Mexivada Acquires Goldstorm Midas-Style Gold-Silver Property, Nevada
VANCOUVER, Dec. 4 /PRNewswire-FirstCall/ — 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 and Barrick.
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 http://www.mexivada.com/ or contact us by e-mail at info@mexivada.com.
ON BEHALF OF THE BOARD OF DIRECTORS “RICHARD R. REDFERN” Richard R. Redfern President The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
CONTACT: LionsGate Communication Corp., Telephone: (866) 922-6774 or (604) 866-7700, info@mexivada.com, http://www.mexivada.com/
Mexivada Mining Corp.
CONTACT: LionsGate Communication Corp., Telephone: (866) 922-6774 or(604) 866-7700, info@mexivada.com, http://www.mexivada.com/