MEXIVADA
MINING CORP.
Suite 1400 � 400 Burrard
Street
Vancouver, British
Columbia
V6C 3G2
Tel: (604) 689-1749
Fax:
(604) 643-1789
July 9, 2007
TSX-V: MNV
OTC:
MXVDF
Frankfurt:
M2Q
NEWS
RELEASE
Mexivada Options to
Purchase High Grade La Republica
Silver-Au-Zn-Pb
Mine near Y�cora, in
Chihuahua,
Mexico
Mexivada Mining Corp. is
pleased to announce that it has executed a 4-year license to conduct exploration
with an option to purchase a 100 percent interest in the La Republica Mine
property in Chihuahua,
Mexico, 12
kilometres south of Mexivada�s Y�cora property. La Republica was reported to
have been the highest grade silver producer in Mexico at the
time of its closure in 1911 due to the advent of the Mexican Revolution. By 1909
the mine was reported to have produced more than 10,000,000 ounces of silver, at
high grades. The average mill head grade of ore above the 166 foot (50.6 metre;
�m�) level, calculated in late 1906, was 132.6 ounces per ton silver (4.54
kg/ton Ag), trace gold, 4.0 percent (%) zinc, and 0.8% lead. Ore metal recoveries were
good, presumably due to the coarse grain sizes of the contained argentite,
native silver, silver-zinc sulfide minerals, and visible gold. The mine was
re-opened in 1937-1938 for brief, renewed mine production from the surface down
to the 110 foot (33.5 metre) level, before the main stope collapsed due to the
removal of high-grade roof-support pillars. The main stope appears to never have
been mined below the 300 foot (91.46m) level of the mine, the lowest level of
exploratory drifting and stope development. A 99 metre deep vertical shaft was
sunk and a crosscut driven toward the Republica Vein on the 81 metre, before
1911, and these workings may be refurbishable for use in a new mining operation.
Maps and a photograph of the old La Republica mine and plant are being posted on
Mexivada�s website at www.mexivada.com.
Engineering summaries and
longitudinal sections dated January 15, 1907 and May 16, 1908 of this portion of
the Republica Vein reported an average 12 foot (3.66 m) vein width on the 300
foot level that assayed an average of 175 ounces per ton silver (5.99 kg/tonne
Ag) along a 111 foot (33.8 m) horizontal length of the north drift. This section
indicates that the Republica vein thickened to that depth, from a vein width of
1.66 metres near the surface.
The Republica vein is 1.1
to 2 metres wide in exploration adits situated 350 feet (106.7 m) to the north
of the main shaft, shows the presence of argentite, and has reported channel
sample assay values of up to 2.65 kg per tonne silver across a 1.58 metre vein
width. The La Republica mineral system remains open to the north and to the
south of this mined and studied part of the area, and the vein was reported to
occur along a strike length of 2 kilometres.
Local visible gold has
been reported in the La Republica Mine, and veining at the surface appears to
indicate 3 or 4 pulses of mineralization, with the high-grade silver event
perhaps having been the last pulse. One early, brecciated phase of yellowish
vein quartz looks similar to gold-mineralized vein quartz to the north at
Mexivada�s Y�cora project. The property vendor reported that his two assay
samples of the 5.5 foot (1.66 metre) wide vein on the 13 m level that he excavated in 1997, just north of the old mine workings, contained a) 497 g/tonne
silver and b) 1 kg/ton silver and 1.0 g/ton gold in the latter sample.
Mexivada is preparing for
mobilization of a core drilling rig to the site by Landdrill International in
approximately 4 weeks, to test the La Republica mine area. Mexivada�s initial
drillholes will test the downdip extension of the main La Republica stope below
the 300 foot mine level, as well as the northern and southern extensions of the
Republica vein system. Mexivada has initiated a program of surveying, sampling,
and mapping of the La Republica property. Neither the company nor the property
vendor is aware of any exploration drillholes that have tested or penetrated the
Republica vein system.
The business plan of
Mexivada for the Republica-Y�cora project is to define enough mine potential
through core drilling at La Republica and Y�cora to indicate the possible
feasibility of combining the two areas into a coherent mining unit system that
could be developed jointly through a central mine plant complex servicing these
two close-together properties. Mexivada then would look for an experienced
mining partner to help in development of a gold-silver mine on the
properties.
The La Republica mine
property that Mexivada optioned consists of two 50-year mining exploitation
concessions totaling 55.6043 hectares, granted by the Mexican federal
government. The property vendor had previously conducted drifting and winzing
exploration using these permits, and had valid blasting permits issued as well.
The surface rights to the property are owned privately by local ranchers, with
whom Mexivada has obtained permission to enter and conduct work. These two
concessions enclose the known mine workings at La Republica. Mexivada has
acquired the option to acquire La Republica for a purchase price of
US$2,000,000.00, payable in increasing installments over a 4-year period,
subject to a 1 percent net smelter return royalty that may be purchased at any
time for the sum of US$1,250,000.00. A production bonus of $1,000,000 is to be
paid to the vendors nine months after the start of commercial mine production in
excess of 5,000 tonnes of ore. A finder�s fee is being paid to a third party.
All agreements were made pursuant to the guidelines of the TSX Venture
Exchange.
These
production data, assays and figures are presented herein merely as items of
historical interest
and should not be construed as being
representative of actual resources present on the concessions at La Republica
optioned by Mexivada. No mineral
resources or Mineral Reserves, as defined by C.I.M. or other organizations, have
been defined by Mexivada for any of its targets at La
Republica.
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 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.
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.
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.