February 16, 2010 08:10 ET
MDN Increases its Participation in Mineraux Crevier to 67.5%
MONTREAL, QUEBEC–(Marketwire – Feb. 16, 2010) – MDN Inc. (TSX:MDN) announces that it has increased its participation in Minéraux Crevier Inc. (MCI) from 38.5% to 67.5% by acquiring the equity interests of minority shareholders. The two shareholders of MCI are now MDN with 67.5% and IAMGOLD with 32.5%.
The acquisition was paid in cash for an amount of $582,750 and by the issuance of 3,349,777 common shares of MDN Inc.
As a reminder, MCI holds 100% of a niobium and tantalum project, located north of Lac St-Jean in the province of Quebec. A feasibility study on the project is currently ongoing.
MDN Inc.(TSX:MDN) is a mining exploration and development company having adequate financial resources to develop its promising projects in Québec and in Tanzania. MDN also remains active in the 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 mineral licenses totalling 621 sq km around the Tulawaka gold mine in Tanzania. The company also owns a 67.5% interest in Minéraux Crevier, which owns a property with a NI 43-101 niobium and tantalum resource located in the Lac St-Jean area of Québec. MDN has an option to increase its equity participation in Minéraux Crevier up to 87.5%. Additional information is available on MDN’s website at www.niobaymetals.com.
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 press release.