Mirabela draws US$50M loan with Norilsk Nickel

    Ordinary shares outstanding: 129,791,100

    PERTH, Australia, Oct. 7 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) is pleased to announce it has drawn down the full US$50m subordinated
loan from Norilsk Nickel Harjavalta Oy. This subordinated loan was extended to
the Company as part of the recently announced five year nickel concentrate
off-take agreement with Norilsk, and will be used to fund ongoing construction
of the Santa Rita project.

    Nick Poll                                           Craig Burton
    Managing Director                                   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 Indicated open-cut resource of 130mt grading 0.60% Ni for 780,000t
of contained Ni, Santa Rita is the largest nickel sulphide discovery
world-wide 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.

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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