February 19, 2016 16:33 ET
MONTREAL, QUEBEC–(Marketwired – Feb. 19, 2016) – MDN Inc. (TSX:MDN) (the “Company”) announces that it decided to not continue the exploration campaign on the Prairie Lake properties and has therefore terminate the option agreements with the claims owners.
Despite the high-grade niobium grab samples collected during the 2015 summer exploration works, the project was considered too grass-root and needed significant investments in order to determine the presence of a carbonatite deposit. MDN Inc. prefers to preserve its liquidities and to focus on more advance projects. The decision is said to be strategic in the current difficult context for junior mining companies.
About Prairie Lake Properties
The Prairie Lake properties are located about 45 kilometres northwest of the city of Marathon, Ontario, Canada. In early 2015 MDN signed two option agreements to acquire 100% of the Prairie Lake and Prairie Lake South properties (see February 24, 2015, press release).
About MDN (TSX:MDN)
MDN Inc. is a mining exploration and development company with properties in Quebec, Ontario and Tanzania. In Quebec, MDN holds a 72.5% interest in Crevier Minerals Inc., which owns a NI 43-101 niobium tantalum resource and 100% of the Samaqua property. The Company also has the option to acquire a 100% of the Prairie Lake properties in Ontario.
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