Moto Goldmines Limited
TSX : MGL
ASX : MOE

Moto Goldmines Limited

November 07, 2005 09:29 ET

Moto Goldmines Limited: Exploration Update

BALCATTA, WESTERN AUSTRALIA--(CCNMatthews - Nov. 7, 2005) - Moto Goldmines Limited (TSX:MGL)(ASX:MOE):

Significant results from the diamond drill programme at Karagba / Chauffeur include:

- 20m @ 23.26 g/t Au from 357m to 377m,

- 40m @ 5.40 g/t Au from 364m to 404m,

- 40m @ 11.32 g/t Au from 410m to 450m, and

- 32m @ 7.96 g/t Au from 369m to 401m.

Revised independent resource estimate planned for November 2005.

Significant results from the infill RC drill programme at Gorumbwa include:

- 14m @ 6.42 g/t Au from 74m to 84m in the upper lode and 13m @ 7.63 g/t Au from 122m to 135m in the main lode,

- 26m @ 27.46 g/t Au from 120m to 146m and

- 30m @ 10.13 g/t Au from 118m to 148m.

Revised independent resource estimate planned for December 2005.

In August 2005 the Company announced a revised resource estimate at the Moto Gold project in the north east of the Democratic Republic of Congo. Independent geological consultants Cube Consulting Pty Limited ("Cube Consulting") estimated indicated resources of 8.23 million tonnes at 2.6 g/t for 0.7 million ounces of gold and inferred resources of 89.23 million tonnes at 2.6 g/t Au for 7.3 million ounces of gold. Recent infill and extension drilling at Karagaba / Chauffeur and at Gorumbwa, designed to increase and upgrade the resources from the inferred to the indicated category, have generated further significant results.

KARAGBA / CHAUFFEUR

Results for a further four diamond holes, DDD031, DDD032, DDD033 and DDD034 completed as a part of the ongoing drill programme to test the continuity of the Karagba and the underlying Chauffeur mineralised zone have returned significant intercepts including: 20m @ 23.26 g/t Au from 357m to 377m in DDD031, 40m @ 5.40 g/t Au from 364m to 404m in DDD032, 40m @ 11.32 g/t Au from 410m to 450m in DDD033 and 32m @ 7.96 g/t Au from 369m to 401m in DDD034.

These diamond holes were completed to test the up plunge position of the mineralisation intersected in hole DDD021; 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. Holes DDD035, DDD033 and DDD031 lie at 80m intervals along the interpreted up-plunge position of these intercepts (see attached plan and long section). Holes DDD032 and DDD034 were drilled to intersect the mineralisation 80m northwest of DDD031 and DDD033 respectively.

The deeper mineralised zone intercepted in DDD031 and DDD034 is interpreted to correlate with the Chauffeur mineralised zone which lies below a pre-mineralisation basic sill. This mineralisation shares a similar 30 degree plunge to the northeast as the overlying Karagba mineralisation. The Chauffeur mineralisation is presently being exploited by artisanal miners at surface, a distance of 600 metres up-plunge from the drill intercept in DDD031.

Results are awaited for DDD035. It intersected similar alteration and mineralisation which contained visible gold.

An 11 hole drill programme of 2500m has commenced to test the shallower portion of the Chauffeur mineralisation.

In August 2005 Cube Consulting estimated an inferred resource at Karagba of 9,290,000 tonnes grading 3.1 g/t Au for 914,000 ounces of gold. A revised resource estimate will be completed by independent consultants Cube Consulting in November 2005.

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

GORUMBWA

Results have been received for all holes in a 33 hole RC infill programme at Gorumbwa. These holes were drilled to test both the upper and main lodes of the Gorumbwa deposit to enable a comparison with the historical drill results. Significant results from the programme include: 14m @ 6.42 g/t Au from 74m to 84m in the upper lode and 13m @ 7.63 g/t Au from 122m to 135m in the main lode in GRC016, 26m @ 27.46 g/t Au from 120m to 146m in GRC020 and 30m @ 10.13 g/t Au from 118m to 148m in GRC026.

In August 2005 Cube Consulting estimated an inferred resource at Gorumbwa of 8,550,000 tonnes grading 6.4 g/t Au for 1,750,000 ounces of gold. A new resource estimate will be completed by Cube Consulting in December 2005.

