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Press release from CNW Group

Mirabela Nickel Limited - Impairment of Santa Rita assets

Wednesday, February 13, 2013

Mirabela Nickel Limited - Impairment of Santa Rita assets21:46 EST Wednesday, February 13, 2013PERTH, Australia, Feb. 14, 2013 /CNW/ - Mirabela Nickel Limited (Mirabela or the Company) (ASX: MBN, TSX: MNB) expects to recognise a non-cash impairment charge of approximately US$380 million on its 2012 full year results. The impairment charge is subject to Board approval and completion of the external audit and may vary from the estimate provided.The Company identified impairment indicators such as a significant decline in the market value of entities producing the same commodity, declining nickel prices, and a reduction in market capitalisation. Accordingly the Company performed an impairment test on the recoverability of its assets.Further detail on this impairment will be provided within the Company's Annual Report for the year ended 31 December 2012.SOURCE: Mirabela Nickel Ltd.For further information: Chris Els Chief Financial Officer & Company Secretary Telephone: +61 439 930 333 shanik@mirabela.com.au  John Stamopoulos General Manager Commercial Telephone: +61 406 424 916 shanik@mirabela.com.au