MDN Corporate Restructuring Focused on Exploration in Tanzania

MDN Corporate Restructuring Focused on Exploration in Tanzania 
MONTREAL, QUEBEC -- (Marketwire) -- 01/28/13 -- Serge Savard,
Chairman of the Board of MDN Inc. (TSX:MDN) ("MDN"), is pleased to
announce a corporate restructuring of MDN in connection with its
exploration activities and the future development of the Crevier
project.(CMI) 
For 2013, the Company will focus all of its exploration efforts on
Tanzania, primarily the Ikungu gold project. The Crevier
niobium-tantalum project will be developed through Crevier Minerals
Inc. (CMI), a private company 72.5% owned by MDN and 27.5% by Niobec
Inc., a wholly-owned subsidiary of Iamgold Corporation.  
"This reorganization was called for given the extremely difficult
market for junior exploration companies that have restricted access
to capital for more than two years," Mr. Savard mentioned that this
will allow us to better allocate our current human and financial
resources while reducing overall administrative expenses
significantly. We will very carefully use a portion of our cash to
continue exploring in Tanzania, but MDN will no longer provide
funding for the Crevier project development, which will now come from
other sources. Payroll, including directors' compensation, have been
cut by about 40% at the beginning of the third quarter of 2012. As of
December 31, 2012, MDN had approximately $3.5 million in cash and no
debt."  
Appointment of a New President and Chief Executive Officer  
The MDN management team will be restructured to support the business
plan. Serge Bureau, who currently acts as President and Chief
Executive Officer for both MDN and CMI, will relinquish the
presidency of MDN February 1, 2013, but retains the presidency of CMI
and will focus solely on CMI's development. His goals will be to:  


 
--  Structure a private financing for CMI to complete the Crevier Project
    feasibility study currently underway 
--  Once the feasibility study is completed, set up the technical team
    required to develop the project 
--  Manage and coordinate an initial public offering of MCI, if possible. 

 
Serge Bureau will report to the MCI Board of Directors, which
consists of three representatives of MDN and two of IAMGOLD. As the
president of MCI, a MDN-controlled subsidiary, Mr. Bureau will remain
a director of MDN due to his technical experience and expertise
required to follow through with the completion of the feasibility
study on the Crevier project.  
As of February 1, 2013, Marc Boisvert, Ing currently Vice President,
Exploration of MDN, will become the President and Chief Executive
Officer and a director of MDN. Marc has over 25 years experience in
mineral exploration, 12 of which spent in Tanzania, and he has an
excellent understanding of the country's geological and operational
setting. Before joining MDN, Marc gained solid experience with major
international mining companies like Barrick Gold, Noranda and Inmet.
His mandate will be to oversee the general management of MDN and the
administration of all our activities in Tanzania. He will also be
responsible for finding strategic partners or external funding needed
to develop our exploration projects properly. He will focus his
efforts on the Ikungu, Ikungu East, Nikonga and Isambara projects,
which we consider to be our best gold assets in Tanzania. Marc
Boisvert will be supported in his new role by a team of experienced
Tanzanian geologists and technicians assigned exclusively to
exploration in Tanzania, as well as by Yves Therrien, MDN's Chief
Financial Officer."  
"I wish to thank Serge Bureau for his unflagging efforts since 2010
in a very difficult economic climate for junior exploration
companies," concluded Serge Savard. "We wish Marc and Serge every
success in developing our business."  
Serge Savard, Chairman of the Board of Directors of MDN Inc. 
About MDN  
MDN Inc. (TSX:MDN) is a mining exploration and development company
with properties in Quebec and Tanzania. MDN has a 30% working
interest in the Tulawaka producing gold mine in Tanzania, along with
many other promising gold exploration projects. In Quebec, MDN has a
72.5% interest in Crevier Minerals Inc., which owns an NI 43-101
niobium-tantalum resource that is presently the subject of a
feasibility study.  
Forward-Looking Statements Other than statements of historical fact,
all statements in this release that address events or developments
that the Company expects to occur are forward-looking statements.
Although the Company believes that the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance, and actual
results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements are discussed in
greater detail in the Company's most recent Annual Information Form
filed on SEDAR, which also provides additional general assumptions in
connection with these statements. Investors and others who base
themselves on the Company's forward-looking statements should
carefully consider the factors mentioned in the Annual Information
Form, as well as the uncertainties they represent and the risk they
entail. The Company believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct, and as such,
the forward-looking statements in this press release should not be
unduly relied upon. These statements speak only as of the date of
this press release. 
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Contacts:
MDN Inc.
Serge Bureau, Ing.
President and Chief Executive Officer
514 866-6500, Ext. 221 
MDN Inc.
Marc Boisvert
Vice President, Exploration
514 866-6500, Ext. 227
mboisvert@mdn-mines.com 
MDN Inc.
Vincent Janelle
Investor Relations
514 866-6500, Ext. 228
vjanelle@mdn-mines.com
www.mdn-mines.com
 
 
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