COPY OF FINAL PROSPECTUS - Mirabela Nickel

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23MAR200704034622 Environmental The Company has retained the services of environmental consulting group Arcoverde Consultoria e Projetos for all aspects of the environmental management of its tenements. As a requirement for the environmental licensing of the Santa Rita Project, a comprehensive EIA was completed and submitted to the State environmental authority on September 21, 2006. The EIA has been approved by the State Environmental Board of Bahia and the Licença de Localização has been granted. Notification of the granting of the Licença de Localização was published in the official gazette of the state government on December 23, 2006. There are no mine infrastructures, including mine workings, tailing ponds or waste deposits at the Santa Rita Project site. 26
Accessibility, Climate, Local Resources, Infrastructure and Physiography The Santa Rita deposit lies approximately two kilometres from the sealed BR330 highway. Access within the project area is by unsealed formed municipal roads and farm tracks. The nearby towns of Ipiau and Itagiba are well served with commercial activity and industrial support services such as transport and earthmoving, construction, commercial lending and banking. The towns provide an excellent source of skilled and unskilled labour. High voltage power supply lines cross the tenement areas. Land in the area is predominantly used for pastorial and agricultural purposes, and farms cover the project tenements. Water is provided for industrial and pastoral activity by the Rio do Contas, other major watercourses and numerous artesian bores. A water treatment facility is located in Ipiau to supply potable water to the town. The Itagiba region is classified as having a humid tropical climate. Annual rainfall varies between 800 millimetres and 1,800 millimetres and averages approximately 1,300 millimetres. There is no well-defined dry season. Monthly average temperatures are above 18 degrees Celsius. The area is characterised by sub-tropical rainforest, although little remains as a result of deforestation for farming. Local topography is characterized by flat to gently undulating soil-covered terrain at about 150 metres above sea level, traversed by a drainage network feeding the Rio de Contas. The terrain is punctuated with rounded hills rising 350 to 400 metres above sea level, comprising resistant lithologies within the metamorphic terrain. History Several companies have conducted exploration at Santa Rita. These companies completed detailed mapping and various amounts of diamond drilling. There has been no ore production from the Santa Rita Project. Mineração Nhambú Limitada (1979 — 1981) The existence of mafic-ultramafic intrusive complexes was first noted following regional aeromagnetic surveys by the CPRM in the Itaberaba-Belmonte area in 1976. Mineração Nhambú Limitada (a joint venture between BP Minerals Ltd. and The RTZ Corporation) conducted a regional exploration program for base and precious metals, and in particular gold and chrome, in the south of Bahia State between 1979 and 1981. The area to the south of Ipiaú was assigned a high priority due to the presence of north-north-east trending granitic intrusions identified by existing mapping. Initial exploration comprised a stream sediment and soil sampling program at a density of one sample per four square kilometres, along with regional mapping, which led to the discovery of two important geochemical anomalies comprising nickel-copper-cobalt near Fazenda Mirabela (Mirabela Farm), eight kilometres southsouth-east of the town of Ipiaú, and zinc-copper, located five kilometres south-south-east of Ipiaú near Fazenda Ipiranga (Ipiranga Farm). The first anomaly resulted in the discovery of the Fazenda Mirabela mafic-ultramafic intrusion and the second resulted in the discovery of a thin (equal to or less than one metre thick), but very extensive (two kilometre strike extent) gossan in the Grutinha Salobo area. Follow-up was conducted at both targets, focussing on the former, where ground geophysical (IP and magnetics) and geochemical (soil) surveys, geological mapping and two diamond holes totalling 329 metres were completed. As a result of this exploration, Mineração Nhambú Limitada concluded, among other things, that the trend of intrusive bodies in existing mapping were not of a granitic but rather mafic-ultramafic composition and nickel soil anomaly delineates what is now known at the Fazenda Mirabela mafic-ultramafic intrusion. Mineração Nhambú Limitada relinquished the ground in 1981, concluding that the Fazenda Mirabela nickel anomaly was unrelated to significant primary mineralization. Caraíba Metais SA (1985 — 1989) Caraíba Metais SA claimed tenements in the Fazenda Mirabela region to explore for copper, nickel and PGEs in 1985. The company carried out geological reconnaissance and an orientation soil geochemical survey, prior to executing detailed field work over an area of one square kilometre. This work was restricted to the ultramafic zone of the intrusion, as the company was denied surface access to the whole intrusion by the landowners at the time. 27
Page 1 and 2: ABN 23 108 161 593 Ground⋅Floor,
Page 3 and 4: (continued from cover) Unless other
Page 5 and 6: FORWARD-LOOKING STATEMENTS This pro
Page 7 and 8: PROSPECTUS SUMMARY The following is
Page 9 and 10: Recent Developments: Drilling and E
Page 11 and 12: Summary of Financial Information: M
Page 13 and 14: CORPORATE STRUCTURE Mirabela Nickel
Page 15 and 16: The Santa Rita Project The Santa Ri
Page 17 and 18: which a final exploration report ha
Page 19 and 20: and R$4.2 million, payable in insta
Page 21 and 22: esources by holders of mining conce
Page 23 and 24: Management believes this mineraliza
Page 25 and 26: THE NICKEL MARKET The following sum
Page 27 and 28: 27MAR200712114903 Source: World Bur
Page 29 and 30: A mining concession may only be gra
Page 31: Property Description The Santa Rita
Page 35 and 36: 25MAR200710211038 The ultramafic zo
Page 37 and 38: completed in October 2006. The RC d
Page 39 and 40: sample of approximately two kilogra
Page 41 and 42: Metallurgy The Santa Rita deposit c
Page 43 and 44: Operating Costs GRD Minproc estimat
Page 45 and 46: Fazenda Palestina Intrusion The Faz
Page 47 and 48: The Ponto Novo project area consist
Page 49 and 50: elating to the Shares computed in a
Page 51 and 52: wish to change registers and trade
Page 53 and 54: Selected Annual Financial Informati
Page 55 and 56: The carrying value of mineral prope
Page 57 and 58: Finance Activities, Liquidity and C
Page 59 and 60: Disclosure of Shareholding Informat
Page 61 and 62: PRICE RANGE AND TRADING VOLUME OF S
Page 63 and 64: Management The following is a brief
Page 65 and 66: faith with a view to the best inter
Page 67 and 68: Aggregated Options Exercised During
Page 69 and 70: markets and may also be terminated
Page 71 and 72: Mirabela currently depends heavily
Page 73 and 74: disposal of solid and hazardous was
Page 75 and 76: Stock Exchange Prices The market pr
Page 77 and 78: MATERIAL CONTRACTS Except for contr
Page 79 and 80: GLOSSARY OF TECHNICAL TERMS The fol
Page 81 and 82: mackinawite ............. magmatic
Page 83 and 84:
Mirabela Nickel Limited Consolidate
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AUDITOR’S REPORT IN RESPECT OF CO
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MIRABELA NICKEL LIMITED STATEMENTS
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MIRABELA NICKEL LIMITED STATEMENTS
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MIRABELA NICKEL LIMITED NOTES TO FI
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MIRABELA NICKEL LIMITED INCOME STAT
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MIRABELA NICKEL LIMITED BALANCE SHE
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CERTIFICATE OF THE COMPANY Dated: A
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COPY OF FINAL PROSPECTUS - Mirabela Nickel

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