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Mosquito Continues to Expand CUMO Deposit Hole 49 intersects 1500 feet grading 0.95% Copper equivalent / 0.101% Molybdenite equivalent
11/12/2009 (BAYSTREET NEWSWIRE)
Vancouver, November 12,2009 - Mosquito Consolidated Gold Mines Limited (Mosquito - TSX Venture: MSQ) is pleased to report excellent results from the second and third holes of the 2009 diamond drilling program for its Idaho-based CUMO molybdenum/copper project.
Hole 49-09 is a vertical hole (-90) drilled to a depth of 867.8 meters (2847 feet),from a site located in the southeast corner between holes 14-77 and 44-08. The hole is designed to extend the mineralized zone intersected in Hole 14-77 (409.6m (1343.8 feet) grading 1.36% Cu Equiv/0.12% Molybdenite equiv.) to the south (figure 1) toward hole 44-08 (low grade hole). Hole 49-09 intersected molybdenum bearing mineralization from 64.0 (210 feet) to 867.8m (2847) feet. The hole confirms that the molybdenum mineralization is present at depth and fills in a large gap between hole 14-77 and hole 44-08 in the mineral resource.
Assay results returned include:
Hole 49-09 457.2 meters (1500 feet) grading 0.07% Cu and 0.093% MoS2
(0.95% Cu Eq., 0.101% MoS2 Eq., 1.82 lbs MoO3 Eq/t)
Including 274.31 meters (900 feet) grading 0.06% Cu and 0.105% MoS2
(1.05% Cu Eq., 0.115% MoS2 Eq., 2.06 lbs MoO3 Eq/t)
Hole 48-09 is an angle hole (-70) drilled to a depth of 785.2 meters (2576 feet), bearing 305 degrees azimuth from the same site as Hole 47-09 (598.6m (1123.5 feet) 0.89% Cu Equiv.). The hole is designed to extend the mineralized zone intersected in Hole 47-09 to the north (figure 1). Hole 48-09 intersected molybdenum bearing mineralization from 88.4m (290 feet) to 640.1m (2100 feet). The hole intersected mineralization very similar to Hole 47, with a slight decrease in Molybdenum mineralization. This further confirms the presence of the newly outlined older Copper porphyry System and that the main molybdenum zone continues to the south and west rather than the north. It should be noted that this area was considered waste in the recently announced Preliminary Economic Assessment (see new release dated October 7, 2009)
Assay results returned include:
Hole 48-09 440.9 meters (1446.5 feet) grading 0.18% Cu and 0.053% MoS2
(0.72% Cu Eq., 0.080% MoS2 Eq., 1.10 lbs MoO3 Eq/t)
Including 323.1 meters (1060 feet) grading 0.17% Cu and 0.057% MoS2
(0.72% Cu Eq., 0.077% MoS2 Eq., 1.43lbs MoO3 Eq/t)
The entire core for both holes was sampled and cut in half using a diamond saw. Half the core was sent for analysis and the other half has been kept and stored at the core facility located on site. Following cutting, the samples were delivered directly by Mosquito personnel to either ALS Chemex or SGS Labs, both located in Elko, Nevada and fully accredited analytical laboratories. They were first analyzed for 47 elements using a four (4) acid digestion with analysis by Inductively Coupled Argon Plasma Optical Mass Spectrometer (ICP-MS). Copper and Molybdenum bearing samples were then checked by using a larger five gram sample and analyzed using pressed powder pellet X-Ray Fluorescence Spectroscopy (XRF). In addition, duplicates, blanks, and standards were analyzed to ensure analytical accuracy and reproducibility. All rejects are being kept for further analysis and for use in metallurgical testing.
Geologically, the hole 49-09 confirms the continuation of the main higher grade core to the south and east. Hole 44-08 located to the south drilled over the top of the molybdenum zone, which is beyond the depths of the preliminary open pit design, and indicates the potential for underground accessible mineralization beneath the current pit designs. Hole 52-09 is currently drilling at 2770 feet to further expand information in this area (figure 1).
