, Sept. 9 /CNW/ - Mirabela Nickel Limited (TSX: MNB,
ASX: MBN) is pleased to announce that it has completed all nickel and copper
hedging required for its Senior Debt loan arrangements for the Santa Rita
project. The hedging comprises:

    -   17,000t of Ni forward sold at an average price of US$8.00lb over the
        period July 2010 to March 2014
    -   9,000t of Cu forward sold at an average price of US$2.73lb over the
        period April 2011 to March 2015

    This represents about 20% of payable nickel production and 40% of payable
copper over the 4.5 year payback period of the Senior Debt and less than 5% of
current life of mine payable nickel. There is no hedging prior to July 2010
giving the Company a year to commission and ramp up production prior to
commencement of Senior Debt repayments and hedging commitments.
    "The Company is pleased with the average forward prices obtained over the
last 6 weeks given the relatively difficult metals markets," said Executive
Director, Craig Burton. "With projected cash costs after credits for Santa
Rita of about US$3 per payable lb, locking in some nickel at US$8 lb is highly
profitable for the Company and important to support debt. However, we believe
the high cost structure of the nickel industry, and particularly the nickel
laterite industry which is where future growth must come from, provides a very
attractive medium term outlook for the nickel price, so we certainly don't
want to do any more hedging than necessary at these prices," he said.
    The forward Cu price achieved of US$2.73lb exceeds the US$2.00lb long
term price assumption used in the Company's financial modeling. Due to the
long dated nature of the hedging, the backwardation from spot for the Ni
averaged about US$1.00lb, so the Ni hedging was executed at average cash
prices of about US$9.00lb.
    Completion of this hedging upfront will assist syndication of the Senior
Debt facility. A syndication road show in New York, London and Sydney is now
set for the week commencing 15 September.

    Nick Poll                                        Craig Burton
    Managing Director                                Corporate Director


    Mirabela Nickel Ltd owns 100% of the world class Santa Rita nickel
sulphide project located in Bahia, Brazil and is listed on the Australian and
Toronto stock exchanges. With a JORC Indicated open-cut resource of 130mt
grading 0.60% Ni for 780,000t of contained Ni, Santa Rita is the largest
nickel sulphide discovery in the last 12 years.
    Construction of a 6.4 mtpa nickel sulphide concentrator commenced in
November 2007 and is currently 60% complete. The plant will produce 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 20 years.

    Caution Regarding Forward Looking Statements: There can be no assurance
that an expanded mineral resource or reserve will be established at the Santa
Rita Project. The forward-looking statements made in this news release are
based on assumptions and judgments of management regarding future events and
results. Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
anticipated future results, performance or achievements expressed or implied
by such forward-looking statements.

For further information:

For further information: Australia contact: Nick Poll or Craig Burton,
Telephone: +61 8 9324 1177, nickp@mirabela.com.au, craigb@mirabela.com.au;
Australia contact (media): Caroline de Mori, Purple Communications, Telephone:
+61 8 9485 1254, cdemori@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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