Mr. Joseph Chan reports

MBMI RESOURCES INC. ANNOUNCES COMPLETION OF SHARE CONSOLIDATION AND PRIVATE PLACEMENT

MBMI Resources Inc. has completed its previously announced consolidation of common shares in the capital of the company on a one-for-three basis and a non-brokered private placement of 4,444,443 postconsolidation common share units at a price of 13.5 cents per unit for aggregate gross proceeds of $600,000. Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the company at an exercise price of 18 cents per share for a period of one year from the date of issuance. The closing of the private placement remains subject to final acceptance by the TSX Venture Exchange.

The consolidation and the private placement were conducted pursuant to the partial revocation orders issued by the B.C. Securities Commission and the Alberta Securities Commission on Feb. 3, 2017. The partial revocation orders were issued in respect of the cease trade orders issued by the BCSC and the ASC on June 7, 2013, and Sept. 6, 2013, respectively, as a result of the failure of the company, under its previous management, to file audited financial statements and related management's discussion and analysis for the year ended Jan. 31, 2013.

No insiders of the company participated in the private placement, and no finders' fees were payable pursuant to the private placement. The proceeds of the private placement will be used to bring the company's continuous disclosure record up to date, complete an application to the commissions for a full revocation of the CTOs, settle the company's outstanding accounts payable, finance the company's continuous efforts to reinstate the financial and technical assistance agreement with the government of Philippines with respect to the company's Palawan nickel properties, and for general working capital.

All securities issued pursuant to the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of Sept. 2, 2017.

About MBMI Resources Inc.

MBMI Resources is a Canadian-based mining company, which operates seven nickel mineral properties in the Philippines, which include the Alpha property, Bethlehem property and Northern Rio Tuba property, located in Palawan, Philippines, covering an area of 12,560 hectares, and the Borongan-Maydolong property, General Mcarthur-Llorente property, Balangiga-Giporlos property and Homohon Island property in Samar, Philippines, covering an area of 10,150 hectares.

We seek Safe Harbor.