Mosquito Consolidated Gold Mines Limited
TSX VENTURE : MSQ

Mosquito Consolidated Gold Mines Limited

January 15, 2007 17:57 ET

Mosquito Drills More Intersections at Pinetree Including 234.1 Meters, 768 Feet, Grading 0.92% Copper Equivalent

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 15, 2007) - Mosquito Consolidated Gold Mines Ltd. (TSX VENTURE:MSQ) -

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Director of Mosquito and Mosquito's qualified person under National Instrument 43-101 has updated the board on the excellent results from the last holes of the 2006 diamond drill program recently completed on the Pine Tree Property, Nevada.

PT06-8 located 352.6 meters (1157 feet) east and 141.7 meters (465 feet) lower than hole PT06-7, was completed to a depth of 181.4 meters (595 feet). It was designed to test a mineralized block west of the main access road to ensure the higher grade core is not in this direction. The area marks the western limit of what is considered open pit accessible mineralization. This was the first hole for a new rig that replaced the initial rig used to drill holes PT06-6 and 7. Assay results returned include:

Hole PT06-8 80.5 meters (483.0 feet) grading 0.51% Cu Eq. (0.045% MoS2 Eq., 0.81 lbs MoO3/T)

Including 16.5 meters (54 feet) grading 0.83% Cu Eq. (0.074% MoS2 Eq., 1.33 lbs MoO3/T)

The above results confirm the western margin of the mineralization, which is excellent as this is the western limit of material that could be potentially accessed by open pit mining methods. All other areas outlined to date are potentially accessible to open pit mining methods.

PT06-9 located 149.4 meters (490 feet) southwest and 38.1 meters (125 feet higher than hole PT06-08, was completed to a depth of 238.4 meters (782 feet). It was designed to test mineralized block to the west of out to the Basal Thrust west. Assay results returned include:

Hole PT06-9 136.1 meters (446.5 feet) grading 0.85% Cu Eq. (0.075% MoS2 Eq.,1.35 lbs MoO3/T)

Including 69.2 meters (227 feet) grading 1.14% Cu Eq. (0.101% MoS2 Eq., 1.81 lbs MoO3/T)

Hole confirms mineralization extends out west of Hole PT06-7 to the basal thrust, which lies between hole PT06-7 and PT06-8. As mentioned above the western margin of mineralization has been defined and as expected its controlled by the basal thrust which dips 50 to the east along the western margin.

PT06-10 located 190.5 meters (625 feet) northwest and 96 meters (315 feet) higher than hole PT06-7, is currently drilling and is designed to test eastward extension of mineralization in Hole PT06-4. Assay results returned include:

Hole PT06-10 234.1 meters (768 feet) grading 0.92% Cu Eq. (0.082% MoS2 eq., 1.47 lbs MoO3/T)

Including 57.0 meters (187 feet) grading 1.09% Cu Eq. (0.097% MoS2 eq., 1.74 lbs MoO3/T)

Hole confirms continuity of mineralization to the east of Hole PT06-04 and is of similar grade and true thickness. The hole is also contained in the same mineralized zone as holes PT06-4 and PT06-7 indicating a circular shape to the mineralization centered to the north.

Hole PT06-10 also intersected significant arsenopyrite with sphalerite mineralization between 1073 and 1175 feet. This zone correlates well with a similar zone in hole PT06-4. The zone which is related to the younger gold-silver-base metal style of mineralization assayed higher in gold with a 18 foot section assay 0.68 gms Au/T versus 0.23 gms Au/T for a similar interval in Hole PT06-4. In addition the presence of the historic mercury mines to the east and south of Pine Tree seem to indicate that gold values are increasing in that direction additional drilling will be directed to establishing this trend.

The table below lists the location and orientation of the 2006 diamond drill holes. All holes have been surveyed down the hole using a Flex-It survey instrument.



