MOY Moydow Mines

RNS Number:2799H
Moydow Mines International Inc
04 August 2006


   Moydow Announces Board Changes,  Private Placement and Annual Meeting Date


FOR IMMEDIATE RELEASE

                               August 4, 2006


Toronto, Ontario: Moydow Mines International Inc. (TSX: MOY) (AIM: MOY) ("the
Company") announces that Paddy Boland, Richard Linnell and Albert Gourley have
stepped down as directors of the Company and shall be replaced by Louise
Vaillancourt-Chatillon and Peter Villani.  The new board will consist of five
members.

The Company has also called an Annual and Special Meeting of the Shareholders to
be held in Toronto, Ontario on August 31, 2006, to vote on, among other things,
the continuance of the Company under the laws of the province of British
Columbia.  Under the laws of the province of Ontario, the majority of the
directors of the Company must be Canadian directors, whereas under the Business
Corporations Act of the province of British Columbia, there are no such
residency requirements.  Accordingly, management believes that continuing the
Company in British Columbia will enable the Company to retain international
talent for its board of directors.

The Company is also pleased to announce that it has completed a private
placement for a total of CDN$1,395,150 and has issued a total of 7,655,143
common shares of the Company at a price of Cdn$0.18225 per share.  Of this
total, 3,062,057 have been placed with Mr. Brian Kiernan, the President and CEO
of the Company.  Mr. Kiernan will then hold 7,556,024 common shares of the
Company.  In addition, the Company has also arranged a debt facility for a total
of US$1,700,000 of which US$440,000 is being provided by Mr. Brian Kiernan.
(together "the transaction").  No finders fee has been paid in connection with
either the placement or the debt facility.  With the exception of the directors
involved in the transaction as a related party, the directors, having consulted
with the Company's nominated advisor, consider that the terms of the transaction
are fair and reasonable for its shareholders.  In compliance with Canadian
securities laws, all of the securities issued in connection with this closing
are subject to a hold period expiring on December 1, 2006.  Application has been
made for the common shares to be admitted to trading on AIM.

The proceeds of the financing will be used to advance the Company's projects in
Ghana, Sierra Leone and Angola and for general corporate purposes.

On March 1, 2006, the Company announced that it had reached an agreement with
Diamond Fields International Ltd. ("Diamond Fields") effective February 28,
2006; pursuant to which, Moydow common shareholders will exchange their Moydow
securities for securities of Diamond Fields.  As all the necessary stipulations
required under the terms of agreement were not reached by May 31, 2006, the
agreement automatically terminated.  Both parties are still in discussion as how
best to proceed.

The Company is engaged in the acquisition, exploration and development of
mineral properties worldwide.  Newmont Mining Corporation ("Newmont") announced
that on July 18, 2006 it had poured its first gold at the Ahafo project on the
Sefwi gold belt in Ghana.  The Ahafo project is projected to produce about
500,000 ounces of gold per year.  Moydow sold its participating interest in the
Ntotoroso property, which is part of the belt, 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.  The
Company continued work on the Hwidem gold property during the second quarter of
2006.  The Hwidem property adjoins the Ntotoroso property.  The Company carried
out a reverse circulation drill program in June, 2006.  Management are presently
compiling the results.  It is the Company's intention to carry out a further
drill program in October after the rainy season.  A study of the feasibilty of
the Port Loko Bauxite Deposit in Sierra Leone, West Africa was delivered on June
30, 2006.  The joint venture parties are currently reviewing the report.  Work
continued on the Dala diamond project in Angola.  As previously reported the
Company has now outlined several anomalies which we plan to drill once all of
the permitting is completed  Of particular interest is a large (eight hectare)
low gravity anomaly which is coincident with a group of known diamond
occurrences on the property.  Tenders for drilling on the Dala property are
currently being reviewed.

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

On behalf of the Board of Directors
"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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