Press releases

MDM operating update

MDM Operating Update

10 February 2010

Following the announcement by [First Uranium Corporation Limited] (“First Uranium”) that, as the environmental authorisation for the tailings storage facility for its Mine Waste Solutions tailings recovery project has been withdrawn, it is seeking to delay the development thereof, MDM announces that it believes that the Phase 2 construction of the First Uranium Gold and Uranium Project in Stilfontein, South Africa (the “Project”) may be suspended. MDM has not yet received any formal notification from First Uranium regarding the suspension and as to the revised timetable for the Project but will notify the market when further information is available.

MDM’s management believe that this suspension could result in the Group’s profit before tax for the year to 31 March 2010 being approximately [4-8%] below management’s expectations prior to the suspension of the Project.

Key Information:

MDM Engineering Group Limited is a minerals process and project management company focused on the mining industry. The Company provides a wide range of services from preliminary and final feasibility studies, through to plant design, construction and commissioning. To date, the Company's clients have largely been junior and mid-tier mining corporations with operations in Africa.

In May 2008, the Company successfully listed on the AIM market of the London Stock Exchange. The MDM Engineering core technical team has a 20 year track record of completing a wide range of studies and execution projects across a variety of minerals, including precious metals, base metals, ferrous and non-ferrous metals, uranium and diamonds.

The Company has adopted an approach to project execution based on an open-book Engineering, Procurement, Construction Management ("EPCM" or ";cost-plus") basis. With a core focus on Africa, MDM Engineering is setting the benchmark standard for best practice in the mining services industry through its commitment to providing the highest quality services and actively engaging with clients to ensure maximum transparency.

Enquiries:

MDM Engineering Group Limited

Grant Lowman (Chief Executive)
Tel: +27 (0) 11 993 4300

George Bennett (Executive Director)
Tel: +27 (0) 11 993 4300

Dominique de la Roche (Finance Director)
Tel: +27 (0) 11 993 4300

Numis Securities Limited

John Harrison (Nominated Adviser)
Tel: +44 (0) 207 260 1000

James Black (Corporate Broker)
Tel: +44 (0) 207 260 1000

 

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