Transcript Northern Mining Explorations Ltd.

SEPTEMBER 2009
EXPLORING IN THE SHADOW OF
TANZANIA’S WORLD-CLASS GOLD MINES
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.
TSX: MDN
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MDN 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
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Recent 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
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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
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Strong Financial Position
First Half 2009 Results
Six-month period
ending June 30, 2009
Revenue
Net income
Net income per share
Book value per share
Cash and cash equivalents
Production (oz)
MDN’s 30% share (oz)
Average grade (g/t)
Recovery rate
Cash costs/oz
TSX: MDN
$4,764,884
$1,947,544
$0.02
$0.49
$20,446,000
Tulawaka Production
six-month period (U/G)
45,054
13,516
7.1
93.9%
US $388
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New Investment
Generate additional near term cash flows
with acquisition of Rare & Strategic Metals
Advanced Project
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The 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
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The 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
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Location of Niobium and Tantalum Resource
ANITA
PROJECT
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The Nb and Ta Resource
The in situ 43-101 values* resource amounts to:
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

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
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Anita: 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
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Tanzania is Africa’s 3rd largest gold producer
hosting World-Class Gold Deposits
Geita Mine
>10 M oz Au
Bulyanhulu Mine
> 10 M oz Au
• 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)
Tulawaka Mine
> 0.7M oz Au
Buzwagi Mine
3.3 M oz Au reserves
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Focusing in Tulawaka Gold Mine district
An area barely explored due to sand cover
Geita Mine
> 10 M oz Au
Isambara
Viyonza
Isozibi
Buck Reef
1.8 M oz Au
Bulyanhulu mine
>10 M oz Au
Mnekezi
Tulawaka Mine
> 0.7 M oz Au
Msasa
50 km
Gold
Showings
Volcanics
TSX: MDN
Granites
Bukoban Sediments
& sand cover
Lake Victoria Geology
Barth 1990
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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)
 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

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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
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Exploring Western Extension of 2 volcanic
belts hosting World-Class Gold Mines
Isambara
Geita Mine
> 10 M oz Au
Viyonza
Isozibi
Mnekezi
Buck Reef
1.8 M oz Au
Tulawaka Mine
> 0.7M oz Au
Bulyanhulu Mine
>10 M oz Au
Msasa
Airborne Calculated
Resistivity (2004)
High Resistivity
Low Resistivity
TSX: MDN
Granite
Lake Victoria Geology
Barth 1990
Volcanics
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Isambara 5 km strike length gold soil anomaly
70 km west of Geita Mine (>10 M ounces gold)
Exploration Program (2009-2010)
1.Drilling Phase 1 testing South zone
2.Soil Detail survey over Central &
North Zone
North Zone
3.Drilling phase 2 testing Central &
North Zone
4.Drilling Phase 3 follow-up on best
drill results
Central Zone
South Zone
Soil Survey
Percentile Contour
Gold
>70%
> 90%
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Isambara South Zone
Drill Program Phase 1
300 m
Proposed Drill Hole
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Isambara South Zone
Several parallel trends to be drill tested
Percentile & Ratio
< 20% <1.26
>20% >1.26
>50% > 2.25
>70 % > 5.0
1 km
TSX: MDN
>90 % > 6.38
Threshold = 1.82
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Ikungu
Same geo environment as Kiabakari - Buhemba
Musoma
Ikungu
Kiabakari
Buhemba
Au-Cu
Au - Cu
Mwanza
100 km
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Ikungu Drilling Program (Q3/Q4 2009 - 2010)
35.9 g/t Au
1 km
•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
Drill Phase 1
Testing high grade
extensions of 2 Reefs
HW
Drill Phase 2
Testing other soil anomalies
along NW Structure
70.1 g/t Au
Soil Detail of SW structure
Drill Phase 3
Drill Follow-up on best zones
56.8 g/t Au
12.0 g/t Au
Grab Sample Location
Proposed Drill Holes
Background Map 1st derivative Airborne Mag
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Msasa - 19 km South of Tulawaka Gold Mine
Drill intersections along gold soil anomaly 1.5 km strike length
Geita
Mine
Isambara
Viyonza
Isozibi
Buck Reef
Mnekezi
Tulawaka
25 Km
Msasa
Lake Victoria Geology
Barth 1990
500 m
Soil Survey
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Viyonza: 600 m zone hosting several gold
values with content of > 10 g/t Au
Geita
Mine
Isambara
Viyonza
Isozibi
Buck Reef
Mnekezi
Tulawaka
25 Km
Msasa
Lake Victoria Geology
Barth 1990
>10g/t
>5g/t
>1g/t
200 m
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Viyonza: Drill target area is part of 6 km strike
length anomalous trend yet untested
Soil Survey
Drill Area
>10 g/t Au
Percentile Au
< 20%
>20%
>50%
>70 %
23.3 g/t / 7m
>90 %
2 km
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Key Facts
Shares outstanding (fully diluted)
52 week trading range
98.9M
$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
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Sum of the parts valuation
What is MDN worth today?
Based on

Cash on hand

Upside of the exploration program

Our 30% share of the Tulawaka gold mine operation

Our share of an advanced project in Nb and Ta
Estimated Valuation
Per Share
1
LOW
$68 mm
$ 0.68
2
HIGH
$124 mm
$ 1.25 +83%
1.
African explorers’ market cap $30 to 60 million
2.
REE deposits and entities (exploration to advanced stage) market cap - $40 to 50 million
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Contacts
Paul-A. Girard, President & CEO
[email protected]
Marc Boisvert, VP Exploration
[email protected]
Richard Corbo, Corporate Development
[email protected]
Suite 680 – Place du Canada
1010 de la Gauchetière West
Montreal, Quebec
(514) 866-6500
www.mdn-mines.com
Nicole Blanchard, Investor relations
450.973.6600
[email protected]
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