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MDN Reports Its Financial Results for the Third Quarter of 2012
Published : November 12, 2012
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Keywords :   Gold | Gold Mine | Gold Production | Market | Niobium |

MONTREAL, QUEBEC--(Marketwire - Nov. 12, 2012) - MDN Inc. ("MDN") (News - Market indicators) is pleased to report its financial results for the third quarter ended September 30, 2012. The management discussion and analysis and interim financial statements will be posted on the Company's website ( and on SEDAR (

The Company incurred a net loss of $1,012,463 or $0.01 per share attributable to Owners of the Company for the third quarter compared to a net income of $1,983,794 or $0.02 per share for the same period in 2011. The net loss included the write-off of the McGold property asset ($791,727); the Company decided not to continue exploring the McGold property, located in Quebec, as the last drilling program on the property did not meet its objectives. The Company had $6.0 million in working capital as September 30, 2012.


(Thousands of dollars, except per share amounts)

For the periods ended September 30 Q3-2012 Q3-2011 9 months 2012 9 months 2011
Total revenue net of finance expense (39) 3,574 273 4,828
Administrative expenses 408 638 1,922 2,176
Net income (loss) attributable to owners of the Company (1,012) 1,984 (3,233) 1,190
Basic net income (loss) per share (0.01) 0.02 (0.032) 0.01
Number of shares outstanding (thousands) 101,527 99,976 101,527 99,965

Tulawaka Mine

Third quarter gold production totalled 10,773 ounces compared to 20,160 ounces in the same quarter of 2011. Direct operating costs for the quarter amounted to US $1,309 per ounce sold, compared to US $749 for the same period last year. The increase was primarily due to the fact that production costs were spread over fewer ounces produced, and to an increase in the consumption of drilling supplies, explosives and ground support for underground development.

Capital expenditures for the quarter totalled US $7.6 million compared to US $8.1 million for the same period last year. Capital expenditures were mainly incurred for underground development (US $1.8 million), exploration drilling (US $1.1 million) and capital invested to support extension of the mine life (US $4.7 million).

African Barrick Gold continued to test the possibility of extending the mine life beyond the first half of 2013. To achieve this objective, development of the second mine access portal continued throughout the quarter. Access ramp development is taking place from the lower level in the direction of the portal. This second underground mine access will help improve gold production and facilitate mine access for the development of future drilling bases. (Ref: press release dated October 26, 2012)

Exploration in Tanzania


At the Nikonga property, a second drilling program totalling 1,213 metres was completed on July 30, 2012. The goal was to test the continuity and extensions of the two gold-bearing structures identified on the property in the first half of 2012. The best results were 9.88 g/t Au over 4.2 m and 1.73 g/t Au over 12.35 m, which confirmed the continuity of the gold-bearing structures and thus the significance of MDN's discovery on this property. (Ref: press release dated August 23, 2012)

Ikungu East

MDN acquired mineral rights to the east of its Ikungu property in Tanzania in 2011. The Company owns 100% of the new property, which covers an area of 133.33 km2.

A geological reconnaissance survey over the entire property confirmed the presence of the volcanic rocks hosting the Ikungu mineralized zone and their extension towards the east.

An initial ground magnetic survey on lines spaced at 200 metres and an initial geochemical soil reconnaissance survey on lines spaced at 800 metres confirmed the presence of the volcanic belt over a 15-kilometre strike length. Four zones with highly anomalous gold values (25 ppb to 1,500 ppb Au) were traced over strike lengths of 1.5 to 3.0 km. Such gold soil values are considered significant anomalies when compared to historical soil sample results from mines now in production in Tanzania. The identification of this new, as-yet undiscovered volcanic belt resulted from the work done by MDN. (Ref: press release dated October 2, 2012)

Detailed geophysical and geochemical work is currently underway to identify initial drill targets for this property. 

Crevier Project Development

Work on the Crevier feasibility study continued throughout the third quarter. Third quarter expenses totaled $350,430, with efforts focused on metallurgical process development.

