Moto Goldmines Limited

Moto Goldmines Limited

May 28, 2009 10:18 ET

Moto Announces Completion of the Transfer of Exploitation Permits

PERTH, WESTERN AUSTRALIA--(Marketwire - May 28, 2009) -


Moto Goldmines Limited ("Moto") (TSX:MGL)(AIM:MOE) is pleased to announce the completion of the transfer of relevant portions of the ten exploitation permits covering the area of the Moto Gold Project (the "Project Area") from l'Office des Mines d'Or de Kilo-Moto ("Okimo") to the joint venture company Kibali Goldmines s.p.r.l (formerly Borgakim Mining s.p.r.l) ("Kibali").

During the registration process, the Project Area was revised from 2,143 to 2,161 carres (approximately 1,836 sq km) to take into account the requirement for the transfer of whole carres as required by the DRC Mining Code. The Exploitation Permits for the Project Area will be held directly by and for the benefit of Kibali.

As agreed in the joint venture agreement, Kibali will apply to transfer to Okimo the specific exploitation rights to mine certain historic tailings within the Project Area.

Okimo has been issued shares in Kibali representing 30 per cent. of the issued share capital and Moto is making payment of the pas de porte of US$ 4.5 million.

Caution Regarding Forward-Looking Statements: Certain statements contained in this announcement that are not historical facts constitute "forward-looking statements", including but not limited to those statements with respect to the Company's plans for debt financing of the Project and with respect to the development of mineral deposits, the price of mineral commodities and the Company's financial resources. There can be no assurance that debt financing for the Project will be made available on terms that are acceptable to the Company or at all that the Moto Gold Project will be successfully developed, that any mineralisation previously disclosed in respect of the Moto Gold Project will be proven to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified in the Project or that future required regulatory approvals will be obtained.

ARBN 113 274 874

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