MEXIVADA MINING CORP.
Suite
1400 � 400 Burrard
Street
Vancouver, British
Columbia
V6C
3G2
Tel: (604) 689-1749
Fax: (604)
643-1789
May 16, 2007
TSX-V: MNV
OTC: MXVDF
Frankfurt:
M2Q
NEWS
RELEASE
Mexivada Intersects
22.3 g/t Gold, 1,640 g/t Silver
and
High Grade
Zinc-LeadMineralization
at Y�cora, Sonora, Mexico
Mexivada Mining Corp. is pleased to
announce results from
the last 13 holes of its 19-hole Phase 1 core drilling program at its
Y�cora
gold-silver-zinc-lead project that include significant gold-silver
mineralization along with significant values of zinc, lead, and
copper.
The Y�cora area has mineralization exposed along an
11-kilometre long trend, located in the Mulatos-Ocampo sector of the Sierra
Madre Occidental mineral province in Sonora, Mexico. Mexivada has received
drilling assay results from the southern part of the project area at Y�cora.
Drill core from the northern gold/silver-rich part of this area contains uncut
assay grades of up to 22.3 grams per tonne (g/t) gold (0.65 ounces per ton Au)
and 1,640 g/t silver (47.9 ounces per ton Ag) over a 0.5 metre drill core
interval, which represents a Gold Equivalent of 57.55 g/t Au. The main interval
at Lupe Alma was 22 metres long, and contained a high-grade core-length
intercept with 6 metres that averaged 4.58 g/t Au, 282.7 g/t Ag, and 0.28% lead,
starting at 60 metres, a Gold Equivalent of 10.79 g/t Au.
A 23.5 metre drill core interval at the Cumbrita-4
target area yielded 1.12 g/t Au, 54.4 g/t Ag, 0.12% lead, and 0.22% zinc,
starting at 170 metres, a Gold Equivalent of 2.75 g/t Au. The Cumbrita-4 hole
contained a high-grade core-length intercept with 2 metres that averaged 5.97
g/t Au, 282.7 g/t Ag, 0.38% lead, and 0.39% zinc, a Gold Equivalent of 12.21 g/t
Au.
Besides the significant gold-silver
mineralization, Mexivada encountered
significant
base metal
rich parts of the system that
yielded drill intercepts with up to 5.13% zinc, 5.74% lead and 26.1 g/t silver
over a 2 metre drill core interval in the Puerto
Rico sector of the Y�cora property, a Gold Equivalent of 16.5 g/t
Au. This southernmost part of the
project area may contain a skarn or replacement zinc-lead-silver target along
the margin of the dioritic body that cored the center of the domed Y�cora
Caldera. High values of molybdenum
of up to 0.19% MoS2 also
are present locally in this
area.
The assay results are interpreted to indicate two
different generations of metal systems at Y�cora:
1. Gold-silver- rich vein systems that are
low in base metals, and
2. Veins
and possible base metal skarn and replacement massive sulfide mineralization
that are
enriched in zinc, lead, and
lesser copper, gold, silver, and molybdenum.
Background:
Mexivada�s Y�cora Gold/Silver project is located in
the Mulatos-Ocampo sector of the Sierra Madre Occidental mineral province in
Sonora, Mexico and
has mineralization exposed along an 11-kilometre long
trend. Mexivada believes that
significant target potentials exist on the Y�cora property for both types of
these metal systems, but insufficient drilling has been conducted to date to
enable definition of the nature of the metal resources or the geometries of the
base metal rich rock bodies.
Epithermal mineralization at the nearby Ocampo Mine
extends to depths of approximately 700 metres and many of the target areas at
Y�cora are believed to be near the tops of the original mineral systems, at the
exposed contacts of the Upper Rhyolites with the Lower
Andesites.
