Moto Goldmines Limited
TSX : MGL
ASX : MOE

Moto Goldmines Limited

August 24, 2005 10:28 ET

Moto Goldmines Limited: Identification of Further Significant Mineralisation at Karagba and Kombokolo

BALCATTA, WESTERN AUSTRALIA--(CCNMatthews - Aug. 24, 2005) - Moto Goldmines Limited (TSX:MGL)(ASX:MOE):

Further exceptional results received from recent drilling at the Moto Gold Project:

- At the Karagba Prospect, results from the first five diamond drill holes completed in the ongoing drill programme to test the strike and up plunge positions of the deep mineralisation have returned significant intercepts including: 110m @ 4.84 g/t Au, 80m @ 1.90 g/t Au, 16m @ 5.50 g/t Au, 28m @ 3.94 g/t Au and 24m @ 4.05 g/t Au.

- At Kombokolo results have been received for the first 9 holes of a 19 hole programme. Significant intercepts include: 60m @ 5.20g/t Au from 48m to 108m and 28m @ 3.83 g/t Au from 94m to 122m.

- Results of infill drilling received to date at Pakaka have returned values confirming the continuity and grade of the mineralisation. Significant results include: 14m @ 11.62 g/t Au from 173m to 187m and 12m @ 6.80 g/t Au from 198m to 210m.

Further exceptional results have been received from recent drilling at Karagba, Kombokolo and Pakaka deposits at the Moto Gold Project in the north east of the Democratic Republic of Congo. A map showing the location of the deposits within the Moto Gold Project is included at Appendix 1.

KARAGBA

On August 9, 2005 the Company released a revised resource estimate, which included estimated inferred resources at Karagba of 9.29 million tonnes at 3.1 g/t Au for 914,000 ounces of gold. In addition to the results included in the Karagba resource estimate the Company, the Company has received further results from a drill programme being undertaken to test extensions to and the continuity of the Karagba mineralised zone.

Four of the five diamond holes, DDD018 to DDD022 inclusive, completed as a part of this drill programme at Karagba have returned significant intercepts including: 16m @ 5.50 g/t Au from 271m to 287m in DDD019, 80m @ 1.90 g/t Au from 264m to 344m and 14m @ 3.72 g/t Au from 484m to 498m in DDD020, 14m @ 3.41 g/t Au from 286m to 300m, 110m @ 4.84 g/t Au from 312m to 422m and 28m @ 3.94 g/t Au from 446 to 474m in DDD021 and 28m @ 3.05 g/t Au from 233m to 261m and 24m @ 4.05 g/t Au from 421m to 445m in DDD022. These diamond holes were completed to test the strike and up plunge position of the mineralisation intersected in holes DDD011 to DDD013.

DDD018 was drilled to intersect the mineralisation 80m northwest along strike from DDD011 (118m @ 5.19 g/t Au). It intersected altered rock units at the projected position of the mineralisation but did not return any assays of significance defining the northwest extent of the mineralisation.

DDD021 was drilled to test the mineralisation 80m southeast along strike from DDD013 (20m @ 5.85 g/t Au and 32m @ 1.58 g/t Au). It returned 3 main mineralised zones, the upper 2 of which correlate with the mineralisation intersected in DDD013, being 14m @ 3.41 g/t Au from 286m to 300m and 110m @ 4.84 g/t Au from 312m to 422m. The lower zone of 28m @ 3.94 g/t Au from 446m to 474m lies below DDD013 which stopped at 350m.

Drill hole DDD019 was drilled to intercept the mineralisation 120m up plunge from DDD011 (118m @ 5.19 g/t Au). The hole deviated 38m to the northeast and intercepted the edge of the mineralisation. It did however return some significant intercepts including 16m @ 5.50 g/t Au from 271m to 287m.

DDD020 was drilled to intercept the mineralisation 120m up plunge of DDD012 (36m @ 2.09 g/t Au and 16m @ 1.51 g/t Au). It intercepted the mineralisation where projected returning 80m @ 1.90 g/t Au from 264m to 344m.

DDD022 was targeted to intercept the mineralisation 120m up plunge of DDD013 (20m @ 5.85 g/t Au and 32m @ 1.58 g/t Au). It intercepted 3 mineralised zones where projected: 28m @ 3.05 g/t Au from 233m to 261m, 32m @ 1.28 g/t Au from 283m to 315m and 24m @ 4.05 g/t Au from 421m to 445m. This last intercept correlates with the lower mineralised zone intersected in DDD021.

The drilling has defined an interpreted northeast plunging mineralised zone that has a strike length of greater than 300m (open to the southeast), a thickness of up to 100m and a potential down plunge length of over 500m. A further resource upgrade is planned for later in the calendar year once the current programme of infill and extension drilling is complete.

