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MONTREAL, QUEBEC--(Marketwire - Nov. 2,
2009) - MDN Inc. ("MDN") (TSX:MDN) is pleased to provide an
update on an underground drilling program at the Tulawaka gold mine in
Tanzania. These preliminary results are encouraging and MDN believes
they warrant the continuation of further underground drilling.
In February 2009, underground drill stations were positioned in the
western part of the mine in order to initiate an exploration program
consisting of 33 holes for a total of 2,179 meters. MDN expects that the
updated 2010 mining plan and budget should be approved in the coming
weeks.
The drilling program was completed before the end of the first semester
of 2009. Because of the very positive results, it has been first
extended until September 30, and extended once more for a period of
three to four months for the same reasons.
"Based on these preliminary drill results, MDN believes that the
life of mine of Tulawaka will be extended", said Paul-A. Girard,
President and CEO of MDN.
The table below details the underground drill results done during the
first semester of 2009, although the program is continuing and the
results will be part of the mineral reserves calculation at year-end.
The right-hand side column shows the distance along the drill holes.
The collars of the drill holes were located at vertical depths between
137 to 177 m.
-------------------------------------------------------------------- Holes Gold (g/t) Width (m) From (m) -------------------------------------------------------------------- TUGD33 5.99 2.00 92.00 -------------------------------------------------------------------- 1.81 3.00 121.00 -------------------------------------------------------------------- TUGD34 17.10 1.00 16.85 -------------------------------------------------------------------- TUGD35 2.71 1.40 11.50 -------------------------------------------------------------------- TUGD36 41.30 1.00 12.50 -------------------------------------------------------------------- TUGD37 5.90 1.00 7.50 -------------------------------------------------------------------- TUGD39 28.30 0.50 34.30 -------------------------------------------------------------------- TUGD41 1.16 3.00 42.00 -------------------------------------------------------------------- 2.68 4.00 80.00 -------------------------------------------------------------------- 2.94 2.00 100.00 -------------------------------------------------------------------- 3.93 2.00 105.00 -------------------------------------------------------------------- TUGD42 30.27 2.00 34.60 -------------------------------------------------------------------- 3.25 1.00 60.60 -------------------------------------------------------------------- TUGD43 2.91 2.00 37.50 -------------------------------------------------------------------- 1.41 2.00 65.50 -------------------------------------------------------------------- TUGD44 5.83 1.00 69.10 -------------------------------------------------------------------- TUGD45 2.51 2.00 112.80 -------------------------------------------------------------------- TUGD46 3.03 0.50 57.60 -------------------------------------------------------------------- 4.43 1.25 64.85 -------------------------------------------------------------------- TUGD47 1.51 1.00 49.50 -------------------------------------------------------------------- 3.18 0.80 52.50 -------------------------------------------------------------------- TUGD49 6.43 5.00 25.55 -------------------------------------------------------------------- TUGD50 15.57 5.50 22.20 -------------------------------------------------------------------- 16.70 0.60 28.20 -------------------------------------------------------------------- TUGD51 5.77 3.60 26.50 -------------------------------------------------------------------- TUGD55 21.43 2.00 6.20 -------------------------------------------------------------------- 4.66 0.75 21.00 -------------------------------------------------------------------- TUGD56 9.45 3.20 54.50 -------------------------------------------------------------------- 16.65 4.00 59.00 -------------------------------------------------------------------- TUGD61 16.71 2.90 21.00 -------------------------------------------------------------------- TUGD64 4.15 1.50 16.60 -------------------------------------------------------------------- TUGD65 7.37 10.10 13.20 -------------------------------------------------------------------- TUGD66 26.85 2.50 14.00 -------------------------------------------------------------------- 8.63 4.80 20.90 --------------------------------------------------------------------
The
underground production at the Tulawaka gold mine is currently located
in the central part at level 1,065m, whereas the underground drilling
program is undertaken in the western part, at levels 950m and 1,050m
(please refer to the longitudinal diagram available at the following
address: http://media3.marketwire.com/docs/mdn_eng1102.jpg).
All technical information in this release has been reviewed by Marc
Boisvert, Engineer and Vice President Exploration of MDN, serving as a
qualified person in compliance with National Instrument 43-101.
The Tulawaka project is a joint-venture between MDN (30%) and Pangea
Goldfields Inc. (70%), a wholly owned indirect subsidiary of Barrick
Gold Corporation and project operator through its Tanzanian subsidiary
Pangea Minerals Ltd. The drilling results disclosed on the Tulawaka
Gold Mine are based on information provided by the operator.
About MDN
MDN is a mining exploration and development company having adequate
financial resources to develop its very promising projects in Quebec
and in Tanzania and to search for new business opportunities that can
raise shareholder value. In addition to its 30% participation in the
Tulawaka gold mine, MDN is the operator and owner of a majority
interest in 35 mineral licenses totalling 621 square kilometres around
the Tulawaka gold mine in Tanzania, and owns a 28.75% interest in a
property with a NI 43-101 niobium and tantalum resource located in the
Lac St-Jean area of Quebec.
Forward looking statements
All statements in this release, other than statements of historical
fact, that address events or developments that the Company expects to
occur, are forward looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results may differ materially from those in
forward looking statements. Factors that could cause the actual results
to differ materially from those in forward-looking statements are
discussed in greater detail in the Company's most recent Annual
Information Form filed on SEDAR, which also provides additional general
assumptions in connection with these statements. Investors and others
who base themselves on the Company's forward-looking statements should
carefully consider the factors mentioned in the Annual Information Form
as well as the uncertainties they represent and the risk they entail. The
Company believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this press release should not be
unduly relied upon. These statements speak only as of the date of this
press release.
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