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Market: TSX, AIM
Sector: Gold Mining
Epic: MOE
News: Latest news
Web Site: Moto Goldmines
Other Articles: 23-07-200920-07-200903-04-2009

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Moto Goldmines

Moto Goldmines

Moto Goldmines is a gold exploration and development company focused on the multi-million ounce Moto Gold Project in the Democratic Republic of the Congo where it is conducting a prefeasibility study.
Wednesday, January 07, 2009

Moto Goldmines says terms confirmed for DRC project after mining review

Moto Goldmines Ltd said its unit in the Democratic Republic of Congo, Borgakim Mining sprl,  has now confirmed terms of its gold project in the country that comply with the findings of the DRC mining review and have now been approved by domestic partner L'Office des Mines d'or de Kilo-Moto (Okimo).


The area of the project has been confirmed at 1,841 square kilometres and the joint venture company will be Borgakim, with Moto Goldmines holding 70 percent of the business and Okimo 30 percent.


Okimo will contribute the exploitation permits covering the Project to Borgakim for no additional charge.
Borgakim will pay a pas de porte (land lease premium) of US$ 4.5 million. Borgakim has paid US$5.1 million of historic surface rentals, of which US$2 million shall be repayable by Okimo to Borgakim.


Borgakim will pay a royalty on production to the DRC State in accordance with the Mining Code.
Borgakim will assume the Okimo debt to Société d'Organisation, de Participation et de Management (Orgaman) of approximately US$33.8 million.


The parties will seek to conclude the joint venture agreement by February 2009.


The Moto gold project is located in the Moto goldfields in the north-east of the DRC, some 560 kilometres north east of the city of Kisangani and 150 kilometres west of the Ugandan border town of Aru.


Moto has continued during the review period to conduct exploration and drilling and has been optimizing the previously announced feasibility study. The Project has been reconfigured into an open pit and underground mining complex with a reduction in planned throughput.


The optimised feasibility study will focus on grade optimisation with the intention of presenting an option which is more readily financeable than the Project contained in the original feasibility study. It is anticipated that the updated drilling results and the optimised feasibility study will be released by the end of January 2009.


Moto will reduce its other cash expenditure in 2009 mostly through reduced drilling activity whilst maintaining its community development programs and advancing the project by prioritising low cost, long lead, critical path items.  Moto's current cash position (A$58.3 million at the end of September 2008) will see it through to the latter part of 2009.

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