MXVDF News Out!!!
Mexivada Executes Option of ROC Congo Gold-Diamond Properties to EAR
Date : 07/26/2010 @ 9:00AM
Source : PR Newswire
Stock : Mexivada Mining Corp (OTC) (MXVDF)
Quote : 0.135 0.0 (0.00%) @ 2:05AM
Mexivada Executes Option of ROC Congo Gold-Diamond Properties to EAR
Mexivada Mining Corp (OTC) (USOTC:MXVDF)
Intraday Stock Chart
Today : Monday 26 July 2010
Mexivada Mining Corp. ("MNV") has optioned its Moussondji Prospecting permit (gold) and its 5 Permis des Recherches exclusive permits for gold and diamond exploration in the ROC Republic of Congo to East American Resources (Pty) Ltd. ("EAR"), a diversified mining company based in Johannesburg South Africa, in an agreement dated July 20, 2010, the "Effective Date". Mexivada is an exploration company that specializes in using its exploration concepts to find gold-silver, diamond, and high-tech rare metal properties worldwide. Mexivada's ROC Congo property lies in the heart of the Mayoko Gold-Diamond Belt in the Chaillu Massif, 300 Km north-northeast of the ROC's main petroleum hub city Pointe Noire, and 340 Km northwest of the capital city Brazzaville. Alluvial gold and diamond mining was conducted on the Malambani concession after World War II by the Avoine Company, which recovered approximately 1 tonne of alluvial gold, and gem alluvial diamonds up to approximately 75 carats in size. Between 300 and 1500 artisanal miners have been recovering an unquantified amount of gold from an approximately 3 square Km area within the company's Moussondji prospecting permit area during the past year. Mexivada presently has a geo-engineering team working in the Moussondji permit area, to determine the nature of alluvial and lode gold present in the permit area, which adjoins and may extend into Mexivada's Malambani exclusive Permis des Recherches concessions.
ROC Congo Option: East American Resources (Pty) Ltd. may acquire up to an undivided 51% interest in Mexivada's prospecting permit and its Permis des Recherches concessions, which in total comprise 3,010 square Km of area in the ROC Congo (the "Property"), under the terms of the Option agreement. EAR can acquire this 51% legal and beneficial interest in the Property by incurring a total of $3,000,000 in total cumulative exploration expenditures on the property over a three year period. In addition, to maintain the agreement, EAR will make cash payments of $100,000 to Mexivada upon execution of the agreement, $100,000 within 90 days of the Effective Date and $50,000 to Mexivada on or before the second anniversary of the Effective Date, as well as issue to Mexivada 250,000 shares of EAR within 60 days of the Effective Date and a further 250,000 shares of EAR upon its acquiring a 51% interest in the Property. EAR shall also pay all taxes, ROC corporate fees, Country, Provincial, and Local property-related payments required to hold all of the existing Property concessions and permit, and for any additional concessions and other permits acquired during the life of this option agreement and any subsequent Mexivada-EAR joint venture.
The parties shall negotiate a Joint Venture Agreement upon EAR earning a 51% interest in the property. All such legal and beneficial interests granted to EAR shall be irrevocable, regardless of whether the agreement is subsequently terminated.
Maps showing property geology and mineralization have been posted to Mexivada's website at www.mexivada.com. The Company's President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a non-independent Qualified Person for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified the information 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, 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"
Richard R. Redfern
President
AI
