History

American CuMo Mining Corporation

The CuMo Project deposit was first discovered by AMEX Exploration in 1963.

Originally staked by the Curwood Mining Company in 1968, the property was optioned by Midwest Oil Corporation in 1969. Between 1968 and 1972, Midwest drilled 8 (eight) holes totally 5,201 feet (162 meters) and did geological mapping, geophysical surveys and surface sampling. In 1973 AMAX exploration optioned the property from Midwest.

In late 1973 AMOCO absorbed Midwest Oil and became the joint venture partner with AMAX. Between 1973 and 1981 AMAX drilled 17 holes totaling 30,821 feet (9,394 meters), majority of the holes were large diameter diamond drill holes with three being reverse circulation holes.

The 1982, an AMAX computer generated, block model indicated a geological resource of 1.387 billion tons of 0.093% MoS2 at a 0.05% MoS2 cutoff, including a higher-grade core zone of 444 million tons of 0.135% MoS2 at a 0.10% MoS2 cutoff.

Several significant thick intersections of Molybdenum bearing mineralization were intersected. However, with the drop in Molybdenum prices to all-time lows, interest in the property waned.

In 1983 the property was returned to AMOCO who were in the process of divesting themselves of all mineral properties. As such the property was allowed to lapse.

In 1997, the property was staked by the CUMO Molybdenum Company. In 2004, this company optioned the property to Mosquito Consolidated Gold Mines Limited at a very favorable price due to depressed metals markets.

As of December 31, 2012 a total of $35 million has been spent (2012 dollars) with a total of 37,094 meters (121,700 feet) in 68 holes having been completed.

Year Company Holes Footage Meters Comments
1969 Midwest 4 378 115.2 rotary holes shallow due to water
1970 Midwest 0 653 199 2 rotary holes deepened with core to 400’ depth
1971 Midwest 1 2251 686.1 one core hole deepened further to 1884 ft
1972 Midwest 3 1892 576.7 one core hole deepened from 810-1416 ft
1974 Amax/Amoco 1 805 245.4 hole 9-9A
1975 Amax/Amoco 1 2382 726 hole 10
1976 Amax/Amoco 2 4343 1323.7 one vertical, other 1340ft @-45
1977 Amax/Amoco 3 5861 1786.4 3 vertical DDH 1804-2124 feet deep
1978 Amax/Amoco 3 6774 2064.7 3 vertical DDH 2132-2361 feet deep
1979 Amax/Amoco 2 4823 1470 vertical DDH to 2543 foot depth
1980 Amax/Amoco 3 2630 801.6 RC holes
1981 Amax/Amoco 3 3204 976.6 vertical DDH 1,000 to 1,193 foot depths
2006 Mosquito 2 3,560 1,085 vertical holes
2007 Mosquito 6 13,152 4,009 vertical and inclined holes, max depth 2416.5 ft
2008 Mosquito 11 26,766 8,158 vertical and inclined holes, max depth 3047 ft
2009 Mosquito 9 18,661 5,688 vertical and inclined holes, max depth 2847 ft
2010 Mosquito 3 4,307 1,313 vertical and inclined holes, max depth 2479 ft
2011 Mosquito 2 3,795 1,157 vertical and inclined holes, max depth 1910 ft
2012 Mosquito 9 15,464 4,713 vertical and inclined holes, max depth 2241 ft
Total 68 121,700 37,094

*As this is a pre-2001 historical resource estimate (prior to NI 43-101), readers are cautioned that a Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The historical resource estimate has been superceded by a current NI 43-101 compliant mineral estimate published in the “Cumo 2011 Resource Estimate Update.”

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