Assay
results:
The assays in the first table below are from holes
drilled in 2007, south of the open cut / underground San Francisco gold-silver-lead-zinc mine, which is
controlled by Bolnisi Gold, N.L., whose concessions totally surround and lie
partly within Mexivada�s 1,109 hectare property position at Y�cora.
Coeur
d�Alene Mines (NYSE:CDE) recently made an offer to
purchase all of the outstanding shares of Bolnisi
Gold.
---------------------------------------------------------------------------------------------------------------------------------------------------------
Au
Hole # Zone From To Length Au Ag Pb Zn Cu equiv.
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
-------------------------------------------------------------------------------------
LA-1 Lupe Alma 50 72.0 22.0 1.94 98.1 0.13 0.14 0.02 3.51
incl. 60 66.0 6.0 4.58 282.7 0.28 0.04 0.09 10.79
incl. 61.5 62.0 0.5 22.30 1640 0.18 0.04 0.77 57.55
incl. 63.5 64.0 0.5 14.35 538 0.24 0.03 0.05 25.54
-------------------------------------------------------------------------------------
LM-1 La Morena 74 76 2.0 0.06 20.7 0.01 0.03 0.00 0.54
93 94 1.0 0.19 7.2 0.02 0.05 0.00 0.44
-------------------------------------------------------------------------------------
LR-1 La Rubia 30 32 2.0 0.08 2.4 0.01 0.04 0.01 0.24
162 164 2.0 0.04 3.1 0.03 0.09 0.00 0.30
-------------------------------------------------------------------------------------
C4-1 Cumbrita-4 170 193.5 23.5 1.12 54.4 0.12 0.22 0.01 2.75
incl. 176 178 2.0 1.79 29.9 0.13 0.22 0.02 2.97
incl. 182 193.5 11.5 1.84 95.3 0.21 0.36 0.02 4.66
incl. 182 184 2.0 5.97 255.0 0.38 0.39 0.02 12.21
incl. 188 189 1.0 3.27 57.0 0.14 0.32 0.01 5.16
incl. 191.5 192.5 1.0 1.80 58.2 0.65 0.58 0.07 4.85
-------------------------------------------------------------------------------------
CU-1 Cumbrita 162 166 4.0 0.02 0.5 0.00 0.00 0.00 0.03
-------------------------------------------------------------------------------------
LT-1 Las Tapias HOLE TERMINATED ABOVE GOLD TARGET DEPTH, RE-DRILLED AS LT-2
-------------------------------------------------------------------------------------
LT-2 Las Tapias 29 35.0 6.0 0.19 2.8 0.06 0.27 0.02 0.85
incl. 32 32.5 0.5 0.75 4.6 0.11 0.10 0.02 1.19
-------------------------------------------------------------------------------------
PR-1 Puerto Rico 149.0 152.0 3.0 0.33 9.3 0.15 0.64 0.16 1.48
153.5 154.0 0.5 0.75 8.6 0.15 0.30 0.11 1.94
154.0 156.0 2.0 0.07 26.1 5.74 5.13 0.34 16.50
156.0 161.0 5.0 0.15 1.7 0.36 0.78 0.02 2.02
-------------------------------------------------------------------------------------
HR-1 Hornitos 14 17 3.0 1.25 6.2 0.63 1.55 0.08 5.04
incl. 14 15 1.0 3.52 10.7 0.55 0.87 0.15 6.28
35 39 4.0 2.27 2.3 0.16 0.36 0.02 3.19
---------------------------------------------------------------------------------------------------------------------------------------------------------
The following final drilling assay results are from
portions of the 4 holes that were drilled in 2006 in the northern part of the
Y�cora property whose complete assay results were not received in time to be
reported in Mexivada�s previous Y�cora press
release:
Au
Hole # Zone From To Length Au Ag Pb Zn Cu equiv.
