(PRWEB) - (PRWEB) November 16, 2005 -- Moto Goldmines Limited...

(PRWEB) - (PRWEB) November 16, 2005 -- Moto Goldmines Limited (ASX:MOE, TSX:MGL) has now inferred and indicated resources of 11 million ounces for its Moto gold project in the north east of the Democratic Republic of Congo.

An updated independent resource estimate completed by Cube Consulting has already shown a three hundred per cent increase in indicated resources to 34.33 million tonnes at 2.5 g/t Au for 2.809 million ounces leading to inferred resources of 92.87 million tonnes at 2.7 g/t for 8.158 million ounces of gold.

"This is just a massive deposit and in the last three months alone we’ve proved up a million ounces a month," said Klaus Eckhof, Moto Goldmines Limited Managing Director.

Cube Consulting is an independent firm specialising in the provision of geological modelling, resource estimation, mine planning and information technology services who have been appointed to manage the geological resource modelling and mine planning aspects of the feasibility process.

"Thirty per cent of the resource estimate is now indicated and we expect to double this over the next three to four months," Mr Eckhof said.

Significantly, conversion of resources from the inferred to indicated category at Pakaka and Mengu Hill have been greater than 95 per cent reflecting the excellent continuity of mineralized zones.

“Its easy to find millions of ounces and in terms of operations we would expect to produce half a million ounces of gold a year for a minimum of 10 years from this resource,” Mr Eckhof said.

A further resource upgrade is planned for January 2006 based upon analysis of recent infill drilling results from Gorumbwa and Karagba. These programmes were designed to upgrade the existing resources from inferred to the indicated category.

“These latest results show the world that the Moto project is a world class gold deposit and certainly one of the bigger ones in the world,” Mr Eckhof said.