Moto Goldmines Limited
TSX : MGL
AIM : MOE

Moto Goldmines Limited

July 23, 2009 08:15 ET

Moto Goldmines Limited: Drill Results Demonstrate Mineral Resource Quality

PERTH, WESTERN AUSTRALIA--(Marketwire - July 23, 2009) -

"NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH ANY US NEWSWIRE SERVICE"

Moto Goldmines Limited ("Moto" or the "Company") (TSX:MGL)(AIM:MOE) is pleased to report that the contiguous Durba / Chauffeur / Karagba ("KCD") deposit, located within the Moto Gold Project (the "Project") in the Democratic Republic of Congo, continues to demonstrate potential for further growth in high grade Mineral Resources on the basis of results of a recent diamond drilling programme.



Significant results include:

- 116m @ 7.67 g/t from 584m to 700m - 8m @ 18.96 g/t from 402m to 410m

- 72m @ 6.87 g/t from 484m to 556m - 20m @ 16.09 g/t from 208m to 228m

- 96m @ 6.09 g/t from 272m to 368m - 10m @ 11.76 g/t from 326m to 336m

- 96m @ 5.17 g/t from 376m to 472m - 20m @ 9.66 g/t from 368m to 388m

- 42m @ 7.50 g/t from 300m to 342m - 22m @ 8.98 g/t from 310m to 332m

- 28m @ 8.07 g/t from 522m to 550m - 16m @ 8.75 g/t from 478m to 494m


The infill drilling campaign was conducted between December 2008 and July 2009 and targeted several broad zones of high grade Inferred Mineral Resources ranging from 200m to 600m below surface. Moto believes the drilling confirms the geological and grade continuity of the mineralization in the target area and reinforces the historically high conversion rate for the Project's Inferred Mineral Resources.

The KCD deposit is the central feature of the Company's recently completed 'Optimised Feasibility Study', already hosting over 70% of the Project's Mineral Reserves within an open pit and underground mining complex.

Commenting on the drill results, Andrew Dinning, President and Chief Operating Officer of the Company, noted:

"The KCD deposit has delivered Mineral Resource growth rates envied by the gold industry over the last 5 years, and the lodes targeted by this drilling have long been attractive targets. It is pleasing to see the results aligned with our expectations and the increased definition of these Mineral Resources puts the Project in a strong development position by providing potential for high value, organic growth of Mineral Reserves adjacent to the planned processing facility."

The location of these Mineral Resources is expected to have positive implications for the lead time to production from underground mining at the Project. Moto intends to continue to prioritize activities to upgrade the geological confidence of this mineralization and anticipates that these Mineral Resources will be brought in to the development and production schedule by the time mine production commences.

Location schematics are included in Appendix A and a full list of drill intersections is included in Appendix B.

MINERAL RESOURCES AND RESERVES

In January 2009, Moto announced an upgrade of Indicated Mineral Resources to 112.4 Mt at 3.1 g/t Au for 11.3 Moz of gold and an upgrade of Inferred Mineral Resources to 107.2 Mt at 3.3 g/t Au for 11.2 Moz of gold. The Mineral Resource estimate was undertaken by Cube Consulting Pty Ltd ("Cube") and complies also with the requirements of Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

In March 2009, Moto announced the completion of an 'Optimised Feasibility Study' principally compiled by Lycopodium Minerals Pty Ltd, Cube and SRK Consulting Pty Ltd. As part of this Feasibility Study, Probable Mineral Reserves were estimated to be 42.3 Mt at 4.0 g/t Au for 5.5 Moz of gold.

Moto Goldmines Limited website: www.motogoldmines.com

Additional Notes

For the results in Appendix B, the intersected true width ranges from approximately 75% to 100% of the intercept, with the exception of geotechnical holes DGT008, DGT010 and DGT011 which were drilled at shallow angles to the interpreted mineralization. For the quoted composites, the top grade cut is 50 g/t Au, the lower grade cut is 0.8 g/t Au with up to a maximum of 4m internal dilution being incorporated into the composite.

