MOE Moelis Australia Pty Ltd

Moto Goldmines Limited (TSX:MGL)(ASX:MOE) is pleased to report that an updated independent resource estimate, completed by Cube Consulting Pty Ltd, has resulted in a significant increase in resources on the Company's Moto gold project in the north east of the Democratic Republic of Congo. Estimated resources at the Moto gold project are now: - Indicated resources - 34.33 million tonnes at 2.5 g/t Au for 2.809 million ounces of gold; and - Inferred resources - 92.87 million tonnes at 2.7 g/t Au for 8.158 million ounces of gold. Highlights of the resource estimate include: - Significant increase of 300% in indicated resources to 34.33 million tonnes at 2.5 g/t Au for 2.809 million ounces of gold. - Significant conversion (greater than 95%) of resources from inferred to indicated category at Pakaka and Mengu Hill reflecting the excellent continuity of mineralized zones. A further resource upgrade is planned for January 2006 based upon analysis of recent infill drilling results from Gorumbwa and Karagba. These programmes were designed to upgrade the existing resources from inferred to the indicated category. Resource Estimate for Moto Gold Project Deposits -0- *T Cube Consulting have estimated the following resources at a nominal 1 g/t Au lower cutoff: --------------------------------------------------------------------- Deposit Indicated Inferred ---------------------------------------------------- Tonnes Au Tonnes Au Mt Au g/t '000Oz Mt Au g/t '000Oz --------------------------------------------------------------------- Pakaka 19.47 2.4 1,509 Gorumbwa 8.55 6.4 1,750 Kibali 22.60 2.0 1,417 Mengu Hill 8.00 3.3 844 0.98 1.4 43 Mengu Village 1.83 1.6 91 Karagba 36.70 3.1 3,634 Megi 5.21 1.9 312 Marakeke 1.66 1.4 74 Kombokolo 2.08 2.3 155 Sessenge 4.78 2.0 301 0.92 2.3 67 Ndala 0.49 4.0 62 Pamao 13.93 1.6 708 --------------------------------------------------------------------- TOTAL 34.33 2.5 2,809 92.87 2.7 8,158 --------------------------------------------------------------------- Compared to the previous resource estimate in August 2005: - Indicated resources have increased: - from 8.23 million tonnes at 2.6 g/t Au for 0.701 million ounces of gold. - to 34.33 million tonnes at 2.5 g/t Au for 2.809 million ounces of gold. - Inferred resources have increased: - from 89.23 million tonnes at 2.6 g/t Au for 7.329 million ounces of gold. - to 92.87 million tonnes at 2.7 g/t Au for 8.159 million ounces of gold. *T At Pakaka: - previously estimated resources were 8.23 million tonnes at 2.6 g/t Au for 0.701 million ounces of gold in the indicated category and 11.46 million tonnes at 2.2 g/t Au for 0.814 million ounces of gold in the inferred category. - current resource estimate is 19.47 million tonnes at 2.4 g/t Au for 1.509 million ounces of gold in the indicated category. - This represents an effective conversion rate from the inferred to indicated category of 100%. At Mengu Hill: - previously estimated resources were 6.10 million tonnes at 3.6 g/t Au for 0.696 million ounces of gold in the inferred category. - current resource estimate is 8.00 million tonnes at 3.3 g/t Au for 0.844 million ounces of gold in the indicated category and 0.98 million tonnes at 1.4 g/t Au for 0.043 million ounces of gold in the inferred category. - This represents a conversion rate from the inferred to indicated category of approximately 100%, including an increase in the inferred category. Cube Consulting Cube Consulting Pty Ltd (Cube) is an independent consulting firm specialising in the provision of geological modelling, resource estimation, mine planning and information technology services. Cube have been appointed to manage the geological resource modelling and mine planning aspects of the feasibility process. Cube was established in 1999 by a group of Australian mining industry professionals and continues to provide consulting services to a diverse group of Australian and international mining companies. Included among Cube's clients are Newcrest Mining Ltd, Barrick Gold of Australia, AngloGold Ashanti Australia, Harmony Gold, Independence Group, Mincor Resources and Straits Resources. Prefeasibility Work Activities in relation to project feasibility and development are ongoing and the Company is continuing to work towards completion of pre-feasibility work by mid 2006 and completion of a bankable feasibility study in 2007. Company website: www.motogoldmines.com The Information in this report that relates to Mineral Resources is based on a resource estimate compiled by Ted Coupland who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM), Mineral Industry Consultants Association (MICA) and is a Chartered Professional (Geology), and a qualified person under National Instrument 43-101. Ted Coupland is a director of Cube Consulting Pty Ltd. Ted Coupland has sufficient experience which is relevant to gold mineralisation and resource estimation to qualify as a competent Person as defined in the December 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code). Ted Coupland consents to the inclusion in this report of the Information, in the form and context in which it appears. Caution Regarding Forward Looking Statements: Statements regarding the Company's plans with respect to developing the Moto Gold Project are forward-looking. There can be no assurance that any mineralisation will be proven to be economic, that anticipated metallurgical recoveries will be achieved, that future evaluation work will confirm the viability of deposits identified with the project or that future required regulatory approvals will be obtained. Moto Goldmines Limited (TSX:MGL) (ASX.:MOE)