February 3, 2011 / 1:08 PM / in 7 years

UPDATE 1-MDN says Crevier deposit extends by 400 metres

* Says has the option to buy up to 87.5 pct in the property

* Says 2010 drilling was to support feasibility study

Feb 3 (Reuters) - MDN Inc MDN.TO said mineraliztion zone in its Crevier deposit in Quebec extended by 400 metres after it completed drilling eight holes in the property last year.

The company, which currently has a 70 percent interest in Crevier niobium-tantalum property, said it has the option to acquire up to 87.5 percent of the project after the feasibility study is completed. Iamgold IMG.TO owns the rest of Crevier property.

The 1,063-metre drilling program carried out in 2010 in the Crevier deposit was to support the feasibility study currently underway, the company said in a statement.

Shares of the Quebec-based company closed at 44.5 Canadian cents on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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