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Thursday, 17th November 2005 (3836 views)

Moto Goldmines is bullish that its mining location in the Democratic Republic of Congo will yield significant amounts of gold following an independent study.

Cube Consulting has indicated the potential for a project producing around 240,000 ounces annually, generating a net cashflow of more than $650 million over 12 years.

The site - in the north-east of the country - boasts indicated resources of over 34 million tones at 2.5 g/t Au for 2.8 million ounces of gold - with inferred resources standing at nearly treble that amount.

"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," said Klaus Eckhof, Moto Goldmines' managing director.

"This is just a massive deposit and in the last three months alone we’ve proved up a million ounces a month."

The company was also buoyed by news that there was an "excellent continuity of mineralised zones" at the site, with conversion of resources from inferred to indicated categories higher than 95 per cent.

Moto emphasised the "preliminary" nature of Cube's findings, stating that "there is no certainty that the results of the conceptual study will be realised in the future".

 

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