Sydney - Thursday - November 17: (RWE Aust Business News) - Moto Goldmines Ltd (ASX:MOE) reports that that an independent conceptual study, prepared by Cube Consulting Pty Ltd, has indicated potential for the development of a significant gold mine at its Moto gold project in the north east of the Democratic Republic of Congo. Using an indicative throughput rate of three million tonnes per annum, an average gold price of $US450 per ounce and excluding capital and infrastructure costs, the study demonstrated the potential for a project producing in the order of 240,000 ounces per annum at an average operating cash cost of approximately of $US220 per ounce, generating net cashflows in excess of $US650 million over a 12 year mine life, before any amortisation of capital and infrastructure expenditure, or debt service. Activities in relation to project feasibility and development are ongoing and the company is continuing to work towards completion of pre-feasibility work by mid 2006 and completion of a bankable feasibility study in 2007.
MOE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
