VANCOUVER, Oct. 18 /PRNewswire/ - Mexivada Mining Corp. ("MNV") has optioned up to 70% of its Republic of Congo (Brazzaville; "ROC") gold and diamond properties to Zamarat Mining Plc of London, UK and Paris, France (www.zamaratmining.com), through a Binding Letter of Intent option agreement dated September 15, 2010, with the option executed by Zamarat and effective October 15, 2010. The Republic of Congo gold and diamond properties of Mexivada and Zamarat are located near Mayoko in the Chaillu Massif gold belt in the southwestern part of the ROC, located approximately 280 kilometres northeast of the companies' head office at the major oil and potash centre of Pointe-Noire. Major iron ore exploration and development programs also are being conducted in this region by Xstrata Plc and DMC Mining. Our joint focus in the Republic of Congo is on the discovery of large, plus 1,000,000 ounce gold deposits. Placer gold mining operations will begin as soon as mine permitting can be completed, and Zamarat has estimated a placer potential of approximately 200,000 ounces of gold in the permits area. Gem quality white- and fancy colored diamonds also have been found and mined at several locations in the permits area.
Zamarat is entitled though the option agreement with MNV to earn up to a 70% interest in the Mexivada's 5 Permis des Recherches and its Mousondji Prospecting Permit though the expenditure of US$4.5 million over a 3 year period. The initial goals of MNV and Zamarat are to define and put into mine production certain placer gold resources discovered on the optioned properties and to continue and expand exploration for additional alluvial gold and lode gold and diamond resources on the permits. One of the initial placer gold target areas also shows coarse, particulate gold up to 8.8 grams per cubic metre in weathered soils and colluvium overlying bedrock that is highly enriched in gold values, indicating potential open pit lode gold exploration potential.
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 non-independent 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.