Burundi Joint Venture (Moto diluting to 15%)
In November 2003, Moto entered into an agreement to earn an interest of up to 90% in three areas of Central Burundi in Central Africa totalling 376 square kilometres. The projects are prospective for nickel, copper, cobalt and platinum.
A detailed soil sampling programme over these projects was undertaken during the year, with initial results identifying a number of nickel, copper and cobalt targets for further testing.
In August 2004, Moto and the other project interest holders entered into a revised agreement pursuant to which a major North American mining company can earn a 65% interest (Moto diluting to 15%) by sole funding US$4.875 million exploration expenditure.
Gidji Joint Venture (Moto 30% and diluting)
Moto is party to a joint venture with Placer Dome covering approximately 50 km 2 in the Eastern Goldfields region of Western Australia. Moto has an interest of approximately 30% in the joint venture, and this interest is reducing as Moto is not contributing to the current exploration programme. Results from recent exploration at this project have not been encouraging.
Pilbailey Joint Venture (Moto 16% and diluting)
Moto is party to a joint venture with Harmony Gold Mining Ltd covering approximately 75 km 2 in the Eastern Goldfields region of Western Australia . Moto has an interest of approximately 16% in the joint venture, and this interest is reducing as Moto is not contributing to the current exploration programme. Results from exploration at this project have not been encouraging.