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Moto Goldmines Limited (MOE.LN), a mineral exploration and development company, Monday confirmed it has determined that the unsolicited offer received on July 16, from Randgold Resources Limited (RRS.LN) for the acquisition of all its shares through a proposed plan of arrangement is potentially superior to the terms of the current agreement between Moto and Red Back Mining Inc. announced June 1.

MAIN FACTS:

-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.

 
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com