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EXPLORING FOR OUR NEXT GOLD MINE FUNDING A TOP TIER Nb/Ta mine. Cautionary Statement.

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slide1

EXPLORING FOR OUR NEXT GOLD MINE

FUNDING A TOP TIER Nb/Ta mine

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, listed on the TSX under MDN

Gold producer since 2005 in Tanzania (MDN 30%, Barrick 70%)

2009 cash flows from Tulawaka gold mine should be about C$10 million (MDN’s share)

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

Actively exploring for gold in Tanzanian world-class district and in Quebec

621 sq km in Tanzania around several world class gold mines

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

recent developments
Recent Developments

Over 728,910 oz of gold produced at Tulawaka gold mine since 2005; going toward 1 Million oz over next few years

Drilling program ongoing in Tanzania since July and until the end of 2009 – preliminary results published on 100% owned Isambara and Ikungu high grade project is currently being drilled

Acquired 28.75 % interest in Anita, a large niobium (Nb) and tantalum (Ta) resource in Quebec

Right to acquire control interest of up to 75% over next 3 years

Scoping study started in June 2009 and drilling campaign of 5,500m was initiated

slide6

The Anita project

Generate additional near term cash flows from Rare & Strategic Metals

slide7

ANITAPROJECT

Location of Niobium and Tantalum Resource

investment highlights

A 25.75 million metric tonne resource

Open pit operation currently under study for at least 18 years

More exploration will be on the deposit’s southern and northern extensions to expand the resource

Proposed annual targeted output of the mine is:

1.2 million kg of Niobium oxide (Nb2O5) at US$ 45 per kg

115,000 kg of Tantalum oxide / K-salt (Ta2O5/TaK2F7) at US$ 150 per kg

Investment Highlights

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

the demand for niobium tantalum
The Demand for Niobium & Tantalum

The unique properties of these rare and strategic metals are very useful in superalloys (Nb) and tantalum condensers (Ta)

Industrial applications include:

Aerospace

Aeronautics

Steel manufacturing

Nuclear plant processing

Equipment manufacturing such as turbine blades, engines etc.

slide10

The current shareholders

28.75% MDN Inc

37.5% IAMGOLD Inc

33.75% private investors

The asset

100% of Nb-Ta deposit

No Royalty

Very good location in Québec, Canada

Road, water, power, and labour access

The funding: a total of $13.5 million over the next few years

to develop the feasibility study of the resource and to give MDN rights to acquire up to 75% of equity in the project

Corporate Profile of Anita

slide11

We have the team in place to complete the feasibility of the project

Feasibility and technical studies underway with a completion target of 2011

Roskill confirms advantages of the project and the high probability of success

We have an off-take agreement with IAMGOLD, the 3rd largest producer of ferro-niobium in the world

All of our niobium oxide production could be, if needed, purchased by IAMGOLD for the life of the mine, for the production of ferro-niobium

Anita – The next Nb / Ta Producer

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
  • 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)

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

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

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

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 phase 1 drilling
Isambara - South zonePhase 1 drilling

Section 1015 NW

300 m

Drill section

slide20

ISDD 33

ISSDD 32

1 200m

3.85 g/t Au / 1.0m

7.66 g/t Au / 1,0m

9,13 g/t Au / 1.0m

1 100m

8.35 g/t Au / 0.5m

> 5.0 g/t Au

2.0 to 5.0 g/t Au

0.5 to 2.0 g/t Au

0.2 to 0.5/t Au

140 m

0.1 to 0.2/t Au

ISDD-33: 153 m @ 0,31 g/t Au

ISDD-32: 84 m @ 0,33 g/t Au

Isambara - Drill section 1015 NW

slide21

Robert et Al. 2007, Exploration 07

Robert et Al. 2007, Exploration 07

Isambara - Proposed Model

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

Au - Cu

Musoma

Ikungu

Kiabakari

Buhemba

Au-Cu

Mwanza

100 km

slide23

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

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)

slide25
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

Exploration Program in Tanzania$1.5 to 3 million in Q3/Q4 2009 (cont’d)

key facts
Key Facts

*As of September 30, 2009

slide27

Question Period

Contacts

Paul-A. Girard, President & CEO

pagirard@mdn-mines.com

Marc Boisvert, VP Exploration

mboisvert@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