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Friday, 27th March 2009 (1181 views)

Moto Goldmines has announced that it has bought a stake in Kilo Goldmines amounting to 20 per cent of the latter company's stock.

The acquisition has seen Moto acquire 7,853,353 common shares out of the outstanding total of 39,266,766, as well as ownership of 1,297,400 warrants to purchase common shares from Kilo, with each worth AU$0.60 (29p) for two years.

Moto's move is the culmination of an agreement signed in November 2006 that sees Moto transfer to Kilo the rights and obligations for a number of projects based in the Democratic Republic of Congo, in return for the shares.

It was stated that Moto is not currently seeking to acquire more Kilo shares.

Earlier this month Moto released the results of a feasibility study on a site in the Democratic Republic of Congo.

The study found that the Moto Gold project can produce 484,000 ounces of gold per annum over the first five years of mining at the location, with the mine's total lifespan being 16 years.

 

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