Mexivada Executes Purchase Option of Rypan Porcupine Gold Mines Claims at Timmins, Ontario, and Expands Gold Target Area
15 September 2011 - 3:30PM
Marketwired
Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT:
M2Q) is pleased to report that it has entered into an option
agreement with Ranger Exploration (P. C. Robert and W.T. Kornik) of
Timmins Ontario ("vendors") to purchase a 100% interest in 4 claim
units ("Rypan") in Deloro Township Ontario. Mexivada has mobilized
a core drilling rig to the area, and plans to conduct core drilling
on these claims in 2011. The Rypan claims are situated adjacent to
the east property line of Mexivada's Golden Porcupine property, in
the +60,000,000 ounce Timmins mining area, south of the Delnite and
Aunor gold mines and southwest of Goldcorp's +17,000,000 oz. Dome
Mine. Mexivada is using flow-through cash funds in Mexivada's
treasury to fund this drilling program.
The Rypan claims are located along the Destor-Porcupine
structural system, where significant, gold-mineralized vein systems
have been newly discovered by Mexivada through detailed field work,
and where Rypan Gold Mines conducted exploration and drilling 16
holes by 1947. Rypan reportedly discovered "commercial" gold assay
values in holes 15 and 16 along the newly-defined Deloro Fault
system, and hole 16 was found in the field by Mexivada. The new
"Clarinda" quartz-ankerite-pyrite vein system also was found by
Mexivada, with 4 interpreted superposed quartz veining events,
similar to veining seen in the Dome Mine. The fault systems and
quartz veining on Rypan extend to the west-southwest on to the
Golden Porcupine main claimblock. Trenching to gain more exposures
here will take place in September, and drilling will start
thereafter.
Mexivada feels that the new Rypan property optioned from Ranger
Exploration holds good promise to hold gold deposits of the size
and gold grade that would be attractive for possible future
development, in line with Mexivada's model of searching for large
deposits that would be attractive to major gold companies such as
Goldcorp. Mexivada continues to search for the acquisition of
additional attractive gold properties in the Timmins - Matheson
gold production region, on which to conduct drilling
exploration.
Mexivada can purchase a 100% interest in the four-unit claim
property by compensating vendors in 1) a payment of $25,000 in cash
on signing, and 2) issue to Ranger 500,000 common shares of
Mexivada common stock upon approval by the TSX Venture Exchange,
and 3) a payment of $25,000 in cash on or before the first
anniversary of the execution of the agreement, and 4) issue to
Ranger 500,000 common shares of Mexivada common stock on or before
the first anniversary of the execution of the agreement and upon
approval by the TSX Venture Exchange.
The vendors (Ranger) shall retain a two percent (2%) net smelter
returns royalty on the sale of all minerals from the property, in
accordance with industry practice, and half of this NSR may be
purchased from the vendors at any time for $1,000,000. Mexivada
shall hold the property in good standing, so as to hold the
Vendors' royalty valid throughout.
The proposed transaction remains subject to, among other things,
receipt of all requisite Regulatory and other approvals, including
the approval of the TSX Venture Exchange.
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 examined and studied the Dome, Delnite, and
Pamour mines, verified the information herein, 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, mining, and joint
venturing high-grade Gold-Silver, Tellurium, Diamond, and Rare
Metal exploration projects in Mexico, Nevada, Canada, and Africa.
Mexivada is managed by experienced and successful board members and
advisors. 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, President
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 and assay results, future
exploration work, and the anticipated 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.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy of this
release.
Contacts: Mexivada Mining Corp. Investor Relations
1-604-568-7726 or 1-866-922-6774 info@mexivada.com
www.mexivada.com
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