Moto Goldmines Limited

Moto Goldmines Limited

March 25, 2008 00:36 ET

Moto Goldmines Limited: DRC Commission Report Made Available Publicly

PERTH, WESTERN AUSTRALIA--(Marketwire - March 25, 2008) - Moto Goldmines Limited (TSX:MGL)(AIM:MOE) -


In April 2007, a commission (the "Commission") was formed to review approximately 60 mining agreements entered into by para-statal companies of the DRC Government.

Moto Goldmines Limited ("Moto") announced on February 19, 2008 that it had received written notifications from the Minister of Mines of the results of the Commission's review of the contracts. These notifications were received for the various sub-lease agreements with L'Office des Mines d'Or de Kilo-Moto ("Okimo"), a Congolese parastatal entity, to which Borgakim Mining sprl ("Borgakim"), Blue Rose sprl, Gorumbwa Mining sprl, Kibali Gold sprl and Tangold sprl are a party, and the contract of technical and financial assistance, (the "ATF Contract") between Borgakim and Okimo. Moto received notifications in respect of the Amani Gold sprl and Rambi Mining sprl sub-leases on February 20, 2008. No notification has been received in respect of the November 2006 protocol agreement (the "November 2006 Protocol") entered into between Moto and Borgakim with Okimo to enter into a simplified contractual arrangement to govern the development of and future production activities at the Moto Gold Project.

Moto submitted its formal response to the Minister of Mines within the time period requested and has requested approval from the Minister of Mines to commence discussions with Okimo.

On March 20, 2008 a copy of the Commission's report dated November 2007 was made available publicly in French. Moto has provided an English translation of the relevant sections of the report on the Company's website, The recommendations in the report are in line with the notifications received by the Company from the Minister of Mines. In addition to reporting on the various sub-leases and ATF Contract, the report contains a section on the November 2006 Protocol with the conclusion that there should be an effective assessment of the contributions of the parties and that the parties should review the provisions of the November 2006 Protocol in light the recommendations in respect of the other contracts reviewed.

The report also contains a section on the payment of annual surface rights by the partners of Okimo and a review of whether the decision to recognize the existence of force majeure was correct in light of the fact that Borgakim continued working on certain areas during this period. Moto has acknowledged that it will be willing to consider making payments in respect of the area in which it was able to carry on activities, being the area to be covered by the Protocol Consolidated Lease, once the relevant exploitation permits and leases are issued.

So far as Moto is concerned, the November 2006 Protocol continues to represent its agreement with Okimo. Consequently, until Moto and Borgakim are authorized to recommence discussions with Okimo and these discussions have been concluded, documented and agreed with Okimo and accepted by the Minister of Mines, the Minister of Portfolio and on behalf of the Commission, there can be no certainty as to any of the following matters: the terms of the arrangements under which the Group holds its title; the amount of any outstanding payments in respect of annual surface rights; the area to be covered by any mining title in respect of the Moto Gold Project; or Moto's equity interest and the financial terms of the joint venture with Okimo.

Complete copies of these documents are available on the Company's website and are available under the Company's profile on SEDAR at

ARBN 113 274 874

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