Hole 48-09 is the second hole drilled into the older, porphyry copper-silver system, which has been cross cut by the younger molybdenum bearing veins. The overall grade is slightly lower than Hole 47-09, due to the drop in molybdenum bearing mineralization. In addition, hole 48-09 intersected the same fault zone as 47-09 at 1736.5 feet. Only weak mineralization was intersected below this fault, indicating the mineralized zone is offset to the south west. Hole 53-09 is currently drilling to fill-in a large gap between hole 47-09 and hole 41-08, to complete this western most fence of holes. Future drilling will continue to follow the mineralization to the west and south west.
The presence of the new copper system in the area of hole 48-09 makes the metal zonation difficult to determine, as such there is no evidence of the molybdenum zone identifiable in the hole, just the Cu-Ag and Cu-Mo zones. This is probably due to the elevated copper grades masking the Molybdenum zone. Hole 49-09 shows the typical zoning found at CUMO.
Copper-Silver zone
Hole 48-09 329.2 meters (1080 feet) grading 0.19% Cu, 0.039% MoS2, 5.38 gms Ag/T
(0.59% Cu Eq., 0.066% MoS2 Eq., 1.18 lbs MoO3 Eq/t)
Hole 49-09 137.2 meters (450 feet) grading 0.11% Cu, 0.012% MoS2, 2.12 gms Ag/T
(0.24% Cu Eq., 0.027% MoS2 Eq., 0.48 lbs MoO3 Eq/t)
Copper-Molybdenum zone
Hole 48-09 194 meters (636.5 feet) grading 0.14% Cu, 0.060% MoS2, 4.11 gms Ag/T
(0.73% Cu Eq., 0.081% MoS2 Eq., 1.46 lbs MoO3 Eq/t)
Hole 49-09 237.7 meters (780 feet) grading 0.07% Cu, 0.043% MoS2, 1.67 gms Ag/T
(0.48% Cu Eq., 0.053% MoS2 Eq., 0.96 lbs MoO3 Eq/t)
Molybdenum zone
Hole 49-09 332.2 meters (1090 feet) grading 0.04% Cu, 0.104% MoS2, 1.72 gms Ag/T
(1.01% Cu Eq., 0.112% MoS2 Eq., 2.02 lbs MoO3 Eq/t)
Full summary of the analytical results for Holes 48-09 and 49-09 are outlined below in Table 1. Mineralization consists of copper, molybdenum, silver, rhenium and gallium. As a result of the multi-element nature of the mineralization, it was decided to calculate both a copper and molybdenum equivalent for the intercepts. Both equivalents are required as the deposit is zoned as described above. Please see notes below table for explanation of the calculation of copper equivalent (Cu Equiv.), MoS2 equivalent (MoS2 Equiv.). The presence of the by-product elements gold, silver, rhenium, and gallium is very significant in terms of the development of the property.
The table below lists the location and orientation of the current drill holes. All holes are being surveyed down the hole using a Reflex survey instrument.
Hole Northing Easting Elevation dip azimuth Length
Number feet feet feet degrees degrees feet
46-09 118,917.9 220,813.2 6575.1 -70 110 959 abandoned
47-09 120,741.3 219,432.5 5827 -70 270 2530 completed
48-09 120,741.3 219,432.5 5827 -70 305 2576 completed
49-09 118,881.6 221,719.8 6668 -90 000 2847 completed
50-09 121,752.9 219,929.4 5885 -75 270 1826 completed
51-09 121,752.9 219,929.4 5885 -90 000 1583.5 completed
52-09 118,585.3 221,268.9 6798 -75 020 2772 completed
53-09 119,802.3 218,821.4 6183 -75 015 2461 completed
54-09 119,802.3 218,821.4 6183 -75 015 2461 completed
The 2009 program is expected to complete 9 holes, with the results being used to expand the existing 43-101 resource and to convert the majority of the current resources to measured and indicated.
The new three dimensional interactive model currently available on Mosquito's web site (www.mosquitogold.com) is being updated with the new drill hole results.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito is the designated qualified person for the Cumo Project, and prepared the technical information contained in this news release.
On Behalf of the Board
MOSQUITO CONSOLIDATED GOLD MINES LTD.