The Moto Group undertakes geological sampling and assay in accordance with its QA/QC program which includes the use of certified reference materials and duplicates. This program was audited by Snowden Mining Industry Consultants Pty Ltd ("Snowden") in July 2006 and in February 2009. Snowden is independent of Moto.

Gold assay work was undertaken by Genalysis Laboratory Services Pty Ltd ("Genalysis") in Perth, Western Australia. Genalysis is accredited under the National Association of Testing Authorities Australia for compliance with ISO/EC 17025 for Chemical Testing and is independent of the Moto Group. Assays are determined using fire assay methods with a 50 gram charge, AAS finish with a 0.10g/t Au detection limit.

Scientific or technical information in this news release that relates to geological data collection (drilling, assaying and database management) is based on information gathered under the supervision of Jean-Michel Graindorge who is a member of the Australasian Institute of Geoscientists (AIG) and is a qualified person under National Instrument 43-101 ("NI 43-101"). Jean-Michel Graindorge is an employee of Moto Goldmines Ltd. and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the "JORC Code"). Jean-Michel Graindorge consents to the inclusion in this report of the Information, in the form and context in which it appears.

The Information in this news release that relates to Mineral Resources is based on information compiled by Rick Adams and Ted Hansen who are members of the Australasian Institute of Mining and Metallurgy (AusIMM) and are qualified persons under NI 43-101. Rick Adams and Ted Hansen are directors of Cube Consulting Pty Ltd. and each has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Rick Adams and Ted Hansen consent to the inclusion in this report of the Information, in the form and context in which it appears.

The Information in this report that relates to the technical aspects of the open pit mine engineering discipline (including calculation of open pit Mineral Reserves) is based on information compiled by Cube Consulting Pty Ltd under the direction of Quinton de Klerk who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a qualified person under NI 43-101. Quinton de Klerk is a director of Cube Consulting Pty Ltd and has sufficient experience which is relevant to the type of deposit and open pit mining methods under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Quinton de Klerk consents to the inclusion in this report of the Information, in the form and context in which it appears.

The Information in this report that relates to the technical aspects of the underground mine engineering discipline (including calculation of underground Mineral Reserves) is based on information compiled by SRK Consulting Pty Ltd under the direction of Paul Kerr who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a qualified person under NI 43-101. Paul Kerr is an employee of SRK Consulting Pty Ltd. and has sufficient experience which is relevant to the type of deposit and underground mining methods under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Paul Kerr consents to the inclusion in this report of the Information, in the form and context in which it appears.

All the Mineral Resource estimates and Mineral Reserve estimates referred to in this news release have been classified and reported in accordance with the JORC Code. The JORC Code reporting guidelines are equivalent to the guidelines adopted for the Canadian National Instrument 43-101.

Caution Regarding Forward Looking Statements

Statements regarding Moto's plans with respect to developing the Moto Gold Project are forward-looking. There can be no assurance that any mineralisation will be proven to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified with the project or that future required regulatory approvals will be obtained. Actual results may vary from the results suggested by such forward-looking statements. Material risk factors that could cause actual results to differ materially from such forward-looking statements are identified below.

Risk Factors

Significant expenditure is required to develop the Project and the infrastructure required. Moto has no revenues and is wholly reliant upon external financing to fund all of its capital requirements. There can be no assurance that such financing will be available to Moto or, if it is, that it will be offered on acceptable terms.

In addition, there can be no assurance that the Moto Gold Project will be fully developed in accordance with the Moto's current plans or completed on time or to budget.

Feasibility studies derive estimates of cash operating costs based on anticipated tonnage and grades of ore to be mined and processed, the configuration of the orebody, expected recovery rates, comparable facility and equipment operating costs, anticipated climatic conditions and other factors. No assurance can be given that such estimates are correct or that the Moto will be able to extract minerals in sufficient quantities or of a sufficient grade to justify the estimates in such studies or Moto's commercial operations. As a result, it is possible that the Moto's actual operating costs and economic returns may differ from those currently estimated.

The mineral resources data included in this document are estimates only and no assurance can be given that the estimated quantities or grades of minerals will be available to extract, or that any particular level of recovery of minerals will in fact be realised.

