Ikungu Project: MDN Signs an Option Agreement With Metalinvest
Published : February 25, 2013
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MONTREAL, QUEBEC--(Marketwire - Feb. 25, 2013) - MDN Inc. ("MDN") (News - Market indicators) is pleased to announce the signature of an agreement with Metalinvest Capital Corporation ("Metalinvest"), pursuant to which MDN is grantong an option tp Metalinvest to acquire a 55% undivided interest in its interest in the prospecting licences of the Ikungu property to Metalinvest. The Ikungu property covers 17.9 km2 and lies 17 km southwest of Musoma and 135 km northeast of Mwanza, Tanzania's second largest city.

To acquire such 55% undivided interest in MDN's interest in the Ikungu property, Metalinvest must incur $14 million in exploration expenditures over a four-year period, including at least $3 million by December 31, 2013. Metalinvest may accelerate exploration spending at its discretion. MDN will manage the exploration work.

A 2013 work program will be proposed to the management committee in March. Following the meeting, Metalinvest will have five days to deposit the funds required to cover the expenditures for the first half of 2013 in order to maintain its option.

This investment will enable MDN to set up drilling programs with two objectives, the first being to increase the contained of gold ounces by drilling the extensions and the second to delineate a resource.

The work done to date shows that the Ikungu gold mineralization occurs at the contact of two geological domains, with a series of pillow basalts with intercalated sediments to the north and a series of pillow basalts and gabbroic sills to the south. The gold mineralization is particularly associated with a grey-blue quartz vein network contained in a highly-silicified, sulphide-rich replacement zone.

This stratigraphic setting is similar to the geology of the Bulyanhulu mine in Tanzania. Among other things, the Bulyanhulu mine is characterized by its narrow structure, with an average width of 2 to 4 metres and vertical continuity to a depth of more than 2 km.

Potential Resources

It should be recalled that a total of 53 holes have been drilled to date along the four kilometre-long Ikungu structure. These holes have identified a two kilometre-long by 300-metre deep mineralized zone. Drilling has delineated four higher-grade zones with a minimum horizontal thickness of two metres. These zones are formed around the gold intersections in the following holes: IKD-45 (8.6 g/t Au over 14.78 m) drilled on Section 2230mE, IKD-48 (3.11 g/t Au over 9.50 m) drilled on Section 2830mE, IKD-51 (3.39 g/t Au over 7.05 m) drilled on Section 3190mE and IKD-36 (13.22 g/t Au over 4.62m) drilled on Section 3610mE.

About Metalinvest

Metalinvest Capital Corporation is a private company that finances exploration and development by companies focused on gold, copper, iron, cobalt and coal in Africa. Metalinvest is currently working to develop exploration programs for its flagship exploration projects in Tanzania and Zambia. Metalinvest is also looking to grow its asset portfolio through the acquisition of strategic metals properties associated with African prospects led by a management team with strong mining industry experience.

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, as well as several gold exploration projects. 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.

Marc Boisvert, President and Chief Executive Officer of MDN, is a qualified person as defined in National Instrument 43-101. He has reviewed the scientific and technical information in this news release.

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, including, but not limited to, investment by Metalinvest of the amounts required in exploration expenditures to acquire an interest in the Ikungu property, including the $3,000,000 planned for 2013. 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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Marc Boisvert, P. Eng.
President and Chief Executive Officer
MDN Inc.
514 866-6500, Ext 221
Data and Statistics for these countries : Tanzania | Zambia | All
Gold and Silver Prices for these countries : Tanzania | Zambia | 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
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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
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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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