MDN Inc.
TSX : MDN

MDN Inc.

January 25, 2006 08:59 ET

MDN Northern Mining: Tulawaka Mine Produces 124,743 Ounces of Gold in 2005

MONTREAL, QUEBEC--(CCNMatthews - Jan. 25, 2006) - MDN Northern Mining (Minieres du Nord) (TSX:MDN) is pleased to announce that the Tulawaka Mine in Tanzania produced 47,644 ounces of gold in the quarter ended December 31, 2005. Tulawaka gold production amounts to a total of 124,743 ounces since the start of production in March 2005, about 12% higher than the budget for 2005.

During the last quarter the plant facilities processed 125,918 tonnes of ore at an average grade of 12.2 g/t gold and a gold recovery of 96.3%. The fourth quarter total cash costs averaged US$ 217 to produce an ounce of gold, compared with US$ 282 for the previous quarter.

Since start-up, a total of 110,513 ounces of gold have been sold, entirely in the spot market, at an average price of US$ 465/oz, for gross revenues of US$ 51.2 million.

The Tulawaka Mine has now registered more than 3.9 million man-hours worked without a single lost-time accident.

Carlos Bertoni, MDN Northern Mining's CEO, stated: "We are happy to see the Tulawaka Mine completing its first calendar year so successfully, safely producing more gold than had been forecast, and at reduced costs. We look forward to the increase of the Tulawaka mineral resources in 2006, and to a decision on the underground expansion of the mine."

The Tulawaka project is a joint-venture between MDN Northern Mining (30%) and Pangea Goldfields (70%), a wholly owned indirect subsidiary of Barrick Gold Corporation and project operator through its Tanzanian subsidiary Pangea Minerals Ltd. The information contained in this press release was provided by the project operator.


Contact Information

  • Northern Mining Explorations Ltd.
    Carlos H. Bertoni, M.Sc., P.Geo.,
    CEO
    (514) 866-6500
    or
    Northern Mining Explorations Ltd.
    C. Timothy (Tim) Williams, Ph.D., C.Eng.,
    COO
    (514) 866-6500
    or
    Northern Mining Explorations Ltd.
    Paul-A. Girard
    Chairman and V.-P, Investor relations
    (514) 866-6500
    info@xnord.com
    www.xnord.com