Moto has been formed specifically to implement the Moto Gold Project and has no prior operating history of mining production or history of putting into production development-stage mining projects and as a consequence presently has currently no free cash flow from operations. The Moto Group's ultimate success will depend on its ability to generate cashflow from its properties in the future and employ and retain an appropriately experienced workforce.

For further discussion of risk factors related to Moto and the Moto Gold Project, please refer to Moto's filed documents.

To view APPENDIX A: Drilling Programme Schematic, please visit the following link: http://media3.marketwire.com/docs/MGL723APENA.pdf.



APPENDIX B

Significant Intercepts KCD Deposit

----------------------------------------------------------------------------
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Col-
Col- lar
lar Azi-
Collar Collar Col- Maxi- Dip muth Gr-
UTM UTM lar mum (de- (de- Inter- ade
Northing Easting RL Depth gr- gr- From To val (Au
HOLE_ID (m) (m) (m) (m) ees) ees) (m) (m) (m) g/t)
----------------------------------------------------------------------------
DDD330 345,025 787,384 848 530 -63 164 38.0 40.0 2.00 0.82
224.0 226.0 2.00 0.83
234.0 238.0 4.00 1.54
246.0 250.0 4.00 1.11
256.0 258.0 2.00 1.18
268.0 272.0 4.00 1.75
288.0 290.0 2.00 1.04
292.0 294.0 2.00 2.05
300.0 342.0 42.00 7.50
392.0 416.0 24.00 4.47
440.0 456.0 16.00 5.88
462.0 464.0 2.00 3.45
478.0 484.0 6.00 1.43

DDD331 345,090 787,391 849 692 -64 158 250.0 252.0 2.00 1.82
264.0 284.0 20.00 2.93
308.0 320.0 12.00 1.32
326.0 344.0 18.00 2.23
376.0 472.0 96.00 5.17
488.0 510.0 22.00 7.79
522.0 550.0 28.00 8.07
564.0 566.0 2.00 0.93
572.0 578.0 6.00 1.14
594.0 596.0 2.00 3.69
636.0 680.0 44.00 5.76

DDD332 345,088 787,389 849 720 -58 173 252.0 284.0 32.00 3.24
326.0 332.0 6.00 5.99
368.0 388.0 20.00 9.66
402.0 410.0 8.00 18.96
416.0 476.0 60.00 4.66
484.0 556.0 72.00 6.87
560.0 566.0 6.00 3.14
576.0 592.0 16.00 4.91
636.0 686.0 50.00 2.91

DDD333 345,090 787,388 849 630 -66 204 208.0 228.0 20.00 16.09
232.0 244.0 12.00 0.82
280.0 284.0 4.00 0.95
294.0 370.0 76.00 3.56
390.0 394.0 4.00 6.22
506.0 516.0 10.00 3.06
542.0 544.0 2.00 1.79

DDD335 345,165 787,388 850 588 -66 199 192.0 194.0 2.00 1.02
212.0 216.0 4.00 1.75
272.0 368.0 96.00 6.09
418.0 430.0 12.00 4.19
454.0 456.0 2.00 2.05
474.0 476.0 2.00 1.61
576.0 578.0 2.00 0.83
586.0 588.0 2.00 0.85

DDD337 345,167 787,389 850 653 -63 190 282.0 318.0 36.00 3.42
330.0 356.0 26.00 7.17
360.0 372.0 12.00 3.18
422.0 432.0 10.00 5.47
460.0 462.0 2.00 1.38
546.0 550.0 4.00 1.45
554.0 560.0 6.00 1.06
564.0 568.0 4.00 1.37
594.0 596.0 2.00 4.21

DDD339 345,166 787,390 850 696 -68 169 256.0 282.0 26.00 5.55
320.0 322.0 2.00 1.10
324.0 346.0 22.00 1.56
352.0 354.0 2.00 0.93
372.0 388.0 16.00 3.65
478.0 494.0 16.00 8.75
594.0 596.0 2.00 1.62
602.0 690.0 88.00 5.53

