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

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

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

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

  2. 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.

  3. 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

  4. 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

  5. Management

  6. Strong Financial PositionFirst Half 2009 Results

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

  8. 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

  9. 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

  10. ANITAPROJECT Location of Niobium and Tantalum Resource

  11. 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

  12. 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

  13. 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)

  14. 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

  15. 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

  16. 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

  17. 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

  18. 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%

  19. Isambara South Zone Drill Program Phase 1 300 m Proposed Drill Hole

  20. 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

  21. IkunguSame geo environment as Kiabakari - Buhemba Au - Cu Musoma Ikungu Kiabakari Buhemba Au-Cu Mwanza 100 km

  22. 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

  23. 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

  24. 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

  25. 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

  26. Key Facts *As of June 30, 2009

  27. 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

  28. 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

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