MDN Closes Acquisition of James Bay Niobium (Argor) Property
MONTREAL, QUEBEC--(Marketwired - Jun 28, 2016) - MDN Inc. (the "Company") (TSX VENTURE:MDN) is pleased to announce that it has closed the previously announced acquisition of the James Bay Niobium (Argor) property from Barrick Gold Inc., James Bay Columbium Ltd. and Goldcorp Inc.
About James Bay (Argor) property
The James Bay (Argor) property is located in the James Bay Lowlands in Northern Ontario. Historic exploratory and detailed drilling totalling over 14,000 meters was completed in the 1960s. 85 holes were drilled at a maximum depth of 275 meters, in sections of 61 meters intervals along a strike of 730 meters. A historic estimate was finalized by Dr. P. Price of Canadian Bechtel Ltd in 1967 and indicated 62 million tonnes at 0.52% Nb2O5. Moreover, an exploration shaft was sunk and a 250 tonne bulk sample was extracted to subsequently be used in a pilot plant which demonstrated a high recovery rate of 78%.
The historical resources estimate, the historical feasibility and the historical metallurgical testing are based on data obtained by previous owners in the 1960s. MDN has not yet undertaken the work necessary to verify or classify those historical results. Economic studies completed in the 1960s do not mean the Argor deposit would be found to be economic today. MDN is not treating the historical results as a current mineral resource nor as having been verified by a qualified person.
Claude Dufresne, P. Eng., acted as the qualified person as defined in National Instrument 43-101 ("NI 43-101"). He reviewed and approved the technical and scientific content of this press release.
About MDN (TSX VENTURE:MDN)
MDN Inc. is a mining exploration company that recently acquired the James Bay Niobium (Argor) property in Ontario, Canada. MDN also holds a 72.5% interest in Crevier Minerals Inc., which owns a niobium tantalum resource in Quebec, Canada and the Ikungu and Ikungu East Gold properties in Tanzania.
Forward-Looking Statements
This press release contains forward-looking statements. 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. 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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Contact
Claude Dufresne, P.Eng
President & CEO
MDN Inc.
514 866-6500, Ext. 221
cdufresne@mdn-mines.com
www.mdn-mines.com
