Mosquito Consolidated Gold Mines Limited
TSX VENTURE : MSQ

Mosquito Consolidated Gold Mines Limited

March 20, 2006 12:49 ET

Mosquito Intersects 273.4 Meters, 897 Feet, Grading 0.87% Copper Equivalent at Pine Tree

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 20, 2006) - Mosquito Consolidated Gold Mines Limited (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 results from the first four holes of the 2005-2006 diamond drill program recently completed 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 sperry-sun survey instrument.



--------------------------------------------------------------------
Hole Northing Easting Elevation dip azimuth Length
--------------------------------------------------------------------
Number feet feet feet degrees degrees feet
--------------------------------------------------------------------
PT05-01 100,160 200,290 7172 -45 015 445.5
--------------------------------------------------------------------
PT05-02 100,160 200,290 7172 -44 017 777.0
--------------------------------------------------------------------
PT05-03 100,414 199,875 7087 -45 020 1157.7
--------------------------------------------------------------------
PT06-04 101,325 198,894 7155 -60 040 1357
--------------------------------------------------------------------
PT06-05 101,108 201,125 7406 -70 016 772
--------------------------------------------------------------------


Full summary of the analytical results are outlined in Table 1. The results indicate 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 and gross metal value for the intercepts. See notes below table for explanation of the calculation of copper equivalent (Cu Equiv.) and gross metal value (gmv). 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 PT05-01 135.8 meters (431.5 feet) grading 0.75% Cu Equiv. or
$29.98 /tonne gmv.
Hole PT05-02 180.9 meters (593.5 feet) grading 0.63% Cu Equiv. or
$25.02 /tonne gmv.
Hole PT05-03 24.0 meters (78.7 feet) grading 0.58% Cu Equiv. or
$23.20 /tonne gmv and
Hole PT05-03 116.9 meters (383.5 feet) grading 0.72% Cu Equiv. or
$28.68 /tonne gmv.
Hole PT06-04 273.4 meters (897.0 feet) grading 0.87% Cu Equiv. or
$34.87 /tonne gmv.


Results from Hole PT05-05 are still pending

Holes PT05-01 and PT05-02 are in the copper dominant mineralized zone, hole PT05-03 is in the transition from copper to molybdenum dominant mineralization and hole PT06-04 is on the edge of the main molybdenum bearing system. This all indicates a trend of increasing molybdenum mineralization and a decrease in copper toward the north (See figure 1, http://www.ccnmatthews.com/docs/0320msq1.pdf and 2, http://www.ccnmatthews.com/docs/0320msq2.pdf).

The drilling and underground sampling at Pine Tree has confirmed the presence of a thick (130 to 270 meters) and extensive (currently 850 meters long by 1100 meters wide and open in all directions) multi-stage mineralized system that can be divided into two distinct zones based on the analytical results. It should be noted that these distances are based on the current drilling, underground sampling, surface mapping and sampling and that there has been insufficient exploration at this time to define a mineral reserve on the property and that it is uncertain if further exploration will result in discovery of a mineral resource on the property.

Zone 1: Copper Dominant Mineralization.

Sub zones are the oxide and non-oxide zones. The mineralization is contained within the altered skarn and is located around the southern edge of the property (figure 1, http://www.ccnmatthews.com/docs/0320msq1.pdf and 2, http://www.ccnmatthews.com/docs/0320msq2.pdf) and is characterized by presence of copper, gold, silver, indium and gallium with minor crosscutting molybdenum-rhenium veins or fractures.



Analytical results from this zone consist of:

Surface Sampling (oxide copper zone)
13.41m (44 feet) of 1.08% Cu. Equiv. or $43.17/tonne gmv in pt-1
12.80m (42 feet) of 1.31% Cu. Equiv. or $60.01/tonne gmv in pt-2
12.19m (40 feet) of 1.77% Cu. Equiv. or $70.86/tonne gmv in pt-4
28.04m (92 feet) of 1.37% Cu. Equiv. or $54.89/tonne gmv in pt-6
18.90m (62 feet) of 0.91% Cu. Equiv. or $36.43/tonne gmv in pt-9

Underground (mostly oxide zone)
9.75m (32.0 feet) of 0.91% Cu. Equiv. or $36.35/tonne gmv in
lower adit#1
31.09m (102.0 feet) of 0.84% Cu. Equiv. or $33.66/tonne gmv in
the incline shaft
44.98m (147.6 feet) of 0.51% Cu. Equiv. or $20.51/tonne gmv in
the Pebbles Adit
51.94m (170.4 feet) of 0.77% Cu. Equiv. or $30.71/tonne gmv in
the Pebbles Adit
131.5m (431.5 feet) of 0.78% Cu. Equiv. or $31.34/tonne gmv in
the Adit#2

