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.