Moto Goldmines Limited

Moto Goldmines Limited

August 09, 2005 11:33 ET

Moto Gold Project-Resource Estimate

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Aug. 9, 2005) - Moto Goldmines Limited (TSX:MGL) (ASX:MOE) -


As part of the initial phase of the feasibility study process Cube Consulting has completed an updated independent resource estimate on Moto Goldmines Ltd's Moto gold project in the north east of the Democratic Republic of Congo. Estimated resources at the Moto gold project are:

- Indicated resources - 8.23 million tonnes at 2.6 g/t Au for 0.70 million ounces of gold; and

- Inferred resources - 89.23 million tonnes at 2.6 g/t Au for 7.33 million ounces of gold.

A further resource upgrade is planned for later in the current calendar year upon receipt of further infill drilling results and from extension drilling at various projects (including Karagba).

Resource Estimate for Moto Gold Project Deposits

Cube Consulting have estimated the following resources at a nominal 1 /gt Au lower cutoff:

Deposit Indicated Inferred
Tonnes Au Au Tonnes Au Au
Mt g/t '000Oz Mt g/t '000Oz
Pakaka 8.23 2.6 701 11.46 2.2 814
Gorumbwa 8.55 6.4 1,750
Kibali 22.60 2.0 1,417
Mengu Hill 6.10 3.6 696
Mengu Village 1.83 1.6 91
Karagba 9.29 3.1 914
Megi 5.21 1.9 312
Marakeke 1.66 1.4 74
Kombokolo 1.41 2.4 110
Sessenge 6.69 1.8 381
Ndala 0.49 4.0 62
Pamao 13.94 1.6 708
TOTAL 8.23 2.6 701 89.23 2.6 7,329

The Company is currently focussing the three diamond drill rigs on site on infill drilling with the objective of progressively upgrading the existing resources from inferred to the indicated category.

Cube Consulting

Cube Consulting Pty Ltd (Cube) is an independent consulting firm specialising in the provision of geological modelling, resource estimation, mine planning and information technology services. Cube have been appointed to manage the geological resource modelling and mine planning aspects of the feasibility process.

Cube was established in 1999 by a group of Australian mining industry professionals and continues to provide consulting services to a diverse group of Australian and international mining companies. Included among Cube's clients are Newcrest Mining Ltd, Barrick Gold of Australia, AngloGold Ashanti Australia, Harmony Gold, Independence Group, Mincor Resources and Straits Resources.

Prefeasibility Work

As previously reported, prefeasibility work has commenced with preliminary metallurgical testwork being completed and consultants appointed to complete a detailed environmental baseline survey.

It is anticipated a scoping study will be completed in September 2005, followed by completion of pre-feasibility work in early 2006 and completion of a detailed feasibility study in late 2006.

Company website:

The Information in this report that relates to Mineral Resources is based on a resource estimate compiled by Ted Coupland who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), Mineral Industry Consultants Association (MICA) and is a Chartered Professional (Geology), and a qualified person under National Instrument 43-101. Ted Coupland is a director of Cube Consulting Pty Ltd. Ted Coupland has sufficient experience which is relevant to gold mineralisation and resource estimation 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). Ted Coupland consents to the inclusion in this report of the Information, in the form and context in which it appears.

Caution Regarding Forward Looking Statements: Statements regarding the Company'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.

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