Drilling
Hole PT05-01 135.8 meters (431.5 feet) 0.75% Cu Eq. or
$29.98 /tonne gmv.
Hole PT05-02 180.9 meters (593.5 feet) 0.63% Cu Eq. or
$29.98 /tonne gmv
Hole PT05-03 24.0 meters (78.7 feet) 0.58% Cu Eq. or
$23.20 /tonne gmv
(upper part above molybdenum zone)


Zone 2: Molybdenum-Rhenium Dominant Mineralization.

The mineralization, first observed in adit #2, is increasing in grade and intensity toward the north (figure 1, http://www.ccnmatthews.com/docs/0320msq1.pdf and 2, http://www.ccnmatthews.com/docs/0320msq2.pdf) and is characterized by presence of molybdenum-rhenium bearing veins/fractures in an intense argillic altered skarn.



Analytical results from this zone consist of:

Underground
50.4m (165.5 feet) of 0.72% Cu. Equiv. or $28.65/tonne gmv in the
Adit#2 (zone contains 0.22 gms/T Rhenium)

Drilling
Hole PT05-03 116.9 meters (383.5 feet) 0.72% Cu Eq. or $28.68/tonne gmv
Hole PT06-04 273.4 meters (897.0 feet) 0.87% Cu Eq. or $34.87/tonne gmv


Table 1a Summary of significant intersections for Diamond Drill Holes
PT05-01 to PT06-04.

------------------------------------------------------------------
Cu
from to length GMV Equiv. Cu
------------------------------------------------------------------
meters meters meters $ value % %
------------------------------------------------------------------

------------------------------------------------------------------
PT05-01 oxide zone 14.0 52.7 38.7 $31.36 0.78 0.22
------------------------------------------------------------------
including 14.0 21.3 7.3 $27.30 0.68 0.23
------------------------------------------------------------------
23.2 32.3 7.3 $40.39 1.01 0.28
------------------------------------------------------------------
37.5 51.4 13.9 $37.37 0.93 0.25
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 61.3 135.8 74.5 $30.60 0.76 0.15
------------------------------------------------------------------
including 61.3 65.2 4.0 $60.94 1.52 0.10
------------------------------------------------------------------
67.1 75.3 8.2 $36.18 0.90 0.25
------------------------------------------------------------------
76.7 125.6 48.9 $29.68 0.74 0.16
------------------------------------------------------------------
129.2 135.8 6.6 $27.21 0.68 0.07
------------------------------------------------------------------

overall 14.0 135.8 74.5 $29.98 0.75 0.17
------------------------------------------------------------------
------------------------------------------------------------------
PT05-02 oxide zone 11.1 52.8 41.6 $31.48 0.79 0.28
------------------------------------------------------------------
including 26.8 30.4 3.6 $64.54 1.57 0.81
------------------------------------------------------------------
37.9 50.9 13.0 $37.14 0.93 0.35
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 64.3 88.3 24.0 $32.41 0.81 0.15
------------------------------------------------------------------
including 66.0 66.6 3.7 $52.63 1.32 0.37
------------------------------------------------------------------
81.4 85.3 3.9 $50.09 1.25 0.05
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 99.2 192.0 92.8 $22.09 0.55 0.16
------------------------------------------------------------------
including 99.2 103.0 3.8 $33.06 0.83 0.34
------------------------------------------------------------------
106.1 110.0 4.0 $34.58 0.86 0.39
------------------------------------------------------------------
111.9 130.6 18.8 $33.81 0.85 0.24
------------------------------------------------------------------
133.5 137.2 3.7 $32.55 0.81 0.17
------------------------------------------------------------------
139.0 142.6 3.7 $23.99 0.60 0.08
------------------------------------------------------------------
99.2 157.0 57.8 $28.61 0.72 0.17
------------------------------------------------------------------
174.2 177.2 3.0 $15.29 0.38 0.13
------------------------------------------------------------------
184.7 192.0 7.3 $14.14 0.35 0.19
------------------------------------------------------------------

------------------------------------------------------------------
overall 11.1 192.0 180.9 $25.02 0.63 0.17
------------------------------------------------------------------
------------------------------------------------------------------