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

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 Karagba

---------------------------------------------------------------------
Hole UTM UTM UTM Azi- Dip Depth From To Inter- Au
_id _North _East _RL muth val g/t
---------------------------------------------------------------------
DDD031 344743 787340 847 0 -90 437.85 171 173 2 2.05
---------------------------------------------------------------------
273 275 2 1.16
---------------------------------------------------------------------
281 283 2 1.42
---------------------------------------------------------------------
295 299 4 1.49
---------------------------------------------------------------------
325 341 16 8.12
---------------------------------------------------------------------
357 377 20 23.26
---------------------------------------------------------------------
387 395 8 1.85
---------------------------------------------------------------------
399 401 2 3.32
---------------------------------------------------------------------
DDD032 344744 787340 847 315 -70 419.35 170 176 6 0.97
---------------------------------------------------------------------
208 218 10 4.69
---------------------------------------------------------------------
224 260 36 2.55
---------------------------------------------------------------------
278 282 4 1.40
---------------------------------------------------------------------
300 304 4 6.56
---------------------------------------------------------------------
326 354 28 4.87
---------------------------------------------------------------------
364 404 40 5.40
---------------------------------------------------------------------
412 416 4 1.75
---------------------------------------------------------------------
DDD033 344802 787388 849 0 -90 452.65 302 304 2 1.23
---------------------------------------------------------------------
322 324 2 2.92
---------------------------------------------------------------------
336 340 4 1.56
---------------------------------------------------------------------
366 394 28 9.11
---------------------------------------------------------------------
410 450 40 11.32
---------------------------------------------------------------------
DDD034 344802 787387 849 315 -70 443.55 181 195 14 0.88
---------------------------------------------------------------------
209 215 6 7.36
---------------------------------------------------------------------
253 257 4 8.48
---------------------------------------------------------------------
269 317 48 1.10
---------------------------------------------------------------------
331 339 8 1.62
---------------------------------------------------------------------
355 363 8 6.60
---------------------------------------------------------------------
369 401 32 7.96
---------------------------------------------------------------------
419 443 24 8.28
---------------------------------------------------------------------

Note: 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. Fire assay using a 50gm charge was used for all assays.



