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Re: News Release - Monday, December 08, 2008
Mexivada Receives Signed MOU from Gbense Chiefdom for
Diamond Mining at Kono, Sierra Leone
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Mexivada has executed a series of legal documents to facilitate start
up of new artisanal
Diamond mining operations in Sierra Leone, Africa,
through its subsidiary, Mexivada Gold and
Diamond Mining Company (SL)
Limited ("MGD"). MGD has received a signed Memorandum of Understanding
("MOU") dated November 14, 2008 from the Gbense Chiefdom of the Kono
Diamond mining district in Sierra Leone, Africa, to allow MGD to
conduct artisanal alluvial mining of diamonds of an initial 1-acre site
near Yaradu in the heart of Koidu mining area. Little mining has taken
place previously at this site. A private American group mines the
adjoining, downstream concession, which is reported to have yielded
hundreds of diamonds along a short stretch of the drainage.
The agreement stipulates that Mexivada and the Gbense Chiefdom will
share net profits from the venture on a basis of 70% to MGD and 30% to
the Gbense Chiefdom. Mexivada works at Kono in concert with the people
of the Chiefdoms and with its local partner Pink
Diamond Exploration
Company Ltd ("Pinks"). Mexivada and Pinks will share profits on the
initial venture on a 60% (to MGD) and 40% (to Pinks), with both
companies contributing materiel to the venture. Mexivada anticipates
that this initial mining venture will cost approximately US$25,000 to
conduct, before sale of any diamonds recovered. The project will be
managed by Michael Manke, Mexivada's chief consulting mining engineer,
and local resident manager Momoh J. Samura.
Mexivada's business plan model is to conduct low-cost, potentially
high-yield mining operations in areas that have yielded large gem
diamonds, such as the 968 carat "Star of Sierra Leone". No ore reserves
have been established in the proposed work areas, and thus no guarantee
of success can be given by the participating companies nor by the
Gbense Chiefdom. Vice President Sam Sumana previously managed
Diamondexploration and production operations in the region for the Gbense
Chiefdom, and expressed optimism to Mexivada President Richard Redfern
that it could be a good area in which to work.
Several fast-track mining opportunities for gold and diamonds are now
being evaluated by the Company, in accord with Mexivada's business
mandate to target generation of early stage cash flow to support its
exploration programs. MGD will focus on the identification and
development of gold placer deposits and alluvial- and kimberlite
dike-hosted
Diamond deposits. Sierra Leone has produced more than 100
million carats of alluvial diamonds.
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, Diamonds, Molybdenum, and Rare Metal exploration projects
in Mexico, Nevada, and Central/West Africa. For further information,
including area maps, sections, and photos, please visit our web site at
www.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.
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Copyright (c) 2008 MEXIVADA MINING CORP. (MNV) All rights reserved.
For more information visit our website at http://www.mexivada.com/ or
send mailto:info@mexivada.com
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