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EXPLORING IN THE SHADOW OF TANZANIA’S WORLD-CLASS GOLD MINES. Cautionary Statement.

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cautionary statement
Cautionary Statement

This presentation contains certain “forward-looking statements”, including, but not limited to, the statements regarding the Company’s strategic plans, its anticipated benefits and the use of proceeds resulting thereof, in particular, future financial results, production targets and timetables, the evolution of mineral reserves and resources, mine operating costs, capital expenditures, work programs, development plans, exploration programs, objectives and budgets, the possible determination of additional reserves, and the Company's eventual success to execute its strategy to focus on building its portfolio of properties. Forward looking statements express, at this date, the Company’s plans, estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements include, but are not limited to, factors associated with fluctuations in the market price of metals, mining industry risks, exploration risks, risks associated with foreign operations, environmental risks and hazards, uncertainty as to calculation of mineral reserves, requirement of additional financing or additional permits, authorizations or licenses, risks of delays in construction and production and other risks referred to in the Company’s Annual Information Form.

mdn at a glance
MDN at a glance

A Canadian exploration and development company based in Montreal, actively exploring for gold in Tanzanian world-class district and in Quebec

Working capital of approximately C$25 million, profitable and no debt

Properties with geological merit:

Properties in a 50km radius around the Tulawaka mine

One property along the same volcanic belt as the world class Geita mine (>10 million ounces of gold)

Annual cash flows from the Tulawaka gold mine, share of MDN estimated at C$10 million in 2009

Technical exploration and management expertise in financing and building mines with partners

recent developments
Recent Developments

Gold producer since 2005 through a 30% interest in the Tulawaka gold mine in Tanzania (Barrick Gold 70%)

$22.1 million in net earnings in 2008

Since March 2005: Over 700,000 ounces of gold produced

Drilling program started in Tanzania in July and until the end of 2009

Acquired 28.75 % interest in a major Niobium (Nb) and Tantalum (Ta) 43-101 compliant resource in Quebec.

Right to acquire control interest of up to 75% over next 3 years, generating near-term cash flow potential

Scoping study started including 6,500m of drilling and metallurgical testing

slide7

NewInvestment

Generate additional near term cash flows with acquisition of Rare & Strategic Metals Advanced Project

the demand for niobium
The Demand for Niobium

Primary benefit of niobium is its strength as an additive for the production of super-steel

Also known for its high index of refraction, high dielectric constant and outstanding optical properties

Uses include: avionics, ceramic capacitors, computer screens, camera lenses, cutting tools, etc.

Starting chemical for production of other compounds, such as Niobium chloride, Niobium carbide, and Lithium niobate

the demand for tantalum
The Demand for Tantalum

Highest known specific capacitance or the ability to hold and instantaneously release electrical charge

A good conductor of heat and electricity, resists corrosion by acids and has a high melting point (3,000° C+)

Essential to most electronic devices: cell phones personal computers, gaming platforms, data storage, flat screen TV, DVD players

Turbine, space vehicles, nuclear reactors power plants, cutting tools, wires

Jet engine components, electronics and air bag systems

slide10

ANITAPROJECT

Location of Niobium and Tantalum Resource

the nb and ta resource

The in situ 43-101 values* resource amounts to:

Excellent location in Québec, with roads, water and power accessibility

No royalty

News flowwill include pit design, metallurgy, market study & drilling upgrade

Commercial production planned for 2012

The Nb and Ta Resource

*Cut-off grade of 1,000 g/t niobium is included as reported by SGS Geostat – April 6th 2009

anita work in progress since june 2009
Anita: Work in Progress since June 2009

Scoping Study (to be completed Q4 2009)

Site Topography (to be completed Q4 2009)

Definition Drilling (to be completed Q4 2009)

Geotechnical Study

Metallurgy and Process Development

Environmental Base Line

tanzania is africa s 3rd largest gold producer hosting world class gold deposits
Tanzania is Africa’s 3rd largest gold producer hosting World-Class Gold Deposits

Geita Mine

>10 M oz Au

Bulyanhulu Mine

> 10 M oz Au

Tulawaka Mine

> 0.7M oz Au

Buzwagi Mine

3.3 M oz Au reserves

  • Tanzania produced more than one million ounces from Geita, Bulyanhulu & other minesin 2008
  • In May 2009 Barrick started the Buzwagi Mine (3.3 million ounces reserves)
focusing in tulawaka gold mine district an area barely explored due to sand cover
Focusing in Tulawaka Gold Mine districtAn area barely explored due to sand cover

Geita Mine

> 10 M oz Au

Isambara

Viyonza

Buck Reef

1.8 M oz Au

Isozibi

Bulyanhulu mine

>10 M oz Au

Mnekezi

Tulawaka Mine

> 0.7 M oz Au

Msasa

50 km

Lake Victoria Geology

Barth 1990

Bukoban Sediments

& sand cover

Gold

Showings

Volcanics

Granites

exploration program in tanzania 1 5 to 3 million in q3 q4 2009
Exploration Program in Tanzania$1.5 to 3 million in Q3/Q4 2009

Isambara: A 5 km anomaly on extension of the same volcanic belt as Geita (>10 million oz Au)

Phase 1 drilling of 2,500 m started in July to confirm grade and thickness of South zone

