(PRWEB) June 17, 2005
Moto Goldmines Limited (ASX:MTO), an Australian-based junior explorer has now listed on the Toronto Stock Exchange with a secondary listing on the Australian Stock Exchange Says CEO Klaus Eckhof.
Following shareholder approval, Moto Goldmines Limited completed a merger with the Canadian-based King Products Inc and the merged entity is now listed on the Toronto Exchange (TSX:MGL) and has a new code on the Australian Stock Exchange (ASX:MOE).
"Already weÂve had considerable investor support in the North American market and this has given us the confidence to pursue our vision of maximizing shareholder value through the discovery of substantial, high grade gold deposits in Central Africa," said Klaus Eckhof, Moto Goldmines Executive Director.
The company is conducting an extensive exploration programme in the Haut-Congo province in the north east of the Democratic Republic of Congo and has indicated resources of seven million tonnes at 2.7 grams per tonne gold for 600,000 ounces Au and inferred resources of 55.5Mt at 2.9 g/t Au for 5,210,000 ozs Au.
"Moto is now a wholly owned subsidiary of King providing the necessary corporate structure to provide ongoing funding to develop the Moto project," Mr Eckhof said.
The Democratic Republic of Congo has a long history of gold mining and was the worldÂs fifth largest gold producer in the 1960Âs.
"While the region may be perceived as high political risk, we see a new dawn for the Congo as one of the last frontiers in modern exploration and mining and aim to operate at all times with a high social, environmental and ethical awareness," Mr Eckhof said.
Moto is undertaking an extensive drilling programme focused on identifying substantial gold resources in this under explored but highly prospective gold province.
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