Transfer of Exploitation Permits
29 5월 2009 - 3:00PM
UK Regulatory
TIDMMOE
RNS Number : 0007T
Moto Goldmines Limited
29 May 2009
"Not for dissemination in the United States or through any US newswire service"
NEWS RELEASE
FOR IMMEDIATE RELEASE
TSX Code - MGL
MAY 28, 2009 AIM Code - MOE
MOTO ANNOUNCES COMPLETION OF THE TRANSFER OF EXPLOITATION PERMITS
PERTH, WESTERN AUSTRALIA - Moto Goldmines Limited ("Moto") is pleased to
announce the completion of the transfer of relevant portions of the ten
exploitation permits covering the area of the Moto Gold Project (the "Project
Area") from l'Office des Mines d'Or de Kilo-Moto ("Okimo") to the joint venture
company Kibali Goldmines s.p.r.l (formerly Borgakim Mining s.p.r.l) ("Kibali").
During the registration process, the Project Area was revised from 2,143 to
2,161 carrés (approximately 1,836 sq km) to take into account the requirement
for the transfer of whole carrés as required by the DRC Mining Code. The
Exploitation Permits for the Project Area will be held directly by and for the
benefit of Kibali.
As agreed in the joint venture agreement, Kibali will apply to transfer to Okimo
the specific exploitation rights to mine certain historic tailings within the
Project Area.
Okimo has been issued shares in Kibali representing 30 per cent. of the issued
share capital and Moto is making payment of the pas de porte of US$ 4.5 million.
For further information in respect of the Company's activities, please contact:
+-----------------------------------------+--------------------------------------+
| Andrew Dinning | Mark Arnesen |
+-----------------------------------------+--------------------------------------+
| President and Chief Operating Officer | Financial Director and Chief |
| | Financial Officer |
+-----------------------------------------+--------------------------------------+
| Tel: +61 8 9273 4222 | Tel: +61 8 9273 4222 |
+-----------------------------------------+--------------------------------------+
| email: adinning@motogoldmines.com | email: marnesen@motogoldmines.com |
+-----------------------------------------+--------------------------------------+
Moto Goldmines Limited website: www.motogoldmines.com
+-----------------------------------------+--------------------------------------+
| Nominated advisor for the purposes of | RFC Corporate Finance Ltd |
| AIM: | Steve Allen |
| | Tel: +61 8 9480 2508 |
| | email: Steve.Allen@rfc.com.au |
+-----------------------------------------+--------------------------------------+
| AIM Broker | GMP Securities Europe LLP |
| | James Hannon |
| | Tel: +44 207 647 2803 |
| | email: james.hannon@gmpeurope.com |
+-----------------------------------------+--------------------------------------+
Caution Regarding Forward-Looking Statements: Certain statements contained in
this announcement that are not historical facts constitute "forward-looking
statements", including but not limited to those statements with respect to the
Company's plans for debt financing of the Project and with respect to the
development of mineral deposits, the price of mineral commodities and the
Company's financial resources. There can be no assurance that debt financing for
the Project will be made available on terms that are acceptable to the Company
or at all that the Moto Gold Project will be successfully developed, that any
mineralisation previously disclosed in respect of the Moto Gold Project will be
proven to be economic, that anticipated metallurgical recoveries will be
achieved, that future evaluation work will confirm the viability of deposits
identified in the Project or that future required regulatory approvals will be
obtained.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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