I can suggest a method i use
First of all, you must create a ray that represents your mouse position in 3d space
vector3 near = new vector3(mouse.x,mouse.y,0);
vector3 far = new vector3(mouse.x,moue.y,1);
near GraphicsDevive.Viewport.Unproject(near,view,projection,world);
near GraphicsDevive.Viewport.Unproject(far,view,projection,world);
matrix world must be inverse of your models world matrix.
vector3 direction = far - near;
Ray ray = (near,direction);
the test this ray for collision with models bounding sphere.
I demand excude for this arbitrary answer that can't be pasted in your project, but im little bit lazy to consult references.
UPDATE. http://xbox.create.msdn.com/en-US/education/catalog/sample/picking_triangle
Here is an accurate example of model picking. It is more accurate than mine, but it involves ModelProcessor modifying.
GraphicsDevice.Viewport.Unproject(...)– Daniel Carlsson Aug 13 '12 at 11:39