July 28, 2010 10:30 ET
MDN Starts Drilling Program on Ikungu Gold Project
MONTREAL, QUEBEC–(Marketwire – July 28, 2010) – MDN Inc. (“MDN”)(TSX:MDN) announces the beginning of a drilling program on its gold project Ikungu with two drills operating on site. The objective of this program is to prove the vertical continuity of multiple mineralized intercepts containing gold grades of more than 5 g/t, of which many are higher than 10 g/t (see press release of May 4, 2010).
With 5,000 m of drilling planned and a total of 13 holes, the vertical continuity of the high grade shoots located near surface could be estimated down to a depth of 300m.
During the first quarter, MDN received assay results showing that this gold-bearing horizon hosts higher-grade zones with true widths of 2 to 4 metres, ranging in grade from 5 g/t Au to 11.5 g/t Au, including sections of up to 54.3 g/t Au over 0.4 m. The mineralization structure appears to be continuous over more than 2.5 km, with a minimum thickness of 2 metres (true width) and sample grades above 1.2 g/t Au. The gold-bearing intersections for holes IKD-08, IKD-28, IKD-36, IKD-37, SIK1 and SIK8 are good examples of these higher-grade zones. A concentration of such zones has been identified in the central and eastern sectors. The drilling program initiated now will test the occurrence of zones with an average sample grade of more than 10g/t Au.
Compilation of the intersections showing the presence of high-grade zones:
|Hole #||Section||From (m)||To (m)||Length (m)||True width (m)||Au (g/t)|
The samples were analysed by fire assay at the SGS Laboratory of Mwanza, Tanzania, which is a certified facility according to international standards. A rigorous quality analysis verification program implemented by MDN included 20% control samples. The technical and scientific information contained in this press release has been reviewed by Marc Boisvert, P.Eng. MDN’s Vice President, Exploration, who acts as a qualified person in accordance with National Instrument 43-101.
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% participating interest in the Tulawaka Gold Mine, MDN is the operator and owner of a majority interest in mineral licenses totalling 715 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.
- MDN Inc.
Serge Bureau, P.Eng.
President and CEO
514-866-6500, ext. 221
Marc Boisvert, P.Eng.
Vice President, Exploration
514-866-6500, ext. 227
Sun International Communications