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

Kombokolo

Results have been received from 9 of the 19 holes in the recently completed infill and extension RC drill programme. These results are highly encouraging including 60m @ 5.20g/t Au from 48m to 108m in KKRC025 and 28m @ 3.83 g/t Au from 94m to 122m in KKRC020. These results extend the mineralised zone previously identified and for which an initial inferred resource of 1,412,000 tonnes grading 2.4 g/t Au for 110,000 ounces has been estimated.

The remainder of the results of the programme should be available by mid-September.

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

Pakaka

Results have also been received for 36 of the 49 diamond drill holes completed on the 40m x 40m infill programme at the Pakaka Deposit. This drilling has demonstrated the excellent continuity of the mineralisation identified by the initial drilling on an 80m x 80m grid. Significant results include: 14m @ 11.62 g/t Au from 173m to 187m in PDD063 and 12m @ 6.80 g/t Au from 198m to 210m in PDD069.

The remainder of the results are expected by mid-September. The programme is designed to upgrade a portion of the resource from the inferred to the indicated category.

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.

Notes for intercepts tables - (i) The intersected true width ranges from 90% to 100% of the intercept; (ii) Genalysis Laboratory Services located in Perth, Western Australia completed all assays on drill core from Karagba and Pakaka while SGS Mwanza completed all assays of RC chips from Kombokolo. Fire assay using a 50gm charge was used for all assays.



Table 1 - Significant intercepts Karagba

---------------------------------------------------------------------
In-
Azi- ter- Au
Hole_id UTM_North UTM_East UTM_RL muth Dip Depth From To val g/t
---------------------------------------------------------------------
DDD018 345166 787372 851 315 -82 400.6 212 216 4 1.60
---------------------------------------------------------------------
DDD019 345120 787360 853 225 -70 560 207 211 4 1.76
---------------------------------------------------------------------
215 229 14 1.90
---------------------------------------------------------------------
271 287 16 5.50
---------------------------------------------------------------------
293 295 2 4.41
---------------------------------------------------------------------
299 303 4 0.81
---------------------------------------------------------------------
323 337 14 1.27
---------------------------------------------------------------------
DDD020 345018 787385 847 225 -90 521.9 206 212 6 6.08
---------------------------------------------------------------------
218 230 12 2.85
---------------------------------------------------------------------
264 344 80 1.90
---------------------------------------------------------------------
364 366 2 7.10
---------------------------------------------------------------------
484 498 14 3.72
---------------------------------------------------------------------
DDD021 344993 787466 852 152 -78 484.3 252 260 8 1.79
---------------------------------------------------------------------
286 300 14 3.41
---------------------------------------------------------------------
312 422 110 4.84
---------------------------------------------------------------------
446 474 28 3.94
---------------------------------------------------------------------
DDD022 344993 787466 852 225 -65 485.55 233 261 28 3.05
---------------------------------------------------------------------
283 315 32 1.28
---------------------------------------------------------------------
421 445 24 4.05
---------------------------------------------------------------------


Table 2 - Significant intercepts Kombokolo

---------------------------------------------------------------------
In-
Azi ter- Au
Hole_id UTM_North UTM_East UTM_RL -muth Dip Depth From To val g/t
---------------------------------------------------------------------
KKRC013 345561 786754 888 0 -90 80 68 80 12 1.52
---------------------------------------------------------------------
KKRC014 345600 786702 892 0 -90 120 62 64 2 0.88
---------------------------------------------------------------------
70 80 10 7.13
---------------------------------------------------------------------
92 104 12 1.09
---------------------------------------------------------------------
KKRC015 345650 786652 901 0 -90 180 no significant
intercept
---------------------------------------------------------------------
KKRC019 345548 786704 884 0 -90 80 46 60 14 2.96
---------------------------------------------------------------------
KKRC020 345627 786611 896 0 -90 130 94 122 28 3.83
---------------------------------------------------------------------
KKRC025 345595 786585 896 0 -90 120 48 108 60 5.20
---------------------------------------------------------------------
KKRC027 345534 786599 892 0 -90 70 14 36 22 2.30
---------------------------------------------------------------------
KKRC029 345545 786553 901 0 -90 80 14 28 14 1.54
---------------------------------------------------------------------
44 54 10 6.06
---------------------------------------------------------------------
KKRC033 345653 786657 901 0 -90 170 104 106 2 2.67
---------------------------------------------------------------------
110 114 4 2.41
---------------------------------------------------------------------