---------------------------------------------------------------------
Hole Northing Easting Elevation dip azimuth Length
Number feet feet feet degrees degrees feet
---------------------------------------------------------------------
PT06-06 100,670 199,610 7105 -90 000 670
---------------------------------------------------------------------
PT06-07 101,175 199,165 7170 -70 041 1536
---------------------------------------------------------------------
PT09-08 101,592 198,160 6715 -60 195 595
---------------------------------------------------------------------
PT06-09 101,425 198,380 6840 -60 116 782
---------------------------------------------------------------------
PT06-10 101,315 200,015 7485 -90 000 1417
---------------------------------------------------------------------


Full summary of the analytical results are outlined in Table 1. Mineralization consists of copper, molybdenum, gold, silver, rhenium, indium 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. 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, indium and gallium is very significant in terms of the development of the property.

Almost the entire core was sampled and cut in half using a diamond saw. Half the core is sent for analysis the other half has been kept and stored at the core facility located on site. Following cutting the samples are delivered directly by Mosquito personnel to ALS Chemex in Reno, a fully accredited analytical laboratory. They are first analyzed for 47 elements using a four(4) acid digestion with analysis by Inductively Coupled Argon Plasma Optical Mass Spectrometer (ICP-MS) and for gold using a 50 gram fire assay with an Atomic Absorption(AA) finish. Copper and Molybdenum bearing samples are then checked by using a larger 5 gram sample and analyzed using a pressed power pellet X-Ray Fluorescence Spectroscopy (XRF). In addition duplicates, blanks, and standards are analyzed to ensure analytical accuracy and reproducibility. All rejects are being kept for further analysis and for use in metallurgical testing.

Results from the quality control and assurance analytical program all show the results to be accurate and reproducible. With variations between the original and check assay samples in the +/- 5% range which is quite acceptable.

As a result of the work completed, a mineralized zone which is a wedge shaped half-pipe controlled by the basal thrust fault has been identified. True Thickness of the zone ranges for 0.0 meters (0 feet) at the edges to a minimum of 243.8 meters (800 feet) in the northern most holes drilled to date. The pipe is 1447.8 m (4750 feet) across (east-west) and 1981.2 m (6500 feet) in length. To date only 457.2 m( 1500 feet) of the length has been drilled. Figure 1 shows a plan view of the zone and the drill holes. Figure 2 shows a longitudinal sections and a cross section. Exploration began at the southern end of the zone around the old adits and is slowly migrating northward following the trend of increasing alteration and mineralization. The two northern most holes PT06-7 and PT06-10 show the highest grade and alteration.

The 2007 exploration program will start with Hole PT07-11 located 172.2 meters (565 feet) north and 5 meters (315 feet) higher than hole PT06-10. To date the hole is at a depth of 114.3m (375 feet), with drilling due to continue next week following the Christmas break. The hole is the next northern step out from hole PT06-10, following the trend of increasing alteration and mineralization.

For core pictures and up to date descriptions of work, please visit Mosquito's website at www.mosquitogold.com.

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Director of Mosquito is the designated qualified person for the Pine Tree Project, and prepared the technical information contained in this news release.

On Behalf of the Board

MOSQUITO CONSOLIDATED GOLD MINES LTD.

Brian McClay, President

This news release was prepared by management who takes full responsibility for its contents.



Table 1 Summary of significant intersections for Diamond Drill Holes
PT06-08 to PT06-10.