Brian McClay
President
About Mosquito Consolidated Gold Mines
Mosquito Consolidated Gold Mines Limited is a mining exploration and development company with a diverse portfolio of high potential precious and base metals projects, located in low political risk environments in North America and Australia. The Company's primary focus is developing its Idaho-based CUMO project, one of the world's largest molybdenum deposits, and its Nevada-based Pine Tree copper-molybdenum-silver project. For more information, please visit www.mosquitogold.com
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. THE TSX-VENTURE EXCHANGE does not accept responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that express management's expectation or estimates of future performance and may be deemed "forward-looking statements". These forward-looking statements include plans, estimates, forecasts and statements as to management's expectations regarding the CUMO Project. These forward-looking statements involve assumptions, risks and uncertainties and actual results may vary materially. For these reasons shareholders should not place undue reliance on such forward-looking information.
United States residents are cautioned that some of the information that may be published by Mosquito may not be consistent with United States Securities and Exchange Commission disclosure rules and may be materially different from what the Company is permitted to disclose in the United States and therefore United States residents should not rely on such information.
Table 1 Significant Intersections for Hole 48-09
from to length from to length Cu MoS2 MoO3 Cu Mo MoS2 MoO3 Re Ag Ga
feet feet feet meters meters meters equiv.% equiv.% equiv. lbs/t % % % lbs/t Gms/T Gms/T gms/T
zones averages
copper-silver 20 1100 1080 6.10 335.3 329.2 0.59 0.066 1.18 0.19 0.023 0.039 0.70 0.014 5.38 20.15
copper-moly 1100 1736.5 636.5 335.28 529.3 194.0 0.73 0.081 1.46 0.14 0.036 0.060 1.08 0.022 4.11 19.00
averages
overall 290 1736.5 1446.5 88.39 529.3 440.9 0.72 0.077 1.43 0.18 0.032 0.053 0.96 0.019 5.22 19.52
Significant Intersections for Hole 49-09
from to length from to length Cu MoS2 MoO3 Cu Mo MoS2 MoO3 Re Ag Ga
feet feet feet meters meters meters equiv.% equiv.% equiv. lbs/t % % % lbs/t Gms/T Gms/T gms/T
zones averages
copper-silver 520 970 450 158.50 295.7 137.2 0.24 0.027 0.48 0.11 0.007 0.012 0.22 0.003 2.12 19.77
copper-moly 970 1750 780 295.66 533.4 237.7 0.48 0.053 0.96 0.07 0.026 0.043 0.77 0.100 1.67 19.03
moly 1750 2840 1090 533.40 865.6 332.2 1.01 0.112 2.02 0.04 0.062 0.104 1.87 0.042 1.72 16.26
averages
overall 960 2840 1880 292.61 865.6 573.0 0.78 0.087 1.56 0.05 0.051 0.079 1.42 0.028 1.70 17.42
including 1340 2840 1500 408.43 865.6 457.2 0.95 0.101 1.82 0.07 0.056 0.093 1.67 0.034 1.77 17.02
including 1520 2420 900 463.30 737.6 274.3 1.03 0.115 2.06 0.06 0.063 0.105 1.89 0.037 1.91 17.33
Notes: Copper equivalent (Cu. Eq.) is based on the following metal prices(all in US$): Copper $1.50/lb, Molybdenum Trioxide ($15/lb), Rhenium $5.75/gram , Silver $0.32/gram and Gallium $0.10/gram.
Other factors include 1% = 20 pounds/t; 1 ppm = 1 gm/T; 1000 ppb =1ppm = 1 gm/T.
Molybdenum is sold as either ferro-molybdenite or molybdenum trioxide. The price used is $15 per pound Molybdenum trioxide. To obtain the amount of Molybdenum trioxide that can be produced from MoS2, the following is required: convert MoS2 to Mo by dividing MoS2 by 1.6681 then convert to MoO3(Molybdenum Trioxide) by multiplying by 1.5. Therefore the amount of Molybdenum trioxide is pounds MoS2 times 1.5 / 1.6681.
Metallurgical recoveries and net smelter returns are assumed to be 100%
Formulas :
Cu. Equiv. = ((cu* 20*$)+((MoS2*20*(1.5/1.6681)*$(MoO3))+(Re*$)+(Ag*$)+(Ga*$))/ $(copper) *20
MoS2. Equiv. = ((cu* 20*$)+((MoS2*20*(1.5/1.6681)*$(MoO3))+(Re*$)+(Ag*$)+(Ga*$))/ ((1.6681/1.5)* $(MoO3))*20
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