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

2 TSX: MDN

Cautionary StatementCautionary StatementCautionary StatementCautionary 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 TSX: MDN

MDN at a glanceMDN at a glanceMDN at a glanceMDN 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 TSX: MDN

Recent DevelopmentsRecent DevelopmentsRecent DevelopmentsRecent 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 TSX: MDN

Management Management Management Management

Executive Team

Paul-A. Girard, President & CEO

Marc Boisvert, P. Eng. VP Exploration

Richard Corbo, Corporate Development

Yves Therrien, CMA, VP Finance

Field Team

Guillaume Mamias, MSc, Project Manager Tanzania

Francis Chartrand, Ph.D., Project Manager Québec

Stéphane Carignan, Country Manager

Edwin Mchihiyo, Director MDN Tanzania

Dennis Lahondès, MSc, Senior Geologist

Rajab Balama, Senior Geologist

6 TSX: MDN

Strong Financial PositionStrong Financial PositionFirst Half 2009 ResultsFirst Half 2009 ResultsStrong Financial PositionStrong Financial PositionFirst Half 2009 ResultsFirst Half 2009 Results

Six-month periodending June 30, 2009

Revenue $4,764,884

Net income $1,947,544

Net income per share $0.02

Book value per share $0.49

Cash and cash equivalents $20,446,000

Production (oz)

Tulawaka Production six-month period (U/G)

45,054

MDN’s 30% share (oz) 13,516

Average grade (g/t) 7.1

Recovery rate 93.9%

Cash costs/oz US $388

7 TSX: MDN

NewNew InvestmentInvestmentGenerate additional near term cash flows Generate additional near term cash flows

with acquisition of Rare & Strategic with acquisition of Rare & Strategic Metals Advanced ProjectMetals Advanced Project

8 TSX: MDN

The Demand for NiobiumThe Demand for NiobiumThe Demand for NiobiumThe 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 TSX: MDN

The Demand for TantalumThe Demand for TantalumThe Demand for TantalumThe 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 TSX: MDN

ANITAPROJECT

Location of Niobium and Tantalum ResourceLocation of Niobium and Tantalum ResourceLocation of Niobium and Tantalum ResourceLocation of Niobium and Tantalum Resource

11 TSX: MDN

The in situ 43-101 values* resource amounts to:

Excellent location in Québec, with roads, water and power accessibility

No royalty

News flow will include pit design, metallurgy, market study & drilling upgrade

Commercial production planned for 2012

The Nb and Ta ResourceThe Nb and Ta Resource The Nb and Ta ResourceThe Nb and Ta Resource

Resources M tonnes Ta2O5 g/t Nb2O5 g/t Ta2O5 Kg Nb2O5 Kg

Indicated* 25.75 199 1,860 5,124,250 47,895,000

Inferred* 16.88 204 1,620 3,443,520 27,345,600

*Cut-off grade of 1,000 g/t niobium is included as reported by SGS Geostat – April 6th 2009

12 TSX: MDN

Anita: Work in Progress since June 2009Anita: 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 TSX: MDN

Tanzania is Africa’s 3rd largest gold producer Tanzania is Africa’s 3rd largest gold producer hosting World-Class Gold Depositshosting World-Class Gold DepositsTanzania is Africa’s 3rd largest gold producer Tanzania is Africa’s 3rd largest gold producer hosting World-Class Gold Depositshosting World-Class Gold Deposits

• Tanzania produced more than one million ounces from Geita, Bulyanhulu & other mines in 2008

• In May 2009 Barrick started the Buzwagi Mine (3.3 million ounces reserves)

Geita Mine>10 M oz Au

Bulyanhulu Mine> 10 M oz Au

Tulawaka Mine> 0.7M oz Au

Buzwagi Mine3.3 M oz Au reserves

14 TSX: MDN

Focusing in Tulawaka Gold Mine districtFocusing in Tulawaka Gold Mine districtAn area barely explored due to sand coverAn area barely explored due to sand coverFocusing in Tulawaka Gold Mine districtFocusing in Tulawaka Gold Mine districtAn area barely explored due to sand coverAn area barely explored due to sand cover