---------------------------------------------------------------------
PT06-08
---------------------------------------------------------------------
Cu MOs2
from to length from to length eq. eq.
feet feet feet meters meters meters % %
---------------------------------------------------------------------
average 269 533 264 82.0 162.5 80.5 0.51 0.045
---------------------------------------------------------------------

---------------------------------------------------------------------
Including 383 437 54 116.7 133.2 16.5 0.83 0.074
---------------------------------------------------------------------
or 491 515 24 149.7 157.0 7.3 0.63 0.056
---------------------------------------------------------------------

---------------------------------------------------------------------
MoO3
eq. Cu MoS2 Re Au Ag In Ga
lbs/t % % gms/T Gms/T Gms/T gms/T gms/T
---------------------------------------------------------------------
average 0.81 0.21 0.019 0.03 0.05 1.43 0.47 16.65
---------------------------------------------------------------------

---------------------------------------------------------------------
Including 1.33 0.18 0.046 0.08 0.01 0.61 0.59 20.07
---------------------------------------------------------------------
or 1.00 0.48 0.026 0.05 0.07 4.73 0.48 9.65
---------------------------------------------------------------------


---------------------------------------------------------------------
PT06-09
---------------------------------------------------------------------
Cu MOs2
from to length from to length eq. eq.
feet feet feet meters meters meters % %
---------------------------------------------------------------------
average 276 782.5 506.5 84.1 238.5 154.4 0.78 0.069
---------------------------------------------------------------------

---------------------------------------------------------------------
Including 336 782.5 446.5 102.4 238.5 136.1 0.85 0.075
---------------------------------------------------------------------
or 384 611 227 117.0 186.2 69.2 1.14 0.101
---------------------------------------------------------------------

---------------------------------------------------------------------
MoO3
eq. Cu MoS2 Re Au Ag In Ga
lbs/t % % gms/T Gms/T Gms/T gms/T gms/T
---------------------------------------------------------------------
average 1.25 0.02 0.032 0.07 0.02 1.81 0.48 16.60
---------------------------------------------------------------------

---------------------------------------------------------------------
including 1.35 0.09 0.047 0.07 0.02 1.92 0.53 16.62
---------------------------------------------------------------------
or 1.81 0.09 0.070 0.11 0.02 2.24 0.76 18.16
---------------------------------------------------------------------


---------------------------------------------------------------------
PT06-10
---------------------------------------------------------------------
Cu MOs2
from to length from to length eq. eq.
feet feet feet meters meters meters % %
---------------------------------------------------------------------
average 546 1326 768 166.4 404.2 234.1 0.92 0.082
---------------------------------------------------------------------

---------------------------------------------------------------------
Including 712 760 91 217.0 231.6 27.7 1.06 0.094
---------------------------------------------------------------------
886 934 114 270.1 284.7 34.7 1.16 0.103
---------------------------------------------------------------------
1028 1079 451 313.3 328.9 137.5 0.93 0.082
---------------------------------------------------------------------
1127 1314 187 343.5 400.5 57.0 1.09 0.097
---------------------------------------------------------------------

---------------------------------------------------------------------
overall 273 1350 1047 83.2 411.5 319.1 0.76 0.067
---------------------------------------------------------------------

---------------------------------------------------------------------
MoO3
eq. Cu MoS2 Re Au Ag In Ga
lbs/t % % gms/T Gms/T Gms/T gms/T gms/T
---------------------------------------------------------------------
average 1.47 0.09 0.051 0.07 0.06 1.46 0.30 18.34
---------------------------------------------------------------------

---------------------------------------------------------------------
Including 1.69 0.06 0.065 0.09 0.09 1.82 0.25 17.52
---------------------------------------------------------------------
1.85 0.10 0.069 0.09 0.05 1.02 0.13 21.06
---------------------------------------------------------------------
1.48 0.06 0.055 0.07 0.04 1.07 0.13 17.99
---------------------------------------------------------------------
1.74 0.17 0.056 0.07 0.06 2.22 0.69 20.14
---------------------------------------------------------------------

---------------------------------------------------------------------
overall 1.21 0.07 0.030 0.05 0.06 1.28 0.25 17.41
---------------------------------------------------------------------


Table 2 Summary of significant intersections for Pine Tree Diamond Drill
Holes PT05-01 to PT06-10.

