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Monday, 9th February 2009 (2301 views)

Moto Goldmines has stated that it is planning to develop the Moto gold project in the Democratic Republic of Congo into the country’s largest gold mine.

According to Bloomberg, Moto Gold has stated that the deposit is scheduled to enter operation in 2012, producing around 400,000 ounces of gold a year.

The company reported the results last month of its latest drilling programme at the contiguous Durba/Chauffeur/Karagba deposit in the Moto gold project.

According to Moto Gold, the results continue to “demonstrate potential for further growth in high grade mineral resources” on the property in the north-east of Congo.

Significant results from the infill drilling campaign include 9.46 g/t gold over 56m, 7.27 g/t gold over 106m, 8.52 g/t gold over 90m and 10.18 g/t gold over 34m.

Based in Perth, Western Australia, Moto Gold announced an upgrade of its indicated mineral resources in January 2009 to 112.4 million tonnes at 3.1 g/t gold for 11.3 million ounces of gold.

Listed on the Toronto Stock Exchange and the London Stock Exchange's Alternative Investment Market, the firm is focused on progressing the Moto Gold project from advanced exploration to production.

 

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