Tulawaka Mine> 0.7 M oz Au

Buck Reef1.8 M oz Au

Geita Mine> 10 M oz Au

Bulyanhulu mine>10 M oz Au

Isambara

50 km

Viyonza

Mnekezi

Msasa

Isozibi

Lake Victoria GeologyBarth 1990Volcanics Granites

Bukoban Sediments& sand cover

Gold Showings

15 TSX: MDN

Exploration Program in TanzaniaExploration Program in Tanzania$1.5 to 3 million in Q3/Q4 2009$1.5 to 3 million in Q3/Q4 2009Exploration Program in TanzaniaExploration Program in Tanzania$1.5 to 3 million in Q3/Q4 2009$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 TSX: MDN

MDN controls 621 km2 area around the MDN controls 621 km2 area around the Tulawaka Gold Mine Tulawaka Gold Mine MDN controls 621 km2 area around the MDN controls 621 km2 area around the Tulawaka Gold Mine Tulawaka Gold Mine

Geita Mine>10 M oz. Au

Bulyanhulu > 10 M oz Au

Tulawaka> 0.7M oz Au

17 TSX: MDN

Exploring Western Extension of 2 volcanic Exploring Western Extension of 2 volcanic belts hosting World-Class Gold Minesbelts hosting World-Class Gold MinesExploring Western Extension of 2 volcanic Exploring Western Extension of 2 volcanic belts hosting World-Class Gold Minesbelts hosting World-Class Gold Mines

Isambara

Viyonza

Mnekezi

Isozibi

Tulawaka Mine> 0.7M oz Au

Buck Reef1.8 M oz Au

Geita Mine> 10 M oz Au

Msasa

Bulyanhulu Mine>10 M oz Au

Lake Victoria GeologyBarth 1990

Airborne Calculated Resistivity (2004)

High Resistivity

Low Resistivity

Granite

Volcanics

18 TSX: MDN

Isambara 5 km strike length gold soil anomalyIsambara 5 km strike length gold soil anomaly70 km west of Geita Mine (>10 M ounces gold)70 km west of Geita Mine (>10 M ounces gold)Isambara 5 km strike length gold soil anomalyIsambara 5 km strike length gold soil anomaly70 km west of Geita Mine (>10 M ounces gold)70 km west of Geita Mine (>10 M ounces gold)

North Zone

Central Zone

South Zone

Exploration Program (2009-2010)

1.Drilling Phase 1 testing South zone2.Soil Detail survey over Central & North Zone3.Drilling phase 2 testing Central & North Zone4.Drilling Phase 3 follow-up on best drill results

Soil SurveyPercentile Contour

Gold

>70%

> 90%

19 TSX: MDN

Isambara South Zone Isambara South Zone Drill Program Phase 1Drill Program Phase 1Isambara South Zone Isambara South Zone Drill Program Phase 1Drill Program Phase 1

300 m

Proposed Drill Hole

20 TSX: MDN

Isambara South ZoneIsambara South ZoneSeveral parallel trends to be drill testedSeveral parallel trends to be drill testedIsambara South ZoneIsambara South ZoneSeveral parallel trends to be drill testedSeveral parallel trends to be drill tested

1 km

< 20% <1.26

>20% >1.26

>50% > 2.25

>70 % > 5.0

>90 % > 6.38Threshold = 1.82

Percentile & Ratio

21 TSX: MDN

Ikungu Ikungu Same geo environment as Kiabakari - Same geo environment as Kiabakari - BuhembaBuhemba

Ikungu Ikungu Same geo environment as Kiabakari - Same geo environment as Kiabakari - BuhembaBuhemba

