Toronto, June 27, 2008 – Mosquito Consolidated Gold Mines Ltd., which is based in Vancouver, BC, has four molybdenum projects in the USA, including the CUMO project in Idaho - considered to be the largest, un-mined, open-pit, accessible molybdenum deposit in the world. The Company also has significant gold projects in historically prolific regions in B.C., Ontario and Nevada, and a substantial copper-gold project in Queensland, Australia.
Highlights from the report include the following:
· Over $8 million in capex committed to date, largely on the CUMO (Idaho) and Pine Tree (Nevada) projects - the focus for the next five years.
· CUMO property estimated to have a 40-year mine life at 150,000 tonnes per day, with expected metal recovery of molybdenum 90%, copper 60%, and silver 50%.
· NI 43-101 resource calculation (molybdenum) on Pine Tree property scheduled for late 2008 - expected to indicate 400-500 million tonnes.
· Feasibility studies for both CUMO and Pine Tree expected in 2010, with production expected three years later.
· Recommendation is Speculative Buy and the shares are suitable for higher-risk investors.
· Our one-year Target Price is $3.60 and our three-year price objective is $6.00.
This Press Release was prepared by eResearch and was not vetted by Mosquito Consolidated Gold Mines Ltd. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Mosquito Consolidated Gold Mines Ltd.
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