The FS was completed by Lycopodium Engineering Pty Ltd (“Lycopodium”) and Cube Consulting Pty Ltd (“Cube”) based on 3.5 and 4.5 million tonnes per annum plant throughput scenarios supported by open pit mining activities.

In addition to previous Pre-Feasibility Study “PFS” work, the Moto Group has spent in excess of US$5M in the 15 months to November 2007 on technical design and evaluation work associated with the FS. Expenditure on resource definition and technical drilling for FS purposes totals over US$13M.

Probable Mineral Reserves of 37.8 Mt at 3.2 g/t Au for 3.9 Moz are planned to be mined and processed over an 8½ year mine life on the basis of a 4.5 Mtpa throughput.

Key Findings of the Feasibility Study

In order to maximize the Project’s return on capital, improve pay-back period, minimize cash operating cost and maximize asset utilization/exploitation, Moto has decided that the 4.5 Mtpa scenario as detailed in the FS currently represents the preferred option. Key points of the study include:

• extensive re-scoping of the PFS project dimensions;
• confirmation and further clarification of technical findings from the PFS;
• Probable Mineral Reserves of  37.8 Mt at 3.2 g/t Au for 3.9 Moz;
• total gold production of 3.3 Moz over 8½ years;
• a nominal output of 400,000 ounces of gold per annum;
• project financials evaluated using gold revenue of US$600 /oz and 100% equity basis;
• generation of annual pre-tax operating cash flows averaging US$120M;
• average cash operating costs of US$294 /oz produced;
• payback period of approximately 4½ years for initial capital and infrastructure cost expenditures, excluding expenditures to date;
• sensitivity analysis indicating reduction in payback period to 3 years for a gold revenue price of US$750/oz; and
• capital and infrastructure cost estimates total US$483M including US$80M hydro-electric power station, US$78M initial mining fleet & US$47M construction contingency.