MDN extracted 100 tonnes of ore from the Crevier property in August by blasting on surface. The sample was then crushed and trucked to COREM, a mineral research consortium in Quebec City. COREM was selected to prepare and execute the next pilot plant program.

The pilot plant program began in September with laboratory work that allowed the Company to define the recovery and concentration parameters it can expect to achieve. The targets are: 65% recovery accompanied by niobium-tantalum concentration in the order of 30%. Pilot plant testing has been completed during the last week of October and the first week of November and will allow the results from preliminary testing to be consolidated.

Search for a Strategic Partner

MDN is still in search of a strategic partner to support the next stages of the Crevier project development.

The technical and scientific information in this press release was reviewed by Marc Boisvert, engineering geologist, Vice President, Exploration, and a qualified person as defined by National Instrument 43-101.

About MDN

MDN Inc. (News - Market indicators) is a mining exploration and development company with properties in Quebec and Tanzania. In Tanzania, MDN has a 30% working interest in the Tulawaka gold mine, which produced over 84,000 ounces of gold in 2011, as well as two promising gold exploration projects: Ikungu and Nikonga. In Quebec, MDN holds a 72.5% interest in Crevier Minerals Inc., which owns an NI 43-101 niobium-tantalum resource that is presently undergoing a feasibility study.

Forward-Looking Statements. Other than statements of historical fact, all statements in this release that address events or developments that the Company expects to occur are forward-looking statements. Although the Company believes that 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 the 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 as such, the forward-looking statements 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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MDN Inc.
Serge Bureau, Ing.
President and Chief Executive Officer
514 866-6500, Ext. 221
MDN Inc.
Marc Boisvert
Vice President Exploration
514-866-6500, Ext. 227
MDN Inc.
Vincent Janelle
Investor Relations
514 866 6500, Ext. 228
Data and Statistics for these countries : Tanzania | All
Gold and Silver Prices for these countries : Tanzania | All


ISIN : CA55276L1040
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MDN. is a producing gold and copper company based in Canada.

MDN. holds various exploration projects in Canada.

Its main asset in production is TULAKAWA MINE in Tanzania and its main exploration properties are LAC SHORTT, DES MÉLOIZES, CLAIRY, LE TAC, LESPERANCE, MATAGAMI, MCGOLD and CREVIER in Canada and IKUNGU in Tanzania.

MDN. is listed in Canada. Its market capitalisation is CA$ 5.2 millions as of today (US$ 4.0 millions, € 3.5 millions).

Its stock quote reached its highest recent level on October 11, 1996 at CA$ 2.15, and its lowest recent point on December 24, 2015 at CA$ 0.01.

MDN. has 114 660 000 shares outstanding.

