VANCOUVER, British Columbia - Tuesday, February 15th 2011 [ME NewsWire]
(BUSINESS WIRE)-- The U.S. Forest Service announced today that it approved the request of Mosquito Consolidated Gold Mines Limited, operating through its Nevada subsidiary, Mosquito Mining Corp., to proceed with further exploration activities on its mining claims in Boise County, Idaho, USA. Mosquito’s claims have been shown to contain molybdenum, copper, and other metals. The Forest Service signed a Decision Notice on February 11, 2011 approving a Plan of Operations for temporary road construction and drilling activity in the Boise National Forest between Idaho City and Garden Valley. The project, known as CuMo, is designed to determine whether there is sufficient mineralization and adequate geological characteristics to support a mine.
The Decision Notice completed action on an application for the exploration activity filed by Mosquito on February 14, 2007. In the intervening years, the Forest Service solicited public input and undertook extensive environmental review culminating in the issuance of an Environmental Assessment (“EA”) and a Finding of No Significant Impact (“FONSI”). Last month, the U.S. Fish and Wildlife Service issued its concurrence with the Forest Service’s Biological Assessment (“BA”) finding that the exploration project is not likely to adversely affect endangered or threatened species.
“We are pleased with the extraordinarily high level of effort the Forest Service put into its rigorous environmental review. They left no stone unturned and held us to the highest standards. That fits perfectly with this Company’s commitment to environmental excellence,” said Shaun Dykes, Exploration Manager of Mosquito and CuMo Project Manager.
The permit approval will allow Mosquito to build up to 10.2 miles of temporary roads and drill up to 259 small-diameter exploratory holes from 137 drill sites over a five-year period. The actual amount of road and drill hole construction will depend on results encountered as the exploration proceeds. Mosquito stated that it expects that the actual road miles and number of drill holes will be substantially less than the upper limit described in the EA.
The exploratory drilling will take place approximately 14 miles northwest of Idaho City in an area already disturbed by mining activity. Mosquito will post a bond sufficient to ensure reclamation of the temporary roads and drill pads at the end of the project.
Mosquito announced that it intends to complete the approved exploration activity on an expedited basis with the goal of completing a Feasibility Study within two to three years.
Dykes emphasized that the information from the exploration activity will enable the Company to assess the ultimate scope of the reserves and, if they warrant actual mining, to determine a possible development plan.
Mosquito will be contracting with local providers to undertake the technical support for the CuMo project. “This is not a get in and get out undertaking. If a mine is shown to be feasible after we complete this exploration project, we anticipate undertaking environmental measures to address the legacy of past mine activity by others. We will help to improve this environmentally disturbed area, while bringing hundreds of jobs to the nearby communities of Idaho City and Garden Valley,” said Mr. Dykes.
“Obtaining this environmental permit for the CuMo exploration project is a significant milestone for our Company. I would like to thank all of the people on our team and in the community that have worked tirelessly for four years to achieve this. The information gained from this exploration phase will allow us to assess the situation and, we hope, move forward to a Feasibility Study for the mine itself. This is good news indeed for our shareholders,” stated Brian McClay, President of Mosquito.
The CuMo project is named for the elements copper (“Cu”) and molybdenum (“Mo”). Molybdenum is rapidly becoming a critical metal in the development of green technology and alternative energy. Two of the most beneficial usages of molybdenum are in the cleaning of fossil fuels, like diesel and gasoline, and in desalination plants for the delivery of safe drinking water. Molybdenum is used principally as an alloying agent in steel, cast iron, and super alloys to enhance hardening ability, strength, toughness, wear, and corrosion resistance. Molybdenum plays a significant role in contemporary industrial technology, which increasingly requires materials that are serviceable under high stress, expanded temperature ranges, and highly corrosive environments. Moreover, molybdenum finds significant usage as a refractory metal in numerous chemical applications, including catalysts, lubricants, and pigments.
Mosquito has developed a new website specifically related to CuMo exploration. It is located at www.cumoproject.com.
The Decision Notice / Finding of No Significant Impact (“DN/FONSI”) together with the final Environmental Assessment are posted on the Forest Service’s website at www.fs.usda.gov/boise. Click “Cumo Minerals Exploration Project.”
Mr. Shaun M. Dykes, M.Sc. (Eng), P.Geo., Exploration Manager and Director of Mosquito, is the designated qualified person for the CuMo Project, and prepared the technical information contained in this news release.
On Behalf of the Board
MOSQUITO CONSOLIDATED GOLD MINES LTD.
Brian McClay
President
About Mosquito Consolidated Gold Mines:
Mosquito Consolidated Gold Mines Limited is a Canadian mining exploration and development Company with a diverse portfolio of high potential precious and base metals projects located in economically sound and politically stable environments in North America. The Company’s name derives from Mosquito Creek Gold Mining Limited which was the Company’s name from 1971 to 1987.
Mosquito maintains low-cost operations, is well financed, and has little debt. The stock is listed on the Toronto Stock Exchange – Venture (TSX-V) under the trading symbol MSQ. Mosquito holds four molybdenum exploratory projects in the United States. In addition, the Company is diversified with multi-element projects including significant gold interests.
Mosquito’s primary focus is developing its Idaho-based CuMo project, an exploratory effort that could involve one of the world’s largest molybdenum deposits—a strategic metal that is proving to be instrumental in pushing the limits of performance and tolerance in ecological, high-temperature, corrosive, and other precision applications in science and industry worldwide. For more information about the Company, please visit www.mosquitogold.comand www.cumoproject.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.
Contacts
Mosquito Consolidated Gold Mines Ltd.
Brian Mcclay, President
Tel: 604-689-7902
Fax: 604-689-7816
No comments:
Post a Comment