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Mosquito Refutes Dissident Allegations
Mosquito Refutes Dissident Allegations.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"MOSQUITO CONSOLIDATED GOLD MINES LTD.MSQ-TSX-VENTURETel: 604-689-7902 WWW.MOSQUITOGOLD.COM FAX: 604-689-7816 Mosquito Refutes Dissident Allegations Vancouver, December 12, 2011 - Mosquito Consolidated Gold Mines Limited (Mosquito - TSX Venture: MSQ, OTC-QX: MQCMF) wishes to give clarity to the misleading information being issued by the dissident group that includes present Directors of Mosquito, Mr. Hongxue Fu and Mr. Shaun Dykes neither of which is being nominated by the company for re-election at the upcoming Annual General Meeting. The unsupported and unfounded allegations levelled at the management of Mosquito and its 100% owned subsidiary must be addressed. CLAIM: Mosquito only spent 17.42% of $11 million raised on CuMo It appears that the dissident group’s primary concern is the claim that of $11million raised by Mosquito, only 17.42% has been spent on the Cumo project over the past 15 months. Mosquito management has no way to know how these figures were generated but they do not bare any resemblance to fact. According to publicly available audited financial statements: · since the acquisition of the Cumo deposit in 2004 and up to June 30th, 2011 (last audited financials) Mosquito has invested $12,992,229 in exploration at Cumo. · From June 2008 to June 2009 $3,754,000 was spent on exploration by Mosquito. · From June 2009 to June 2011 total share capital raised was $10,292,297. During this 2 year period, Mosquito’s exploration expenses on Cumo totalled $6,127,584. . In the documents sent out by the dissident group the cover sheet presents a pie chart allegedly showing that of $11million spent by Mosquito only 17.42% was spent on Cumo. This is not factual. Mosquito has directed over 60% of all funds raised during this period towards explor...