VANCOUVER, Dec. 4 /CNW/ - Mexivada Mining Corp. is pleased to announce
that it has executed a 20-year renewable mining lease on the 800 acre,
privately-owned Goldstorm property in Elko County, Nevada, from NFC Land and
Cattle Company. Goldstorm is located 18 kilometres ("km") northwest of the
Midas Mine along the Carlin Trend and Northern Nevada Rift, and 18 km east of
the large Twin Creeks-Turquoise Ridge-Getchell gold mine complex of Newmont
Goldstorm is an exploration property with outcropping high-level
Midas-style low-sulfidation, gold-bearing quartz veining in felsic volcanic
rocks, exposed along more than a 1.75 km length. Rock chip samples collected
from a trench at one prospect at Goldstorm assayed 9.0 grams per tonne ("g/t")
gold and 43.9 g/t silver over a 3 m sample width. Exploration has been
conducted on the property by companies that include Battle Mountain Gold,
Crown Resources/Romarco, and Newmont. Mexivada's consultant Dr. Jim Shannon
worked at Goldstorm for Crown Resources in the 1990s. The modern exploration
model for Midas-type deposits suggests that previous drilling at Goldstorm may
have been too shallow. Mexivada will attempt to acquire more existing data on
Goldstorm and design a program to explore the property for hidden, Midas-style
gold-silver deposits. No mineral resources or mineral reserves have been
defined by Mexivada for any of its targets at Goldstorm.
The term of the Mining Lease with NFC Land and Cattle call for an initial
payment of $1,000 and an annual work requirement of $2,500 in calendar 2008,
$5,000 in 2009, $7,500 in 2010 and $7,500 per year thereafter. Annual minimum
royalty payments required are $1,000 in 2008, $2,000 in 2009, $3,500 in
2010-2011, $5,000 in 2012-2013, and $10,000 per year thereafter. The property
is also subject to a 5% net smelter return royalty.
The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified
Professional Geologist, a 'qualified person' for the purposes on National
Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified
the information (including maps, sampling, and analytical test data) and
evaluated the interpretations contained in this news release.
About Mexivada Mining Corp.
Mexivada is a diversified Canadian mineral exploration company focused on
identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver,
Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada,
and the ROC Republic of Congo. Managed by experienced and successful board
members and advisors, Mexivada is well financed with no debt. For further
information, including area maps, sections, and photos, please visit our web
site at www.mexivada.com or contact us by e-mail at email@example.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"RICHARD R. REDFERN"
Richard R. Redfern
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: LionsGate Communication Corp., Telephone: (866)
922-6774 or (604) 866-7700, firstname.lastname@example.org, www.mexivada.com