Mosquito Consolidated Gold Mines Notes Inaccuracies in Dissident Communication

(via Thenewswire.ca)

VANCOUVER, September 21, 2012 - Mosquito Consolidated Gold Mines Ltd. ("Mosquito" or the "Company") (TSX-V: MSQ) today noted that a Circular has been filed by a dissident group.

Based on an initial review of the dissident communication, there appears to be little, if anything, of substance that is new from what the dissidents presented in their previous failed attempt to take control of Mosquito. In fact, Mosquito notes numerous factual inaccuracies that beg additional questions of the dissidents. To cite but three examples, the dissidents:

-Repeat a number of baseless allegations while ignoring actual findings. The dissidents omit the fact that a Special Committee, comprised of independent Directors including General Merrill McPeak, concluded that there was "no indication of improper or illegal action by Mr. McClay." The Special Committee also concluded that the allegations made by Mr. Dykes seemed "frivolous and without foundation." As the conclusions of General McPeak and the other independent directors do not support the dissidents' aspersions, the dissidents have now attempted to discredit the investigation and the work of General McPeak and the other independent directors. The complete report of the Special Committee is included in Mosquito's Information Circular.

-Argue that Messrs. Dykes and Fu are suitable director nominees, while failing to acknowledge that Mosquito is suing them based on various breaches of duties to the Company and its shareholders, and for conspiring against the Company. Mr. Dykes also continues to refuse to return all the data compiled from the work done at CuMo. He has delivered the data in an encrypted form and has described it as his proprietary software. This amounts to an attempt to sabotage the Company's business by not giving it access to its own drilling results. The misconduct of Messrs. Dykes and Fu is serious enough that the company has taken action against them in the British Columbia Supreme Court. Is this who should be representing shareholder interests?

-Double-down on Mr. Dykes by attempting to separate him from his role in providing a resource model that contained a serious error in its calculation of the contained molybdenum value with respect to the Company's CuMo project. As the Qualified Person, Mr. Dykes oversaw the creation of the overstated resource estimate. On September 13, 2012, Mosquito disclosed that in fact, an error had been made in the calculation of the CuMo Project's mineral resource estimate. Snowden, an independent global mining consultant, agreed that an error had been made in the calculation that it had been provided. This is a serious matter that has resulted in value destruction for all shareholders. The dissidents would like shareholders to believe that in fact, Mosquito's discovery and disclosure of the error is a conspiracy to discredit Mr. Dykes that includes Mosquito management, two independent engineering firms and the London Metals Exchange (who confirmed Mosquito's position). Does this seem plausible?

The Company will complete a thorough review of the dissident Circular and provide a detailed response in due course. In the meantime, Mosquito urges shareholders to review the Letter to Shareholders and Management Information Circular that was issued on September 17, (available at www.mosquitogold.com) and to vote only their GOLD proxy in support of management's proposed director nominees well in advance of the proxy deposit deadline of Friday, October 12, 2012 at 2:00 p.m. (Vancouver time).

Voting Instructions

Your investment in Mosquito is at risk as a result of the dissidents' conduct. It is therefore imperative that shareholders vote only their GOLD proxy in support of management's director nominees and ensure that it is received by no later than the proxy deposit deadline of Friday, October 12, 2012 at 2:00 p.m. (Vancouver time).

For assistance in voting your Shares, please contact Mosquito's Proxy Solicitation Agent, Georgeson at: 1-866-413-8828 or by email: askus@georgeson.com.

Special Meeting

The Special Meeting is scheduled for Tuesday, October 16, 2012 at the Vancouver Convention Centre, West Meeting Rooms 205-7, 1055 Canada Place, Vancouver, B.C. V6C 0C3 at the hour of 2:00 p.m. (Vancouver time).

About Mosquito Consolidated Gold Mines Limited

Mosquito Consolidated Gold Mines Limited is a mining exploration and development company with a diverse portfolio of high potential precious and base metals projects, located in low political-risk environments in North America. The Company's primary focus is developing its Idaho-based CuMo project, one of the world's largest molybdenum deposits with significant copper, silver and tungsten by-products. For more information about the company, please visit www.mosquitogold.com and www.CuMoproject.com.

For further information contact:

Shareholders:

Georgeson

Telephone: 1-866-413-8828

Email: askus@georgeson.com

Media:

Trevor Zeck

Longview Communications Inc.

(604) 694-6037

Joel Shaffer

Longview Communications Inc.

(416) 649-8006

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