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Announces Completion of the Transfer of Exploitation Permits
posted on
May 28, 2009 11:41AM
May 28, 2009
Moto Announces Completion of the Transfer of Exploitation Permits
PERTH, WESTERN AUSTRALIA--(Marketwire - May 28, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH ANY US NEWSWIRE SERVICE
Moto Goldmines Limited ("Moto") (TSX:MGL)(AIM:MOE) is pleased to announce the completion of the transfer of relevant portions of the ten exploitation permits covering the area of the Moto Gold Project (the "Project Area") from l'Office des Mines d'Or de Kilo-Moto ("Okimo") to the joint venture company Kibali Goldmines s.p.r.l (formerly Borgakim Mining s.p.r.l) ("Kibali").
During the registration process, the Project Area was revised from 2,143 to 2,161 carres (approximately 1,836 sq km) to take into account the requirement for the transfer of whole carres as required by the DRC Mining Code. The Exploitation Permits for the Project Area will be held directly by and for the benefit of Kibali.
As agreed in the joint venture agreement, Kibali will apply to transfer to Okimo the specific exploitation rights to mine certain historic tailings within the Project Area.
Okimo has been issued shares in Kibali representing 30 per cent. of the issued share capital and Moto is making payment of the pas de porte of US$ 4.5 million.
