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MDN's Tanzanian gold JV deal with Sichuan Xinye Investment falls through

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MDN's Tanzanian gold JV deal with Sichuan Xinye Investment falls through

MDNInc. said May 4 that it has terminated the heads of agreementsigned with Sichuan Xinye Investment Corp. of Mining and Exploration, or Xinye,over a joint venture in Tanzania after the companies failed to conclude adefinitive agreement over the deal.

The agreement was signed in September 2015, contemplating theestablishment of a joint venture over MDN's Ikungu and Ikungu East propertieswithin the Ikungu gold project in Tanzania. MDN also said inJanuary that Xinye has already made the US$200,000 cash payment and that Xinyeintended to continuewith the definitive agreement.

Following the termination of the deal, MDN said it willretain the US$200,000 payment, having complied with all its obligations, andthat the company will explore new sale or partnership opportunities for itsproperties in Tanzania.