re: announces significant increase in indicated r FOR IMMEDIATE...

re: announces significant increase in indicated r FOR IMMEDIATE RELEASE TSX Code – MGL
August 24, 2006 ASX, AIM Code - MOE
MOTO GOLDMINES ANNOUNCES SIGNIFICANT INCREASE IN INDICATED RESOURCES

Moto Goldmines Limited is pleased to report that an updated independent resource estimate, completed by Cube Consulting Pty Ltd, has resulted in a significant increase in indicated resources on the Company’s Moto Gold Project in the north east of the Democratic Republic of the Congo.

Estimated resources at the Moto Gold Project are now:
• Indicated resources – 55.40 million tonnes at 2.9 g/t Au for 5.076 million ounces of gold and
• Inferred resources – 88.63 million tonnes at 3.8 g/t Au for 10.794 million ounces of gold.
Highlights of the resource estimate include:
• 35% increase in contained indicated ounces
• 27.5% increase in indicated tonnes
• 7.4% increase in indicated grade and
• A continued high conversion rate of inferred to indicated resources across all ore bodies, with Karagba and Chauffeur exceeding 100%
A further resource upgrade is planned for the fourth quarter of 2006 based upon analysis of further infill drilling results from Durba-Chauffeur-Karagba including those results released by the Company on July 28, 2006.
The infill and extension drill programme at Durba-Karagba-Chauffeur is ongoing".

http://sa.iguana2.com/cache/a61298756bbe3a6868f2660db66434d6/ASX-MOE-332319.pdf