Moto Goldmines Limited
TSX : MGL
ASX : MOE

Moto Goldmines Limited

September 22, 2005 09:21 ET

Moto Goldmines Limited: Exploration Update

BALCATTA, WESTERN AUSTRALIA--(CCNMatthews - Sept. 22, 2005) - Moto Goldmines Limited (TSX:MGL)(ASX:MOE):

Extension and infill drilling at the Moto Gold Project continue to generate significant results:

- At Mengu Hill drill holes testing the mineralisation down plunge all intersected mineralisation with significant intercepts including 12m @ 7.82 g/t Au, 6m @ 4.34 g/t Au, 6m @ 4.16 g/t Au and 14m @ 2.89 g/t Au. The mineralisation is now defined over a down plunge length exceeding 650m. In addition, partial results from the infill programme have demonstrated the excellent continuity of this deposit. Results include: 7.65m @ 15.49 g/t Au, 58m @ 5.07 g/t Au and 28m @ 3.13 g/t Au.

- At the Karagba Prospect, results from drill holes testing the continuity of the mineralised zone have returned significant intercepts including: 6m @ 7.18 g/t Au, 28m @ 7.03 g/t Au, 16m @ 4.53 g/t Au and 48m @ 2.23 g/t Au.

- At Kombokolo results have been received for the remainder of the 19 hole programme. Significant intercepts include: 8m @ 4.06 g/t Au and 10m @ 2.86 g/t Au.

In August 2005 the Company announced resources at the Moto Gold project, estimated by Cube Consulting, of:

- 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.

The infill drilling programme designed to upgrade the resources from the inferred to the indicted category is continuing. A revised resource estimate is planned for late October 2005.

The Company's ongoing programme of extension and infill drilling at the Moto Gold Project in the north east of the Democratic Republic of Congo continues to generate significant results.

MENGU HILL

The infill and extension diamond drill programme has been completed on the Mengu Hill Deposit. Of the 5 holes, MDD034 to MDD038 inclusive, drilled on 40m centres to test the mineralisation 200m down plunge, all intersected mineralisation with MDD036 returning highly encouraging values including: 6m @ 4.16 g/t Au from 163m to 169m, 14m @ 2.89 g/t Au from 175m to 189m, 12m @ 7.82 g/t Au from 199m to 211m and 6m @ 4.34 g/t Au from 215m to 221m. These intersections correlate with the projected down plunge position of the mineralisation. It is now defined over a down plunge length exceeding 650m.

Partial results from the infill programme have returned values consistent with those from the original exploration programme demonstrating the excellent continuity of this deposit. Results include: 7.65m @ 15.49 g/t Au from 62.35m to 70m in MDD023 (results from 0m to 62.35m are awaited), 58m @ 5.07 g/t Au from 35m to 93m in MDD028 (results from 0m to 35m are awaited) and 28m @ 3.13 g/t Au from 94m to 122m in MDD031.

Results for the remainder of the drilling should be available by mid-October. This will allow an update of the estimate of inferred resources of 6,100,000 tonnes grading 3.6 g/t Au for 696,000 ounces completed by Cube Consulting and previously released in early August 2005.

Significant results received and not previously reported are summarised in Table 1.

KARAGBA

Five diamond holes, DDD025 to DDD029 inclusive, completed as a part of the ongoing drill programme to test the continuity of the Karagba mineralised zone have returned significant intercepts including: 28m @ 7.03 g/t Au from 452m to 480m in DDD025, 22m @ 3.49 g/t Au from 289m to 311m, 48m @ 2.23 g/t Au from 377m to 425m, 16m @ 4.53 g/t Au from 435m to 451m, and 6m @ 7.18 g/t Au from 555m to 561m in DDD028, and 6m @ 4.92 g/t Au from 307m to 313m in DDD027.

