Moto Goldmines Limited

Moto Goldmines Limited

August 02, 2005 08:40 ET

Moto Goldmines Limited-Appointment of Sir Sam Jonah as Non-Executive Chairman

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Aug. 2, 2005) - Moto Goldmines Limited (TSX:MGL)(ASX:MOE) is pleased to announce that Sir Sam Jonah has joined its Board of Directors in the position of Non-Executive Chairman. Reg Gillard, the current Chairman, will continue as Deputy Chairman.

Mr Gillard said the Board was delighted to have attracted a person of Sir Sam's calibre and international standing in the mining industry.

"Sir Sam will play an important role as the company develops the Moto Gold Project, which we believe has the potential to become a gold mine of international significance," said Mr Gillard.

"We have established a good business base in Africa and we believe this will be reinforced and strengthened with Sir Sam as Chairman of our company."

Sir Sam is internationally recognized as one of Africa's leading businessmen. He is Non- Executive President of AngloGold Ashanti Limited, which is one of the world's largest gold mining companies. From 1986 until 2004, when he was the Chief Executive Officer of Ashanti Goldfields Company Limited, he led the transformation of Ashanti from a onemine operation into a multinational gold miner. He became Executive President of AngloGold Ashanti Limited in May 2004, when Ashanti was acquired by AngloGold Limited.

He currently serves on the International Investment Advisory Councils of President Thabo Mbeki (South Africa), President Kufuor (Ghana) and President Obasanjo (Nigeria). He is a member of the United Nations Secretary-General's Global Compact Advisory Council. He was formerly on the Advisory Council of the President of the African Development Bank and was also a member of the Advisory Council of the International Finance Corporation (IFC).

He has been decorated with several awards and honours, including an honorary knighthood by Her Majesty Queen Elizabeth II. The award was in recognition of his exceptional achievements as an African businessman, a leading business executive from the Commonwealth and an international public figure.

Mr Gillard said Sir Sam's significant experience in the development of gold mining projects in Africa and his extensive network of business and political contacts will be of invaluable assistance to the Company as it moves into the development phase of its Moto Gold Project in the Democratic Republic of Congo.

In conjunction with Sir Sam's appointment it is proposed that, subject to shareholder and regulatory approval, he be issued with 1.75 million options to acquire Common Shares of the Company, exercisable at C$2.60 each on or before 1 August 2011. Further details in respect of the terms and conditions of the options will be included in the information circular that will be sent to shareholders in connection with the issue of the options.

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