------------------------------------------------------------------
MoS2 Re Au Ag In Ga
------------------------------------------------------------------
% ppb Gms/T Gms/T gms/T gms/T
------------------------------------------------------------------

------------------------------------------------------------------
PT05-01 oxide zone 0.019 7.8 0.050 3.53 1.18 4.97
------------------------------------------------------------------
including 0.012 9.5 0.028 3.32 1.14 21.59
------------------------------------------------------------------
0.030 10.5 0.024 5.41 1.97 25.30
------------------------------------------------------------------
0.027 7.8 0.106 4.19 0.83 14.51
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 0.024 50.4 0.052 2.91 0.63 13.62
------------------------------------------------------------------
including 0.088 168.5 0.012 1.58 0.48 43.50
------------------------------------------------------------------
0.026 51.7 0.040 3.69 0.72 18.77
------------------------------------------------------------------
0.019 46.0 0.070 3.20 0.72 22.73
------------------------------------------------------------------
0.032 52.1 0.009 2.10 0.26 16.23
------------------------------------------------------------------

------------------------------------------------------------------
overall 0.021 34.7 0.048 2.96 0.80 8.21
------------------------------------------------------------------
------------------------------------------------------------------
PT05-02 oxide zone 0.016 9.5 0.044 3.60 1.26 21.94
------------------------------------------------------------------
including 0.038 25.7 0.054 10.35 1.52 18.67
------------------------------------------------------------------
0.021 7.9 0.083 3.17 0.61 8.39
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 0.027 51.1 0.043 3.25 0.85 22.60
------------------------------------------------------------------
including 0.043 96.3 0.223 5.49 0.87 18.93
0.075 133.9 0.004 0.90 0.48 20.83
------------------------------------------------------------------

------------------------------------------------------------------
copper-moly zone 0.015 26.2 0.026 2.88 0.34 14.38
------------------------------------------------------------------
including 0.012 22.1 0.063 3.23 0.60 23.67
------------------------------------------------------------------
0.014 26.9 0.049 8.96 0.85 15.37
------------------------------------------------------------------
0.027 52.8 0.036 4.39 0.56 16.72
------------------------------------------------------------------
0.036 60.0 0.028 4.76 0.44 11.13
------------------------------------------------------------------
0.025 46.0 0.004 1.26 0.16 16.98
------------------------------------------------------------------
0.022 41.4 0.034 3.23 0.54 18.71
------------------------------------------------------------------
0.008 10.3 0.017 2.65 0.27 10.31
------------------------------------------------------------------
0.003 3.3 0.023 3.41 0.27 7.55
------------------------------------------------------------------

------------------------------------------------------------------
overall 0.016 25.2 0.031 2.86 0.61 17.87
------------------------------------------------------------------
------------------------------------------------------------------

------------------------------------------------------------------
MoS2 Re Au Ag In Ga
------------------------------------------------------------------
% ppb Gms/T Gms/T gms/T gms/T
------------------------------------------------------------------

------------------------------------------------------------------
PT05-03 oxide zone 0.004 1.3 0.177 11.37 0.72 21.26
------------------------------------------------------------------
copper zone 0.004 6.9 0.034 3.09 0.31 18.96
------------------------------------------------------------------
including 0.004 4.0 0.009 1.56 0.27 20.03
------------------------------------------------------------------
0.003 6.3 0.055 6.35 0.64 18.73
------------------------------------------------------------------
0.004 7.8 0.042 4.37 0.38 17.89
------------------------------------------------------------------

------------------------------------------------------------------
weak moly zone 0.031 44.4 0.026 2.25 0.33 16.53
------------------------------------------------------------------
including 0.026 26.6 0.055 6.01 0.55 19.12
------------------------------------------------------------------
0.023 36.0 0.022 1.99 0.18 16.49
------------------------------------------------------------------
0.073 128.9 0.058 1.91 0.24 13.02
------------------------------------------------------------------
0.043 59.4 0.012 0.99 0.14 18.71
------------------------------------------------------------------
0.018 20.2 0.015 2.38 0.62 18.49
------------------------------------------------------------------

------------------------------------------------------------------
weak moly zone 0.017 16.8 0.011 1.05 0.16 18.56
------------------------------------------------------------------
------------------------------------------------------------------
PT05-04 oxide zone 0.003 2.9 0.018 4.49 0.65 19.65
------------------------------------------------------------------
including 0.003 2.7 0.041 10.40 1.22 18.20
------------------------------------------------------------------

