Mining Stocks News; MDN (TSX:MDN) Posts 2009 Financial Results

Mining Stocks News; MDN (TSX:MDN) Posts 2009 Financial Results

MONTREAL, QUEBEC–(Investorideas.com Mining Stocks Newswire) – MDN Inc. (TSX:MDN) («MDN») today released its audited financial statements for the year ended December 31, 2009. Management’s discussion and analysis and the audited financial statements are available on the Company’s website (www.mdn-mines.com) and on SEDAR (www.sedar.com).

Revenue for the year ended December 31, 2009 totaled $7.1 million compared with $27.3 million for the same period in 2008. MDN received a royalty equivalent to 30% of the available liquidity of the Tulawaka gold mine, or $6.9 million plus interest revenue of $155,436 from investments.

The Tulawaka gold mine produced a total of 748,000 ounces of gold since the beginning of operations as an open pit in 2005. The year 2009 was the first year as an underground operation and ramps and galleries were completed down to the 7th level. Gold extraction from stopes took place in majority from the top three levels and underground exploration allowed the 2009 extracted reserves to be replaced.

Tulawaka’s life of mine as of December 31, 2009 was estimated at approximately two years based on its proven and probable reserves. However, based on current successful underground drilling results, a plan to extend underground exploration drilling is being developed to define the potential for life of mine extensions. The Tulawaka mine carries no debt.

Working capital as of December 31st, 2009 amounted to 19.8 million dollars