MDN Inc.
TSX : MDN

MDN Inc.

December 16, 2009 17:27 ET

MDN Announces Important Changes to Senior Management

MONTREAL, QUEBEC--(Marketwire - Dec. 16, 2009) - The Board of Directors of MDN Inc.(TSX:MDN) ("MDN") has accepted Mr. Paul-A Girard's request to step down and retire from his position as Chairman of the Board, President and CEO of MDN, effective immediately, and has appointed Mr. Jacques Bonneau to serve as interim President and CEO of MDN. Mr. Serge Savard, who is a director of MDN, has been appointed as the Chairman of the Board.

The Board of Directors has constituted a special committee to find a permanent president and CEO. The special committee is comprised of Messrs. Serge Savard, Jacques Bonneau and Raymond Legault.

Mr. Serge Savard, spokesman for the Board of Directors, stated: "We would like to sincerely thank Mr. Girard for his valuable contribution to the Company for more than 15 years. Under Mr. Girard's leadership, MDN successfully maintained its 30% interest in the Tulawaka gold mine which is currently contributing profitability and cash flows to the Company, assembled an impressive exploration land package in Tanzania, acquired an interest in a niobium and tantalum deposit in Quebec and brought this Company forward to a solid and strong financial position."

Mr. Jacques Bonneau, who will act as interim President and CEO of MDN, has extensive mining experience. Mr. Bonneau has been a director of the board of MDN since 2008 and has worked in the mining industry for 30 years, having held senior positions at Soquem, Falconbridge Copper, Vior-Mazarin and more recently as President and CEO of Mineraux Sequoia Inc., the 50% owner of the niobium Niobec mine, which was later sold to Cambior and then to IAMGOLD Corporation. Mr. Bonneau has a geological engineer degree and a Master of Science degree from Laval University. He is currently a Board Member of Midland Exploration Inc., Mineraux Crevier Inc., a private company and is a consultant for CGE Resources, a Quebec-based Flow-Through Fund.

The current Management team of MDN is and will remain supportive of this change in leadership as MDN embarks in an important exploration phase of its extensive properties around the Tulawaka mine in Tanzania. MDN also intends to bring the Niobium and Tantalum Crevier Minerals project through feasibility and production in a fast track manner.

About MDN

MDN is a mining exploration and development company having adequate financial resources to develop its promising projects in Quebec and in Tanzania and to 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 35 mineral licenses totaling 621 sq km around the Tulawaka gold mine in Tanzania, and owns a 28.75% interest in Mineraux Crevier, which owns a property with a NI 43-101 niobium and tantalum resource located in the Lac St-Jean area of Quebec. MDN has an option to increase its equity participation in Mineraux Crevier up to 75%.

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.

Contact Information

  • MDN Inc.
    Mr. Jacques Bonneau
    interim President and CEO
    514-866-6500
    or
    MDN Inc.
    Marc Boisvert, ing.-geologist
    Vice President, Exploration
    514-866-6500
    www.mdn-mines.com
    or
    MDN Inc.
    Richard Corbo
    Advisor, Corporate Development
    514-866-6500
    or
    Sun International Communications
    Nicole Blanchard
    450-973-6600
    nicole.blanchard@isuncomm.com