DDD340 345,164 787,389 849 782 -62 167 256.0 258.0 2.00 2.15
286.0 288.0 2.00 1.90
326.0 346.0 20.00 1.03
374.0 386.0 12.00 2.47
470.0 492.0 22.00 4.29
516.0 522.0 6.00 3.33
542.0 556.0 14.00 2.00
584.0 700.0 116.00 7.67
704.0 706.0 2.00 0.86
722.0 728.0 6.00 1.93

DDD378 344,638 787,320 844 371 -73 223 260.0 264.0 4.00 1.33
270.0 272.0 2.00 2.58

DDD392 345,298 787,677 874 861 -90 0 437.0 445.0 8.00 2.67
453.0 455.0 2.00 0.83
537.0 539.0 2.00 0.90
841.0 847.0 6.00 2.15
853.0 855.0 2.00 1.19

DDD393 345,183 787,579 862 401 -90 0 382.0 392.0 10.0 2.61

DDD394 345,084 787,686 849 401 -90 0 316.0 326.0 10.0 0.97

DDD396 344,813 787,140 852 127 -84 153 26.0 28.0 2.00 2.97
38.0 48.0 10.00 2.03
52.0 54.0 2.00 1.59
76.0 82.0 6.00 8.25
90.0 100.0 10.00 3.41
118.0 126.8 8.75 2.48

DDD398 344,797 787,131 853 659 -70 177 20.0 28.0 8.00 3.41
34.7 37.7 3.00 1.53
74.0 76.0 2.00 1.03
80.0 110.0 30.00 1.86
120.0 126.0 6.00 8.21
410.0 426.0 16.00 3.24
432.0 440.0 8.00 3.62
444.0 446.0 2.00 1.12
540.0 542.0 2.00 1.42
544.0 546.0 2.00 2.12
560.0 562.0 2.00 0.88
576.0 582.0 6.00 1.02
616.0 659.0 43.00 5.51

DDD400A 344,811 787,141 852 573 -64 153 12.0 14.0 2.00 0.82
26.0 38.0 12.00 3.11
56.0 58.0 2.00 1.05
62.0 64.0 2.00 1.27
82.0 112.0 30.00 2.97
120.0 122.0 2.00 2.06
206.0 210.0 4.00 1.55
294.0 298.0 4.00 2.25
348.0 350.0 2.00 1.47
394.0 424.0 30.00 4.75
434.0 436.0 2.00 1.05
464.0 466.0 2.00 1.11
522.0 526.0 4.00 1.34
554.0 564.0 10.00 1.72

DDD402 344,760 787,169 851 590 -60 153 70.0 72.0 2.00 0.85
142.0 144.0 2.00 2.30
296.0 302.0 6.00 2.77
310.0 332.0 22.00 8.98
414.0 416.0 2.00 1.23
428.0 432.0 4.00 0.87
458.0 460.0 2.00 1.10
462.0 466.0 4.00 3.82
476.0 480.0 4.00 3.81

DGT007 344,554 786,839 862 545 -75 234 56.0 58.0 2.00 4.92
84.0 102.0 18.00 2.57
116.0 130.0 14.00 2.60
194.0 198.0 4.00 2.50
206.0 214.0 8.00 2.15
258.0 270.0 12.00 3.05
402.0 404.0 2.00 1.11
428.0 436.0 8.00 1.66
452.0 468.0 16.00 10.00
508.0 510.0 2.00 1.34
516.0 520.0 4.00 1.00
522.0 524.0 2.00 0.99
536.0 540.0 4.00 2.61

DGT008 344,686 787,248 843 403 -77 315 255.0 257.0 2.00 2.11
343.0 345.0 2.00 1.22
357.0 359.0 2.00 0.99
381.0 393.0 12.00 1.20
399.0 403.4 4.35 3.96

DGT009 345,025 787,112 849 464 -70 135 206.0 208.0 2.00 1.02
286.0 290.0 4.00 1.58
298.0 310.0 12.00 1.85
326.0 336.0 10.00 11.76
400.0 402.0 2.00 0.88
410.0 412.0 2.00 1.09

