1. NOV/DEC 2009 EXPLORING FOR OUR NEXT GOLD MINE FUNDING A TOP TIER Nb/Ta mine

2. 2 TSX: MDN 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. 3 TSX: MDN MDN at a glance  A Canadian exploration and development company based in Montreal, listed on the TSX under MDN  Gold producer since 2005 in Tanzania (MDN 30%, Barrick 70%) − 2009 cash flows from Tulawaka gold mine should be about C$10 million (MDN’s share)  Working capital of C$25 million, profitable and no debt  Actively exploring for gold in Tanzanian world-class district and in Quebec − 621 sq km in Tanzania around several world class gold mines  Technical exploration and management expertise in financing and building mines with partners

4. 4 TSX: MDN Strong Financial Position - 2009 Results Nine-month period ending September 30, 2009 Revenue $7,555,170 Net income $2,685,193 Book value per share $0.49 Cash and cash equivalents $20,412,805 Production (oz) Tulawaka Production nine-month period (U/G) 74,543 MDN’s 30% share (oz) 22,363 U/G Average grade (g/t) 15.3 Recovery rate 94% Cash costs/oz US $383

5. 5 TSX: MDN Recent Developments  Over 728,910 oz of gold produced at Tulawaka gold mine since 2005; going toward 1 Million oz over next few years  Drilling program ongoing in Tanzania since July and until the end of 2009 – preliminary results published on 100% owned Isambara and Ikungu high grade project is currently being drilled  Acquired 28.75 % interest in Anita, a large niobium (Nb) and tantalum (Ta) resource in Quebec − Right to acquire control interest of up to 75% over next 3 years − Scoping study started in June 2009 and drilling campaign of 5,500m was initiated

6. 6 TSX: MDN The Anita project Generate additional near term cash flows from Rare & Strategic Metals

7. 7 TSX: MDN ANITA PROJECT Location of Niobium and Tantalum Resource

8. 8 TSX: MDN  A 25.75 million metric tonne resource  Open pit operation currently under study for at least 18 years  More exploration will be on the deposit’s southern and northern extensions to expand the resource  Proposed annual targeted output of the mine is: − 1.2 million kg of Niobium oxide (Nb 2 O 5 ) at US$ 45 per kg − 115,000 kg of Tantalum oxide / K-salt (Ta 2 O 5 /TaK 2 F 7 ) at US$ 150 per kg Investment Highlights ResourcesDepthM tonnesTa 2 O 5 g/tNb 2 O 5 g/tTa 2 O 5 KgNb 2 O 5 Kg Indicated*0-250 m25.751991,8605,124,25047,895,000 Inferred*250-350 m16.882041,6203,443,52027,345,600 *Cut-off grade of 1,000 g/t Nb included as reported by SGS Geostat – April 6 th 2009

9. 9 TSX: MDN The Demand for Niobium & Tantalum  The unique properties of these rare and strategic metals are very useful in superalloys (Nb) and tantalum condensers (Ta)  Industrial applications include: − Aerospace − Aeronautics − Steel manufacturing − Nuclear plant processing − Equipment manufacturing such as turbine blades, engines etc.

10. 10 TSX: MDN  The current shareholders 28.75% MDN Inc 37.5% IAMGOLD Inc 33.75% private investors  The asset 100% of Nb-Ta deposit No Royalty Very good location in Québec, Canada Road, water, power, and labour access  The funding: a total of $13.5 million over the next few years − to develop the feasibility study of the resource and to give MDN rights to acquire up to 75% of equity in the project Corporate Profile of Anita

11. 11 TSX: MDN  We have the team in place to complete the feasibility of the project − Feasibility and technical studies underway with a completion target of 2011 − Roskill confirms advantages of the project and the high probability of success  We have an off-take agreement with IAMGOLD, the 3rd largest producer of ferro-niobium in the world − All of our niobium oxide production could be, if needed, purchased by IAMGOLD for the life of the mine, for the production of ferro-niobium Anita – The next Nb / Ta Producer

12. 12 TSX: MDN MDN in Tanzania

13. 13 TSX: MDN Tanzania is Africa’s 3rd largest gold producer hosting 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 Mine 3.3 M oz Au reserves

14. 14 TSX: MDN 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

15. 15 TSX: MDN Tulawaka Longitudinal Map

16. 16 TSX: MDN Focusing in Tulawaka Gold Mine district An area barely explored due to sand cover Tulawaka Mine > 0.7 M oz Au Buck Reef 1.8 M oz Au Geita Mine > 10 M oz Au Bulyanhulu mine >10 M oz Au Isambara 50 km Viyonza Mnekezi Msasa Isozibi Lake Victoria Geology Barth 1990 VolcanicsGranites Bukoban Sediments & sand cover Gold Showings

17. 17 TSX: MDN Exploring western extension of 2 volcanic belts hosting World-Class Gold Mines Isambara Viyonza Mnekezi Isozibi Tulawaka Mine > 0.7M oz Au Buck Reef 1.8 M oz Au Geita Mine > 10 M oz Au Msasa Bulyanhulu Mine >10 M oz Au Lake Victoria Geology Barth 1990 Airborne Calculated Resistivity (2004) High Resistivity Low Resistivity Granite Volcanics

18. 18 TSX: MDN Isambara 5 km strike length gold soil anomaly 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 zone 2.Soil Detail survey over Central & North Zone 3.Drilling phase 2 testing Central & North Zone 4.Drilling Phase 3 follow-up on best drill results Soil Survey Percentile Contour Gold >70% > 90%

19. 19 TSX: MDN Isambara - South zone Phase 1 drilling 300 m Drill section Section 1015 NW

20. 20 TSX: MDN 140 m 8.35 g/t Au / 0.5m 9,13 g/t Au / 1.0m 3.85 g/t Au / 1.0m 7.66 g/t Au / 1,0m 1 200m 1 100m ISSDD 32ISDD 33 ISDD-33: 153 m @ 0,31 g/t Au ISDD-32: 84 m @ 0,33 g/t Au > 5.0 g/t Au 0.2 to 0.5/t Au 0.5 to 2.0 g/t Au 2.0 to 5.0 g/t Au 0.1 to 0.2/t Au Isambara - Drill section 1015 NW

21. 21 TSX: MDN Robert et Al. 2007, Exploration 07 Isambara - Proposed Model

22. 22 TSX: MDN Ikungu Same geo environment as Kiabakari - Buhemba 100 km Au-Cu Ikungu Musoma Mwanza Kiabakari Buhemba Au - Cu

23. 23 TSX: MDN 1 km Background Map 1 st 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 HW NW Structure 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 Proposed Drill Holes Ikungu Drilling Program (Q3/Q4 2009 - 2010)

24. 24 TSX: MDN 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)

25. 25 TSX: MDN  Msasa: 2 nd 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 Exploration Program in Tanzania $1.5 to 3 million in Q3/Q4 2009 (cont’d)

26. 26 TSX: MDN Key Facts Shares outstanding (fully diluted)98.9M 52 week trading range$0.42-0.85 Recent trading price$0.60 Market capitalization$60M 2008 Net income$22.1M Cash position*$20.4M *As of September 30, 2009

27. 27 TSX: MDN Contacts Paul-A. Girard, President & CEO pagirard@mdn-mines.com Marc Boisvert, VP Exploration mboisvert@mdn-mines.com Nicole Blanchard, Investor relations 450.973.6600nicole.blanchard@isuncomm.com Suite 680 – Place du Canada 1010 de la Gauchetière West Montreal, Quebec (514) 866-6500 www.mdn-mines.com Question Period