Moto Goldmines Limited
TSX : MGL
ASX : MOE
AIM : MOE

Moto Goldmines Limited

March 30, 2006 09:30 ET

Moto Goldmines Limited Completes 'Bought Deal'

PERTH, WESTERN AUSTRALIA--(CCNMatthews - March 30, 2006) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH A U.S. NEWSWIRE SERVICE

Moto Goldmines Limited (TSX:MGL)(ASX:MOE)(AIM:MOE) ("Moto") is pleased to announce that it has completed its previously announced bought deal and has issued 5,500,000 common shares at C$7.65 per share, for gross proceeds of C$42,075,000. The offering was conducted by a syndicate of underwriters, led by Haywood Securities Inc. and including BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.

The common shares were offered in Canada by way of a short-form prospectus.

The Company plans to use the net proceeds of the offering for exploration and development of the Moto Gold Project, to fund the cash payments required to complete the possible purchase of an additional joint venture interest and for working capital and general corporate purposes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any common shares within the United States. The common shares have not been offered and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws. Accordingly, the common shares may not be offered or sold in the United States or to U.S. persons (as such terms are defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws or an exemption from such registration is granted.

Caution Regarding Forward Looking Statements: Statements regarding the Company's plans with respect to negotiating an increase in its interest in and developing the Moto Gold Project are forward-looking. There can be no assurance (i) regarding the timing of concluding the discussions, the final nature of the agreements or that the discussions will be concluded in a form that is satisfactory to the parties involved; and (ii) 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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