Mosquito Announces Step-Out Intersection at Cumo-Hole 36 Intersects 1568 Feet Grading ; 1.39% Copper Equivalent/0.123% Molybdenite Equivalent
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Oct. 8, 2008) – Mosquito Consolidated Gold Mines Limited (Mosquito) (TSX VENTURE:MSQ) is pleased to report excellent results from the third hole of the 2008 diamond drilling program for its Idaho-based CUMO molybdenum/copper project. The program is under the direction of Mosquito’s Senior Geologist and Director, Dr. Matt Ball, Ph.D., P.Geo.
Hole 36-08 is a vertical hole (-90) drilled to a depth of 758.3 meters (2488 feet). The hole is designed to extend the mineral resource 500 feet to the south of hole 30, drilled in 2007 (figure 1). Hole 36-08 intersected molybdenum-bearing mineralization from 170.7 meters (560 feet) to 758.3 meters (2488 feet). Assay results returned include: Hole 36-08____ 477.9 meters (1568.0 feet) grading 0.102% MoS2 ______________(1.39% Cu Eq., 0.123% MoS2 Eq., 2.21 lbs MoO3 Eq/t) Including______303.9 meters (997 feet) grading 0.133% MoS2 ______________(1.73% Cu Eq., 0.153% MoS2 Eq., 2.76 lbs MoO3 Eq/t)
The entire core for Hole 36-08 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.
As with previous holes, the drilling of Hole 36-08 has confirmed the presence of three distinct metal zones within the CUMO deposit. This zonation was not recognized by the previous operators. The zones consist of a copper-silver upper zone, a transitional copper- molybdenum zone and a lower molybdenum zone. Grades from the three zones are as follows:
Copper-silver zone Hole 36-08____ 109.7 meters (360 feet) grading 0.11% Cu, 0.019% MoS2, ________________3.06 gms Ag/T ______________(0.55% Cu Eq., 0.049% MoS2 Eq., 0.88 lbs MoO3 Eq/t) Copper-molybdenum zone Hole 36-08____ 94.5 meters (310 feet) grading 0.06% Cu, 0.041% MoS2, ________________1.33 Ag/T ______________(0.73% Cu Eq., 0.065% MoS2 Eq., 1.17 lbs MoO3 Eq/t) Molybdenum zone Hole 36-08____ 383.4 meters (1258 feet) grading 0.03% Cu, 0.118% MoS2, ________________0.97 gms Ag/T ______________(1.56% Cu Eq., 0.139% MoS2 Eq., 2.50 lbs MoO3 Eq/t)
Full summary of the analytical results for Hole 36-08 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 ——————————————————————– —– 35-08____118658.3__ 220487.4________6534______ -90______ 000________ 2817
___________________________________________________________completed ——————————————————————– —– 36-08____119266.8__ 219322.9________6457______ -90______ 000________ 2488
___________________________________________________________completed ——————————————————————– —– 37-08____119755.7__ 221220.4________6341______ -70______ 335________ 2195
___________________________________________________________completed ——————————————————————– —– 38-08____118658.3__ 220487.4________6534______ -70______ 180________ 2445
___________________________________________________________completed ——————————————————————– —– 39-08____118872.7__ 220777.6________6466______ -90______ 000________ 2688
___________________________________________________________completed ——————————————————————– —– 40-08____119539.8__ 220816.8________6321______ -70______ 225________ 2252
___________________________________________________________completed ——————————————————————– —– 41-08____119545.7__ 219005.8________6247______ -90______ 000__ 2013 still ________________________________________________________________ drilling ——————————————————————– —– 42-08____118711.9__ 219886.6________6544______ -70______ 270__ 1067 still ________________________________________________________________ drilling ——————————————————————– —– 43-08____120515.6__ 220178.6________6198______ -80______ 040____374 still ________________________________________________________________ drilling ——————————————————————– —– 44-08____118068.1__ 221448.9________6733______ -65______ 075____610 still ________________________________________________________________ drilling ——————————————————————– —–
Hole 36 is a step-out to the south that confirms the continuation of the molybdenum-bearing mineralization. Hole 42 is currently drilling to extend the zone further to the south. Drilling is currently proceeding as planned with one rig (holes 37, 40 and 43) doing infill drilling, while the other three rigs on site are currently doing 500 foot step-outs. The 2008 program is expected to complete 14 holes, with the results being used to expand the existing 43-101 resource and to convert the majority of the current inferred to measured and indicated. The new resource calculation is expected in early 2009.
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.
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.
To view the accompanying Table 1 and Figure 1 please click on the following link: http://media3.marketwire.com/docs/1008msq3.pdf
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