RE: RE: Russian roulette.There you go. I called it right, yet again. No wonder no majors were interested...seemingly all smoke and mirrors. The only thing real is the boat, the Benz, the plane and the McClay's $25,000 a month.
Class action, anyone? I'll bet that this hits 20 cents within a week.
"Has the BCSC or the TSX forced the company to remove the misinformation about the Cariboo Gold, Pine Tree, Trikay, Brett, Larder Lake and Red Lake properties?"
https://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30941017&l=0&r=0&s=MSQ&t=LIST
Mosquito Consolidated Gold Mines Limited: Clarification and Retraction of Technical Disclosures
Apr 23, 2012 (ACCESSWIRE-TNW via COMTEX) -- Mosquito Consolidated Gold Mines Limited (the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), it is issuing the following news release to clarify and retract certain disclosures made pertaining to exploration results, conceptual exploration targets, and economic analyses of mineral resources and reserves at the Company's various mineral properties (collectively, the "Properties").
The BCSC identified National Instrument 43-101 ("NI 43-101") compliance issues on the Company's website and investor materials with respect the Company's Properties. It also identified NI 43-101 compliance issues with the Company's technical reports on the Company's Cumo Property dated November 18, 2009, and updated June 13, 2011 (the "Cumo Reports"). With respect to the Cumo Reports, the Company plans to file restated reports to correct consent and certificate issues pertaining to the reports' independence and author's responsibilities and to clarify the status of economic analyses. The Corporate Presentation and Corporate Fact sheet on the Company's website disclosed Indicated and Inferred Mineral Resources but failed to include grade of each category. The Company wishes to clarify that with respect to the Company's Cumo Property, the 2.03 billion short tons of Indicated Mineral Resources disclosed was estimated at a grade of 0.059%MoS2, 0.081%Cu, 2.38 g/t Ag and 39.06 g/t W. The 3.95 billion short tons of Inferred Mineral Resources was estimated at a grade of 0.033% MoS2, 0.070%Cu, 2.11g/t Ag and 11.51g/t W. The resource estimation was done by independent consultants Snowden Mining Industry Consultants effective date May 2011. The Company has since amended its Corporate Presentation and Corporate Fact Sheet to add this information. The Company retracts and has also removed reference on its website and in its investor material to the existence of a "Preliminary Feasibility Study" as it has only performed a Preliminary Economic Assessment on its Cumo Property.
The Corporate Presentation previously available on the Company's website used the term "ore" with respect to the mineral resource at the Company's Cumo Property, however this term is meant to be associated with mineral reserves, not resources. As the Company has no reserves, it retracts its use of the term "ore", and has since amended its Corporate Presentation.
Additionally, with respect to the Company's Pine Tree Property, it wishes to clarify that the size and grade disclosed for the copper-molybdenum-rhenium porphyry deposit target on its website was in fact only an exploration target. The company's disclosure failed to state quantities or grades as ranges and to explain the basis for the estimates as required by NI 43-101. Disclosure also failed to attach cautionary language required by NI 43-101, explaining that the potential quantity and grade was conceptual in nature as there had been insufficient exploration work done to define Mineral Resources as defined by NI 43-101, and it was uncertain if further exploration would result in establishing the existence of Mineral Resources. Subsequently, IEMR Resources Ltd. has published a NI 43-101 technical report on the Pine Tree property which includes a Mineral Resource Estimate. The Technical Report is available for download from Sedar.
The Company also retracts previous disclosures of tonnage and grade amounts for the Spruce Mountain, Trikay, and Brett properties as these are related to conceptual exploration targets. These disclosures failed to state quantities or grades as ranges and to explain the basis for the estimates as required by NI 43-101. The disclosures also failed to attach cautionary language required by NI 43-101, explaining that the potential quantity and grade was conceptual in nature as there had been insufficient exploration work done to define Mineral Resources as defined by NI 43-101, and it was uncertain if further exploration would result in establishing the existence of Mineral Resources. The Company is in the process of updating its website and promotional materials to include exploration target quantities and grades as ranges, and to include the cautionary language required by NI 43-101.
With respect to the disclosed Project Profiles on the Company's website, it wishes to clarify that: the Company's interest in the Cariboo Gold Property has been sold and as such will be removed from its website and promotional materials.
In its investor materials, the Company referred to the gross in-situ metal value at the Cumo property without reference to associated costs such as operating and capital costs, or other such costs relating to the extraction and recoverability of the metals, which were described in the latest Technical Report. The Company retracts such statements and has removed such language from its investor materials to avoid any potential confusion.
While the Company dedicated significant internal resources to verify the information contained above, the disclosure to the public through certain information on the Company's website, promotional materials and technical reports were not in compliance with NI 43-101. The Company wishes to clarify that all non-compliant information has been either removed or will be rectified, including restated Cumo Reports which it anticipates filing shortly.
The disclosure of the technical information contained in this news release has been reviewed and approved by Mr. Wayne Ash, P.Eng and Dr. Matt Ball, P. Geo., who are Qualified Persons as defined under NI 43-101.
MOSQUITO CONSOLIDATED GOLD MINES LIMITED
Per: "Brian McClay"