Moto Goldmines Limited

Moto Goldmines Limited

October 05, 2005 14:39 ET

All Resolutions Passed at Meeting of Shareholders of Moto Goldmines

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Oct. 5, 2005) -

Not for distribution to US Newswire Services or for dissemination in the United States.

Moto Goldmines Limited (TSX:MGL)(ASX:MOE) is pleased to announce that all resolutions considered were passed, on a show of hands, at the extraordinary general meeting of shareholders held today.

As a result of these resolutions being passed:

1. Dr Jeffery O'Leary has been appointed to the board of directors.

2. The Company has finalized the placement issue announced on August 2, 2005 by issuing a further 4.8 million Common Shares and 2.4 million warrants. The warrants provide the holder with the right to subscribe for one Common Share each at an issue price at CDN$3.25 on or before August 27, 2007. In addition the Company has issued Haywood Securities Inc, which managed the issue, a further 240,000 broker warrants. The warrants provide the holder with the right to subscribe for one Common Share at an issue price at CDN$2.70 on or before August 27, 2007.

3. The Company has issued the following stock options to directors:

Number of options
Sam E. Jonah, KBE 2,150,000
T. Sean Harvey 200,000
David L. Hodgson 200,000
Walter H. Kansteiner 200,000
Jeffrey O'Leary 200,000

Full details of all of the resolutions passed today were set out in the Notice of Extraordinary Meeting and accompanying Management Information Circular dated September 6, 2005 previously sent to shareholders.

Additional Notes:

The securities offered have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Caution Regarding Forward Looking Statements: The statement regarding the Company's proposed mine development program in the Democratic Republic of Congo is a forward-looking statement. There can be no assurance that the proposed mine development will be satisfactorily completed or that resources determined as a result of exploration can be profitably mined.

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