MOE Moelis Australia Pty Ltd

Moto Goldmines Limited (TSX:MGL)(ASX:MOE) is pleased to announce the appointment of Mr Andrew Dinning as Chief Operating Officer. Mr Dinning has principal responsibility for managing the feasibility process and subsequent mine development and plant construction and commissioning at the Moto Gold project. In addition a board technical committee, consisting of Mr David Hodgson, Dr Jeff O'Leary and Dr Doug Jones has been established to provide assistance to Mr Dinning and oversee the development process. The Company's Chairman, Sam Jonah KBE, said the appointment of Mr Dinning and the establishment of the technical committee is a significant step in advancing the Company from the exploration stage to project feasibility and development. "Mr Dinning's extensive knowledge and experience of mine management, project funding and contract and risk management will be of significant benefit to the Company during the development of the Moto Gold Project" said Sam. Mr Dinning was employed by the WMC group of companies for over 12 years, where his roles included management of WMC's most profitable gold mine, negotiating significant mining tenders and contracts, developing and implementing risk management strategies and systems, and participating in the senior management team that completed the sale of WMC's gold division. Recently Mr Dinning managed the evaluation of Trans-Siberian Gold's gold projects and properties in Russia, and played a significant role in that Company's capital raising and listing on AIM in the United Kingdom. Mr Dinning has a Mining Engineering Degree, First Class Mine Managers Certificate and a Masters of Business Administration. The board's objective is to develop a world class mining operation at the Moto Gold Project, and it recognizes the significant work that must be completed. It was determined, having regard to the extensive operational and project financing experience of the board, to establish a board technical committee to provide assistance to Mr Dinning and oversee the development process. This committee will be chaired by Mr David Hodgson who until recently was Chief Operating Officer of AngloGold Ashanti responsible for twenty two operations in eleven countries producing over 6 million ounces of gold per annum. He has extensive experience in taking advanced exploration projects into production, particularly in Africa. Dr Jeff O'Leary, who has extensive corporate advisory and project financing experience, and Dr Doug Jones, who has extensive geological and operating experience across Africa, will also be members of the technical committee. The Board has also reconstituted membership of committees as follows: - Remuneration committee - Sam Jonah KBE (Chairman), David Hodgson, Sean Harvey and Walter Kansteiner. - Audit committee - Sam Jonah KBE (Chairman), Jeff O'Leary and Sean Harvey. - Corporate Governance committee - Walter Kansteiner (Chairman), Jeff O'Leary, David Hodgson and Sam Jonah KBE. In conjunction with the appointment of Mr Dinning, establishment of the technical committee and recognition of the additional requirements of certain of the directors of the Company, it is proposed that: - Mr Dinning be issued immediately 1,000,000 stock options, pursuant to the Company's stock option plan, to acquire Common Shares of the Company. These options will be exercisable at C$3.00 each commencing from 12 months from the date of issue, and expire 6 years from the date of issue. It is also proposed that Mr Dinning be issued a further 1,000,000 stock options upon completion of a bankable feasibility, with these additional options being exercisable at the then current market price within 6 years of issue. - Subject to shareholder and regulatory approval and pursuant to the Company's stock option plan, stock options to acquire Common Shares of the Company be issued to non-executive directors as follows - Mr Kansteiner 60,000 stock options, Mr Hodgson 100,000 stock options, Dr O'Leary 75,000 stock options, Mr Harvey 50,000 stock options and Dr Jones 250,000 stock options. The stock options will be exercisable at C$3.00 each within 6 years of issue. Moto Goldmines Limited (TSX:MGL) (ASX.:MOE)