Moto Goldmines Limited

Moto Goldmines Limited

July 21, 2005 08:29 ET

Moto Goldmines Limited-Proposed Issue of Options to Director

PERTH, AUSTRALIA--(CCNMatthews - July 21, 2005) - Moto Goldmines Limited (TSX:MGL)(ASX:MOE) announced today that its directors have approved, subject to shareholder approval, the issuance to Mr. T Sean Harvey, a director of the Company, of 200,000 options to acquire Common Shares of the Company, exercisable at C$2.50 each. The closing price for the CHESS Depositary Instruments representing Moto's Common Shares on the ASX on July 20, 2005 was A$0.53. After adjusting for exchange rates and the ratio of Depositary Instruments to Common Shares, the ASX closing price was the equivalent of C$2.45.

The options will expire three years from the date of issue, will not be quoted or listed on any stock exchange and will not be transferable. The purpose of this issue is to provide Mr. Harvey with an incentive to assist in the ongoing development of the Company and its gold assets.

In accordance with the rules of the Australian Stock Exchange, the issue of options will not occur until shareholder approval has been obtained. The issue of options is also subject to the approval of the Toronto Stock Exchange. Further details in respect of the terms and conditions of the options will be included in the information circular that will be sent to shareholders in connection with the meeting that considers the issue of the options.

Contact Information