Soil sampling program extensions on Central and North zones

News flow from drilling results to be released by December 2009

Ikungu: Quartz veins with sulphides

Phase I drilling following up on high grade values obtained from grab samples (35 to 70 g/t Au)

Msasa: 2nd largest gold soil anomaly in a 50 km radius around Tulawaka mine

1.5 km strike length

Project preparation to advance to Phase I drilling in 2010

Viyonza: Part of the volcanic belt hosting Bulyanhulu (>10 million oz Au)

600 m strike length area where drill results have intervals with > 10g/t Au

Project preparation to advance to Phase I drilling in 2010

mdn controls 621 km2 area around the tulawaka gold mine
MDN controls 621 km2 area around the Tulawaka Gold Mine

Geita Mine

>10 M oz. Au

Bulyanhulu

> 10 M oz Au

Tulawaka

> 0.7M oz Au

exploring western extension of 2 volcanic belts hosting world class gold mines
Exploring Western Extension of 2 volcanic belts hosting World-Class Gold Mines

Geita Mine

> 10 M oz Au

Buck Reef

1.8 M oz Au

Tulawaka Mine

> 0.7M oz Au

Bulyanhulu Mine

>10 M oz Au

Msasa

Lake Victoria Geology

Barth 1990

Airborne Calculated

Resistivity (2004)

Granite

Volcanics

Isambara

Viyonza

Isozibi

Mnekezi

High Resistivity

Low Resistivity

isambara 5 km strike length gold soil anomaly 70 km west of geita mine 10 m ounces gold
Isambara 5 km strike length gold soil anomaly70 km west of Geita Mine (>10 M ounces gold)
  • Exploration Program (2009-2010)
  • Drilling Phase 1 testing South zone
  • Soil Detail survey over Central & North Zone
  • Drilling phase 2 testing Central & North Zone
  • Drilling Phase 3 follow-up on best drill results

North Zone

Central Zone

Soil Survey

Percentile Contour

Gold

South Zone

>70%

> 90%

isambara south zone several parallel trends to be drill tested
Isambara South ZoneSeveral parallel trends to be drill tested

Percentile & Ratio

< 20% <1.26

>20% >1.26

>50% > 2.25

>70 % > 5.0

>90 % > 6.38

Threshold = 1.82

1 km

ikungu same geo environment as kiabakari buhemba
IkunguSame geo environment as Kiabakari - Buhemba

Au - Cu

Musoma

Ikungu

Kiabakari

Buhemba

Au-Cu

Mwanza

100 km

slide22

Ikungu Drilling Program (Q3/Q4 2009 - 2010)

  • High grade gold values confirmed by MDN
  • Extensions of high grade indicated by gold soil anomalies
  • 2 parallel gold reefs HW & FW at contact of volcanic and sediments

35.9 g/t Au

1 km

Drill Phase 1

Testing high grade extensions of 2 Reefs

Drill Phase 2

Testing other soil anomalies along NW Structure

Soil Detail of SW structure

Drill Phase 3

Drill Follow-up on best zones

NW Structure

FW

HW

FW

HW

70.1 g/t Au

56.8 g/t Au

12.0 g/t Au

Grab Sample Location

Proposed Drill Holes

Background Map 1st derivative Airborne Mag

slide23
Msasa - 19 km South of Tulawaka Gold MineDrill intersections along gold soil anomaly 1.5 km strike length

Geita

Mine

Isambara

Viyonza

Buck Reef

Isozibi

Mnekezi

Tulawaka

25 Km

Msasa

Lake Victoria Geology

Barth 1990

400 m

1.5 km

500 m

Soil Survey

viyonza 600 m zone hosting several gold values with content of 10 g t au
Viyonza: 600 m zone hosting several gold values with content of > 10 g/t Au

Geita

Mine

Isambara

Viyonza

Buck Reef

Isozibi

Mnekezi

Tulawaka

25 Km

Msasa

Lake Victoria Geology

Barth 1990

>10g/t

>5g/t

>1g/t

200 m

viyonza drill target area is part of 6 km strike length anomalous trend yet untested
Viyonza: Drill target area is part of 6 km strike length anomalous trend yet untested

Percentile Au

Soil Survey

Drill Area

>10 g/t Au

< 20%

>20%

>50%

>70 %

23.3 g/t / 7m

>90 %

6 km

2 km

key facts
Key Facts

*As of June 30, 2009

sum of the parts valuation
What is MDN worth today?

Based on

Cash on hand

Upside of the exploration program 1

Our 30% share of the Tulawaka gold mine operation

Our share of an advanced project in Nb and Ta 2

Sum of the parts valuation

LOWHIGH

Estimated Valuation$68 mm $124 mm

Per Share $ 0.68 $ 1.25+83%

African explorers’ market cap $30 to 60 million

REE deposits and entities (exploration to advanced stage) market cap - $40 to 50 million

slide28

Contacts

Paul-A. Girard, President & CEO

pagirard@mdn-mines.com

Marc Boisvert, VP Exploration

mboisvert@mdn-mines.com

Richard Corbo, Corporate Development

rcorbo@mdn-mines.com

Nicole Blanchard, Investor relations

450.973.6600

nicole.blanchard@isuncomm.com

Suite 680 – Place du Canada

1010 de la Gauchetière West

Montreal, Quebec

(514) 866-6500

www.mdn-mines.com