Mosquito Consolidated Gold Mines Limited
TSX VENTURE : MSQ

Mosquito Consolidated Gold Mines Limited

November 06, 2006 14:18 ET

Mosquito Drills Additional Intersections at Pinetree Including 318.2 Meters '1044 Feet' Grading 0.81% Copper Equivalent

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 6, 2006) - Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo. Director of Mosquito (TSX VENTURE:MSQ) and Mosquito's qualified person under National Instrument 43-101 has updated the board on the excellent results from the first two holes of the 2006-2007 diamond drill program currently underway on the Pine Tree Property, Nevada.

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



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Hole Northing Easting Elevation dip azimuth Length
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Number feet feet feet degrees degrees feet
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PT06-06 100,670 199,610 7105 -90 000 670
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PT06-07 101,175 199,165 7170 -70 041 1536
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PT09-08 101,592 198,160 6715 -60 195 595
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PT06-09 101,425 198,380 6840 -60 116 782
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PT06-10 101,315 200,015 7485 -90 000 Currently
drilling
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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 a copper equivalent for the intercepts. See notes below table for explanation of the calculation of copper equivalent (Cu 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.

Hole PT06-6 was a vertical hole drilled between angle holes PT05-03 and PT06-4 (figures 1 and 2) and was designed to intersect projected mineralization in a different fault block. It was drilled to a depth of 204.2 meters (670 feet) and intersected molybdenum bearing mineralization from 57.0 meters to 204.2 meters (187 to 670 feet). The hole ended at the basal thrust fault. Assay results returned include:



Hole PT06-06: 147.2 meters (483.0 feet) grading 0.82% Cu Equiv.
Including 70.7 meters (232 feet) grading 1.08% Cu Equiv.


PT06-7 was drilled as a step-out hole 170.7 meters (560 feet) northwest of hole PT06-4 (intersected 273.4 meters (897 feet) 0.87% Cu Equiv.) at an angle of 70 degrees, and 246.8 meters (810 feet) northwest of hole PT06-6 (figures 1 and 2). It was drilled to a depth of 468.2 meters (1536 feet) and intersected molybdenum bearing mineralization from 140.8 meters to 466.3 meters (462 to 1530 feet). The hole ended as rods became stuck just above the basal thrust fault. Assay results returned include:



Hole PT06-07: 459.0 meters (1044.0 feet) grading 0.81% Cu Equiv.
Including 226.5 meters (743 feet) grading 1.00% Cu Equiv.


Of particular interest was the bottom 63.9 meters (209.5 feet) of hole PT06-07 which assayed 1.55% Cu equiv. with fifteen individual samples assaying greater than 0.1% MoS2. The appearance of this higher grade mineralization confirms the potential for a higher grade core on the property, which is the focus of the current drilling program.

In addition to the two holes announced two more holes (PT06-08, PT06-09) have been completed and sent for assay. A third hole, Hole PT06-10, is currently in progress.

PT06-08 located 352.6 meters (1157 feet) east and 141.7 meters (465 feet) lower than hole PT06-07, 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. This was the first hole for a new rig that replaced the initial rig used to drill holes PT06-06 and 07.

PT06-09 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 west and underneath hole PT06-07.

PT06-10 located 190.5 meters (625 feet) northwest and 96 meters (315 feet) higher than hole PT06-07, is currently drilling and is designed to test eastward extension of mineralization in Hole PT06-04.



Table 1 Summary of significant intersections for Diamond Drill
Holes PT06-07 to PT06-07

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Cu
from to length Equiv. Cu MoS2 Re Au Ag In Ga
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meters meters meters % % % ppb Gms/T Gms/T gms/T gms/T
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PT06-06 57.0 204.2 147.2 0.82 0.11 0.041 68 0.028 2.64 0.43 18.15
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including 110.9 121.9 11.0 1.34 0.18 0.075 105 0.009 5.32 1.18 21.98
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131.1 201.8 70.7 1.08 0.11 0.065 103 0.031 2.48 0.46 17.14
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PT06-07 140.8 459.0 318.2 0.81 0.08 0.043 61 0.044 1.58 0.31 17.99
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Including 225.2 451.7 226.5 1.01 0.11 0.055 81 0.045 1.99 0.40 19.80
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or 385.9 449.7 63.9 1.55 0.14 0.095 134 0.054 2.49 0.42 24.75
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Notes:

Copper equivalent (Cu. Equiv is based on the following metal prices (all in
US$): Copper $2.00/lb, Molybdenum Trioxide ($25/lb), Rhenium $1050/kg, Gold
$525/ounce, Silver $10/ounce, Indium $965/kilogram and Gallium
$425/kilogram. 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. 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.


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.

Due to heavy work loads at the assay lab, the current assay turn around is approximately 6 to 8 weeks for the initial set of assays and an additional 5 to 6 weeks for check assays. The assay lab is trying to improve the turn around time to the usual 2 to 3 weeks. Additional analytical results will be announced as soon as they are received.

Also due to heavy work loads and increased drilling at other properties, a second drill has still not arrived at Pine Tree. Planning calls for the completion of holes PT06-10 and PT06-11 prior to a one month Christmas break. Drilling at the property with two diamond core drills and a reverse circulation drill is scheduled to startup on Jan 15, 2007. The drilling will then continue year round.

Overall, the geology and assay results from these two holes continue to confirm a trend of increasing potassic alteration and molybdenum mineralization (See figure 1 and 2). Mosquito will continue to pursue this trend in the search for a higher grade core to the deposit.

For core pictures and up to date descriptions of work, please visit Mosquito's web site 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.

To view Figure 1, please click on the following link: http://www.ccnmatthews.com/docs/msq1106a.pdf

To view Figure 2, please click on the following link: http://www.ccnmatthews.com/docs/msq1106b.pdf


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