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EXPLORING FOR OUR NEXT GOLD MINE
FUNDING A TOP TIER Nb/Ta mine
NOV/DEC 2009
Cautionary Statement
This presentation contains certain “forward-looking statements”, including, but not limited to, the
statements regarding the Company’s strategic plans, its anticipated benefits and the use of
proceeds resulting thereof, in particular, future financial results, production targets and
timetables, the evolution of mineral reserves and resources, mine operating costs, capital
expenditures, work programs, development plans, exploration programs, objectives and budgets,
the possible determination of additional reserves, and the Company's eventual success to execute
its strategy to focus on building its portfolio of properties. Forward looking statements express, at
this date, the Company’s plans, estimates, forecasts, projections, expectations or beliefs as to
future events and results. Forward-looking statements involve a number of risks and
uncertainties, and there can be no assurance that such statements will prove to be accurate.
Therefore, actual results and future events could differ materially from those anticipated in such
statements. Risks and uncertainties that could cause results or future events to differ materially
from current expectations expressed or implied by the forward-looking statements include, but
are not limited to, factors associated with fluctuations in the market price of metals, mining
industry risks, exploration risks, risks associated with foreign operations, environmental risks and
hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing or
additional permits, authorizations or licenses, risks of delays in construction and production and
other risks referred to in the Company’s Annual Information Form.
TSX: MDN 2
MDN at a glance
A Canadian exploration and development company based in
Montreal, listed on the TSX under MDN
Gold producer since 2005 in Tanzania (MDN 30%, Barrick 70%)
− 2009 cash flows from Tulawaka gold mine should be about
C$10 million (MDN’s share)
Working capital of C$25 million, profitable and no debt
Actively exploring for gold in Tanzanian world-class district and
in Quebec
− 621 sq km in Tanzania around several world class gold mines
Technical exploration and management expertise in financing
and building mines with partners
TSX: MDN 3
Strong Financial Position - 2009 Results
Nine-month period
ending September 30, 2009
Revenue $7,555,170
Net income $2,685,193
Book value per share $0.49
Cash and cash equivalents $20,412,805
Tulawaka Production
nine-month period (U/G)
Production (oz) 74,543
MDN’s 30% share (oz) 22,363
U/G Average grade (g/t) 15.3
Recovery rate 94%
Cash costs/oz US $383
TSX: MDN 4
Recent Developments
Over 728,910 oz of gold produced at Tulawaka gold mine since
2005; going toward 1 Million oz over next few years
Drilling program ongoing in Tanzania since July and until the
end of 2009 – preliminary results published on 100% owned
Isambara and Ikungu high grade project is currently being
drilled
Acquired 28.75 % interest in Anita, a large niobium (Nb) and
tantalum (Ta) resource in Quebec
− Right to acquire control interest of up to 75% over next
3 years
− Scoping study started in June 2009 and drilling campaign of
5,500m was initiated
TSX: MDN 5
The Anita project
Generate additional near term cash flows
from Rare & Strategic Metals
TSX: MDN 6
Location of Niobium and Tantalum Resource
ANITA
PROJECT
TSX: MDN 7
Investment Highlights
A 25.75 million metric tonne resource
Resources Depth M tonnes Ta2O5 g/t Nb2O5 g/t Ta2O5 Kg Nb2O5 Kg
Indicated* 0-250 m 25.75 199 1,860 5,124,250 47,895,000
Inferred* 250-350 m 16.88 204 1,620 3,443,520 27,345,600
*Cut-off grade of 1,000 g/t Nb included as reported by SGS Geostat – April 6th 2009
Open pit operation currently under study for at least 18 years
More exploration will be on the deposit’s southern and northern
extensions to expand the resource
Proposed annual targeted output of the mine is:
− 1.2 million kg of Niobium oxide (Nb2O5) at US$ 45 per kg
− 115,000 kg of Tantalum oxide / K-salt (Ta2O5/TaK2F7) at
US$ 150 per kg
TSX: MDN 8
The Demand for Niobium & Tantalum
The unique properties of these rare and strategic metals are very
useful in superalloys (Nb) and tantalum condensers (Ta)
Industrial applications include:
− Aerospace
− Aeronautics
− Steel manufacturing
− Nuclear plant processing
− Equipment manufacturing such as turbine blades, engines etc.