------------------------------------------------------------------
0.015 23.3 0.166 1.30 0.20 17.24
------------------------------------------------------------------
0.013 23.9 0.182 0.84 0.10 20.40
------------------------------------------------------------------

------------------------------------------------------------------
0.025 39.5 0.035 1.08 0.16 16.23
------------------------------------------------------------------
0.041 69.5 0.006 0.85 0.13 20.45
------------------------------------------------------------------
0.030 56.3 0.014 1.03 0.12 16.02
------------------------------------------------------------------

------------------------------------------------------------------
molybdenum zone 0.053 89.3 0.032 1.93 0.32 17.84
------------------------------------------------------------------
including 0.038 65.5 0.011 1.59 0.15 15.32
------------------------------------------------------------------
0.043 84.5 0.036 2.06 0.18 17.04
------------------------------------------------------------------
0.043 97.4 0.042 1.48 0.30 15.11
------------------------------------------------------------------
0.066 99.3 0.035 2.24 0.43 19.72
------------------------------------------------------------------

------------------------------------------------------------------
overall 0.044 74.3 0.043 2.04 0.28 17.52
------------------------------------------------------------------
------------------------------------------------------------------

------------------------------------------------------------------
PT05-03 oxide zone 13.4 27.1 13.7 $26.43 0.66 0.20
------------------------------------------------------------------
copper zone 46.3 70.3 24.0 $23.20 0.58 0.27
------------------------------------------------------------------
including 46.3 50.0 3.7 $21.79 0.54 0.25
------------------------------------------------------------------
53.6 56.5 2.9 $51.22 1.28 0.94
------------------------------------------------------------------
60.0 70.3 10.3 $22.72 0.57 0.25
------------------------------------------------------------------

------------------------------------------------------------------
weak moly zone 100.3 217.2 116.9 $28.68 0.72 0.11
------------------------------------------------------------------
including 100.3 114.6 14.3 $33.52 0.84 0.23
------------------------------------------------------------------
120.7 137.2 16.5 $23.38 0.58 0.08
------------------------------------------------------------------
139.0 157.6 18.6 $48.58 1.21 0.09
------------------------------------------------------------------
163.1 168.2 5.2 $32.36 0.81 0.05
------------------------------------------------------------------
185.5 217.2 31.7 $25.02 0.63 0.16
------------------------------------------------------------------

------------------------------------------------------------------
weak moly zone 237.1 244.4 7.3 $21.06 0.53 0.10
------------------------------------------------------------------
------------------------------------------------------------------
PT05-04 oxide zone 56.7 70.7 14.0 $21.04 0.53 0.21
------------------------------------------------------------------
including 65.8 70.7 4.9 $30.04 0.75 0.38
------------------------------------------------------------------

------------------------------------------------------------------
93.9 103.0 9.1 $21.04 0.53 0.06
------------------------------------------------------------------
104.9 113.7 8.8 $20.80 0.52 0.04
------------------------------------------------------------------

------------------------------------------------------------------
121.0 136.9 15.8 $22.61 0.57 0.04
------------------------------------------------------------------
151.5 155.1 3.7 $33.32 0.83 0.07
------------------------------------------------------------------
142.6 158.8 16.2 $24.79 0.62 0.04
------------------------------------------------------------------

------------------------------------------------------------------
molybdenum zone 165.8 365.2 199.3 $40.00 1.00 0.09
------------------------------------------------------------------
including 176.2 194.5 18.3 $29.47 0.74 0.06
------------------------------------------------------------------
196.3 227.4 31.1 $32.93 0.82 0.04
------------------------------------------------------------------
229.2 257.3 28.0 $33.95 0.85 0.07
------------------------------------------------------------------
259.1 365.2 106.1 $48.38 1.21 0.12
------------------------------------------------------------------

------------------------------------------------------------------
overall 93.9 367.3 273.4 $34.90 0.87 0.07
------------------------------------------------------------------
------------------------------------------------------------------


Table 1b Summary of significant intersections for Adit#2

------------------------------------------------------------------
Cu
from to length GMV Equiv. Cu
------------------------------------------------------------------
meters meters meters $ value % %
------------------------------------------------------------------

------------------------------------------------------------------
Adit #2 copper zone 45.1 89.0 43.9 $35.86 0.90 0.35
------------------------------------------------------------------
including 45.1 57.9 12.8 $35.97 0.90 0.37
------------------------------------------------------------------
61.9 79.9 18.0 $45.71 1.14 0.47
------------------------------------------------------------------
81.7 85.3 3.7 $32.50 0.81 0.29
------------------------------------------------------------------
87.2 89.0 1.8 $29.94 0.75 0.29
------------------------------------------------------------------

