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TSX: MNB, ASX: MBN
PERTH, Australia, Nov. 19 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX: MBN) advises that the Australian Securities and Investments Commission ("ASIC") has granted relief to enable the company to change its financial year end from 30 June to 31 December.
The change of year end aligns Mirabela's financial year end with that of its Brazilian subsidiary, Mirabela Mineracao do Brasil Limitada, which owns and operates the company's Santa Rita Project.
Following the commencement of operations at Santa Rita, Mirabela's operational activities are increasingly conducted through its Brazilian subsidiary. As a result, accounting and reporting of the business activities of the consolidated group is now focused on the subsidiary. Synchronizing the financial reporting obligations of Mirabela with that of its principal subsidiary will facilitate the delivery of consistent reporting to shareholders and compliance and dealings with the company's financiers, offtake partners and suppliers.
The most recent financial year of Mirabela ended on 30 June 2009. The grant of ASIC relief means that the next financial year of Mirabela will be transitional, commencing on 1 July 2009, and ending on 31 December 2009 (i.e. six months). The Company will prepare an Annual Report for that six month transitional period. As a consequence ASIC has also granted relief to Mirabela from the need to prepare and lodge half-year accounts for this transitional period.
For and on behalf of the Board
Ian Purdy Craig Burton
Chief Executive Officer Corporate Director
Mirabela Nickel Ltd owns 100% of the world class Santa Rita nickel sulphide project and is listed on the Australian and Toronto stock exchanges. With a JORC/NI 43.101 Indicated open-cut resource of 130mt grading 0.60% Ni for 780,000t of contained Ni, Santa Rita is the largest nickel sulphide discovery worldwide in over a decade.
Commissioning of the Santa Rita plant and mining operations are well underway. The operation is expected to ramp-up to the full name-plate capacity of 6.4Mtpa of ore producing 26,000tpa of nickel in concentrate by September 2010. Current reserves support a mine life of at least 19 years.
SOURCE Mirabela Nickel Ltd.
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