Many people complete the cycle section of a triathlon on a MTB. Its still a bike and will get you round the course but its never going to be as quick as a well set up road bike.
You need to think about 3 things to be competitive on the MTB
1. Rolling resistance. Change the MTB tyres for some slicks and pump the presure right up.
2. Aerodynamics. Your MTB will be very upright but comfortable. Try to flip you stem over or swap around some spacers to lower the stem. This will reduce your frontal area.
3. Weight. Take off any unwanted items from the bike. So lights, mudgaurds, bags, racks and the likes to save weight.
Try these 3 things and they should make a difference, but training, training and training will make the biggest difference.
Matt