------------------------------------------------------------------
copper zone 92.7 110.9 18.3 $27.07 0.68 0.26
------------------------------------------------------------------
including 94.5 98.1 3.7 $46.61 1.17 0.72
------------------------------------------------------------------

------------------------------------------------------------------
molybdenum zone 124.4 174.8 50.4 $28.65 0.72 0.10
------------------------------------------------------------------
including 114.6 143.7 29.1 $36.76 0.92 0.32
------------------------------------------------------------------
114.6 129.8 15.2 $44.73 1.12 0.53
------------------------------------------------------------------
140.1 143.7 3.7 $43.65 1.09 0.08
------------------------------------------------------------------
156.2 159.3 3.0 $31.73 0.79 0.07
------------------------------------------------------------------
147.4 176.6 29.3 $26.90 0.67 0.11
------------------------------------------------------------------

------------------------------------------------------------------
overall adit 46.1 176.6 131.5 $31.34 0.78 0.26
------------------------------------------------------------------
------------------------------------------------------------------

------------------------------------------------------------------
MoS2 Re Au Ag In Ga
------------------------------------------------------------------
% ppb Gms/T Gms/T gms/T gms/T
------------------------------------------------------------------

------------------------------------------------------------------
Adit #2 copper zone 0.019 32.6 0.06 5.75 0.94 18.87
------------------------------------------------------------------
including 0.021 9.6 0.10 6.18 0.67 15.63
------------------------------------------------------------------
0.024 62.7 0.05 7.02 1.23 21.54
------------------------------------------------------------------
0.015 27.0 0.03 4.79 1.56 21.55
------------------------------------------------------------------
0.009 16.0 0.05 8.86 1.00 19.60
------------------------------------------------------------------

------------------------------------------------------------------
copper zone 0.010 35.7 0.04 2.55 0.65 20.27
------------------------------------------------------------------
including 0.011 10.0 0.05 4.93 0.80 20.30
------------------------------------------------------------------

------------------------------------------------------------------
molybdenum zone 0.016 220.5 0.06 1.79 0.21 18.14
------------------------------------------------------------------
including 0.012 247.6 0.10 2.45 0.31 16.85
------------------------------------------------------------------
0.008 240.3 0.17 2.89 0.41 16.38
------------------------------------------------------------------
0.017 666.8 0.01 1.55 0.13 20.70
------------------------------------------------------------------
0.027 247.2 0.01 0.86 0.09 17.23
------------------------------------------------------------------
0.018 131.7 0.04 1.40 0.18 18.89
------------------------------------------------------------------

------------------------------------------------------------------
overall adit 0.015 104.6 0.06 3.22 0.54 18.66
------------------------------------------------------------------
------------------------------------------------------------------


Notes:

Both the copper equivalent (Cu. Equiv.) and Gross Metal value (gmv) are based on the following metal prices (all in US$): Copper $2.00/lb, Molybdenum Trioxide ($25/lb), Rhenium $1050/ounce, 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 equals1ppm 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.

Gross Metal Value and thus copper equivalent have not been adjusted for metallurgical recoveries but simply reflect the total value of contained metal in the samples. Extensive metallurgical testing will be required to obtain the expected recoveries. Several existing mines currently are obtaining good recoveries (+70%) from similar grade material. It should be noted that this does not imply that good recoveries can be expected from this mineralization without metallurgical testing, but simply indicates that it is possible.

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.

Overall the results of the analytical analysis confirm the visual observations and thickness previously released. The presence of significant by-product elements in addition to the copper and molybdenum bodes well for the development of the property. Several existing mines make substantial profit from recovering by-product elements. For example, Phelps Dodge's Sierrita operation in Arizona recovers gold, silver, rhenium from 0.26% copper, 0.03% Mo, 0.03 gms/T Au, 1.2 gms/T Ag and 57 ppb rhenium. Metallurgical testing will be required to determine if Pine Tree can obtain similar recoveries. This is planned in the near future.

At the current time Mosquito has applied for a permit to build over 3 miles of road for additional drilling. Permit is expected to take 15 to 25 days to obtain and road construction will take approximately 14 days. Once complete Stage 2 drilling will begin to keep following the excellent intersection in hole pt05-04 to the north and east.

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.

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) 689-7902 (FAX)
    www.mosquitogold.com