TSX: MDN 9
Corporate Profile of Anita
The current shareholders
28.75% MDN Inc
37.5% IAMGOLD Inc
33.75% private investors
The asset
100% of Nb-Ta deposit
No Royalty
Very good location in Québec, Canada
Road, water, power, and labour access
The funding: a total of $13.5 million over the next few years
− to develop the feasibility study of the resource and to give
MDN rights to acquire up to 75% of equity in the project
TSX: MDN 10
Anita – The next Nb / Ta Producer
We have the team in place to complete the feasibility of
the project
− Feasibility and technical studies underway with a
completion target of 2011
− Roskill confirms advantages of the project and the high
probability of success
We have an off-take agreement with IAMGOLD, the
3rd largest producer of ferro-niobium in the world
− All of our niobium oxide production could be, if needed,
purchased by IAMGOLD for the life of the mine, for the
production of ferro-niobium
TSX: MDN 11
MDN in Tanzania
TSX: MDN 12
Tanzania is Africa’s 3rd largest gold producer
hosting World-Class Gold Deposits
Geita Mine Tanzania produced more
>10 M oz Au than one million ounces
Bulyanhulu Mine
> 10 M oz Au from Geita, Bulyanhulu &
other mines in 2008
In May 2009 Barrick
started the Buzwagi Mine
Tulawaka Mine (3.3 million ounces
> 0.7M oz Au reserves)
Buzwagi Mine
3.3 M oz Au reserves
TSX: MDN 13
MDN controls 621 km2 area around the
Tulawaka Gold Mine
Geita Mine Bulyanhulu
>10 M oz. Au > 10 M oz Au
Tulawaka
> 0.7M oz Au
TSX: MDN 14
Tulawaka Longitudinal Map
TSX: MDN 15
Focusing in Tulawaka Gold Mine district
An area barely explored due to sand cover
Geita Mine
> 10 M oz Au
Isambara
Viyonza Buck Reef
1.8 M oz Au
Isozibi
Bulyanhulu mine
Mnekezi
>10 M oz Au
Tulawaka Mine
> 0.7 M oz Au
Msasa
50 km
Lake Victoria Geology
Gold Bukoban Sediments
Volcanics Granites Barth 1990
Showings & sand cover
TSX: MDN 16
Exploring western extension of 2 volcanic belts
hosting World-Class Gold Mines
Isambara Geita Mine
> 10 M oz Au
Viyonza
Isozibi Buck Reef
Mnekezi 1.8 M oz Au
Tulawaka Mine
> 0.7M oz Au Bulyanhulu Mine
>10 M oz Au
Msasa
High Resistivity Lake Victoria Geology
Airborne Calculated Granite
Resistivity (2004) Barth 1990
Low Resistivity
Volcanics
TSX: MDN 17
Isambara 5 km strike length gold soil anomaly
70 km west of Geita Mine (>10 M ounces gold)
Exploration Program (2009-2010)
1.Drilling Phase 1 testing South zone
2.Soil Detail survey over Central &
North Zone
North Zone
3.Drilling phase 2 testing Central &
North Zone
4.Drilling Phase 3 follow-up on best
drill results
Central Zone
Soil Survey
Percentile Contour
Gold
South Zone
>70%
> 90%
TSX: MDN 18
Isambara - South zone
Phase 1 drilling
300 m
Drill section
TSX: MDN 19
Isambara - Drill section 1015 NW
ISDD 33 ISSDD 32
1 200m
3.85 g/t Au / 1.0m
7.66 g/t Au / 1,0m
9,13 g/t Au / 1.0m
1 100m
8.35 g/t Au / 0.5m
> 5.0 g/t Au
2.0 to 5.0 g/t Au
0.5 to 2.0 g/t Au
0.2 to 0.5/t Au
140 m
0.1 to 0.2/t Au
ISDD-33: 153 m @ 0,31 g/t Au
ISDD-32: 84 m @ 0,33 g/t Au
TSX: MDN 20
Isambara - Proposed Model
Robert et Al. 2007, Exploration 07
Robert et Al. 2007, Exploration 07
TSX: MDN 21
Ikungu
Same geo environment as Kiabakari - Buhemba
Musoma
Ikungu
Kiabakari
Buhemba
Au-Cu
Au - Cu
Mwanza
100 km
TSX: MDN 22
Ikungu Drilling Program (Q3/Q4 2009 - 2010)
High grade gold values
confirmed by MDN
35.9 g/t Au Extensions of high grade
1 km indicated by gold soil
anomalies
2 parallel gold reefs HW &
FW at contact of volcanic
and sediments
Drill Phase 1
Testing high grade
HW extensions of 2 Reefs
Drill Phase 2
Testing other soil anomalies
along NW Structure
70.1 g/t Au Soil Detail of SW structure
56.8 g/t Au Drill Phase 3
Drill Follow-up on best zones
12.0 g/t Au
Grab Sample Location
Proposed Drill Holes
Background Map 1st derivative Airborne Mag
TSX: MDN 23
Exploration Program in Tanzania
$1.5 to 3 million in Q3/Q4 2009
Isambara: A 5 km anomaly on extension of the
same volcanic belt as Geita (>10 million oz Au)
− Phase 1 drilling of 2,500 m started in July to confirm
grade and thickness of South zone
− Soil sampling program extensions on Central and
North zones
− News flow from drilling results to be released by
December 2009
Ikungu: Quartz veins with sulphides
− Phase I drilling following up on high grade values
obtained from grab samples (35 to 70 g/t Au)
TSX: MDN 24
Exploration Program in Tanzania
$1.5 to 3 million in Q3/Q4 2009 (cont’d)
Msasa: 2nd largest gold soil anomaly in a 50 km
radius around Tulawaka mine
− 1.5 km strike length
− Project preparation to advance to Phase I drilling in
2010
Viyonza: Part of the volcanic belt hosting Bulyanhulu
(>10 million oz Au)
− 600 m strike length area where drill results have intervals
with > 10g/t Au
− Project preparation to advance to Phase I drilling in 2010
TSX: MDN 25
Key Facts
Shares outstanding (fully diluted) 98.9M
52 week trading range $0.42-0.85
Recent trading price $0.60
Market capitalization $60M
2008 Net income $22.1M
Cash position* $20.4M
*As of September 30, 2009
TSX: MDN 26
Question Period
Contacts
Paul-A. Girard, President & CEO
Suite 680 – Place du Canada
pagirard@mdn-mines.com
1010 de la Gauchetière West
Montreal, Quebec
Marc Boisvert, VP Exploration
mboisvert@mdn-mines.com
(514) 866-6500
Nicole Blanchard, Investor relations
www.mdn-mines.com
450.973.6600
nicole.blanchard@isuncomm.com
TSX: MDN 27
