MOY Moydow Mines

RNS Number:9269X
Moydow Mines International Inc
03 February 2006

FOR IMMEDIATE RELEASE                           February 3, 2006




                   Moydow Exploration and Development Update



Toronto, Ontario: - Brian Kiernan, President and Chief Executive Officer of
Moydow Mines International Inc. today issued an exploration and development
update on the Company's activities as follows:



Gold Projects



Ntotoroso Property, Ghana - The Newmont Royalty



The Ntotoroso property is located on the Sefwi belt in Ghana and forms part of
the Newmont Mining Corporation ("Newmont") owned Ahafo project.  Newmont
announced on January 31, 2006 that average annual gold sales from the Ahafo
project is estimated to be 500,000 - 550,000 ounces starting in mid - 2006.
Moydow sold its participating interest in the Ntotoroso property to Newmont in
2004 but retained a 2% net smelter return royalty on all recovered ounces of
gold and silver produced from Ntotoroso after the first 1.2 million gold
equivalent ounces, which was approximately the resource estimate at that time
based on a gold price of $275 dollars an ounce.



Newmont has published Public Disclosure Documents on the Ahafo project, which
includes the Ntotoroso property, and shows the locations, tonnes of ore to be
mined and gold production over the mine life for several of the pits in its
Ahafo project.  The "Subika" pit, which was formerly known as Moydow's Zone E,
is shown as containing a reserve of 2.46 million ounces of gold.  This pit lies
100% within the Ntotoroso property.  A second pit in the project, known as the "
Awonsu" pit is shown as having 30% of its surface area located within the
Ntotoroso property.  The reserve number for this pit is given as 1.24 million
ounces.  According to the Newmont Public Disclosure Documents these reserves are
now calculated at a gold price of US$380 per ounce.



It should be noted that Newmont has not published the current proven and
probable mining reserves for the Ntotoroso licence as a separate figure;
however, attention is drawn to the increase in the gold price over that used by
Newmont in calculating the reserves quoted in its recent Disclosure.



Okumpreko, Ghana



The Okumpreko property comprises two mining licences, totalling 95.3 square
kilometres, and is located in a former placer gold producing area which has
derived the bulk of its payload from streams draining the famous Ashanti belt of
south-central Ghana.



Attention until the late 1990's focused on the placer potential of the district
but a recent discovery by an Australian company, Leo Shield, identifying
near-surface bedrock mineralization with bulk-mineable potential on the licence
immediately to the north, has led to a re-evaluation of the hard rock potential
of the Okumpreko licence.



Moydow has carried out a detailed soil sampling program which has identified
several target areas, one of which appears to be the immediate strike extension
of the Leo Shield gold mineralization.



Moydow is pleased to announce that a 2,000 metre reverse circulation drilling
program has begun to test the anomalous areas and their strike projections lying
under and masked by the considerable alluvial cover of the placer gold deposits.
  Results from this drilling program will be provided on an on-going basis as
they become available.



Hwidiem, Ghana



The Hwidiem property, located in Ghana's Sefwi Belt, is a 24.7 square kilometre
block surrounded on all sides by the Newmont owned Ahafo project which is
currently scheduled to be in production in the latter half of this year.  The
licence boundary is approximately 3 kilometres east of the Newmont owned "Subika
" pit.  In addition Newmont has acquired, under an agreement with Gold Fields
Limited ("Gold fields") the concession lying immediately south of the Moydow
Hwidiem licence where Gold Fields completed over 25,000 metres of drilling.



A geochemical survey covering the Hwidiem licence has identified several
anomalous areas, though much of the area lies in the floodplain of the Tano
River and the alluvial cover masks any geochemical signatures.  Moydow plans to
test both the anomalous areas and their strike projections under the alluvial
cover in a 2000 metre drilling program scheduled to begin later this month.



Other Projects



DALA Diamond Project, Angola





Moydow signed an agreement on December 16, 2005 with Endiama, the Angolan state
diamond company, to explore for kimberlites on its DALA project, a 3,000 square
kilometre tract of ground located in the heart of the Angolan diamond producing
area.  The Catoca kimberlite mine, the world's fourth largest diamond mine, lies
40 kilometres to the north of the licence and the BHP / Petra kimberlite
discovery lies 40 kilometres to the west.



To date over US$2.9 million has been spent in exploration on the property.  In
addition, and as a condition of the granting of the kimberlite licence, Moydow
has deposited US$1 million with Endiama, which is refundable to Moydow once it
has incurred further expenditures of US$1 million in services and equipment on
the property within six months of the ratification of the licence.  Since
September 2005, Moydow has been funding 100% of the expenditures in respect of
the licence and under an agreement with its partner in the project, Moydow has
increased its interest in the licence from 20% to 32.8%.



The decision to apply for the kimberlite licence was spurred by the discovery of
fresh (minimally transported) kimberlite indicators in high concentrations at
several localities during appraisal of the alluvial potential in the 2005 field
season.



A 17,000 line-kilometre, aeromagnetic survey identified several anomalies
coincident with the concentrations of kimberlite indicators and initial
examination of these sites has prompted the company to commission a gravity -
ground magnetic survey to better define drilling targets for the oncoming dry
season.  A program to test three targets, designated as high priority areas, is
scheduled to begin in April.



Moydow geologists are working with a team of diamond exploration specialists to
coordinate the drilling program and integrate it with an intensive ground
follow-up of the most promising aeromagnetic targets identified from the
airborne surveys.



Port Loko Bauxite Project, Sierra Leone



Moydow has commissioned a feasibility study on its Port Loko bauxite property
which is expected to be completed later this month.  On completion of the
feasibility study, Moydow will have spent about $1.7 million and will have
earned a 60% controlling interest in the project.  The remaining 40% interest is
held by Gondwana Resources, a private company controlled by Jean-Raymond Boulle.



On receipt of the feasibility study Moydow will investigate all possible
production scenarios in order to ensure that the project provides the best
possible value for Moydow shareholders.



Corporate Matters



We are currently investigating a number of funding opportunities to advance our
exploration projects as speedily as possible and in a manner that will add value
for all our shareholders.





Moydow Mines is engaged in the acquisition, exploration and development of
mineral properties worldwide.  Corporate information is available on the
Company's website www.moydow.com.  The Company is listed on the Toronto Stock
Exchange and the Alternative Investment Market (AIM) of the London Stock
Exchange under the symbol "MOY".  For further information please contact Michael
Power, Vice President, Corporate Development at 416-703-3751.



 "Signed"



Brian Kiernan
President and Chief Executive Officer




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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