resources growing quickly, page-85

re: moto goldmines to withdraw from asx listing on NEWS RELEASE FOR IMMEDIATE RELEASE TSX: – MGLJULY 10, 2006 AIM / ASX: - MOEMOTO GOLDMINES TO WITHDRAW FROM ASX LISTING ON 13 OCTOBER 2006 PERTH, WESTERN AUSTRALIA -

Moto Goldmines Limited (“Moto”) advises that it will withdraw from its listing on Australian Stock Exchange Limited (“ASX”). Moto shares are currently listed for trading on the Toronto Stock Exchange (“TSX”), London Stock Exchange’s AIM market (“AIM”) and ASX.

Following the withdrawal from the ASX listing Moto shares will continue to trade on the TSX and AIM. Australian Stock Exchange Limited (“ASX”) has granted approval for the removal of Moto’s securities from the Official List of ASX with effect from 13 October 2006.

The withdrawal from ASX is part of the strategy to transform Moto from explorer into a gold mining company. Moto is working towards completion of a bankable feasibility study in respect of the Moto Gold Project in the Democratic Republic of Congo by mid 2007.

The TSX is one of the premier markets globally for equity raisings by mining companies and AIM is a leading global market for mid-cap companies with exciting growth potential. These markets have significant experience of investment in projects with higher risk profiles. It is anticipated that project development funding for the Moto Gold Project will most likely be sourced from the North American and the European markets.

Moto has raised a significant amount of capital by way of share placements since 2003. Participation in these capital raisings has demonstrated the strong interest in the Moto Gold project from North American and European investors. Following these capital raisings and as a result of marketing efforts by management the majority of Moto’s shares are held by North American and European based shareholders.

In addition, given the increasing size of the North American and European shareholder groups, the cost of maintaining the Australian listing is no longer justifiable. A direct benefit of the proposed delisting will be a reduction in the administrative time and costs incurred in the maintenance of the ASX listing. Regulatory protection under Canadian corporate and securities laws and the TSX and AIM rules is at least equivalent to that provided by the ASX.

The board believes shareholder value will be enhanced by focussing on the North American and the European markets. After its removal from the Official List of the ASX: �� Moto (which is a Canadian registered company) will continue to be subject to the continuous disclosure obligations of Canadian securities laws and the rules of the TSX and AIM. �� Copies of Moto's news releases and financial reports will continue to be available at www.sedar.com, www.londonstockexchange.com and on the Company’s website www.motogoldmines.com.

�� Moto’s financial statements will continue to be prepared in accordance with Canadian generally accepted accounting policies. �� Market prices will be available from a number of financial websites, including www.tsx.com, www.londonstockexchange.com and and www.bloomberg.com. Trading of Shares on AIM and TSX - Facilitation Shareholders that hold their shares through Moto’s Australian sub-register (for trading on ASX) hold such interests in the form of CDIs (CHESS Depositary Interests). CHESS is the electronic settlement system used in Australia.

Holders of CDIs will be offered the option of receiving shares that are registered on Moto’s Canadian register (for trading on TSX) or on Moto’s UK sub-register (for trading on AIM). If shareholders do not make an election with respect to the Canadian register or UK sub-register, their CDIs will be transferred by default to the Canadian register (upon the de-listing from ASX).

Australian shareholders will be able to trade shares in the Company on the TSX or AIM by contacting (i) Australian brokers with relationships with registered brokers in those markets; (ii) TSX and AIM registered brokers in Canada and the UK respectively; or (iii) Patersons Securities Limited (“Patersons”) – Moto has appointed Patersons to assist shareholders (subsequent to the de-listing from ASX) seeking to trade (or transfer) their shares on either TSX or AIM. The Company will issue a letter to each registered CDI holder detailing the process by which share trades can be effected on TSX or AIM.

For further information in respect of Moto’s activities, please contact: Klaus Eckhof Patrick Flint Nick Tintor President and CEO Chief Financial Officer Vice President - Canada Tel: (61 8) 9240 1377 Tel: (61 2) 9212 7999 Tel: (416) 987 0855 Email: [email protected] Email: [email protected] Email: [email protected] Moto website: www.motogoldmines.com Caution Regarding Forward Looking

Statements: The forward looking statements made in this news release are based on assumptions and judgments of management regarding future events and results. Such forward-looking statements include, but are not limited to, statements regarding Moto’s plans with respect to developing the Moto Gold Project. There can be no assurance that any mineralisation will be proven to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified with the project or that future required regulatory approvals will be obtained".

COMMENT: That is an improvement.

Gerry