MDN Reports Lower Profits as Assets Written Off

By Midnight Trader,  May 11, 2012, 03:07:33 PM EDT

Mining and exploration company MDN Inc.(MDN.TO) today reported a net loss of $1.6 million or 16 cents per share for the first quarter of 2012, compared with a net loss of $640,000 or 6 cents per share for the same period in 2011.

The company said its net loss is attributable to the write-off of the Msasa exploration asset of $947,000. No royalties were declared from the Tulawaka mine in Tanzania.

The Company's working capital was $8.85 million.

Total gold production at Tulawaka for the first quarter was 15,963 ounces, compared with 19,616 ounces produced in the same quarter in 2011.

MDN shares were off 2% to $0.215.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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