re: mgl: moto. quarterly report June 30 quarterly...

re: mgl: moto. quarterly report June 30 quarterly reports:

http://sa.iguana2.com/cache/992ee72d1dd1f8abfdd653348853a32d/ASX-MOE-330149.pdf

Extract:
MOTO GOLD PROJECT • Pre-feasibility work continued during the quarter, including: • completion of metallurgical testwork (to determine flowsheet design and recovery parameters), geotechnical studies and tailings dam design; • appointment of key personnel responsible for environmental, community and social development programmes; • completion of significant sterilisation drilling as part of design process;

• prefeasibility is scheduled for completion by end of August 2006. • Infill and extension drilling during the quarter continued to identify significant gold mineralisation. • Snowdens appointed to complete an independent external audit of resource estimates. Final report expected by mid August 2006.

• Further independent resource estimate, to incorporate all drilling results since previous resource estimation in April 2006, is planned for the third quarter of 2006.

Outflow: $6.5 mill Cash: $75.4 mill

Share price $1.44 (+14 cents)