: to russia ....with money "Mosquito's last foray into Russia ended disasterously for MSQ shareholders. Doubt if it'll get any better this time around, right?"
Aweel, those pictures from the 1997 trip were dated. Time for a new set, lol?
Mosquito to relinquish Baruyn Holbinski interests
2000-04-05 18:33 ET - News Release
Mr. William Jefferies reports
Mosquito Consolidated has reached a settlement agreement with the Russian joint venture stock company Zun Hada whereby Mosquito will relinquish all its interests in the Baruyn Holbinski deposit located in the Buryatia region of Siberian Russia in consideration for repayment of $200,000 (U.S.) which was advanced on a loan basis to Zun Hada.
1997-05-01 18:55 ET - News Release
Mr Brian McClay reports
The following summarizes the results of the recent visit to Russia by Mosquito personnel and the progress of the work on the company's various Russian joint venture properties
Interest in Noni mineral deposit to be acquired
1997-02-25 08:05 ET - News Release
Mr Brian McClay reports
The company has reached an agreement with Far East National Mining Company of Khaborovsk, Russia and Pacific Mineral Holdings of Nassau, Bahamas, to acquire a 60% interest in the Noni mineral deposit in the Russian Far East. Mosquito will earn a 50% interest in the deposit by spending $5,050,000, in three stages, on exploration and development and an additional 10% by providing production financing. Mosquito will be the operator of the project.
Agreements signed in Russian joint ventures; subsidiary formed; director resigns
1997-02-12 06:12 ET - News Release
Mr Brian McClay reports
The company wishes to update its progress in its mining projects in Russia which were described in detail in the company's news release in Stockwatch December 24 1996.
Barun Holbinsky Deposit: Formal agreements have been signed whereby Mosquito may earn a 50% interest in the Russian joint venture stock company Zun Hada, the owner of this deposit, by spending US$4,500,000 in four stages. The deposit, 300km west of Irkutsk in the Republic of Buryatia, is an underground gold deposit developed on nine levels. Mosquito intends to increase the developed reserves to a level sufficient for a minimum production rate of 500 tons per day.
Troitsky Deposit: Formal agreements have been signed whereby Mosquito can earn a 50% interest in the owner of the deposit, the Russian joint venture stock company Iris, by spending $3,050,000 in three stages. The deposit is a large Carlin type hot spring, open pit gold deposit in the Republic of Buryatia 250km east of Lake Baykal. A recent bulk sample of 16,000 tonnes indicates an average uncut grade of eight grams per tonne. A development program to include trenching and reverse circulation drilling is planned for the 1997 field season.
Alroszoloto Joint Venture: A Russian joint venture stock company named Minvest with the participants, Mosquito (49%) and Alroszoloto (51%) have reset the fixed capital of the company at 100 million rubles (C$25,000) with the participants contributing pro rata. Alroszoloto, a wholly owned subsidiary of Russia's diamond monopoly, Almazy Rossii Sakha, has a licence to purchase rough diamonds in unlimited quantities.
It is the intention of Minvest to purchase rough diamonds from Almazy Rossii Sakha, have them cut in the Republic of Sakha and market the cut stones internationally. The initial rotations will be financed by pro rata working capital contributions of both parties. Dependent on the economic results of this test marketing program, Minvest plans to construct a modern computer/laser cutting factory in the Republic of Sakha.