October 06, 2014 16:37 ET
MDN Welcomes Positively the Change of Partner in the Crevier Project
MONTREAL, QUEBEC–(Marketwired – Oct. 6, 2014) – MDN Inc. (TSX:MDN) (the “Company”) is pleased to announce to its shareholders that it positively welcomes the change of partner in the Crevier project. Following the announcement of the sale of Niobec Inc. to a group of companies led by Magris Resources Inc., after the closing of the transaction, Niobec’s share of 27.5% in Crevier Minerals Inc. will be transferred to the new consortium.
On October 3rd, Iamgold announced that it had reached a definitive agreement to sale the Niobec mine to Magris Resources Inc., in partnership with CEF Holdings Ltd and Temasek, for US$500 million. The closing of the transaction is expected to occur in the fourth quarter of 2014.
“The announcement of the sale of Niobec Inc. clearly shows the value of a niobium mining operation, which has always been difficult to evaluate for investors,” commented Claude Dufresne, President and CEO. “We see in this transaction an opportunity that the Crevier project will be supported by a new entity that has an interest in the niobium world and we look forward to initiate discussions with the new partner following the closing of the deal.” The niobium and tantalum Crevier project is located at 155 km north-west of the Niobec mine in the Sagueney region in Quebec.
About MDN (TSX:MDN)
MDN Inc. is a mining exploration and development company with properties in Quebec and Tanzania. In Quebec, MDN holds a 72.5% interest in Crevier Minerals Inc., which owns a NI 43-101 niobium-tantalum resource that is presently undergoing a feasibility study.
This press release contains forward-looking statements. 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. 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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Claude Dufresne, Eng.
President & CEO
514 866-6500, Ext. 221