Company Information for Moydow Mines Int'l Inc

Company stock charts - 12 Month chart

TSX; MOY View full financial data

AIM; MOY View full financial data

Company Statement

Moydow Mines is an international exploration company with primary interests in precious and industrial minerals and diamonds. Exploration activities are focused principally in Africa.

In 2004, Moydow sold its interest in the Ntotoroso Property for US$40 million to Newmont Mining Corporation. Moydow retains a 2% royalty on any production in excess of 1.2 million ounces of gold from the Ntotoroso Poperty, which now forms part of the Ahafo Mine of Newmont Ghana Gold Limited.

In October 2004 Moydow signed an option agreement with Gondwana Investments Limited to allow Moydow to earn an interest in the Port Loko Bauxite concession in Sierra Leone. Moydow now hold a 50% interest in the project and a full engineering and processing review is currently underway.
The Dala Diamond Project located in the Lunda Sul province of north-eastern Angola, a JV between Endiama, Cimader and Moydow, is at an advanced stage with drilling scheduled to commence in early 2008. The licence is bordered both to the west and east by the BHP/Petra Diamonds' Alto Cuilo and Muriege diamond properties, respectively, and is 40 kilometres south of the Catoca Mine, the world's fourth largest producing kimberlite diamond mine.

These latter opportunities, are in line with Company strategy to capitalise on its long experience in Africa to grow shareholder value.

The Company's outstanding Common Shares are listed on The Toronto Stock Exchange [TSE] and the Alternative Investment Market [AIM] of The London Stock Exchange under the symbol "MOY".

Current Operations

Hwidem, Ghana
Background - The Hwidem project is a 25sq km gold exploration licence in the Brong Ahafo region of Ghana.

Geology - The project is situated immediately east of the Ntotoroso property which Moydow sold to Newmont for US$40 million last year. It is bordered to the South and North by two large prospecting licences which are owned by Goldfields.

The geology on the project area is almost identical to that of the Ntotoroso deposit which Moydow discovered and in particular is in the same suite of rocks which held the Zone E deposit.

Work to Date - Work on the property has included geophysics, soil geochemistry, geological mapping and rock sampling. The results of these studies have confirmed a geological and mineralisation scenario identical to that at Ntotoroso.

Future Plans - Because of the proximity of multi-million ounce deposits, Hwidem has been assigned a top priority in the 2005 Exploration budget. Remapping of the project as well as a second pass of geophysics will be done to compliment the planned drilling. It is anticipated that results will start to come through in the next several months. The prospect will initially be drilled with short RAB holes to test the bedrock and deep drilling will be used to follow up any anomalous values.

Although work has been limited in the past year, an aggressive exploration campaign is planned for the next several months.

Dala, Angola
In March 2005, Moydow announced that it had signed an agreement to conduct exploration for diamonds in Angola. Moydow, together with its strategic partner Concord Minerals LLC, a Nevada company, agreed terms with Endiama, the Angolan state diamond mining company and Cimader EP, a local Angolan company, to explore for diamonds on the Dala diamond concession which is located immediately south of the town of Saurimo and is bordered to the east and west by the Muriege and the Alto Cuilo diamond concessions respectively.

- In January 2006, Moydow announced that it had signed an agreement with the Angolan state diamond company, Endiama, to explore for kimberlitic or primary diamonds on the Dala Licence.

Under the terms of the agreement, Moydow and its strategic partner, Concord Minerals LLC will hold a combined 40% interest in the kimberlite licence. Endiama will have a 51% interest and the balance will be held by the local Angolan partner.

Exploration Program - Moydow personnel established a base camp centrally on the licence in 2005 and recently completed an airborne geophysics survey over the property. This survey was done by the Council for Geoscience (formerly the Geological Survey of South Africa) and identified about 70 targets on the property which warrant follow-up work.

Following completion of the airborne work, a ground geophysical survey comprising magnetics and gravity was initiated in mid January 2006.

An extensive ground magnetic survey was carried out in 2006-07 to evaluate the airborne geophysical targets. This has isolated an initial 21 priority targets for the drill program.

The company continues to evaluate the alluvial potential of the concession and a washing plant has been operational since January 2008.

Moydow has mobilized a drill rig to Angola for a drilling campaign on the Dala project. A contract for 5,000 metres has been signed with an option to drill an additional 5,000 metres. The programme envisages core drilling to an average depth of 120 metres using both HQ and NQ size core. These large core sizes will yield a sample sufficient enough to assess the diamond potential.

Kanyankaw, Ghana
The Kanyankaw Project is located in south central Ghana approximately 50 kilometres north of the seaport of Takoradi and comprises an area of 91 square kilometres.

The licence area is underlain chiefly by Upper Birimian greenstones and intruded by small stocks and dykes of hornblende granodiorite. Slicing through the rock pile is a series of NNE-trending fractures with associated minor splays. Where these major lineaments cross slightly more elevated terrain their trace is coincident with a trail of sericitically altered, granodiorite dykes which show patchy gold-bearing, quartz stockworks.

Work to date - Past drilling on the property tested several geochemical anomalies and returned mineralized intersections from a number of drill holes, the most significant being from a hole in the southwest part of the license area which averaged 1.5 g/t gold over 40 meters.

Current and Future Plans - Recent work completed on the property has generated several new targets which warrant further testing. Although exploration in the last few years has been limited due to the company's focus on Ntotoroso as well as the fact that due to the increase in the gold price there has been a significant increase in the number of illegal artisanal miners. (At one stage there were in excess of 6,000 artisinal miners working the area).

