Business
Update on $5 million Sale to Barkerville
Update on $5 million Sale to Barkerville.
About this update from Multi-metal Dev Ltd.
[{"type":"text","content":"MOSQUITO CONSOLIDATED GOLD MINES LIMITED100 – 1616 West 3rd AvenueVancouver, B.C. V6J 1K2Tel: (604) 689-7902NEWS RELEASE January 10, 2012 Symbol: MSQ-TSX-V MQCMF–OTC-QX Update on $5 million Sale to Barkerville (BGM-TSX-V) 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 Mosquito’s 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 pre-feasibility study in 2012. Cumo is among the largest molybdenum deposit in the world with by-product 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 agr...