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| | |  43-101 Report "The Moly Dome Molybdenum-Gold-Silver property is located 120 kilometers ("km") north-northwest of Elko, in the Edgemont Mining District, Nevada, on the western edge of the Bull Run Mountains. The Property comprises a contiguous block of 9 unpatented lode mining claims totaling approximately 180 acres, located within the Petan Ranch, which owns the surrounding private property. Mexivada controls a 100% interest in the claims through staking. All claims have been registered with the Elko County Recorder and with the Bureau of Land Management (BLM). Mexivada's property is bordered on the west by the Sugarloaf claims, held by Allied Nevada Gold. Access to the Moly Dome property is north from Elko on paved Highways 225 and 226 for 113 km, then 40 km north on graded SSR-11 dirt road, and then 4 km on improved "two track" dirt roads to the Property. The Property is in rolling, grass- and sagebrush-covered desert with elevations between 1,585 and 1,765 metres. Water is present in the nearby Dry Creek and Sheep Creek Reservoirs. It is located approximately 20 km southwest of the town of Owyhee and 25 km west of the town of Mountain City. Geology: The Moly Dome property is situated along the northeastern (NE") edge of the NNW trending Northern Nevada Rift system, suggesting a tectonically active area where intrusive rocks associated with possible porphyry-type molybdenum mineralization may occur. The presence of Lower Plate Paleozoic limestone host rocks in the Moly Dome area suggests the potential for disseminated stratabound Carlin-style replacement gold mineralization and skarn molybdenum-copper-tungsten mineralization adjacent to mineralizer intrusive rocks. The additional presence of quartz veining and disseminated gold-silver mineralization at the site of the old shaft suggests that later gold mineralization apart from Carlin-style may also be present, as occurs at the nearby Ashdown molybdenum-gold mine of Golden Phoenix Minerals. The Moly Dome (and Sugarloaf) properties are the most westerly known prospects in the Edgemont mining district. In 1979, the Moly Dome property was reported to consist of east-striking molybdenite-bearing quartz stringers in window exposures of altered Paleozoic slates overlain by Tertiary andesite flows and basalt. The Property was reported to possibly have had one hole drilled by an Anaconda "churn" drill rig prior to 1962, but no written or field record of such work could be found by Mexivada. Moly Dome shows a small vertical shaft, prospect pits, and bulldozer cuts of unknown ages. Moly Dome comprises a thin cover of Eocene-, Oligocene-and Miocene-age volcanic flows and pyroclastic volcanic rocks. Paleozoic "Upper Plate" (overthrust) slaty to quartzitic rocks of the Valmy Formation crop out at several locations on the Property, and Lower Plate limerocks of the Van Duzer Limestone crop out east of the property. These rocks were metamorphosed locally by multiple phases of underlying granitic intrusive rocks. Local faults and structural lineaments trend northeast ("NE") to NNE to ENE and WNW to NW, and often dip steeply northward. A new geologic map has been posted to the Mexivada website below. Targeted deposit types are low-fluorine style Thompson Creek- type disseminated- and vein-style molybdenum-rhenium mineralization related to porphyry intrusions, with peripheral enrichments in gold, silver and tellurium. The nearby Ashdown molybdenum-gold property of Golden Phoenix Minerals Inc., located approximately 225 km west of Moly Dome, also contains by-product later-event gold, along with high-grade molybdenum. Phase 1 Drilling Program: Mexivada has received final assay and geochemical results from its 2007 Phase 1 drilling program at its Moly Dome property. Three HQ diamond core drillholes were completed for a total of 1202 metres ("m") of drilling. A porphyry molybdenum system and several intervals of