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Cours Or & Argent

Mosquito Consolidated Gold Mines

Publié le 15 juillet 2011

UraStar options Blackpoint Au-Ag Property in Nevada

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Mots clés associés :   1971 | Canada | Copper | G Mexico | Kennedy | Zinc |

News Release - Friday, July 15, 2011
UraStar options Blackpoint Au-Ag Property in Nevada

Vancouver, Canada, July 15, 2011. - Mosquito Consolidated Gold Mines Limited (TSX.V: MSQ; US OTC: MQCMF - "Mosquito" or the "Company") and UraStar Energy Inc. ("UraStar") (TSXV: URS) wish to announce that Urastar has signed a Letter of Intent ("LOI") to purchase a 100% interest in the BlackPoint gold-silver property located in the major Battle Mountain -Eureka Gold Trend of Nevada. The property consisting of 896 acres is located 7 kilometers north of the town of Eureka, Nevada. The area is surrounding Blackpoint has numerous Gold deposits with the Active Ruby Hill Gold Mine located to the southwest, and the historic Alligator Ridge Gold Mine to the east.

Pursuant to the LOI, UraStar can earn a 100% interest in Blackpoint by making the following payments consisting of cash and shares over a 5 year period:

     
Time Cash (USD) Payments Common Shares
On Signing LOI $25,000.00 Nil
At Closing $225,000 250,000 shares
Year 1 from Closing $350,000 250,000 shares
Year 2 from Closing $ 1,000,000 250,000 shares
Year 3 from Closing $ 1,500,000 250,000 shares
Year 4 from Closing $ 2,500,000 250,000 shares
Year 5 from Closing $ 4,400,000 250,000 shares
     
TOTALS $10,000,000 CASH PAYMENTS 1,500,000 SHARES


The property has a long history dating back to 1864. Available records indicate production between 1933 and 1941, from the near surface zones on the property, grading 400 gms Ag/ton to 3,700 gms Ag/T (12 to 108 ounces per ton) which was sent to a mill located at McGill, Nevada. More recent work in 1971 concentrated on surface sampling and several short drill holes looking at the continuity of the higher grade silver portions of the deposits. Table 1 lists some of the historic intersections from the 1971 drill program. These intersections are historic and the qualified person has been unable to fully verify the results and thus these results should not be relied upon.


Table 1: Historic Intersections from shallow Drilling at Blackpoint.

hole hole hole zone zone zone Ag zone zone Ag grade
name length length name top thickness grade top thickness gms/T
  feet meters   feet feet oz/t meters meters gms/T
Sl-2 112 34.14 Condor 28 84 1.83 8.53 25.60 62.74
SL-3 112 34.14 Condor 32 60 2.26 9.75 18.29 77.49
SL-7 84 25.60 Condor 28 27 6.64 8.53 8.23 227.66
SL-6 200 60.96 Condor 36 24 2.06 10.97 7.32 70.63
SL-17 88 26.82 Condor 0 52 2.04 0.00 15.85 69.94
SL-18 300 91.44 Condor 52 24 2.41 15.85 7.32 82.63
SL-22 120 36.58 Condor 44 16 1.22 13.41 4.88 41.83
ER-7 136 41.45 Eagle Ridge 12 74 2.13 3.66 22.56 73.03
ER-4 200 60.96 Eagle Ridge 44 84 1.34 13.41 25.60 45.94
ER-16 108 32.92 Eagle Ridge 40 24 1.14 12.19 7.32 39.09
ER-17 180 54.86 Eagle Ridge 64 18 1.40 19.51 5.49 48.00
TRENCH 20 6.10 Eagle Ridge 0 20 21.00 0.00 6.10 720.01
ER-9 136 41.45 Dot 80 20 11.53 24.38 6.10 395.32
ER-3 160 48.77 Dot 96 32 1.46 29.26 9.75 50.06
ER-11 100 30.48 Dot 24 76 4.04 7.32 23.16 138.52
TRENCH 50 15.24 Dot 0 50 7.10 0.00 15.24 243.43


No other assays are reported, although gold, copper, lead and zinc mineralization has been described.

