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Message: NR 3rd quarter results record

NR 3rd quarter results record

posted on Oct 19, 2009 06:14PM

Tulawaka Mine produces 29,489 ounces of gold during the third quarter of 2009

Nine month production amounts to 74,543 ounces

Montreal, October 19, 2009 - MDN Inc. (“MDN”) is pleased to announce that the Tulawaka Gold Mine in Tanzania produced 29,489 ounces of gold during the third quarter ended September 30, 2009. Tulawaka gold production now amounts to 728,910 ounces since the beginning of operations in March 2005.

For the third quarter, 28,373 ounces of gold were sold into the spot market at an average price of US$948 for total sales of US$26.9M. Since the beginning of operations in March 2005, a total of 717,868 ounces of gold was sold.

For the third quarter, a total of 39,969 tonnes were mined from the underground mine at an average mine grade of 16.5 g/t gold whereas the plant facilities processed 115,236 tonnes of ore at an average grade of 8.5 g/t gold and at a gold recovery rate of 94.2%. The difference in tonnage comes from the stockpile at the plant.

Total cash costs averaged US$375 to produce an ounce of gold during the third quarter of 2009. The ROM (Run of Mine) stockpiles at quarter end were 262,390 tonnes at an average grade of 2.45 g/t gold, representing approximately 9 months of ore supply for the process plant, assuming the current throughput of approximately 30,000 tonnes processed per month due to the hardness of the rock on the stockpiles.

2009 year to date production results

For the first nine months of the year 2009, a total of 103,778 tonnes were mined from the underground mine at an average mine grade of 15.3 g/t gold whereas the plant facilities processed 325,666 tonnes of ore at an average grade of 7.6 g/t gold and at an average recovery rate of 94%, for a production of 74,543 ounces of gold. The difference in tonnage comes from the stockpile at the plant.

For the nine months period, a total of 71,790 ounces of gold were sold at the spot market at an average price of US$928 for total income of US$66.6M. Total cash costs averaged US$383 to produce an ounce of gold during this period

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