Moto Board considers offer from Randgold Resources

 

TIDMMOE TIDMRRS 
 
RNS Number : 9742V 
Moto Goldmines Limited 
20 July 2009 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
"Not for dissemination in the United States or through any US newswire service" 
 
 
 
 
NEWS RELEASE 
 
 
 
 
FOR IMMEDIATE RELEASE 
                    TSX Code - MGL 
JULY 20, 2009 AIM Code - MOE 
 
 
MOTO BOARD CONSIDERS POTENTIALLY SUPERIOR OFFER FROM RANDGOLD RESOURCES 
 
 
PERTH, WESTERN AUSTRALIA - Moto Goldmines Limited ("Moto") confirms that its 
Board of Directors (the "Moto Board"), having received advice from its financial 
and legal advisors, has determined that the unsolicited offer received on July 
16, 2009 from Randgold Resources Limited ("Randgold") for the acquisition of all 
of the shares of Moto by way of a proposed plan of arrangement is potentially 
superior to the terms of the current agreement between Moto and Red Back Mining 
Inc. ("Red Back") announced June 1, 2009. 
Moto will now commence negotiations with Randgold concerning its offer.  Should 
such negotiations result in Moto and Randgold settling the terms of a definitive 
agreement that the Moto Board considers constitutes a superior proposal to the 
current agreement with Red Back, Moto will so advise Red Back. Under the terms 
of its current agreement with Moto, Red Back would then have a period of five 
business days to offer to amend the terms of that agreement.  In accordance with 
the terms of the current Red Back agreement, if Red Back then offers to amend 
the terms of its proposal such that the Moto Board determines that the Randgold 
Proposal is no longer a superior proposal, Moto will be required to enter into 
an amendment to the existing Red Back agreement and to implement the amended Red 
Back proposal. 
Moto will advise by news release in due course the results of its negotiations 
with Randgold and, in particular, if it settles the terms of a definitive 
agreement with Randgold that triggers Red Back's right to amend its current 
offer. 
 
 
For further information in respect of Moto's activities, please contact: 
+-----------------------------------------+--------------------------------------+ 
| Andrew Dinning                          | Mark Arnesen                         | 
+-----------------------------------------+--------------------------------------+ 
| President and Chief Operating Officer   | Financial Director and Chief         | 
|                                         | Financial Officer                    | 
+-----------------------------------------+--------------------------------------+ 
| Tel: [phone]                    | Tel: [phone]                 | 
+-----------------------------------------+--------------------------------------+ 
| email: [e-mail]       | email: [e-mail]    | 
+-----------------------------------------+--------------------------------------+ 
Moto Goldmines Limited website: www.motogoldmines.com 
+-----------------------------------------+--------------------------------------+ 
| Nominated advisor for the purposes of   | RFC Corporate Finance Ltd            | 
| AIM:                                    | Steve Allen                          | 
|                                         | Tel: [phone]                 | 
|                                         | email: [e-mail]        | 
+-----------------------------------------+--------------------------------------+ 
| AIM Broker                              | GMP Securities Europe LLP            | 
|                                         | James Cassley                        | 
|                                         | Tel: [phone]                | 
|                                         | email: [e-mail]   | 
+-----------------------------------------+--------------------------------------+ 
 
 
Caution Regarding Forward-Looking Statements: Statements in this news release 
regarding the negotiation of a definitive agreement with Randgold and amendments 
to the current agreement between Moto and Red Back are forward-looking. There 
can be no assurance that Moto and Randgold will reach a definitive agreement or, 
if an agreement is reached, that Red Back will offer to amend the terms of its 
agreement. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 OUPPUUCGMUPBGAU