100 km

Au-Cu

Ikungu

Musoma

Mwanza

KiabakariBuhemba

Au - Cu

22 TSX: MDN

1 km

Background Map 1st derivative Airborne Mag

70.1 g/t Au

56.8 g/t Au

35.9 g/t Au

12.0 g/t Au

Grab Sample Location

•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

HW

FW

FW

HW

NW

Stru

cture

Drill Phase 1 Testing high grade extensions of 2 Reefs

Drill Phase 2Testing other soil anomalies along NW Structure

Soil Detail of SW structure

Drill Phase 3Drill Follow-up on best zones

Proposed Drill Holes

Ikungu Drilling Program (Q3/Q4 2009 - 2010)Ikungu Drilling Program (Q3/Q4 2009 - 2010)Ikungu Drilling Program (Q3/Q4 2009 - 2010)Ikungu Drilling Program (Q3/Q4 2009 - 2010)

23 TSX: MDN

Msasa - 19 km South of Tulawaka Gold MineMsasa - 19 km South of Tulawaka Gold MineDrill intersections along gold soil anomaly 1.5 km strike lengthDrill intersections along gold soil anomaly 1.5 km strike lengthMsasa - 19 km South of Tulawaka Gold MineMsasa - 19 km South of Tulawaka Gold MineDrill intersections along gold soil anomaly 1.5 km strike lengthDrill intersections along gold soil anomaly 1.5 km strike length

500 m

1.5

km

400 m

Soil Survey

Tulawaka

Buck Reef

GeitaMine

Isambara

25 Km Lake Victoria GeologyBarth 1990

Viyonza

Mnekezi

Msasa

Isozibi

24 TSX: MDN

Viyonza: 600 m zone hosting several gold Viyonza: 600 m zone hosting several gold values with content of > 10 g/t Au values with content of > 10 g/t Au Viyonza: 600 m zone hosting several gold Viyonza: 600 m zone hosting several gold values with content of > 10 g/t Au values with content of > 10 g/t Au

Tulawaka

Buck Reef

GeitaMine

Isambara

25 Km Lake Victoria GeologyBarth 1990

Viyonza

Mnekezi

Msasa

Isozibi

200 m

>10g/t

>1g/t

>5g/t

25 TSX: MDN

Viyonza: Drill target area is part of 6 km strike Viyonza: Drill target area is part of 6 km strike length anomalous trend yet untestedlength anomalous trend yet untestedViyonza: Drill target area is part of 6 km strike Viyonza: Drill target area is part of 6 km strike length anomalous trend yet untestedlength anomalous trend yet untested

< 20%

>20%

>50%

>70 %

>90 %

Percentile Au

Soil SurveyDrill Area>10 g/t Au

23.3 g/t / 7m

2 km

6 km

26 TSX: MDN

Key FactsKey FactsKey FactsKey Facts

Shares outstanding (fully diluted) 98.9M

52 week trading range $0.42-1.12

Recent trading price $0.55-$0.60

Market capitalization $60M

2008 Net income $22.1M

Cash position* $20.5M

*As of June 30, 2009

27 TSX: MDN

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

LOW HIGHEstimated Valuation $68 mm $124 mm

Per Share $ 0.68 $ 1.25 +83%

Sum of the parts valuationSum of the parts valuationSum of the parts valuationSum of the parts valuation

1. African explorers’ market cap $30 to 60 million

2. REE deposits and entities (exploration to advanced stage) market cap - $40 to 50 million

28 TSX: MDN

ContactsContacts

Paul-A. Girard, President & CEOPaul-A. Girard, President & CEOpagirard@mdn-mines.com

Marc Boisvert, VP ExplorationMarc Boisvert, VP Explorationmboisvert@mdn-mines.com

Richard Corbo, Corporate DevelopmentRichard Corbo, Corporate Developmentrcorbo@mdn-mines.com

Nicole Blanchard, Investor relationsNicole Blanchard, Investor relations450.973.6600 450.973.6600 nicole.blanchard@isuncomm.com

Suite 680 – Place du CanadaSuite 680 – Place du Canada1010 de la Gauchetière West1010 de la Gauchetière WestMontreal, QuebecMontreal, Quebec

(514) 866-6500(514) 866-6500

www.mdn-mines.comwww.mdn-mines.com