March 06, 2012 07:00 ET
MDN Inc. Receives Payment of US $6.17 Million
MONTREAL, QUEBEC–(Marketwire – March 6, 2012) – MDN Inc. (MDN)(TSX:MDN) is pleased to inform its shareholders that African Barrick Gold plc (ABG), which operates the Tulawaka gold mine in Tanzania, has announced the total royalty payment of cash available for distribution attributable to 2011. MDN has a 30% participation interest in the Tulawaka mine. The total amount received by MDN for 2011 is US $6.17 million, including payment of US $1.2 million that was remitted at the end of the first half of 2011.
This amount, which is the result of an excellent performance of the mine in 2011, has been entered in the financial statement of MDN for the period terminating December 31st, 2011, as an operating royalty cash payment received from the operation of the mine, which will be published at the end of March. The total payment was received by MDN in February 2012.
During the past two years, ABG has dedicated much effort to improve the underground production and to extend the life of the mine. “We are very pleased that these efforts have achieved their objectives”, stated Serge Bureau, President and CEO of MDN.
MDN Inc. (TSX:MDN) is a mining exploration and development company exploring and developing projects in Quebec and Tanzania. The company is also active in the search for new business opportunities that can increase shareholder value. As well as holding a 30% participating interest in the Tulawaka gold mine, MDN has also discovered gold in Tanzania at the Ikungu property, where four high-grade gold zones have been identified. MDN Inc. also owns a 72.5% interest in Crevier Minerals Inc., which owns an NI 43-101 niobium-tantalum resource in the Lac-Saint-Jean area of Quebec. MDN has an option to increase its interest in Crevier Minerals Inc. to 87.5%. Additional information is available on MDN’s website at www.niobaymetals.com.
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.
Serge Bureau. Ing.
President and Chief Executive Officer
514 866-6500. Ext. 221
Marc Boisvert. Ing.
Vice President. Exploration
514 866-6500. Ext. 227
514 866-6500. Ext. 228