Table 2 - Significant intercepts Gorumbwa

---------------------------------------------------------------------
Hole UTM UTM UTM Azi- Dip Depth From To Inter- Au
_id _North _East _RL muth val
---------------------------------------------------------------------
GRC008 344638 785802 832 0 -90 163 148 163 Stope
---------------------------------------------------------------------
GRC009 344615 785783 830 0 -90 150 114 116 2 1.21
---------------------------------------------------------------------
131.5 135 Stope
---------------------------------------------------------------------
GRC010 344619 785799 830 0 -90 142 124 126 2 4.08
---------------------------------------------------------------------
134 142 8 Stope
---------------------------------------------------------------------
GRC011 344620 785817 833 0 -90 158.25 124 128 4 0.91
---------------------------------------------------------------------
132 134 2 1.33
---------------------------------------------------------------------
138 140 2 1.98
---------------------------------------------------------------------
141 158.25 Stope
---------------------------------------------------------------------
GRC012 344600 785759 834 0 -90 150 133 136 Stope
---------------------------------------------------------------------
GRC013 344597 785781 830 0 -90 127 106 108 2 8.25
---------------------------------------------------------------------
124 127 Stope
---------------------------------------------------------------------
GRC014 344599 785798 830 0 -90 143 127 143 Stope
---------------------------------------------------------------------
GRC015 344598 785819 831 0 -90 140.7 86 88 2 1.86
---------------------------------------------------------------------
108 110 2 1.61
---------------------------------------------------------------------
128 140.7 Stope
---------------------------------------------------------------------
GRC016 344598 785843 838 0 -90 139 74 88 14 6.42
---------------------------------------------------------------------
94 98 4 1.04
---------------------------------------------------------------------
112 114 2 2.66
---------------------------------------------------------------------
122 135 13 7.63
---------------------------------------------------------------------
GRC017 344579 785698 837 0 -90 180 148 164 16 1.89
---------------------------------------------------------------------
168 170 2 1.46
---------------------------------------------------------------------
178 180 2 1.60
---------------------------------------------------------------------
---------------------------------------------------------------------
GRC018 344581 785720 835 0 -90 180 134 180 46 2.51
---------------------------------------------------------------------
GRC019 344581 785737 833 0 -90 128 125.5 128 Stope
---------------------------------------------------------------------
GRC020 344581 785756 831 0 -90 180 120 146 26 27.46
---------------------------------------------------------------------
GRC021 344580 785777 829 0 -90 120 90 100 10 1.15
---------------------------------------------------------------------
117 119 Stope
---------------------------------------------------------------------
GRC022 344579 785799 830 0 -90 124 78 82 4 1.26
---------------------------------------------------------------------
88 92 4 0.96
---------------------------------------------------------------------
102 108 6 1.33
---------------------------------------------------------------------
114 119 5 17.14
---------------------------------------------------------------------
120 124 Stope
---------------------------------------------------------------------
GRC023 344577 785819 833 0 -90 124 60 80 20 1.18
---------------------------------------------------------------------
92 98 6 0.71
---------------------------------------------------------------------
108 112 4 5.63
---------------------------------------------------------------------
121 124 Stope
---------------------------------------------------------------------
GRC024 344578 785838 836 0 -90 130 56 60 4 4.34
---------------------------------------------------------------------
72 94 22 2.41
---------------------------------------------------------------------
110 125 15 2.26
---------------------------------------------------------------------
125 130 Stope
---------------------------------------------------------------------
GRC025 344579 785855 838 0 -90 150 56 68 12 9.06
---------------------------------------------------------------------
74 90 16 1.22
---------------------------------------------------------------------
102 112 10 1.02
---------------------------------------------------------------------
GRC026 344561 785721 832 0 -90 180 118 148 30 10.13
---------------------------------------------------------------------
164 178 14 1.64
---------------------------------------------------------------------
GRC027 344560 785740 829 0 -90 180 110 111 1 2.65
---------------------------------------------------------------------
111 119.75 Stope
---------------------------------------------------------------------
GRC028 344558 785763 829 0 -90 180 76 90 14 0.78
---------------------------------------------------------------------
103.5 109 Stope
---------------------------------------------------------------------
GRC029 344558 785777 830 0 -90 180 58 66 8 2.66
---------------------------------------------------------------------
72 76 4 1.33
---------------------------------------------------------------------
92 96 4 4.47
---------------------------------------------------------------------
104 105.5 1.5 4.48
---------------------------------------------------------------------
105.5 109 Stope
---------------------------------------------------------------------
GRC030 344560 785798 833 0 -90 150 42 45 Stope
---------------------------------------------------------------------
GRC031 344558 785819 835 0 -90 47 38 44 6 1.92
---------------------------------------------------------------------
44 47 Stope
---------------------------------------------------------------------
GRC032 344558 785838 837 0 -90 48 38 42 4 1.63
---------------------------------------------------------------------
45 48 Stope
---------------------------------------------------------------------
GRC033 344559 785856 838 0 -90 150 48 66 18 4.29
---------------------------------------------------------------------
88 90 2 3.23
---------------------------------------------------------------------
130 134 4 9.60
---------------------------------------------------------------------
138 140 2 2.41
---------------------------------------------------------------------
144 150 6 8.65
---------------------------------------------------------------------
GRC034 344559 785880 841 0 -90 150 48 82 34 2.75
---------------------------------------------------------------------
136 138 2 1.52
---------------------------------------------------------------------
GRC035 344541 785738 828 0 -90 150 66 74 8 0.60
---------------------------------------------------------------------
80 82 2 1.01
---------------------------------------------------------------------
93 98.6 Stope
---------------------------------------------------------------------
GRC036 344540 785763 828 0 -90 98.5 40 44 4 2.84
---------------------------------------------------------------------
56 62 6 1.03
---------------------------------------------------------------------
72 82 10 1.34
---------------------------------------------------------------------
90 92.5 2.5 8.67
---------------------------------------------------------------------
92.5 97 Stope
---------------------------------------------------------------------
GRC037 344543 785819 835 0 -90 150 30 34 Stope
---------------------------------------------------------------------
GRC038 344540 785838 840 0 -90 42 32 34 2 2.52
---------------------------------------------------------------------
34 40 Stope
---------------------------------------------------------------------
GRC039 344541 785858 841 0 -90 46 32 36 4 1.17
---------------------------------------------------------------------
40.5 46 Stope
---------------------------------------------------------------------
GRC040 344540 785878 840 0 -90 49 40 43.5 3.5 3.17
---------------------------------------------------------------------
43.5 49 Stope
---------------------------------------------------------------------
GRC041 344540 785898 846 0 -90 150 48 68 20 1.75
---------------------------------------------------------------------
72 74 2 2.01
---------------------------------------------------------------------
140 148 8 9.28
---------------------------------------------------------------------

Note: The intersected true width ranges from 90% to 100% of the
intercept.


SGS Laboratories located in Mwanza, Tanzania completed all assays on RC chips from Gorumbwa. Fire assay using a 50gm charge was used for all assays.

For maps of the Moto Goldmines Limited Drilling Exploration programme, please click on the link below:

http://www.ccnmatthews.com/docs/mgl1107.pdf

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