Table 3 - Significant intercepts Pakaka

---------------------------------------------------------------------
In-
Azi- ter- Au
Hole_id UTM_North UTM_East UTM_RL muth Dip Depth From To val g/t
---------------------------------------------------------------------
PDD043 348280 788540 881 0 -90 124.9 88 94 6 1.00
---------------------------------------------------------------------
PDD044 348320 788600 880 0 -90 146.6 107 115 8 1.76
---------------------------------------------------------------------
PDD045 348360 788620 878 0 -90 114.85 no significant
intercept
---------------------------------------------------------------------
PDD046 348400 788600 878 0 -90 159.85 96 104 8 9.36
---------------------------------------------------------------------
PDD047 348400 788640 875 0 -90 120.05 no significant
intercept
---------------------------------------------------------------------
PDD048 348440 788620 873 0 -90 149.05 100 106 6 3.06
---------------------------------------------------------------------
PDD049 348440 788660 871 0 -90 167.05 112 130 18 2.61
---------------------------------------------------------------------
PDD050 348440 788700 872 0 -90 188.45 136 154 18 2.42
---------------------------------------------------------------------
PDD051 348480 788600 876 0 -90 120 99 109 10 4.31
---------------------------------------------------------------------
115 117 2 3.98
---------------------------------------------------------------------
PDD052 348480 788640 871 0 -90 140 110 116 6 5.59
---------------------------------------------------------------------
PDD053 348480 788720 872 0 -90 180 140 150 10 9.70
---------------------------------------------------------------------
180 182 2 3.89
---------------------------------------------------------------------
PDD054 348520 788620 874 0 -90 130 110 122 12 2.87
---------------------------------------------------------------------
PDD055 348520 788660 868 0 -90 160 115 125 10 3.70
---------------------------------------------------------------------
PDD056 348520 788700 865 0 -90 170 127 131 4 3.16
---------------------------------------------------------------------
PDD057 348520 788740 870 0 -90 190 104 106 2 1.16
---------------------------------------------------------------------
144 156 12 3.33
---------------------------------------------------------------------
PDD058 348520 788780 876 0 -90 200 109 111 2 1.06
---------------------------------------------------------------------
119 121 2 5.13
---------------------------------------------------------------------
169 179 10 4.67
---------------------------------------------------------------------
189 191 2 1.39
---------------------------------------------------------------------
PDD059 348560 788720 864 0 -90 190 78 80 2 1.7
---------------------------------------------------------------------
130 136 6 1.93
---------------------------------------------------------------------
PDD060 348563 788799 865 0 -90 206.05 152 154 2 1.57
---------------------------------------------------------------------
PDD060 348563 788799 865 0 -90 206.05 182 198 16 4.09
---------------------------------------------------------------------
PDD061 348600 788700 865 0 -90 180 101 103 2 1.47
---------------------------------------------------------------------
107 109 2 71.24
---------------------------------------------------------------------
123 139 16 5.54
---------------------------------------------------------------------
PDD062 348600 788738 864 0 -90 185 146 154 8 7.97
---------------------------------------------------------------------
PDD063 348602 788781 867 0 -90 208 173 187 14 11.62
---------------------------------------------------------------------
PDD064 348599 788821 870 0 -90 235.05 196 206 10 6.21
---------------------------------------------------------------------
PDD065 348642 788719 863 0 -90 212 152 154 2 4.7
---------------------------------------------------------------------
PDD066 348643 788798 871 0 -90 218 186 192 6 5.71
---------------------------------------------------------------------
PDD067 348684 788740 872 0 -90 235.2 173 177 4 2.34
---------------------------------------------------------------------
PDD068 348679 788777 877 0 -90 235.25 183 199 16 2.78
---------------------------------------------------------------------
PDD069 348680 788819 877 0 -90 254 198 210 12 6.8
---------------------------------------------------------------------
PDD070 348682 788863 877 0 -90 281.05 205 207 2 2.07
---------------------------------------------------------------------
221 231 10 7.88
---------------------------------------------------------------------
PDD071 348723 788798 884 0 -90 260 211 215 4 0.93
---------------------------------------------------------------------
PDD072 348722 788880 882 0 -90 281.05 232 240 8 4.73
---------------------------------------------------------------------
PDD073 348720 788560 863 0 -90 140 77 119 42 1.88
---------------------------------------------------------------------
77 119 42 1.88
---------------------------------------------------------------------
PDD074 348760 788500 865 0 -90 140 76 102 26 1.13
---------------------------------------------------------------------
120 126 6 0.89
---------------------------------------------------------------------
160 168 8 1.43
---------------------------------------------------------------------
178 190 12 2.98
---------------------------------------------------------------------
PDD075 348760 788540 862 0 -90 140 73 113 40 1.44
---------------------------------------------------------------------
PDD076 348761 788587 855 0 -90 172.65 76 124 48 1.44
---------------------------------------------------------------------
PDD078 348800 788480 864 0 -90 130 33 37 4 1.94
---------------------------------------------------------------------
67 69 2 9.36
---------------------------------------------------------------------
81 91 10 1.53
---------------------------------------------------------------------
PDD079 348797 788550 855 0 -90 182.9 81 123 42 0.99
---------------------------------------------------------------------
127 129 4 1.56
---------------------------------------------------------------------
PDD081 348840 788500 864 0 -90 130 85 97 12 3.57
---------------------------------------------------------------------
139 153 14 2.46
---------------------------------------------------------------------


NOTE: There are maps available on CCNMatthews' website at:

http://www2.ccnmatthews.com/database/fax/2000/mgl0824a.pdf

http://www2.ccnmatthews.com/database/fax/2000/mgl0824b.pdf

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