Moto Goldmines Ltd Corp | Company Profile

Moto Goldmines Limited (MGL) is a gold exploration and development company listed on the Canadian TSX, and the London AIM stock exchanges.
The Company is a participant in a number of joint ventures around the world - the principal venture being the famous Moto Gold Project in the Democratic Republic of Congo (DRC).

MGL's objectives are to:

The Moto Gold Project

The project covers an area of approximately 1,405sq kms in the far north-east of the DRC and is a joint venture between MGL and a DRC states owned company, Offices des Mines d'Or de Kilo-Moto (OKIMO).  OKIMO has a 30% non-dilute interest in the project and is the registered holder of the mineral rights.

Tenure

The Moto Group has been granted sub-lease and other contractual rights over the area of the Moto Gold Project through a series of existing contracts and contracts to be entered into with OKIMO.  Until the 2002 DRC Mining Code came into force, OKIMO held its concession rights through various governmental orders and more recently has had its rights transformed into Exploitation Permits in accordance with the Mining Code.

In November 2006, the Company entered into an agreement (“November 2006 Protocol”) with L’Office des Mines d’Or de Kilo-Moto (OKIMO) to enter into a consolidated contractual arrangement to replace the existing contracts.  This agreement will govern the development and future production activities at the Moto Gold Project.bility

Since acquiring earn-in rights to the project, MGL has completed several phases of technical evaluation, culminating in a definitive feasibility study.  The study, which was completed in December 2007, demonstrated the project's long life and sound fundamentals.
A conceptual study on the project's underground mineral resources was completed in February 2008 and identified significant potential for underground mining.
Moto views a potential underground operation to be complimentary to the defined surface mining operations and is working towards developing a cohesive plan to integrate the two components.

Mineral Resources

Since the commencement of field operations in early 2004, MGL has undertaken an extensive drilling programme focused on identifying substantial gold resources in an underexplored but highly prospective gold province.
MGL has achieved outstanding exploration success with the project's mineral resources as at March 2008 estimated to be:

Mineral Reserves

Moto has been successful in defining surface mining based mineral reserves for the project of:

Moto expects significant additions to his reserve base upon completion of the requisite technical evaluations of the underground mining resources.

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