---------------------------------------------------------------------
Cu MOs2
from to length from to length eq. eq.
feet feet feet meters meters meters % %
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-1 46.0 445.5 244.5 14.02 135.79 74.52 0.75 0.067
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-2 36.5 630.0 593.5 11.13 192.02 180.90 0.63 0.055
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-3 329.0 712.5 383.5 100.28 217.17 116.89 0.72 0.064
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-4 308.0 1205.0 897.0 93.88 367.28 273.41 0.88 0.078
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-5 373.0 549.0 176.0 113.69 167.34 53.64 0.39 0.034
---------------------------------------------------------------------

---------------------------------------------------------------------
PT06-6 187.0 670.0 483.0 57.00 204.22 147.22 0.82 0.073
---------------------------------------------------------------------

---------------------------------------------------------------------
PT06-7 461.9 1505.9 1044.0 140.80 459.00 318.20 0.81 0.072
---------------------------------------------------------------------

---------------------------------------------------------------------
PT06-8 269.0 533.0 264.0 81.99 162.46 80.47 0.51 0.045
---------------------------------------------------------------------

---------------------------------------------------------------------
PT06-9 276.0 782.5 506.5 84.12 238.51 154.38 0.78 0.069
---------------------------------------------------------------------

---------------------------------------------------------------------
PT06-10 546.0 1326.0 768.0 166.42 404.16 234.09 0.92 0.082
---------------------------------------------------------------------

---------------------------------------------------------------------
MoO3
eq. Cu MoS2 Re Au Ag In Ga
lbs/t % % gms/T Gms/T Gms/T gms/T gms/T
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-1 1.20 0.17 0.021 0.03 0.05 2.96 0.80 8.21
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-2 1.00 0.17 0.016 0.03 0.03 2.86 0.61 17.87
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-3 1.15 0.11 0.031 0.05 0.03 2.27 0.34 16.94
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-4 1.40 0.07 0.044 0.07 0.04 2.03 0.28 17.56
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-5 0.62 0.14 0.004 0.01 0.02 1.64 0.23 16.05
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-6 1.31 0.11 0.041 0.07 0.03 2.64 0.43 18.15
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-7 1.29 0.08 0.043 0.06 0.04 1.58 0.31 17.99
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-8 0.81 0.21 0.019 0.03 0.05 1.43 0.47 16.65
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-9 1.25 0.02 0.032 0.07 0.02 1.81 0.48 16.60
---------------------------------------------------------------------

---------------------------------------------------------------------
PT05-10 1.47 0.09 0.051 0.07 0.06 1.46 0.30 18.34
---------------------------------------------------------------------

Notes: Copper equivalent (Cu. Eq.) is based on the following metal prices
(all in US$): Copper $2.00/lb, Molybdenum Trioxide ($25/lb), Rhenium
$5.75/gram , Silver $0.32/gram and Gallium $0.425/gram. Other factors
include 1% equals 20 pounds; 1 ppm equals 1 gm/T; 1000 ppb equals 1ppm
equals 1 gm/T.
Molybdenum is sold as either ferro-molybdenite or molybdenum
trioxide(MoO3). The price used is $25 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. Eq. equals ((cu x 20 x $)+((MoS2 x 20 x (1.5/1.6681) x $(MoO3))+
(Re x $)+(Ag x $)+(Ga x $))/ $(copper)
MoS2. Eq. equals ((cu x 20 x $)+((MoS2 x 20 x (1.5/1.6681) x $(MoO3))+
(Re x $)+(Ag x $)+(Ga x $))/ ((1.6681/1.5) x $(mo3)


To view the maps attached to this release please click on the following links:

http://www.ccnmatthews.com/docs/0115msq.jpg

http://www.ccnmatthews.com/docs/0115msq1.jpg

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Mosquito Consolidated Gold Mines Limited
    Brian McClay
    President
    (604) 689-7902
    (604) 689-7816 (FAX)
    Website: www.mosquitogold.com