MOSQUITO CONSOLIDATED GOLD MINES LIMITED

Mosquito Consolidated Gold Mines reported that it has received an extremely positive NI 43-101 compliant preliminary economic assessment of its Idaho-based CUMO molybdenum-copper-silver project, Canada. Based on a pre-tax financial model (earnings before interest, tax, depreciation and amortization) and using a long-term, base-metal price scenario, Ausenco’s study showed the CUMO project having a Net Present Value of US$16 Billion for a 150,000 short tons per day ore production rate and US$10 Billion for a 100,000 short tons per day ore production rate. Corresponding Internal Rates of Return were 36% and 29% respectively – significantly above the minimum 12.5% to 15% IRR typically required for United States-based projects to be considered for production – and straight-line payback periods for startup capital costs were 2.3 and 3.0 years respectively.