gold-silver-tellurium mineralization were intersected in hole 1. Hole 2 intersected a sulfidized, tungsten-enriched metasediment "carapace" cover rock sequence, ostensibly above granitic or porphyry bodies, and a silver-tellurium-gold enriched vein system was intersected in hole 3. These drill results show that Moly Dome is in a highly prospective target area for molybdenum, gold, and silver-tellurium mineralization, in close proximity to each other. Tellurium is a rare "high tech" metal that is an integral part of new cadmium telluride solar panel technologies used by industry leader First Solar (FSLR- Nasdaq). The price of tellurium metal has increased from US$10.00 per kilogram ("kg") in 2004 to recent selling prices of US$300 to possibly as much as US$500 per kg, and a recent article suggested that First Solar could be vulnerable to tellurium shortages that could result in significantly higher prices from here. Mexivada's Jefferson property near Round Mountain, Nevada also contains significant enrichments in tellurium, associated with its precious metal systems. Mexivada has begun an exploration program for additional potential new sources of tellurium metal. Drillhole MD07-1 was drilled to a depth of 458.7 m at an angle of -65 degrees, attempting to drill across projected surface vein mineralization located at the "Moly Shaft" prospect, where samples of molybdenite (MoS2)-pyrite bearing quartz were found that contained up to 0.359% MoS2 (see Mexivada's website at www.mexivada.com). MD07-1 also was designed to drill into a significant induced polarization ("IP") chargeability anomaly defined below the Moly Shaft. The molybdenum mineralization intersected in MD07-1 is associated with porphyry-style granitic intrusives and hydrothermal breccias that cut deep-level "mesozonal" granodiorite to quartz monzonite stocks of the Cretaceous 81 to 90 Ma (million years old) Mountain City granitic stock system. Molybdenite mineralization occurs in variable amounts through much of the drillhole, as closely spaced quartz-molybdenite-pyrite veins, small pockets, and disseminations within strongly altered metasedimentary and greenstone strata of the Paleozoic upper plate Valmy Formation, and in alaskite and granodiorite porphyry rocks that are strongly sericitic with potassic overprints characterized by potassium feldspar and biotite selvages developed along veinlets and stringers of quartz+magnetite+pyrrhotite. Geochemical and assay results from MD07-1 indicate a 127 m thick intercept of stronger mineralization occurring between 91-218 m with values of up to 0.626% MoS2 over 1.5 m core lengths, as shown in the table below. Gold mineralization in MD07-01 is somewhat anomalous yet pervasive throughout most of drill hole MD07-1. A high gold value of 1.82 ppm Au over a 1.5 metre interval (147.8 to 149.3 m) occurs adjacent to a quartz latite dike of possibly Carlin-age and to a quartz-healed quartz vein breccia. This could be indicative of a second, younger gold-rich mineral event of Tertiary age, synchronous with gold mineralization at Carlin Goldstrike, Nevada at 39 Ma. A gold-silver-tellurium-lead enriched interval of mineralization also occurs at 222.5 to 224 m, similar to those described below in holes MD07-2 and MD07-3. Drillhole MD07-02 was drilled in the southern part of the Moly Dome property to a depth of 331.3 m, at an angle of -60 degrees, into a second IP chargeability anomaly. The hole intersected a south-dipping, domed up and pyrite-sulfidized metasediment "carapace" cover rock sequence of Valmy greenstone and quartzite that ostensibly overlies granitic or porphyry intrusive bodies. Some weak gold-tungsten mineralization was found in this sulfidized rock package, but wide intervals between 150 to 185 and 215 to 280 m downhole were strongly enriched in tungsten, with values to 0.056% W, suggestive of possible nearby skarn mineralization. A gold-silver- lead-tellurium enriched interval also occurs at 224 to 