VANCOUVER, March 5 /CNW/ - GOLD JACKPOT ASSAYS: Mexivada's Gold Jackpot property was sampled by a large third party company who reported to Mexivada that it had taken rock chip samples in the central, higher-grade core area, and had received assays grading up to 16 grams per tonne ("g/t") gold, 258 g/t tellurium, and 147 g/t silver. Mexivada personnel are designing a drilling program with the goal of testing this central core area at Gold Jackpot in 2010.
Gold Jackpot contains widespread and extensive, locally high-grade gold-enriched polymetallic mineralization throughout an area of 2 square kilometres in the central core area and discontinuously over approximately a 6 km length. Gold mineralization is closely associated with tellurium, silver, and lead. A 650 by 150 metre central core area at Gold Jackpot is the locus of the highest grade mineralization, including a Mexivada sample that assayed 4.844 g/t gold, 338.9 g/t tellurium, 239.7 g/t silver, 2.4% lead, 332 g/t copper, and 15 g/t indium. The three samples highest in copper carried 1046, 551, and 522 g/t Cu, suggesting that a "porphyry-style" intrusive could lie at depth in this area.
JEFFERSON PROPERTY, LETTER OF INTENT: Mexivada signed a non-binding Letter of Intent on March 4, 2010 through which Trilogy Mining Corporation could acquire a 90% interest in the Jefferson Property, located 35 kilometres east of the Round Mountain gold mine open pit in Nye County, Nevada, after a 30 day period of "due diligence". Mexivada would reserve a two percent net smelter return royalty, which could be purchased by Trilogy.
Maps showing property geology and mineralization have been posted to Mexivada's website at www.mexivada.com. 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 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, mining, and joint venturing high-grade Gold-Silver, Tellurium, Diamond, and Rare Metal exploration projects in Mexico, Nevada, and Africa. Mexivada is managed by experienced and successful board members and advisors. 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.
Caution Concerning Forward-Looking Statements
This news release and related texts and images on Mexivada's website contain certain "forward-looking statements" including, but not limited to, statements relating to interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals and diamond prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company's projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in these work programs.
Forward-looking statements contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. Mexivada Mining Corp. undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors, should change.
SOURCE Mexivada Mining Corp.
For further information: For further information: Investor Relations, 1-866-922-6774, (778) 737-7771, firstname.lastname@example.org, info@lionsgateIR.com, www.mexivada.com