Moydow Mines completes private placement

On September 5, 2006, Moydow Mines International Inc. completed a private placement of 7,655,143 common shares at a price of $0.18225 per share for gross proceeds of approximately $1.4 million. Of the total number of shares, 3,062,057 were issued to parties not at arm's length to the Company. 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.

Moydow Mines is engaged in the acquisition, exploration and development of mineral properties worldwide.

Fasken Martineau lawyers Al Gourley and Mark Camilleri in London and Bozidar Crnatovic in Toronto advised Moydow Mines with respect to this financing.