Mosquito appoints Mr. Hongxue Fu of Beijing, China to Chairman of the Board
5:31 PM ET, October 1, 2009
VANCOUVER, Oct 01, 2009 /PRNewswire-FirstCall via COMTEX/ -- Mosquito Consolidated Gold Mines Limited (Mosquito - TSX Venture: MSQ) is pleased to announce the appointment of Mr. Hongxue Fu to Chairman of the Board.
Mr. Fu is an accomplished mining entrepreneur with worldwide experience in mining and business development. Currently he is President of International Energy and Mineral Resources Investment Company Limited (Hong Kong) ("IEMR"). IEMR is involved in international exploration and developments in energy and mining resources.
Mr. Fu is the control person of International Energy and Mineral Resources Investment (Hong Kong) Company Limited and Ivy Mining Inc which collectively own 11,173,333 shares and 2,083,333 warrants in Mosquito Consolidated Gold Mines Limited..
Mr Fu has extensive contacts in the mining industry both in China and throughout the world. As Chairman of the Board, Mr. Fu will provide Mosquito with valuable access to these contacts, as he devotes his time initially to the business development of the corporation with a particular focus on the Company's CUMO molybdenum-copper-silver deposit.
The CUMO mineral deposit currently contains a NI 43-101 compliant, 1.3 Billion tons indicated and 2.25 Billion tons inferred of open-pit accessible multi-element mineralization. This includes in the indicated category: 1.8 Billion pounds of molybdenum oxide ("moly"); 2.1 Billion pounds of copper; 90.8 Million ounces of silver; and 123.5 Million pounds of tungsten. In the inferred category it includes: 2.3 Billion pounds of moly; 3.3 Billion pounds of copper; 143.8 Million ounces of silver; and 158.9 Million pounds of tungsten. It is currently is the world's largest un-mined open pit accessible molybdenum deposit.
The Company also wishes to announce that further to its press release issued on June 1, 2009, the 43-101-compliant independent Preliminary Economic Assessment being conducted by Ausenco, an internationally recognized engineering firm headquartered in Brisbane, Australia, is in the final draft stages and is expected to be completed shortly.
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
Founded in 1971 and headquartered in Vancouver, Canada, Mosquito Consolidated Gold Mines Limited (www.mosquitogold.com) 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 the development of its Idaho-based CUMO deposit, recognized as one of the largest molybdenum-copper porphyry deposits in the world, and its Nevada-based Pine Tree porphyry copper-molybdenum-silver project.
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.
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.
CONTACT: MOSQUITO CONSOLIDATED GOLD MINES LIMITED, Tel: (604) 689-7902, www.mosquitogold.com, Fax: (604) 689-7816
SOURCE Mosquito Consolidated Gold Mines Ltd
