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:

Hole 58-11 181.4 meters (595.0 feet) grading 0.121% MoS2
(0.82% Cu Eq., 0.137% MoS2 Eq., 2.46 lbs MoO3 Eq/t)


Hole 59-12 is an angle hole (-70) drilled to a depth of 582.2 meters (1910 feet), bearing 180 degrees azimuth. The hole is designed to determine the grade of the material to the east of the main core (figure 1). Hole 59-12 intersected molybdenum bearing mineralization from 51.8m (170 feet) to 582.2.0 m (1910 feet) and was stopped in mineralization due to drill hole conditions. Hole 38-08 only intersected the Cu-Ag and Cu-Mo zones. Assay results returned include:

 

Hole 59-11 201.2 meters (660.0 feet) grading 0.133% MoS2
(0.98% Cu Eq., 0.163% MoS2 Eq., 2.94 lbs MoO3 Eq/t)
and a higher grade silver intersection of:
3.05 meters (10 feet) grading 0.33% Cu, 0.004% MoS2, 838 gms Ag/T


The entire core from both holes was sampled and cut in half using a diamond saw with one-half sent for analysis while 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 fully accredited analytical laboratories located in Elko, Nevada. 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.

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.
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
Number
Easting
feet
Northing
feet
Elevation
feet
dip
degrees
azimuth
degrees
Length
feet
58-11 219970.3 119142.8 6451 -90 000 1885 stopped
59-11 221745.9 119095.6 6645 -75 000 1910 stopped
60-12 218422.5 117559.6 6672 -50 180 1455 completed
61-12 219911.1 118748.9 6549 -75 335 1318 completed
62-12 218059.4 218059.4 6631 -50 135 1484 completed
63-12 218059.4 218059.4 6631 -60 330 807 stopped
64-12 220813.2 118917.9 6575 -75 025 2139 completed
65-12 218059.4 118670.9 6682 -80 325 1908 stopped
66-12 218059.4 118670.9 6682 -90 000 2241 stopped
67-12 220813.2 118142.9 6782 -70 340 1978 completed
68-12 221745.7 119094.6 6645.3 -70 310 2133.5 stopped


Additional results will be announced once data become available.

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
MOSQUITO CONSOLIDATED GOLD MINES LIMITED

Shaun Dykes
Chief Executive Officer

For further information, contact:

For further information, contact:
Shaun Dykes, Chief Executive Officer
American CuMo Mining Corporation
Tel: (604) 689-7902
Email: geologic@telus.net

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.

Forward-looking information

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.

 

Table 1 Significant Intersections for Hole 58-11

from
feet
to
feet
length
feet
from
meters
to
meters
length
meters
Cu
equiv.%
MoS2
equiv.%
MoO3
equiv. lbs/t
Cu
%
Mo
%
MoS2
%
MoO3
lbs/t
Re
Gms/T
Ag
Gms/T
zones averages
copper-moly zone 700 1290 590 213.36 393.2 179.8 0.46 0.077 1.38 0.10 0.028 0.047 0.85 0.013 2.36
moly zone 1290 1885 595 393.19 574.5 181.4 0.82 0.137 2.46 0.05 0.073 0.121 2.18 0.044 1.22
averages
overall 700 1885 1185 213.36 574.5 361.2 0.64 0.107 1.92 0.07 0.050 0.084 1.51 0.029 1.79

Significant Intersections for Hole 59-11

from
feet
to
feet
length
feet
from
meters
to
meters
length
meters
Cu
equiv.%
MoS2
equiv.%
MoO3
equiv. lbs/t
Cu
%
Mo
%
MoS2
%
MoO3
lbs/t
Re
Gms/T
Ag
Gms/T
zones averages
copper-moly zone 500 1250 750 152.40 381.0 228.6 0.75 0.125 2.25 0.16 0.014 0.024 0.43 0.006 14.10
moly zone 1250 1910 660 381.00 582.2 201.2 0.98 0.163 2.94 0.10 0.080 0.133 2.39 0.037 2.30
averages
overall 500 1910 1410 152.40 582.2 429.8 0.86 0.143 2.58 0.13 0.045 0.075 1.35 0.021 8.57
 
Silver  intercept 880 890 10 268.22 271.3 3.0 26.92 4.491 80.76 0.33 0.004 0.007 0.13 0.037 838.00

 

 

 

 

 

 


Notes: Copper equivalent (Cu. Eq.) is based on the following metal prices(all in US$): Copper $2.10/lb, Molybdenum Trioxide ($10/lb), Rhenium $5.75/gram , Silver $0.96/gram and Gold $40.2/gram.
Other factors include 1% = 20 pounds/t; 1 ppm = 1 gm/T; 1000 ppb =1 ppm = 1 gm/T.
Molybdenum is sold as either ferro-molybdenite or molybdenum trioxide. The price used is $10 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 are as follows and are applied to individual samples within each zone. Grades are recovered grades not head grades.

 

Zone Cu% MoS2% Ag%
Weathered 60% 80% 70%
CuAg 68% 85% 73%
CuMo 87% 92% 78%
Mo 80% 95% 55%


Rhenium and Gold recovery is 90%, “r” indicates a recovered grade which is assay grade times recovery% for zone in which sample is located.
Formulas:
Cu. Equiv. = ((rcu* 20*$)+((rMoS2*20*(1.5/1.6681)*$(MoO3))+(rRe*$)+(rAg*$)+(rAu*$) / $(copper) *20
MoS2. Equiv. = ((rcu* 20*$)+((rMoS2*20*(1.5/1.6681)*$(MoO3))+(rRe*$)+(rAg*$)+(rAu*$) / ((1.6681/1.5)* $(MoO3))*20


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