Moydow Mines International Inc. - Mining Licence Granted at Ntotoroso

Brian Kiernan, President and CEO of Moydow Mines International Inc., reports that a 30 year mining lease has been granted on the Ntotoroso project, which is located in West Central Ghana. The licence on which the lease has been granted is held by Rank Mining Company Limited, a 50/50 joint venture between Moydow and Normandy Mining Limited.

Over the past 4 years an extensive exploration program has been completed including delineation drilling and an initial feasibility study on the Ntotoroso project. More than US$7 million has been spent including US$6.5 million spent by Normandy to earn a 50% interest in the project. The Ntotoroso project is strategically located in the middle of and along strike of the 100% Normandy owned Yamfo-Sefwi belt. Work to date has outlined resources of more than 2 million ounces of gold on the Ntotoroso property.

The feasibility study was recently completed on the project by Lycopodium PTY of Perth, Australia. The results of the study which incorporated only 2 deposits on the large Ntotoroso property have previously been published. The study is conservative and assuming a life-of-mine gold price of $270 indicates proven and probable reserves of 1.1 million ounces of gold at an average grade of 2.4 grams of gold per tonne.

It is anticipated that the Ntotoroso project will be mined in conjunction with the adjacent Normandy licences and to this effect a joint production and development agreement was signed with Normandy in July 2000. Under the terms of this agreement, Moydow has the right to elect for Rank to fund a portion of the development costs associated with a 5 million tonne per year mill situated on Normandy ground approximately 2 kilometers from the licence border. If Moydow elects not to fund its portion of development costs then it can alternatively elect to enter into a custom milling agreement with Normandy.

Brian Kiernan said: ``The granting of the mining licence is another important step along the way towards advancing this major undeveloped gold project. Additional resources already discovered will be incorporated into the feasibility on an on-going basis. As previously reported, initial drilling at depths of 400 metres below the key Zone E deposit confirmed the presence of a higher grade core which certainly warrants further drilling. Moydow and Normandy are continuing to work towards optimisation of the combined projects in order to fully realize on the economic potential of the belt.''

Moydow Mines International Inc. is engaged in the acquisition, exploration and development of precious metals properties world-wide. Further information is available on the Company's website www.moydow.com. The Company is listed on the Toronto Stock Exchange under the symbol ``Moy'' and has 27.0 million shares issued.

Brian Kiernan President and CEO

Contact:

Moydow Mines International Inc.
Michael Power, 416/703-3751
Toll Free: 1-877/211-8877
Fax: 416/367-3638