TSX: MNB, ASX: MBN

    PERTH, Australia, July 9 /CNW/ - Mirabela Nickel Limited (TSX: MNB, ASX:
MBN) is pleased to announce it has entered into a 5 year offtake agreement
with Votorantim Metais Niquel S.A., a subsidiary of the Votorantim group.
Votorantim Metais will purchase 50% of the nickel concentrate produced at
Santa Rita until the end of 2014. The concentrate will be purchased at the
mine gate.
    Production from Santa Rita is expected to start mid 2009 at a capacity of
18,500tpy of nickel in concentrate, increasing to 25,000tpy within the first
year of production. Construction is about 30% complete and the project is on
schedule.
    As part of the offtake arrangements, Votorantim has agreed to provide
Mirabela with a prepayment facility of US$50m, which will be subordinated to
the US$280m bank debt facility, announced separately today.
    "We are delighted to have secured a Brazilian offtake partner for 50% of
our nickel sulphide concentrates," said Managing Director, Nick Poll. "The
agreement with Votorantim meets our expectations on net payments for nickel
and various credits, whilst delivery at the mine gate is convenient for
Mirabela and reduces our working capital requirements. We believe Votorantim
will be excellent offtake partners and we welcome their participation in the
Santa Rita project. The market for nickel sulphide concentrate remains strong
and we are in advanced negotiations in respect of the remaining 50%," he said.
    Votorantim is one of the largest private industrial conglomerates in
Latin America and produces about 25,000tpy of nickel from laterite and
sulphide sources within Brazil. The concentrates will be smelted at
Votorantim's Fortaleza de Minas plant in Minas Gerais.

    <<
    "Signed"                             "Signed"

    Nick Poll                            Craig Burton
    Managing Director                    Corporate Director
    >>

    Background

    Mirabela Nickel Ltd is listed on the Australian and Toronto stock
exchanges. With an open-cut mining reserve of 84mt grading 0.61% Ni, Santa
Rita is the largest greenfields nickel sulphide discovery in the last 12 years
and the third largest open-cut nickel sulphide mining reserve worldwide.
    Construction of a nickel sulphide concentrator commenced in November 2007
and is progressing well. The plant is expected to produce 18,500 tpa of nickel
in a sulphide concentrate from one open-cut mine starting from mid 2009
increasing to 25,000 tpa by mid 2010. At this rate of production the project
will have a mine life of at least 14 years.
    Photos of the construction progress are available on the Company website
at: www.mirabela.com.au/projects