MONTREAL, QUEBEC--(Marketwire - April 2, 2008) - MDN Inc. (TSX:MDN) ("MDN") is pleased to announce that for fiscal year 2008, the production at the Tulawaka Gold Mine should be 180,000 ounces. Assuming an annual average sale price of US$800 per ounce, gross revenues should be US$144M. Total cash costs per ounce produced should be US$220 and the average grade will be slightly over 16 g/t. It is anticipated that operating profit could exceed US$90M and that MDN's share of dividends' distribution to the JV Partners should be US$27M for the 2008 fiscal year.
Paul-A. Girard stated: "Tulawaka forecasts speak for themselves. Our continuous efforts allow MDN to be a very attractive mining company within the public arena. The fundamental value of our assets should keep growing, keeping in mind that the JV Partners common goal is to increase the Tulawaka mine life for many years therefore optimizing our shareholders interests".
$5.6M Exploration budget for 2008
MDN announces a $5.6M budget for its exploration activities during the 2008 fiscal year (this amount could be increased at any time based on its results). Most of the investment will be used for exploration programs in Tanzania (East Africa) and in Quebec.
In Tanzania, MDN plans to carry out programs involving a minimum of 30,000 metres of drilling on MDN's main gold prospects in the Tulawaka area: Isambara, Viyonza and on the newly acquired Ikungu project. Other gold discoveries like Msasa, Mnekezi and Isozibi, all located near the Tulawaka Gold Mine, will also receive exploration efforts.
In addition, 25,000 meters of drilling are planned at the Tulawaka JV property. This program represents additional investments budgeted by the Operator. MDN is in active discussion with the Operator to enhance its contribution for the exploration programs planned at Tulawaka.
In Quebec, an exploration program of approximately $500,000 is planned in 2008 on the Des Meloizes and the newly acquired Barlow East and West properties to identify new drill targets. Details of this program will be disclosed at a later time.
MDN has a 30% participating interest in the Tulawaka Gold Mine and Pangea Goldfields, a subsidiary of Barrick Gold Corporation, has a 70% participating interest and is the operator, through its Tanzanian subsidiary, Pangea Minerals. The information disclosed on the Tulawaka Gold Mine is based on information provided by the Operator.
MDN Inc. is a Montreal-based Canadian exploration company. 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
MDNPaul-A. GirardPresident and CEO514-866-6500