MDN Inc.
TSX : MDN

MDN Inc.

October 09, 2008 11:09 ET

MDN Acquires 100% Interest of the Simba Property

The Isambara project is now 100% owned by MDN

MONTREAL, QUEBEC--(Marketwire - Oct. 9, 2008) - MDN Inc. ("MDN")(TSX:MDN) announced today that, pursuant to the agreement dated September 13, 2002 (the "Agreement"), between MDN, Lakota Resources Inc. ("Lakota"), and Jope Business Associates Limited ("Jope") concerning the Simba Property, located in Tanzania, MDN has exercised its rights in respect of the Agreement to dilute the total interest of Lakota (15%) and Jope (15%) to nil, as they declined to contribute, in pro-rata of their interest in the Isambara project, to the work programs approved by the parties. Lakota and Jope's interests are converted into a 1% Net Smelter Return (NSR) as they no longer have any rights or interest as parties under the Agreement.

The Isambara project is part of the Simba Property and is now 100% owned by MDN which is the operator since September 2002. Isambara covers a territory of 40 km2 and is located 28 km north of the Tulawaka Gold Mine.

MDN Inc. is a Montreal-based Canadian exploration company that holds a 30% participation in the Tulawaka Gold Mine (Tanzania). Its main exploration activities are carried out in Quebec through gold and base metal interests and in Tanzania through a majority interest in 28 adjacent mineral licenses.

Contact Information

  • MDN
    Paul-A. Girard
    President & CEO
    +1-514-866-6500
    or
    MDN
    Yves Therrien, CMA
    Vice-President, Finance
    +1-514-866-6500
    or
    MDN
    Richard Corbo
    Advisor, Corporate Development
    +1-514-866-6500
    www.mdn-mines.com
    or
    Evolution Group
    Sylvain Archambault
    President & CEO
    +1-514-448-4887
    www.evolutiongrp.com