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Financings of MDN Inc
12/21/2007Received $2 Million on Exercise of Warrants
Nominations of MDN Inc
2/23/2010Appoints Serge Bureau as CEO
9/12/2008Marc Boisvert Becomes MDN Inc.-Vice President-Exploration
Financials of MDN Inc
8/9/2013Reports Its Financial Results for the First Quarter of 2013
5/10/2013Reports its Financial Results for the First Quarter of 2013
3/27/2013Reports Its Financial Results for the Fiscal Year Ended Dece...
11/12/2012Reports Its Financial Results for the Third Quarter of 2012
11/12/2012Reports Its Financial Results for the Third Quarter of 2012
11/12/2012Reports Its Financial Results for the Third Quarter of 2012
8/13/2012Reports Its Financial Results for the Second Quarter of 2012
7/23/2012.-Tulawaka 2012 Second Quarter Results
5/11/2012Reports its Financial Results for the First Quarter of 2012
4/19/2012.: Tulawaka First Quarter Results
3/23/2012Reports its 2011 Financial Results
5/26/2011Reports Its Financial Results for the First Quarter of 2011
3/24/2011Reports its 2010 Financial Results
1/18/2011(Tulakawa Mine)Fourth Quarter Results at the Tulawaka Gold Mine
11/9/2010MDN Reports its Financial Results for the Third Quarter
4/1/2010Posts 2009 Financial Results
10/19/2009(Tulakawa Mine)Tulawaka Mine Produces 29,489 Ounces of Gold During the Thir...
7/20/2009(Tulakawa Mine)Tulawaka Mine Produces 24,561 Ounces of Gold during the seco...
11/13/2008Third Quarter Ended 2008
4/23/2008(Tulakawa Mine)Produces 62,085 Ounces of Gold During the First Quarter of 2...
1/17/2008(Tulakawa Mine) Tulawaka Mine Achieves Record Gold Production and Strong Fi...
7/25/2007Tulawaka Mine Produces 42,893 Ounces of Gold in the Second Q...
Project news of MDN Inc
10/15/2013(Ikungu)Ikungu Project: MDN Signs a Letter of Intent with Tanzania M...
5/15/2013(Ikungu)Terminates Its Agreement With Metalinvest for the Ikungu Pro...
2/25/2013(Ikungu)Ikungu Project: MDN Signs an Option Agreement With Metalinve...
10/2/2012(Ikungu)Identifies 4 Important Gold Anomalies on its Ikungu Property...
3/14/2012(Ikungu)Acquires Ground at the Ikungu Gold Project in Tanzania
2/9/2012(Crevier)./Update on Metallurgical Work at the Crevier Project: Posit...
2/9/2012(Crevier)./Update on Metallurgical Work at the Crevier Project: Posit...
9/6/2011(Ikungu)Ongoing Investment in Exploration Increases MDN's Interest i...
7/26/2011.: Tulawaka had a 49% Increase in Gold Production During the...
6/14/2011(Crevier)Stakes 98 km2 of Strategic Ground Southeast of Crevier
5/13/2011(Crevier)Seeking a Strategic Partner for the Crevier Project
4/12/2011(Ikungu)Provides an Update on Ikungu and Assesses the Mineral Potent...
2/3/2011(Crevier)Confirms That the Niobium-Tantalum Mineralization Extends Mo...
10/22/2010(Tulakawa Mine)Tulawaka Continues to Show Promising Drill Intercepts From U...
10/12/2010(Mcgold)and SOQUEM Start Drilling on the MCGol =?ISO-8859-1?Q?d=20Pr...
9/30/2010(Ikungu)Outlines Strong Gold Potential at its Ikungu Project
5/4/2010(Ikungu)The Ikungu Project Continues to ShowGood Gold Intersections ...
5/3/2010(Tulakawa Mine)Exploration Drilling at Tulawaka Mine Identify a New Gold Zo...
3/5/2010(Ikungu)Exploration Update, Ikungu Property, Tanzania
11/6/2009(Isambara) Isambara Project Update: Drill Hole Intersects an Alteratio...
11/2/2009(Tulakawa Mine)Preliminary Results on Tulawaka's Underground Drilling
7/28/2009(Isambara)Operational Update: Drilling Program has Begun at Isambara
2/26/2009(Ikungu)High-Grade Gold Samplings for Ikungu Project
1/27/2009(Tulakawa Mine) Tulawaka Gold Mine Achieves Record production of 211,373 ou...
9/15/2008 Proves Extensions to the High-Grade Zones at Isambara
5/22/2008(Tulakawa Mine): First Results of the 2008 Isambara Drilling Program
4/2/2008(Tulakawa Mine)Tulawaka Gold Mine expects to produce 180,000 ounces of gold...
Corporate news of MDN Inc
5/26/2016MDN Announces Appointment of CFO and AGM Results
3/16/2016MDN Lists on the TSX Venture Exchange
