releases pre feasibility results for congo project

Sydney - Monday - August 28: (RWE Aust Business News) - Moto
Goldmines Ltd (ASX:MOE) has reported that the Pre-Feasibility Study (PFS)
of the Moto Gold Project in the Democratic Republic of Congo (DRC)
demonstrates robust economics, long life and world-class potential.
The PFS was based on the project's Indicated Resources (55.4
million tonnes at 2.9 g/t Au for 5.076 million ounces of gold) and does
not take into account the project's Inferred Resources (88.63 million
tonnes at 3.8 g/t Au for 10.794 million ounces of gold).
The main conclusions from the PFS indicate:
* Average annual pre-tax operating cash flows of $US89.5 million
over eight years;
* A pay back period of approximately three years;
* Open pit mining probable reserves of 25.6 million tonnes @ 3.41
g/t for 2.81 million ounces of gold;
* Capital and infrastructure costs totalling $US296 million
include $US53 million for the construction of a hydro electric power
station and $US33 million for the initial mining fleet
* Average cash operating costs of $US274 per ounce of gold, and
* Nominal output of 290,000 ounce of gold per annum.
All design and modelling was undertaken using a $US500 per ounce
cut off while base financial evaluations for the base case scenario were
completed at $US600 per ounce.
A nominal plant through put of three million tonnes per year was
assumed for the design and engineering studies.