COPY OF FINAL PROSPECTUS - Mirabela Nickel

Recent Developments:
Drilling and Exploration
of the Santa Rita Project
Area and the Palestina
Project Area:
Other Projects:
Trading of Mirabela’s
Shares:
On April 2, 2007, Mirabela executed and delivered a purchase order with
Outokumpu Technology Pty. Ltd. for the construction of the SAG mill and
Ball mill to be used at the Santa Rita Project. See ‘‘Recent Developments’’.
Mirabela has an active drilling and exploration program at the Santa Rita Project
area and the nearby Palestina project area with a view to increasing the resources
available to the proposed processing plant at the Santa Rita Project, thereby
potentially justifying a higher production rate and an extended mine life. See
‘‘Drilling and Exploration of the Santa Rita Project Area and the Palestina Project
Area’’.
Mirabela’s infill drilling program is focused on the deeper parts of the central,
southern and northern zones of the Santa Rita deposit.
Mirabela’s exploration activities are focused on an area within the Santa Rita
Project area, now known as the Peri Peri project area and on the Palestina project
area.
The Peri Peri project is located approximately 1.5 kilometres to the north-east of
the Santa Rita resource. Management believes the mineralization discovered at
Peri Peri is highly prospective for Santa Rita type disseminated nickel deposits.
Follow-up diamond drilling is underway.
The Palestina project is located approximately 25 kilometres to the south of the
Santa Rita Project area. A 1,700 metre drilling program is currently underway to
test coincident IP/geochemical anomalies and stratigraphy at the Palestina
project. Management believes that the Palestina project has the potential for
Santa Rita type mineralization.
In December 2005, Mirabela entered into an evaluation agreement with a
Brazilian subsidiary of CVRD Inco Limited (‘‘Inco Brazil’’) pursuant to which
Mirabela and Inco Brazil agreed to cooperate with each other to explore,
evaluate and potentially develop new nickel sulphide resources upon the Santa
Rita, Palestina and São Francisco project areas. The evaluation period provided
for thereunder expired on December 12, 2006. However, on February 9, 2007, by
notice to Mirabela Brazil, Inco Brazil exercised its right under the evaluation
agreement to earn a 70% interest in aspects of the Santa Rita and Palestina
project areas pursuant to a farm-in agreement substantially in the form of the
agreement appended to the evaluation agreement. Such agreement is currently
being negotiated by the parties. If Mirabela Brazil elects to be loan carried into
production Inco Brazil may increase its interest in these projects to 85%. The
evaluation agreement provides that any such farm-in agreement shall exclude, in
pertinent part, (i) the existing Santa Rita sulphide resource and any strike
extensions and any depth extensions thereof economically capable of being open
cut mined; and (ii) any nickel sulphide resource located within 300 metres of
surface with a nickel grade less than 1.0% and any depth extensions thereof
economically capable of being open cut mined. See ‘‘Drilling and Exploration of
the Santa Rita Project Area and the Palestina Project Area — The Inco Agreements’’.
Mirabela has an active project generation program through which it has acquired
a portfolio of nickel and other base metal projects in Brazil in addition to the
Santa Rita and Palestina projects. These other projects currently consist of the
Serra Azul, São Francisco, Ponto Novo and Araguaçema projects. See
‘‘Mirabela’s Other Projects’’.
Mirabela currently has 88,450,000 issued and outstanding ordinary shares, which
are listed on the TSX and on the ASX. Upon completion of the Offering,
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