3/4/2016IIROC Trade Resumption - MDN
3/4/2016MDN Signs a LOI for the Acquisition of the Argor Niobium Dep...
3/4/2016IIROC Trading Halt - MDN
2/19/2016MDN Terminates Prairie Lake Option
1/11/2016IIROC Trade Resumption - MDN
1/11/2016MDN Inc.: XINYE Intends to Proceed With JV in Tanzania
1/11/2016IIROC Trading Halt - MDN
12/11/2015MDN Inc.: Update on the Company and its Operations
12/2/2015In India's dry regions, crowd-funding comes to a lake's resc...
10/22/2015MDN Discovers New Carbonatite With High Grade Niobium Values...
9/8/2015IIROC Trade Resumption - MDN
9/8/2015MDN Signs an Agreement for a Joint Venture on the Ikungu Pro...
9/8/2015IIROC Trading Halt - MDN
5/27/2015MDN Announces the Annual Shareholders' Meeting Results
5/27/2015Prospecting Work Begin on Prairie Lake
5/14/2015MDN Inc.: Interpretation of Exploration Results on Samaqua
4/24/2015Prairie Lake Earns Discovery of the Year in Northwestern Ont...
4/16/2015MDN Receives Cash From Dispute Settlement
2/24/2015MDN Acquires 20 Blocks of High Grade Niobium Claims in Ontar...
1/30/2015. : Début de la campagne de forage sur Samaqua
1/30/2015MDN Inc.: Start of Drilling Program on Samaqua
12/15/2014MDN Inc.: Update on the Exploration Program on Samaqua
10/15/2014MDN Identifies Three Large Exploration Targets on Samaqua
10/6/2014MDN Welcomes Positively the Change of Partner in the Crevier...
8/19/2014MDN Announces the Start of the Exploration Program on Samaqu...
7/15/2014MDN Announces Closing of Private Placement
6/18/2014MDN Announces an Exploration Program on the Samaqua Property
6/12/2014Jean-Sebastien David and Claude Dufresne are Joining the Boa...
5/14/2014MDN Inc.: Ikungu East Exploration Results Update
5/12/2014Claude Dufresne Appointed President and Chief Executive Offi...
3/31/2014MDN Inc. Reports Increasing Evidence of a Large Gold-Bearing...
4/26/2013Metalinvest Requests an Extension for Payment of the Initial...
2/13/2013Announces Tulawaka Year-End 2012 Operational Results
1/28/2013Corporate Restructuring Focused on Exploration in Tanzania
10/26/2012.: Tulawaka 2012 Third Quarter Results/Focus on Mine Life Ex...
9/11/2012(Ikungu).: Presence of a Volcanic Belt of More Than 15 km on Ikungu ...
8/23/2012Confirms Discovery on Nikonga
3/6/2012. Receives Payment of US $6.17 Million
2/28/2012(Mcgold)and SOQUEM Demonstrate That Gold Mineralization at the MCGol...
2/16/2012Announces Tulawaka Year-End 2011 Operational Results
1/26/2012Begins Drilling at the Nikonga Project in Tanzania
1/18/2012.: Fourth Quarter Operation Results at the Tulawaka Gold Min...
8/4/2011Reports its Financial Results for the Second Quarter of 2011...
4/21/2011Announces First Quarter Production of 19,606 Ounces of Gold ...
2/16/2011Announces Tulawaka Year-End 2010 Operational Results
2/16/2010 Increases its Participation in Mineraux Crevier to 67.5%
12/16/2009Announces Important Changes to Senior Management
11/12/2009Net Income for the 7th Consecutive Quarter
10/21/2009 Provides an Update on Anita
8/13/2009Net Income of $1,153,330 or $0.012 Per Share
6/2/2009Confirms an Investment in a Niobium and Tantalum Deposit
5/25/2009Corporate Update of MCI's Acquisition Project
5/15/2009Net Income of $794,214 or $0.01 Per Share
12/18/2008 Provides Corporate Development Update
9/19/2008Overwhelming Acceptance Rate For MDN's Warrant Exchange Offe...
9/4/2008Warrant Exchange Offer Extended
8/1/2008Announces a Warrant Exchange Offer
6/5/2008Shareholders Approve the Shareholders Rights Plan
5/15/2008Net Earnings of $1.8 Million or $0.02 Per Share
4/23/2008Adopts Shareholder Rights Plan
9/11/2007Retains the Services of Evolution Group
8/23/2007Acquisition in Normetal Area-Abitibi
8/3/2007Tanzanian Royalty Receives Assay Results From MDN for Mnezek...
5/24/2007Northern Mining Explorations Ltd. Changes its Name to MDN IN...
5/16/2007First Drilling Phase Completed With Success on Isambara
4/4/2006(Isambara)First drilling in Eritrea
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