Mosquito announces plans for 2012 exploration and development program at Cumo, provides update on website

MOSQUITO CONSOLIDATED GOLD MINES LIMITED

638 Millbank Vancouver B.C. V5Z 4B7

Tel: (604) 689-7902

NEWS RELEASE

May 23, 2012                                                                                                  Symbol: TSX.V: MSQ

MOSQUITO ANNOUNCES PLANS FOR 2012 EXPLORATION AND DEVELOPMENT PROGRAM AT CUMO, PROVIDES UPDATE ON WEBSITE

Mosquito Consolidated Gold Mines Ltd. (TSX.V: MSQ) in conjunction with Sacré-Davey Engineering wishes to announce that, in accordance with the US Forest Service Plan of Operations for Cumo, drilling has commenced at the Cumo Project site which is located approximately 35 miles north of Boise Idaho.  Mosquito plans to advance the Cumo project to the pre-feasibility stage by Q2 2013.

The new technical approach at Cumo includes reducing the scope of the project and the associated exploration costs by reducing the exploration footprint. Mosquito also plans to complete a feasibility stage bulk sample in 2013 using reverse circulation drill cuttings augmented with large diameter core. The 2012 exploration and development program includes:

·                                                                                                                                                                                                                                                                                                          Approximately 20,000m Core Drilling

·                                                                                                                                                                                                                                                                                                          Approximately 50,000m Reverse Circulation Drilling

·                                                                                                                                                                                                                                                                                                          Bulk sample, including bench work and pilot plant operation.

·                                                                                                                                                                                                                                                                                                          Environmental baseline monitoring and studies required for EIS permitting.

The Pre-Feasibility Study program is budgeted at $19.4 million with completion in Q2 2013. The most recent Annual General Meeting has resulted in a reorganization of the technical team and provided Mosquito with an opportunity to look at Cumo with a different strategy than previous project management. Numerous opportunities have been identified to reduce costs, improve operational efficiency, and to move the project on a faster track to pre-feasibility and feasibility. Past seasons’ drill programs have comprised a series of extremely deep and widely spaced holes. While those holes have returned good results and defined the geology and metal zoning aspects of the deposit, it is felt that the previous exploration manager’s goal of developing the deposit to the limits of the mineralized zone was not the most effective strategy to advance the project.

The new strategy is to focus the exploration at Cumo over a smaller geographical area and to include the use of centre face sampling reverse circulation drilling to develop a measured component to the resource and also provide material for a bulk sample. It is felt that this is a much more efficient approach to the development of the project to feasibility.

The project is multidisciplinary and requires expertise in Project Management, Geology, Metallurgy, Mining, Permitting, Environmental Science, Operations, and Exploration Drilling. Mosquito has assembled a highly qualified team of employees and consultants to help achieve its objective including a new environmental and permitting manager, based in Boise, who will interact directly with the various permitting agencies and Idaho-based environmental consultants.

In order to achieve the completion of a Pre-feasibility Study, Mosquito will require funding in excess of the Company’s present cash position. Negotiations are presently underway to address required financing for the Cumo Project.

Mosquito continues to work with Snowden, Ausenco and the BC Securities commission to address issues that were raised pertaining to the company’s website, promotional materials and technical reports. The Company does not anticipate a material change in the resource estimate or economic analysis that was previously reported for Cumo.

Wayne Ash, P.Eng, is the Company's Qualified Person with respect to the Company's Cumo Project and has reviewed and approved this press release.

About Mosquito Consolidated Gold Mines Limited

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 with significant copper, silver and tungsten by-products.  For more information about the company, please visit www.mosquitogold.com and www.cumoproject.com

Mosquito consolidated gold mines limited

Per:

“Brian A. McClay”

Brian A. McClay, President and Director

For further information: Tel: (604) 689-7902 / Fax: (604) 689-7816 / 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.  The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.