MEXIVADA MINING CORP.
Suite
1400 � 400 Burrard Street
Vancouver, British
Columbia
V6C
3G2
Tel: (604) 689-1749
Fax:
(604) 643-1789
November 8,
2007
TSX-V: MNV
OTC:
MXVDF
Frankfurt:
M2Q
NEWS
RELEASE
MEXIVADA
DISCOVERS NEW PORPHYRY MOLYBDENUM-RHENIUM
SYSTEM
AT MOLY DOME, NEVADA
Mexivada is
pleased to report that it has discovered a previously unknown porphyry
molybdenum-rhenium-gold-silver system at its 100 percent owned Moly Dome property, in the first drillhole of its Phase 1 exploration program. Some copper
mineralization also has been found in the hole, which is still in progress. Moly
Dome is located 120 kilometres north-northwest of Elko, Nevada. No previous
modern exploration core or rotary drilling has ever been done at Moly Dome to
the knowledge of the company.
Mexivada also
is pleased to report that molybdenum expert Jim Shannon has joined Mexivada as
an expert consultant for Moly Dome and its other projects, and that Clancy
Wendt, one of economic geology�s most experienced and knowledgeable geologists,
has joined Mexivada�s distinguished Advisory Panel.
Mexivada has
staked 70 additional new mining claims to protect its porphyry target areas at
Moly Dome, which is now covered by 126 lode claims. Sage Gold Inc. owns the
adjoining �Sugarloaf� project area to the west of Moly Dome.
Angled
drillhole MD-07-1 was collared north of the Moly Shaft (see Mexivada�s website
at www.mexivada.com),
from which hand samples of quartz-molybdenite-pyrite veining assayed up to
0.359% MoS2. The Moly Shaft is situated atop a
significant induced polarization chargeability anomaly, defined by Zonge Engineering and Wright Geophysics.
Molybdenite-pyrite veined quartz
stockwork breccia was intersected in brecciated metasedimentary rocks, just
below the thin soil cover, down to a depth of 515 feet (157 metres, �m�). Local
pyrrhotite is present in these rocks. A silled granitic porphyry intrusive was
intersected between 157 and 168 m, which contains local molybdenite.
Metasedimentary rocks continue downhole to a depth of 204 m, and these rocks
also contain varying amounts of quartz-molybdenite-pyrite stockwork
mineralization. A retrograded quartz-sericite-pyrite (�QSP�) altered granitic
porphyry intrusive with quartz-molybdenite veining was intersected down to a
depth of 216.5 m, where a 6.7 m wide quartz-chalcopyrite-molybdenite vein was
intersected. Retrograded QSP altered granitic intrusive rocks with
molybdenite-quartz stringers persisted down to 258 m, where a 3 m wide fault
zone was encountered, perhaps at the contact with a large intrusive body.
Hydrothermally altered granitic intrusive rocks with spottier, local
quartz-molybdenite-pyrite veining were intersected between 259 m and 323 m, the
bottom of the hole as of November 7th. Drilling continues, with an
expected completion depth at 457 m.
Upon
completion of detailed geologic and engineering logging, the core samples are to
be halved using a core �splitter� at a newly prepared core storage and logging
facility in Owyhee, Nevada, to avoid the washing away of molybdenum minerals in
the core by sawing. The samples will be transported to, prepared, assayed, and
geochemically analyzed by ALS Laboratories in Elko and Reno, Nevada.
Certain rock chip samples taken near the drill hole and elsewhere at Moly Dome
contain anomalous trace element values of rhenium, silver, gold, chromium,
nickel, tungsten and bismuth. Rhenium is a very rare and valuable metal, used in
power metal superalloys and for carbon emissions reduction catalysts, and is
associated with only certain molybdenum-copper deposits. Rhenium had a spot
market price of approximately US$8,000 per kilogram in August 2007. The
project�s quality assurance and control work is being supervised by Mexivada�s
chief geologist, Kent Thomson, and Jim Shannon is now on site providing guidance
to the team as well.
Mexivada�s
contractors have completed an expanded program of induced polarization (�IP�)
geophysics at Moly Dome, and processing and interpretation of these data are now
underway. An earlier self potential survey was interpreted to represent an open
ended +1600 metre long conductive anomaly that was interpreted to be indicative
of a significant zone of near-surface sulfide mineralization. Several IP chargeability anomaly areas have been identified that appear to represent
sulfides associated with porphyry style mineralization. A significant IP anomaly
will be tested in drillhole MD-07-2, which will be sited 500 metres southwest of
hole MD-07-1. Mexivada exploration staff is steadily advancing with
detailed core logging, splitting, sampling and will be submitting the drill
cores for assays soon. The target sought for by Mexivada at Moly Dome is a large
scale Davidson- or Mount Hope- type molybdenum-rhenium porphyry system with
peripheral enrichments in gold and silver. The nature and the significance of
copper mineralization in the systems at Moly Dome is not yet known.
News updates describing the
exploration program results and further technical details concerning the Moly
Dome project will be released as the project progresses.
Although the Moly Dome
property contains historic small-scale prospect workings, the property is
without a known body of commercial ore and Mexivada activities to date have been
exploratory in nature. Readers are reminded that until an adequate number of
holes have been drilled and assay results have been obtained, reviewed, and
properly interpreted by qualified personnel, any conclusions as to the nature
and extent of mineralization at Moly Dome must be considered speculative in
nature.
This press release and its
contents have been reviewed by Richard R. Redfern, Mexivada's President, who is
a Certified Professional Geologist and Qualified Person as defined under National Instrument 43-101.
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 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 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.