Mexivada Mining Corp.
TSX VENTURE : MNV
OTC Bulletin Board : MXVDF
FRANKFURT : M2Q

Mexivada Mining Corp.

May 04, 2011 09:45 ET

Mexivada Mining Corp. Announces New Whitehorse Gold Discovery at Ziggurat Property, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) is pleased to announce that a new discovery of Carlin-style gold mineralization, alteration, and felsic diking has been made on the 6,860 acre Ziggurat property controlled by Mexivada and its partner Spartan Gold Ltd.(OTCBB:SPAG). This new discovery appears to be similar to geology and alteration in the open pit at Newmont Mining Corporation's adjacent Northumberland Mine property. The "Whitehorse" discovery occurs in a "window" of Paleozoic rocks apparently not examined previously by modern geologists, as no sampling tags were seen at the discovery site.

The new Whitehorse discovery occurs 100% on Mexivada-Spartan owned mining claims, and extends to the southeast into a previously mapped, gold mineralized area, indicating a possible large size for the overall gold target area. Old claims were staked in this region, likely in the early 1900's, and it appears that this area has been undisturbed since that time. Thorough, detailed geological mapping and rock chip sampling is continuing in the Whitehorse discovery area. We look forward to disclosing the sample assay results from the new discovery, upon completion of the initial work program.

Phase 1 ground magnetic and gravity surveys have just been completed on the property and these data will be integrated with the mapping and sampling data to finalize an updated NI 43-101 compliant technical report encompassing the entire property, including the new Whitehorse discovery.

Mr. Richard Redfern, Mexivada's CEO, stated, reiterating the thoughts of Spartan Gold's Chairman, Mr. Malcolm Stevens, "One component that drives Mexivada forward competitively is the willingness of our teams to continually go above and beyond in their diligence to perform quality, high-value work."

Mr. Redfern continued, "This starts a new period of excitement and project development for Mexivada and its shareholders. We will continue our efforts to bring all of our many projects to a high level of productivity and to capitalize on these opportunities in this growing gold market. The commitment and competency of the members of our teams will differentiate our company from others. The Whitehorse discovery is a perfect example of this effort translating into value."

About Mexivada Mining Corp.:

Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing prospective 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 MEXIVADA 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.

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