A recent paper (Dec 2006) is reviewed here: (Villareal, Archives Int. Med.)
http://archinte.ama-assn.org/cgi/conten ... 66/22/2502
http://www.eatqod.com/forum/viewtopic.php?t=151
The bottom line is, dieting without exercise even over a 1-year period, appears to result in substantial bone loss, even if you are taking Ca/Mg/vitamin D supplements.
The authors have not studied diet PLUS exercise. They just studied diet OR exercise to lose weight. Both groups achieved a 10% weight loss, but the diet group lost bone, the exercise group did not.
It remains an open question if exercise combined with dieting will protect the bones. Common sense suggests that it should, and it is tough to exercise sufficiently to lose a substantial amount of weight for most people.
But the "two oars in the water" idea is key - you MUST exercise, and especially while dieting, to protect your bones.
JT