resources growing quickly, page-87

Thanks for that.

7 April:
Significant Increase in Gold Resource Estimate
http://sa.iguana2.com/cache/7d474e4a86371dd174c1d2ae175ed836/ASX-MOE-319206.pdf

Estimated resources at the Moto gold project are now:
• Indicated resources - 43.44 million tonnes at 2.7 g/t Au for 3.756 million ounces of gold; and
• Inferred resources - 100.86 million tonnes at 3.8 g/t Au for 12.353 million ounces of gold.

Comment: a total of 16.1 mill ounces and drilling is proceeding.

Highlights of the resource estimate include:
• increase of 34% in indicated resources to 3.756 million ounces of gold.
• increase of 51% in inferred resources to 12.353 million ounces of gold

• increase in grade of indicated resources from 2.5 g/t Au to 2.7 g/t Au and increase in grade of inferred resources from 2.7 g/t Au to 3.8 g/t Au.

"A further resource review is planned for the third quarter of 2006 based upon analysis of further infill drilling results from Gorumbwa and Karagba-Chauffeur-Durba. These programmes were designed to
upgrade the existing resources from inferred to the indicated category".

"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".


COMMENT: I would'nt be surprised that by then we have a resource of between 20 and 25 mill ounces of which MGL is entitled to 62% or between 12.4 and 15.5 mill ounces.

MGL Shares: 50 mill. Warrants, options: 10.7 mill; ignore 4 mill options 2011. Diluted capital: 60.7 mill.

INSITU MGL 12.4 mill ounces of Gold @ US$650 and US$=CAN$1.124 amounts to CAN$9.05944 Bill or CAN$149.25/diluted share.

Assuming that current share price=$CAN4.95, then per CAN$1 market CAP: CAN$30.15


Activity report due at end of this month.

Gerry
Readers, please do your own research and you decide if and when to buy, hold or sell any stocks or metals/commodities.