MONTREAL, QUEBEC--(Marketwire - Dec.
16, 2009) - The Board of Directors of MDN Inc.(TSX:MDN)
("MDN") has accepted Mr. Paul-A Girard's request to step down
and retire from his position as Chairman of the Board, President and
CEO of MDN, effective immediately, and has appointed Mr. Jacques
Bonneau to serve as interim President and CEO of MDN. Mr. Serge Savard, who is a
director of MDN, has been appointed as the Chairman of the Board.
The Board of Directors has constituted a special committee to find a
permanent president and CEO. The special committee is comprised of
Messrs. Serge Savard, Jacques Bonneau and Raymond Legault.
Mr. Serge Savard, spokesman for the Board of Directors, stated:
"We would like to sincerely thank Mr. Girard for his valuable
contribution to the Company for more than 15 years. Under Mr. Girard's
leadership, MDN successfully maintained its 30% interest in the
Tulawaka gold mine which is currently contributing profitability and
cash flows to the Company, assembled an impressive exploration land
package in Tanzania, acquired an interest in a niobium and tantalum
deposit in Quebec and brought this Company forward to a solid and
strong financial position."
Mr. Jacques Bonneau, who will act as interim President and CEO of MDN,
has extensive mining experience. Mr. Bonneau has been a director of the
board of MDN since 2008 and has worked in the mining industry for 30
years, having held senior positions at Soquem, Falconbridge Copper,
Vior-Mazarin and more recently as President and CEO of Mineraux Sequoia
Inc., the 50% owner of the niobium Niobec mine, which was later sold to
Cambior and then to IAMGOLD Corporation. Mr. Bonneau has a geological
engineer degree and a Master of Science degree from Laval University.
He is currently a Board Member of Midland Exploration Inc., Mineraux
Crevier Inc., a private company and is a consultant for CGE Resources,
a Quebec-based Flow-Through Fund.
The current Management team of MDN is and will remain supportive of
this change in leadership as MDN embarks in an important exploration
phase of its extensive properties around the Tulawaka mine in Tanzania.
MDN also intends to bring the Niobium and Tantalum Crevier Minerals
project through feasibility and production in a fast track manner.
MDN is a mining exploration and development company having adequate
financial resources to develop its 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 totaling 621 sq km around the Tulawaka gold mine in
Tanzania, and owns a 28.75% interest in Mineraux Crevier, which owns a
property with a NI 43-101 niobium and tantalum resource located in the
Lac St-Jean area of Quebec. MDN has an option to increase its equity
participation in Mineraux Crevier up to 75%.
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