225.5 m, similar to that described below in hole MD07-3. Drillhole MD07-03 was drilled in the east-central part of the Moly Dome property, north of hole MD07-1, at an angle of -75 degrees, to a total depth of 411.8 metres. This hole was sited southeast of a large, strong IP chargeability anomaly, targeting projected east-west trending outcropping quartz vein mineralization containing molybdenite, galena-(hessite?) and malachite. Localized sub-planar to stylolitic veins of molybdenite were intersected between 303.3 to 408.4 m within and along the margins of a quartz stockwork zone hosted by carbonaceous spotted phyllite metasedimentary rock. Cross-cutting the molybdenite mineralization are high-grade silver-tellurium-lead-gold bearing quartz-sulfide and quartz-carbonate veins that contain up to 206 ppm tellurium, 320 ppm silver, 1.15 ppm gold and 1555 ppm lead, over 1.5 metre core intervals. These veined zones contain localized concentrations of the tellurium minerals hessite and altaite. The relationship between the telluride-precious metal-carbonate mineralization and molybdenum has not yet been clarified, but the former may be superimposed on the molybdenum, and thus be younger in age. DRILLING RESULTS, MOLY DOME PHASE 1 CORE DRILLING PROJECT Core Hole Molybdenum Geochemistry: (% MoS2) DDH # Intercept (m) Width (m) % MoS2 MD07-1 91.4- 92.9 1.5 0.023 MD07-1 99.1-111.3 12.0 0.060 MD07-1 111.3-123.4 12.0 0.133 MD07-1 118.9-120.4 1.5 0.626 MD07-1 126.5-128.0 1.5 0.055 MD07-1 132.5-158.5 26.0 0.043 MD07-1 161.5-178.3 17.0 0.028 MD07-1 189.0-218.0 29.0 0.021 MD07-3 303.3-304.8 1.5 0.033 MD07-3 347.5-349.0 1.5 0.101 MD07-3 358.5-360.0 1.5 0.053 MD07-3 379.5-380.0 1.5 0.017 MD07-3 402.3-403.8 1.5 0.019 MD07-3 406.9-408.4 1.5 0.017 Core Hole Geochemistry: (Au, Ag, Te, Pb) DDH # Intercept (m) Width (m) Au (ppm) Ag (ppm) Te (ppm) Pb (ppm) MD07-1 77.7- 79.2 1.5 0.189 -0.01 -0.05 6 MD07-1 147.8-149.3 1.5 1.820 28.3 15.65 47 MD07-1 193.5-195.0 1.5 0.113 54.5 6.37 711 MD07-1 222.5-224.0 1.5 0.444 59.5 16.4 1555 MD07-1 257.5-259.0 1.5 0.251 24.9 8.31 170 MD07-1 266.8-268.3 1.5 0.128 126.0 17.05 1030 MD07-1 291.2-292.7 1.5 0.016 41.8 2.61 217 MD07-2 18.3- 19.8 1.5 0.112 2.78 0.30 8 MD07-2 39.6- 41.1 1.5 0.158 1.86 0.19 17 MD07-2 224 -225.5 1.5 0.100 46.8 3.67 544 MD07-3 150.9-152.4 1.5 0.217 1.67 1.10 45 MD07-3 353.5-335.0 1.5 1.155 320.0 206.0 608 INTERPRETATION: Mexivada has identified a previously unknown "low-fluorine" style porphyry molybdenum-gold mineral deposit system at Moly Dome, with low copper values. Similar style molybdenum systems are found at Thompson Creek, Idaho and elsewhere in Nevada. The northern part of the Moly Dome property has a strong IP chargeability anomaly area that has not yet been tested for molybdenum by drilling. In addition, strong silver-tellurium-gold mineralization appears to cut the molybdenum system, and the extent and geometry of this mineralization needs to be explored by additional drilling. Both the molybdenum-gold and silver-tellurium-gold systems may extend upwards to- or toward the ground surface. Moly Dome holds good potential to yield a bulk-mineable molybdenum-gold-silver-tellurium deposit in today's market, and it is close to established infrastructure and mining workforces. FUTURE WORK: Planning of phase II drilling is now underway in order to define the shape, extents, and grades of mineralization at Moly Dome. The northern part of the property area will be tested for additional molybdenum porphyry bodies, in and near the IP anomalies. The form, geometry, and extents of the silver-tellurium-gold mineralization also will be tested by drilling, and additional bodies of this mineralization will be explored for. Mexivada has begun a new program of exploration for high-grade tellurium deposits in North America, and elsewhere as opportunities arise, to augment the two properties that it already controls. Maps & Photos
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