Mosquito Consolidated Gold Mines Limited (MQCMF: OTC Link) | Update on $5 million Sale to Barkerville

MOSQUITO CONSOLIDATED GOLD MINES LIMITED

100 – 1616 West 3rd Avenue

Vancouver, B.C. V6J 1K2

Tel: (604) 6897902

NEWS RELEASE

 

January 10, 2012                                                                                             Symbol: MSQTSXV MQCMF–OTC-QX

 

Update on $5 million Sale to Barkerville (BGM-TSXV)

 

Further to its news release of December 5, 2011, Mosquito Consolidated Gold Mines Limited (”Mosquito) wishes to announce that it is in the process of completing the agreement reached between itself and Barkerville Gold Mines Ltd. (“Barkerville”) whereby it will sell to Barkerville all residual property interest owned by Mosquito in the Cariboo District near Wells B.C. for $5,000,000.00 (Five Million Dollars). These interests include a 50% Interest in Cariboo Gold Quartz Property, placer mining rights on Mosquito Creek and a 3% Net Smelter Return royalty on Cariboo Gold Quartz Mine Property, Island Mountain Mine Property and Mosquito Creek Mine Property.

 

Mosquito will use the proceeds of this Barkerville transaction for funding in the further development of Mosquitos flagship project, the CUMO molybdenum deposit, located in Idaho 35 miles north of Boise. Drilling is presently continues on the Cumo deposit with the permits required to develop the project to a feasibility stage in place. Mosquito is presently exploring all financing options for the funding required to move this project forward to a prefeasibility study in 2012. Cumo is among the largest molybdenum deposit in the world with byproduct credits of silver, copper and tungsten; the Cumo Deposit will continue to be the primary focus of Mosquito in the foreseeable future.

 

Mosquito will continue to monetize the portfolio of properties and royalty assets which are presently owned by Mosquito. These assets include various option and or royalty agreements with Mega Precious Metals Inc (MGPTSXV) on the Laverty Property located in Red Lake Ont., Running Fox Resources Corp. (RUNTSXV) on the Brett Deposit located near Vernon B.C., Urastar Gold Corp. (URSTSXV) on the Blackpoint Project located near Eureka Nevada and Salmon River Resources Ltd. (SALTSXV) on the Trikay Project located in Queensland, Australia. More detailed descriptions of these transactions and the other properties owned by Mosquito can be viewed at  www.mosquitogold.com.

 

 

MOSQUITO CONSOLIDATED GOLD MINES LIMITED

 

Per:

 

Brian A. McClay

Brian A. McClay, President and Director

 

For further information: Tel: (604) 6897902 / Fax: (604) 6897816 / www.Mosquitogold.com

 

 

Neither TSX Venture Exchange nor its Regulation  Services Provider (as that term is defined in the policies of the TSX Venture  Exchange)  accepts responsibility for the adequacy  or accuracy  of this release.

Article source: http://www.otcmarkets.com/stock/MQCMF/news?id=40973

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