These diamond holes were completed to test the strike and up plunge position of the mineralisation intersected in holes DDD011 to DDD013. Results are awaited on the upper portion of DDD025 from 206m to 280m and holes DDD023, DDD024, DDD026A and DDD030. A further 5 holes DDD031 to DDD035, which are scheduled for completion by the end of September, are located on the up plunge portion of the mineralisation intersected in DDD021 (the results of which included 14m @ 3.41 g/t Au from 286m to 300m, 110m @ 4.84 g/t Au from 213m to 422m and 28m @ 3.94 g/t Au from 446m to 474m).

An inferred resource at Karagba of 9,290,000 tonnes grading 3.1 g/t Au for 914,000 ounces of gold was estimated by Cube Consulting and was previously released in early August 2005.

Significant results received and not previously reported are summarised in Table 2.

KOMBOKOLO

All results have now been received from 19 holes in the recently completed infill and extension RC drill programme (results of first 9 holes released on August 24, 2005). Significant intercepts include: 10m @ 2.86 g/t Au from 50m to 60m in KKRC030, 8m @ 4.06 g/t Au from 146m to 154m in KKRC021 and 20m @ 2.21 g/t Au from 140m to 160m in KKRC016.

The results will allow an update of the initial estimate of inferred resources of 1,412,000 tonnes grading 2.4 g/t Au for 110,000 ounces completed by Cube Consulting and previously released in early August.

Significant results received and not previously reported are summarised in Table 3.

Additional Notes:

Scientific or technical information in this news release has been prepared under the supervision of Greg Smith, Exploration Manager of the Company and a qualified person under National Instrument 43-101 and a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Greg Smith has sufficient experience which is relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code).

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.



Table 1 - Significant intercepts Mengu Hill

---------------------------------------------------------------------
UTM_ UTM_ Azi- Inter- Au
Hole_id North East UTM_RL muth Dip Depth From To val g/t
---------------------------------------------------------------------
MDD023(i) 351222 782974 858 0 -90 101 62.35 70 7.65 15.49
---------------------------------------------------------------------
78 84 6 2.65
---------------------------------------------------------------------
MDD024(i) 351223 783015 851 0 -90 100.9 66 82 16 1.82
---------------------------------------------------------------------
MDD025(i) 351222 783058 844 0 -90 83 36 42 6 3.21
---------------------------------------------------------------------
MDD026(i) 351294 782946 846 0 -90 80 50 52 2 2.79
---------------------------------------------------------------------
MDD028(i) 351296 783019 834 0 -90 116 35 93 58 5.07
---------------------------------------------------------------------
MDD029(i) 351296 783055 832 0 -90 128 34 36 2 1.34
---------------------------------------------------------------------
58 62 4 2.05
---------------------------------------------------------------------
108 112 4 1.17
---------------------------------------------------------------------
MDD031 351403 783021 850 0 -90 155 66 68 2 2.47
---------------------------------------------------------------------
94 122 28 3.13
---------------------------------------------------------------------
MDD032 351405 783068 855 0 -90 167 80 86 6 1.36
---------------------------------------------------------------------
96 122 26 1.16
---------------------------------------------------------------------
128 144 16 2.44
---------------------------------------------------------------------
154 164 10 1.80
---------------------------------------------------------------------
MDD033 351400 783199 862 0 -90 191 166 170 4 0.94
---------------------------------------------------------------------
MDD034 351560 783038 863 0 -90 247.2 126 128 2 1.16
---------------------------------------------------------------------
MDD035 351561 783076 864 0 -90 251 195 197 2 3.55
---------------------------------------------------------------------
MDD036 351560 783120 865 0 -90 260 62 66 4 0.63
---------------------------------------------------------------------
163 169 6 4.16
---------------------------------------------------------------------
175 189 14 2.89
---------------------------------------------------------------------
199 211 12 7.82
---------------------------------------------------------------------
215 221 6 4.34
---------------------------------------------------------------------
MDD037 351561 783155 858 0 -90 256.25 176 178 2 1.47
---------------------------------------------------------------------
198 200 2 5.31
---------------------------------------------------------------------
206 216 10 1.80
---------------------------------------------------------------------
222 224 2 3.07
---------------------------------------------------------------------
228 240 12 1.34
---------------------------------------------------------------------
MDD038 351559 783199 863 0 -90 256 204 208 4 3.94
---------------------------------------------------------------------
(i) Note: Awaiting further assays


