Mirabela Confirms Santa Rita Resource Targets

    PERTH, Western Australia, Nov. 28 /CNW/ - Mirabela Nickel Limited
("Mirabela") (TSX: MNB, ASX: MBN). This announcement is to clarify recently
announced resource targets at Santa Rita as follows:

    Santa Rita              Grade  Current    Target            Target
                                     (mt)      (mt)          (Ni tonnes)
    Primary Resource
     (In-pit)               0.60%      90   120 - 130      720,000 - 780,000
    Secondary Resource
     (In-pit)               0.31%      38     45 - 50      140,000 - 155,000
    Underground Resource    0.75%     nil     20 - 40      150,000 - 300,000
    Total                   0.55%     128   185 - 220  1,010,000 - 1,235,000

    (*) The above resource targets are conceptual in nature, there has been
        insufficient exploration to define a Mineral Resource in the target
        quantities and grades and it is uncertain if further exploration will
        result in the determination of such Mineral Resources.

    The current in-pit Primary Resource is 90mt at 0.60% Ni Indicated and
10.7mt at 0.60% Ni Inferred. The target Primary Resource contemplates
conversion of the current Inferred resource to Indicated and a further 20% to
30% increase in the in-pit resource through additional drilling.
    The Company is aiming to achieve this through deeper drilling across the
whole Southern zone and by drilling up the new South-East Extension area.
Since the cut-off date for the last resource calculation a further 44 holes
have been drilled in these areas, most with assays pending. Excellent results
were recently announced in the South-East Extension area, none of which was
available in time for inclusion in the last resource calculation.
    The Secondary Resource is a lower grade halo around the Primary Resource
and is expected to increase roughly in proportion to any increase in the
Primary Resource.
    The underground resource target is very much a conceptual target. A
recently discovered zone of mineralisation known as the southern high grade
zone has good continuity below 200m vertical depth and along 240m of strike
averaging 88m true width and 0.79% Ni. This mineralisation remains open at
depth. There is also underground resource potential beneath a central high
grade zone where about 140m of strike averages 42m true width and 0.77% Ni.
    The target underground resource contemplates possible continuity of these
zones at similar widths and grades for a further 300m to 500m below the pit
limits. The Company is commencing a new drilling program to test these deeper

    Nick Poll                        Craig Burton
    Managing Director                Corporate Director

    All technical information in this report has been reviewed by Nicholas
Poll, who is a Member of The Australasia Institute of Mining and Metallurgy.
Nicholas Poll is the Managing Director of the Company. Nicholas Poll consents
to the inclusion in the report of the matters based on his information in the
form and context in which it appears.

    Caution Regarding Forward Looking Statements: The forward-looking
statements made in this announcement 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. Such
factors include, among others, the actual market prices of nickel, the actual
results of current exploration, the actual results of future mining,
processing and development activities, changes in project parameters as plans
continue to be evaluated, as well as those factors disclosed in the Company's
filed documents.

    Attachment 1: Technical background on resource estimate

    The resource has been classified in accordance with Canadian Institute of
Mining, Metallurgy and Petroleum (CIM) guidelines and with reference to the
criteria set out in the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code, December 2004). The
estimation has been carried out by a Competent Person from the Company and a
Competent Person from Coffey Mining Pty Ltd in accordance with the Code and as
such is suitable for inclusion in a public report.
    In total, the grade interpolation dataset used for the resource estimate
consisted of 378 diamond holes. All drill core has been logged in detail for
lithological and structural information. Nickel and multi-element assaying has
been completed on half core samples using inductively coupled plasma atomic
emission spectroscopy (ICP-AES) and inductively coupled plasma mass
spectroscopy (ICP-MS) methods with appropriate collectors (for example 30g
fire assay for Pd, Pt and Au). All assaying is accompanied by rigorous
submission and analysis of QAQC samples. An extensive specific gravity
database has been collected by weighing of diamond core in air and water.
    The resource model was derived via geological and mineralisation zone
modelling of the deposit. Estimation involved the application of Ordinary
Kriging in panels of 20m E-W by 25m N-S by 5mRL for Ni, Cu, Co, Pd, Pt, Au,
Fe, Mg and S with Uniform Conditioning change of support for Ni only for a
base case selective mining unit of 5mE by 10mN by 5mRL. Technique selection
was based on the quantity and spacing of available data, and the interpreted
controls on, and styles of, mineralisation under review.

    Attachment 2: Details on cut-off grades used

    A variety of cut off grades are required for each ore type, because they
vary in olivine content. Olivine contains non-sulphide nickel that is not
recoverable (silicate nickel), so lower olivine content increases nickel
recovery and reduces the corresponding cut-off grade. Mineral resource grades
reflect the combined sulphide and silicate nickel content, because assay
technology is not accurate enough to measure sulphide nickel content alone for
mineral resource estimation.
    There are four different types of mineralised rock. Each has a different
cut-off grade depending on its non-sulphide nickel content. Pyroxenite has a
low cut-off grade to reflect low olivine and low non-sulphide nickel content,
whereas dunite has a high cut-off grade to reflect high olivine and high
non-sulphide nickel content. The table below provides a breakdown of the
resource rock types, their associated cut-off grades and a comparison with the
previous (June 2007) estimate.

            Comparison of cut-off grades between new and previous
                         potential mill feed tonnages

                             November 2007 estimate     June 2007 estimate
    Host rock type            Percentage    Cut-off    Percentage    Cut-off
                             composition      Grade   composition      grade
    Pyroxenite                       58       0.32%           41       0.35%
    Olivine Orthopyroxenite          14       0.35%           15       0.40%
    Harzburgite                      25       0.45%           40       0.40%
    Dunite                            3       0.50%            4       0.50%
    Weighted average cut-
     off grade                      100%      0.36%          100%      0.38%

    In addition, a lower resource cut-off grade has been used as set out

                       Details for lower cut-off grade

                                                Lower cut-off grade resource
    Host rock type                                     Percentage    Cut-off
                                                      Composition      grade
    Pyroxenite                                                58       0.22%
    Olivine Orthopyroxenite                                   13       0.25%
    Harzburgite                                               26       0.35%
    Dunite                                                     3       0.40%
    Weighted average cut-off grade                           100%      0.26%

For further information:

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

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