(m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
-------------------------------------------------------------------------------------------------------------------------------------------------------
ST-2 Si Trench NO ANOMALOUS PRECIOUS METAL VALUES
------------------------------------------------------------------------------------
ZB-3 Zanja B 39 42 4.0 0.14 42.0 0.04 0.09 0.01 1.21
------------------------------------------------------------------------------------
BC-1 Brecha Colon 55 58 3.0 0.35 15.4 0.00 0.01 0.00 0.68
56 56.5 0.5 1.77 34.2 0.00 0.02 0.00 2.49
------------------------------------------------------------------------------------
BC-2 Brecha Colon TARGET NOT REACHED DUE TO DRILLING DIFFICULTIES
-------------------------------------------------------------------------------------------------------------------------------------------------------
Notes: (m) =
Metres. Length is reported in metres of drilled core and is not necessarily the
"true" width.
Au and Ag g/t: Gold and silver grades are reported in
units of grams per tonne gold and silver.
Note: Metal Prices for Gold Equivalent
in USD: $600/oz. Gold, $12/oz. Silver, $1.60/lb Zinc, & $0.85/lb
Lead
Note: All sample
preparation and assays were performed by ALS Chemex Laboratories in Hermosillo, Sonora and
Vancouver, BC using standard fire assaying protocols.
Silver and base metal values were determined by using 4-acid, near total digestions and induction-coupled plasma geochemical analyses
(ME-MS61).
Phase 1 Exploration Objectives Achieved
Exploration targets were reached in 8 of the 9 holes
drilled in 2007 along a 7 kilometre length of the exposed vein systems. The vein- and breccia mineralization
intersected by Mexivada had core lengths of 0.5 to 23.5 metres. Certain of the drill holes may not have
been deep enough to test base metal targets in the southern portion of the 2007
work area, as these targets were discovered during the course of this drilling
program. Mexivada will now study
the geology revealed by the new drilling to generate new drilling targets for
future work on the Y�cora
property.
Mexivada's
objective in its 2006/07 program was to drill test the 11 Km. strike length and
down-dip extensions of known, fault-controlled gold-silver mineralization and
possible skarn-replacement zones of precious metal- and
zinc-lead-silver-(gold-copper-molybdenum) enriched mineralization demonstrated
by earlier mining and by surface exploration conducted by Mexivada and
others. Mexivada�s goal for the
Phase 1 drilling project at Y�cora was to define the location of significant
bodies of mineralization that could be proven up by later Phase 2 drilling to
develop ore targets. New gold-silver processing and extraction facilities have
been set up recently at the nearby Palmarejo, Ocampo, Mulatos and Dolores
properties, by Bolnisi, Gammon Lake Resources, Alamos Gold, and Minefinders
Corp.
The Company has implemented a quality assurance and control (QA/QC)
program to ensure sampling and analysis of all exploration work is conducted in
accordance with the best possible practices. The drill core is sawn in half with half
of the core samples shipped to ALS Chemex Laboratory Services in Hermosillo, Sonora, Mexico for sample preparation and
analysis. The other half of the
core is retained in secure custody at the Mexivada office in Y�cora for future
assay verification. The company QA/QC policy includes the chain of custody monitoring,
insertion of blanks, standards and duplicates in the initial samples submitted.
The laboratory provides an additional internal control program.
The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified Professional
Geologist, is a 'qualified person' for the purposes of National
Instrument 43-101 Standards of Disclosure for Mineral Properties and has verified the data (including sampling, analytical and test data) and has supervised the preparation of the information contained in this news release.
About Mexivada Mining
Corp.
Mexivada is a Canadian mineral
exploration company focused on identifying, acquiring, advancing, and joint
venturing high-grade Gold-Silver, Diamond, and Rare Metal exploration projects
in Mexico, Nevada, and the Republic of Congo (Brazzaville). For further information, including area
maps and photos, please visit our web site at 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
Contact: LionsGate Communication
Corp.
Telephone: (866) 922-6774 or (604)
866-7700
info@mexivada.com
www.mexivada.com
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 assay results, future exploration work, and
the expected 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 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.