Table 2 - Significant intercepts Karagba

---------------------------------------------------------------------
UTM_ UTM_ Azi- Inter- Au
Hole_id North East UTM_RL muth Dip Depth From To val g/t
---------------------------------------------------------------------
DDD025 345033 787504 855 0 -90 494.65 308 328 20 1.58
---------------------------------------------------------------------
452 480 28 7.03
---------------------------------------------------------------------
DDD026 345124 787362 852 225 -50 251.15 hole abandoned
---------------------------------------------------------------------
DDD027 345018 787384 852 225 -60 401.35 213 219 6 1.32
---------------------------------------------------------------------
265 281 16 2.04
---------------------------------------------------------------------
307 313 6 4.92
---------------------------------------------------------------------
327 339 12 1.39
---------------------------------------------------------------------
387 391 4 1.62
---------------------------------------------------------------------
DDD028 345203 787448 859 0 -90 614.24 289 311 22 3.49
---------------------------------------------------------------------
315 323 8 0.91
---------------------------------------------------------------------
331 337 6 1.02
---------------------------------------------------------------------
345 347 2 1.96
---------------------------------------------------------------------
377 425 48 2.23
---------------------------------------------------------------------
435 451 16 4.53
---------------------------------------------------------------------
475 489 14 2.78
---------------------------------------------------------------------
555 561 6 7.18
---------------------------------------------------------------------
DDD029 345148 787503 861 0 -90 551.57 320 324 4 1.8
---------------------------------------------------------------------
336 346 10 1.53
---------------------------------------------------------------------
364 366 2 2.34
---------------------------------------------------------------------


Table 3 - Significant intercepts Kombokolo

---------------------------------------------------------------------
UTM_ UTM_ Azi- Inter- Au
Hole_id North East UTM_RL muth Dip Depth From To val g/t
---------------------------------------------------------------------
KKRC016 345674 786617 906 0 -90 170 140 160 20 2.21
---------------------------------------------------------------------
no significant
KKRC018 345524 786733 883 0 -90 80 intercept
---------------------------------------------------------------------
KKRC021 345640 786579 905 0 -90 160 10 12 2 7.15
---------------------------------------------------------------------
80 82 2 1.75
---------------------------------------------------------------------
114 136 22 0.85
---------------------------------------------------------------------
140 142 2 2.21
---------------------------------------------------------------------
146 154 8 4.06
---------------------------------------------------------------------
KKRC022 345685 786551 917 0 -90 170 96 98 2 1.27
---------------------------------------------------------------------
146 152 6 0.93
---------------------------------------------------------------------
no significant
KKRC024 345508 786687 881 0 -90 59 intercept
KKRC026 345645 786527 918 0 -90 150 118 122 4 2.45
---------------------------------------------------------------------
KKRC028 345619 786498 924 0 -90 140 96 108 12 1.62
---------------------------------------------------------------------
KKRC030 345576 786491 919 0 -90 120 50 60 10 2.86
---------------------------------------------------------------------
90 96 6 1.89
---------------------------------------------------------------------
KKRC031 345595 786468 928 0 -90 140 72 74 2 3.09
---------------------------------------------------------------------
KKRC032 345542 786468 918 0 -90 100 4 26 22 1.24
---------------------------------------------------------------------
60 66 6 0.91
---------------------------------------------------------------------
72 84 12 0.63
---------------------------------------------------------------------


Note(i) The intersected true width ranges from 90% to 100% of the intercept.

Genalysis Laboratory Services located in Perth, Western Australia completed all assays on drill core from Karagba and Mengu Hill while SGS Mwanza completed all assays of RC chips from Kombokolo. Fire assay using a 50gm charge was used for all assays.

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