Moto finds more high-grades in the DRC

Moto Goldmines (MGL-T,MOE-A,MOE-L) has released more impressive intersects from its Moto Gold project in the Democratic Republic of the Congo (DRC) and its shares have responded.

Midday in Toronto on July 28 Moto’s shares were up roughly 9% or 50 to $6.10 on roughly 95,000 shares traded.

The Perth-based company reported intersects from its Durba, Chauffeur, Karagba and Sessenge deposits where drilling is part of an ongoing extension and infill diamond drill program.

Highlights from Durba, Chauffeur and Karagba include:

• 182m at 5.93 grams gold from 80m to 262m
• 78m at 4.79 grams gold from 202m to 280m
• 58m at 14.91 grams gold from 30m to 88m
• 42m at 5.65 grams gold from 224m to 266m
• 40m at 8.71 grams gold from 98m to 138m
• 30m at 9.50 grams gold from 206m to 236m
• 24m at 10.97 grams gold from 270m to 294m
• 12m at 11.07 grams gold from 0m to 12m

Moto says in a press release that a resource update is planned for the deposits by August 2006. Further diamond drilling — 69 holes totaling 28,000 metres — is planned for the three deposits. The company says another diamond drill rig is on route to the site for that express purpose.

Highlights from Sessenge included a 60 metre intersect at 14.71 grams gold per tonne from 482 metres to 542 metres.

Sessenge’s results come from the first three holes in a 15 hole, 2870 metre shallow extension drill program.

The company says a revised independent resource estimate should be completed for Sessenge by the third quarter of this year and a prefeasibility study is slated for completion in August 2006.

The Moto Gold project represents one half of the Kilo-Moto goldbelt in the northeastern part of the Democratic Republic of Congo.

In April 2006 independent geological consultants Cube Consulting estimated indicated resources of roughly 43 million tonnes at 2.7 grams gold per tonne for 3.8 million oz. of gold with an inferred resources of nearly 101 million tonnes at 3.8 grams gold for roughly 12 million oz. of gold.

The site is also home to the Pakaka, Kombokolo and Gorumbwa deposits.