Port Loko, Sierra Leone
The Port Loko bauxite concession has been extensively explored in the past and feasibility studies have been prepared at that time. The previous work, together with the study by CAM llc of Denver forms an excellent basis for the present exploration and technical review program.

From studies of the previous work and the recent pre-fesibility it appears that there is a higher grade core at the centre of the deposit. Moydow's initial goal was the confirmation here of the earlier results for an area with approximately 25 million tonnes with an average grade of at least 48% bauxite.

Since 2005, Moydow has executed an exploration program which has included the re-cutting of Sieromco and Jupiter grid lines, cleaning (122) and deepening and sampling (76) of Sieromco and Jupiter pits, drilling and sampling of 423 hollow-stem auger holes (total 3,497m), differential GPS surveys, and sample processing at the Rogberi Exploration camp.

There are several production scenarios which the Port Loko project lends itself to. The presence of the higher grade core, together with its proximity to the railway, presents the opportunity for selective mining and shipping of the ore to an out of country refining facility. This scenario is along the same lines as is currently being employed by Sierra Minerals Limited at their Mokanjii deposit.

The recent recovery in the aluminium price, however, means that there also exists the potential to develop a much larger mining operation, which would seek to develop the entire resource base at Port Loko and process the ore into alumina at a refinery based in Sierra Leone. With this latter scenario in mind, Moydow and its partners Gondwana have recently commenced discussions with third parties and the Government of Sierra Leone to evaluate the economics of a refinery and associated facilities to be based in-country. 

Geographical Spread

Ghana, Sierra Leone and Angola

Board of Directors and Key Management

Noel P. Kiernan - Chairman

A geologist with forty years experience in the mining and petroleum industries, including 16 years in West Africa - he was formerly managing director of Teberebie Goldfields, and a founder and former managing director of Glencar Mining plc. He is the Ghanaian Honorary Consul to Ireland.

Brian P. Kiernan - President & Chief Executive Officer of Moydow (Isle of Man) since 1993

Formerly a data communications consultant, he is a graduate from the University of Ulster, Dublin, Ireland with a Bachelor of Arts (Hon.) in Business Studies.

Michael E. Power - Vice-President & Secretary

He is a professional engineer with over 30 years of experience in the mining industry in Canada. A Chartered Financial Analyst he was formerly Vice-President of Corporate Development at Hemlo Gold Mines Inc., now Battle Mountain Gold Company.

J. Joseph (Joe) Breen - Chief Operating Officer of Moydow (Isle of Man) since 1996

He is a geologist with thirty years experience in base and precious metal exploration in North and South America, Europe, Asia and Africa. He was formerly project geologist and senior exploration geologist for major mining companies, including Noranda and Phelps Dodge and a co-founder of a Calgary based junior mining company, Goldquest Inc. He has been associated with major mineral finds including the Mina Angela gold/silver deposit in southern Argentina, the Paracatu lead/zinc mine in Brazil and the Wassa gold deposit.

Mr. Richard Linnell - - Non-executive Director

Mr. Linnell has been active in the resources sector for almost forty years with significant global experience in the development and marketing of resources and commodities and was a former head of Billiton Pic exploration and development activities in Africa and a member of the Eskom Council. He is currently Executive Chairman of Falkland Gold and Minerals Pic, Non-executive Chairman of GVM Metals Ltd, GMA Resources Pic, Chrome Corporation Ltd and a Director of GRD Minproc Pty Ltd, Nimag Pty Ltd, RNI NL, South African Mineral Resources Corporation Ltd, Project Literacy and the Busmessmap Foundation.

Mr. Albert Gourley - - Non-executive Director

Mr. Gourley is the resident Managing Partner of the Johannesburg, South Africa, office of Fasken Martineau DuMoulin LLP, Barristers and Solicitors and has an adjunct office in London, United Kingdom. Mr. Gourley is an international mining lawyer with a particular focus on Africa. His practice includes legal and business advice relating to mergers and acquisitions, private placements, mining agreements, debt and equity financings and stock exchange listings.

Rosemary (Roma) G. O'Mongain - Chief Financial Officer

A fellow of the Association of Chartered Certified Accountants with fifteen years experience, she has specialized in finance, audit and tax planning. Ms. O'Mongain is a graduate from University College Galway, Ireland with a Bachelor of Commerce degree.

Company Address 74 Haddington Road Dublin 4, Ireland Telephone: (353) 1 667 7611 Facsimile: (353) 1 667 7622 Email: info[at]moydow.com Website: http://www.moydow.com

Additional Address/Key Contact Toronto Office Suite 1220,20 Toronto Street Toronto, Ontario Canada, M5C 2B8 Tel: (416) 703 3751 Fax: (416) 367 3638

Annual General Meeting June

Year End 31 December

Related News

02/08/07 - Moydow Could Be Hitting the Headlines Later This Year
15/03/07 - Moydow Has A Right Royal Earner

Most Recent Statement

04/04/08 - Financial Statements
01/04/08 - Management’s Discussion and Analysis of Financial Condition and Operating Results For year ended December 31, 2007
27/02/08 - Moydow Announces Update on Activities
26/07/07 - Moydow Mines To Drill Diamond Licence in Angola
26/07/07 - Moydow Announces Appointment of Directors
22/06/07 - Moydow Announces Closing of Financing