Examination of the surface geology shows Blackpoint hosts a silica-sericite (or "low-sulfidation") epithermal silver-gold system with extensive silica-sericite alteration, high grade silver bearing veins, stockwork and breccia and scattered gold values. This style of mineralization is typical of that found at the active and historic mines in the area. The property is divided into two distinct halves by an east west orientated structure with the Condor zone in the north and the Eagle Ridge and Dot zones in the south. All the previous work was centered around the silver mineralization with no work done in looking for the gold bearing part of the system that may be located more towards the centre or at depth of the peripheral silver zones.

Geological work completed in 2007 by Mosquito Consolidated Gold Mines Ltd. determined that the property had not been properly explored. The presence of asymmetrical alteration zones, the large east-west orientated structure offsetting the mineralized zone and the presence of fall out breccias to the southwest, all indicate an unrecognized southwest plunge to the system. Additional detailed mapping confirmed a significant increase in the intensity and thickness of the silicification toward the central area. This resulted in the previous drill programs failing to explore the main exploration targets beneath the exposed silica breccia zone.

Urastar will begin an aggressive exploration program of detailed surface mapping, sampling and drilling to define and test these highly prospective, previously unexplored exploration targets, concentrating on finding the gold bearing portion of the system at depth, while continue to develop the near surface silver mineralization.

Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., is a designated Qualified Person pursuant to National Instrument 43-101 and prepared the technical information contained in this news release.

On Behalf of the Board
MOSQUITO CONSOLIDATED GOLD MINES LTD.


Brian McClay
President

On Behalf of the Board
URASTAR ENERGY INC.


Thomas J. Kennedy
CEO

About Mosquito Consolidated Gold Mines Ltd.

Mosquito Consolidated Gold Mines Limited 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. The Company's primary focus is developing its Idaho-based CuMo project, one of the world's largest molybdenum deposits. For more information about the company, please visit www.mosquitogold.com and www.cumoproject.com


About UraStar Energy Inc.

UraStar Energy Inc. is a mining exploration and development company focusing on gold exploration in Mexico's Sierra Madre gold belt targeting areas containing former producing properties. The Sierra Madre Gold Belt is one of the richest gold belts in the world hosting several world class mines and many major recent discoveries.. For more information, please visit www.urastarenergy.com

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.

Copyright � 2011 MOSQUITO CONSOLIDATED GOLD MINES LIMITED (MSQ) All rights reserved. For more information visit our website at http://www.mosquitogold.com/ or send email to info@mosquitogold.com ..

Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Mosquito Consolidated Gold Mines

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CODE : MSQ.V
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Mosquito Consolidated Gold est une société développant des projet miniers d'or basée au Canada.

Mosquito Consolidated Gold détient divers projets d'exploration en Australie.

Ses principaux projets en exploration sont COPPER CHIEF et BLACK POINT en USA, LARDER LAKE / CUMMINS, STATLU CREEK, SPRUCE MOUNTAIN, PINE TREE et RED LAKE / LAVERTY au Canada et TRIKAY et CUMO en Australie.

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Rapports annuels de Mosquito Consolidated Gold Mines
2010 Annual Report
2008 Annual Report
Financements de Mosquito Consolidated Gold Mines
25/03/2010Private Placement
Nominations de Mosquito Consolidated Gold Mines
17/10/2012Announces Election of New Board of Directors, Appointment of...
Projets de Mosquito Consolidated Gold Mines
17/01/2012Barkerville Closes Acquisition of the Property and Royalty I...
31/08/2011(Cumo)Mining Exploration at Mosquito's CuMo Project has Started; ...
15/07/2011UraStar options Blackpoint Au-Ag Property in Nevada
18/05/2011(Cumo)U.S. Forest Service Rejects Appeal of Environmental Assessme...
15/02/2011(Cumo)Forest Service Issues Key Environmental Permit for CuMo Mine...
22/07/2010(Cumo)Release of Environmental Assessment: The Next Exploration St...
10/09/2009(Cumo)Discovery of older Copper-Silver porphyry system at Cumo
Communiqués de Presse de Mosquito Consolidated Gold Mines
03/10/2012Announces That Glass-Lewis & Co., Another Leading Proxy Advi...
16/08/2011To our valued Shareholders and Potential Investors
18/08/2010Starts 2010 drilling program
06/08/2010Buck trend as demand remains high in August
08/06/2010In The News -June 8, 2010
24/04/2010Investor Relations
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