| ||Fri Sep 11, 2015|
Mexivada Corporate Update
| ||Mexivada Mining Corp. (TSX-V/NEX: MNV.H) is pleased to present this update regarding its recent corporate activities. Mexivada is working with other companies, financiers and their associates to raise money to re-list the company's common shares on the TSX Venture Exchange and to option and/or develop its mineral properties. The company has been in discussions with third parties to accomplish these goals. Mexivada has paid United States claim maintenance fees to the Bureau of Land Management to maintain its mineral properties. |
Goldstorm Property, Nevada: Mexivada has conducted additional fieldwork and geologic modeling of the Goldstorm Midas-style gold-silver property, which lies 18 Km northwest of Klondex Mines Ltd.'s Midas Mine. Mexivada interprets that Goldstorm has several similarities in form, age and mineralogy to the Midas Mine, and that it holds good potential for discovery of a new gold-silver deposit. One core hole has been drilled into the main target area, which yielded assay sample results of up to 9.02 and 9.29 grams per tonne gold over a 1 meter drill length, in an up to 30 meter wide altered and fractured zone that contains quartz-sericite-pyrite alteration.
Poker Flats Property, Nevada: Mexivada optioned its Poker Flats property in Nevada to Spartan Gold Ltd. and Spartan's parent corporation, Sphere Resources Inc., in a new agreement executed on September 5, 2014. Under the terms of the agreement, Spartan Gold must spend $300,000 of cash expenditures by Dec. 31, 2015 to earn a 51% interest in the property, and a further $250,000 to earn a further 24% by Dec. 31, 2017. Spartan is responsible for financing all stages of exploration activities at Poker Flats, including the responsibility to complete a preliminary feasibility study for the project as part of the exploration program. The optionee compensated the underlying lessor in a payment of $10,000 in cash on signing. A payment of $10,000 must be made to Mexivada on or before October 31, 2014, and Optionee and Sphere must issue to Mexivada Mining Corp. 750,000 common shares of Sphere Resources Inc. to Mexivada within 60 days of its earning a 51 percent interest in the property and 750,000 common shares of Sphere Resources Inc. within 60 days of the Optionee acquiring a 75% interest in the Property.
Upon commercial mine production, Mexivada and Optionee also will pay their respective portions of a three percent (3%) net smelter returns royalty to the original vendor of the mining claims (Redfern) appurtenant to the new option agreement, and part or all of this NSR may be purchased from the vendor at any time for $1,000,000 per percentage point of the 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 and approved the information contained in this news release, and evaluated the interpretations contained in this news release. For further information, please visit our web site at www.mexivada.com or contact us by e-mail at email@example.com.
Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, joint venturing, developing and mining high-grade Gold-Silver, Tellurium, Tantalum, Diamonds, and other Rare Metal exploration projects in United States, Mexico, and Africa. Mexivada is managed by experienced and successful geologists, engineers, metallurgists, board members and advisors.
On behalf of the Board of Directors,
Richard R. Redfern
President & CEO
Mexivada Mining Corp.
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, including projected possible cashflows. 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.
NEITHER THE TSX VENTURE EXCHANGE NOR NEX NOR THEIR REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Mexivada Mining Corp.
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