- Published: 22 October 2008
- Written by Editor
Tulawaka Mine Produces 53,694 Ounces of Gold During the Third Quarter of 2008
MDN Inc. ("MDN") (TSX:MDN) is pleased to announce that the Tulawaka Gold Mine in Tanzania produced 53,694 ounces of gold during the third quarter ended September 30, 2008. Tulawaka gold production now amounts to 625,797 ounces since the beginning of operations in March 2005.
For the third quarter, 60,945 ounces of gold were sold into the spot market at an average price of US$865 for total sales of US$52.7M. Since the beginning of operations in March 2005, a total of 615,925 ounces of gold were sold.
During the third quarter, the plant facilities processed 97,774 tonnes of ore at an average grade of 17.8 g/t gold and at a gold recovery rate of 96.2%. Total cash costs averaged US$231 to produce an ounce of gold during this quarter.
Paul-A. Girard, president and CEO of MDN stated: "The production level from the Tulawaka Gold Mine for the quarter are as planned, and the positive cash generated continues to add to MDN's financial strength. Given these uncertain times, our financial resources and debt free balance sheet provide us with the financial flexibility needed to seize upon opportunities to add value for our shareholders. Our 3rd quarter financial results, which will be released shortly, will confirm our financial strength and the depth of our resources".
2008 year to date production results
For the first nine months of the year 2008, the plant facilities processed 279,360 tonnes of ore at an average grade of 21.3 g/t gold and at an average recovery rate of 95.8%, for a production of 182,807 ounces of gold. Total cash costs averaged US$195 to produce an ounce of gold during this period.
For the nine months period, a total of 182,761 ounces of gold were sold at the spot market at an average price of US$893 for total incomes of US$163.2M.
The Tulawaka project is a joint-venture between MDN (30%) and Pangea Goldfields Inc. (70%), a wholly owned indirect subsidiary of Barrick Gold Corporation and project operator through its Tanzanian subsidiary Pangea Minerals Ltd. The information disclosed on the Tulawaka Gold Mine is based on information provided by the Operator.
MDN Inc. is a Montreal-based Canadian exploration company that holds a 30% participation in the Tulawaka Gold Mine (Tanzania). Its main exploration activities are carried out in Quebec through gold and base metal interests and in Tanzania through a majority interest in 28 adjacent mineral licenses.
SOURCE: MDN Inc.
President & CEO
Yves Therrien, CMA
Advisor, Corporate Development
President & CEO
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