DGT010 344,728 787,441 858 546 -70 315 88.0 90.0 2.00 1.55
174.0 176.0 2.00 1.05
290.0 292.0 2.00 1.38
356.0 358.0 2.00 1.08
372.0 404.0 32.00 11.44
440.0 545.5 105.50 5.87

DGT011 344,681 787,379 853 491 -70 315 - 2.6 2.60 1.04
236.0 238.0 2.00 1.22
240.0 242.0 2.00 0.84
362.0 364.0 2.00 10.13
374.0 396.0 22.00 11.11
406.0 490.0 84.00 7.96

DGT012 344,815 787,451 856 611 -76 218 166.0 168.0 2.00 1.25
360.0 364.0 4.00 0.85
374.0 380.0 6.00 0.92
494.0 496.0 2.00 1.07
564.0 566.0 2.00 3.68
580.0 582.0 2.00 0.84
592.0 600.0 8.00 3.21

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APPENDIX C

Measurement Abbreviations

g/t grams per tonne

m metre(s)

oz ounce (weight)

Moz millions of ounces

t tonnes

Mt millions of tonnes


Glossary of Terms

"Au" The Periodic Table abbreviation for the element of
gold.

"diamond drilling" This technique involves a pipe encrusted in
industrial diamonds being used to drill through rock
layers, with a "core" of rock being left in the
centre of the pipe. The "core" of rock can be
retrieved for logging and sampling.

"feasibility study" A 'feasibility study' is a comprehensive study of a
deposit in which all geological, engineering,
operating, economic and other relevant factors are
considered in sufficient detail that it could
reasonably serve as the basis for a final decision
by a financial institution to finance the development
of the deposit for mineral production (NI 43-101,
Section 1.2 Definitions).

"Indicated Mineral An "indicated mineral resource" is that part of a
Resource" Mineral Resource for which quantity, grade or
quality, densities, shape and physical
characteristics can be estimated with a level of
confidence sufficient to allow the appropriate
application of technical and economic parameters,
to support mine planning and evaluation of the
economic viability of the deposit. The estimate is
based on detailed and reliable exploration and
testing information gathered through appropriate
techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are
spaced closely enough for geological and grade
continuity to be reasonably assumed.

"Inferred Mineral An "inferred mineral resource" is that part of a
Resource" Mineral Resource for which quantity and grade or
quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed,
but not verified, geological and grade continuity.
The estimate is based on limited information and
sampling gathered through appropriate techniques
from locations such as outcrops, trenches, pits,
workings and drill holes.

"JORC Code" The Australasian Code for Reporting of Mineral
Resources and Ore Reserves, prepared by the
Joint Ore Reserves Committee of the Australasian
Institute of Mining and Metallurgy, Australian
Institute of Geoscientists and Minerals Council
of Australia.

"Mineral Resource" A 'Mineral Resource' is a concentration or occurrence
or "resource" of diamonds, natural solid inorganic material,
or natural solid fossilized organic material
including base and precious metals, coal, and
industrial minerals in or on the Earth's crust in
such form and quantity and of such a grade or
quality that it has reasonable prospects for economic
extraction. The location, quantity, grade, geological
characteristics and continuity of a Mineral Resource
are known, estimated or interpreted from specific
geological evidence and knowledge.

"Probable Mineral A 'Probable Mineral Reserve' is the economically
Reserve" mineable part of an Indicated Mineral Resource and,
in some circumstances, a Measured Mineral Resource
demonstrated by at least a Preliminary Feasibility
Study. This Study must include adequate information
on mining, processing, metallurgical, economic, and
other relevant factors that demonstrate, at the time
of reporting, that economic extraction can be
justified.

"qualified person" A 'qualified person' means an individual who is an
engineer or geoscientist with at least five
years of experience in mineral exploration, mine
development or operation or mineral project
assessment, or any combination of these; has
experience relevant to the subject matter of the
mineral project and the technical report; and is in
good standing of a professional association
listed n Appendix A to National Instrument 43-101.


ARBN 113 274 874

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