|Vancouver, November 20, 2012 – Mosquito Consolidated Gold Mines Limited (Mosquito – TSX Venture: MSQ) is pleased to report excellent results from Holes 58 and 59 of the 2011-12 diamond drilling program for its Idaho-based CUMO molybdenum/copper project.Hole 58-11 is a vertical hole (-90) drilled to a depth of 574.5 meters (1885 feet). The hole is designed to fill in the gap between Hole 14 and Hole 35 (figure 1). Hole 58-11 intersected molybdenum-bearing mineralization from 39.6m (130 feet) to 574.5 m (1885 feet) and stopped in higher grade mineralization (last 10 feet averaged 0.227% MoS2). Assay results returned include:
A full summary of the analytical results is outlined below in Table 1. Mineralization consists of copper, molybdenum, silver and rhenium. 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 and rhenium is very significant in terms of the development of the property.
Note: Due to recent changes in metal prices, the prices used in the equivalent calculation have been changed to $2.1/lb copper, $10/lb molybdenum oxide and 0.96/gram silver.
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Chief Executive Officer 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 of Directors of
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release contains “forward-looking information” within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the Company’s ability to conduct drilling during 2013 and the Company’s ability to successfully sell its drilling assets
Often, but not always, forward-looking information can be identified by the use of words such as “expects”, “estimates”, “potential”, or “believes” or describes a “goal” or variation of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, that the Court will not intervene with the Company’s proposed exploration activities at the CuMo project and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of molybdenum; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company’s publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
Significant Intersections for Hole 59-11
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