Mirabela Nickel Ltd. - Financing Update and Notice of General Meeting



    PERTH, Australia, Feb. 17 /CNW/ - Mirabela Nickel Ltd. (TSX: MNB, ASX:
MBN) is pleased to announce it is making excellent progress in completing its
Santa Rita project financing arrangements. The Company is aiming within 7 days
to finalise credit approved commitment letters from a syndicate of five
financial institutions for a total of US$190 million in senior debt.
    Pursuant to Australian Stock Exchange requirements, the Company has filed
and is in the process of mailing a Notice of Meeting for a shareholders
meeting to be held on March 19, 2009. At the shareholders meeting, among other
things, the shareholders will be asked to consider and approve the issuance of
additional ordinary shares which may be issued by the Company in connection
with a possible equity raising transaction.

    For and on behalf of the Board

    Nick Poll                          Craig Burton
    Managing Director                  Corporate Director

    Certain information in this press release, including all statements that
are not historical facts, constitutes forward-looking information within the
meaning of applicable Canadian securities laws. Such forward-looking
information includes, but is not limited to, information which reflect
management's expectations regarding Mirabela's financing plans, including its
intentions to issue debt and equity. There can be no assurance that the
forward-looking information will prove to be accurate.

    The securities referred to herein have not been registered under the US
Securities Act of 1933 and may not be offered or sold in the United States or
to a US person absent registration or an applicable exemption from

    Additional information about the Company and its business activities is
available under the Company's profile on SEDAR at www.sedar.com.

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): Warick Hazeldine, Purple Communications, Telephone:
+61 8 9485 1254, whazeldine@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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