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Mexivada discovers five new gold zones at Mayoko

2008-02-29 22:40 ET - News Release

Mr. Richard Redfern reports

MEXIVADA DISCOVERS FIVE NEW GOLD ZONES AT MAYOKO, REPUBLIC OF CONGO

Mexivada Mining Corp. has made gold exploration progress at Mayoko in the Republic of Congo (ROC).

Two gold belts, the North gold belt and the South gold belt, extend through Mexivada's exclusive Malambani permis de recherches concession for gold and connected substances. Mexivada has discovered one new gold zone in the South gold belt and four new gold zones within the North gold belt, where chip samples contained gold values of up to 11 grams per tonne gold in one-metre channel samples in altered, sulfidized banded-iron-formation (BIF) host rocks at the Lemagna prospect. Two of the new zones contain anomalous gold-bismuth mineralization, which could be indicative of Fort Knox-type, intrusive-related, open-pit gold targets. These localities are shown on a map posted on Mexivada's website.

North gold belt -- Lepindji-Bingoumi-Ngouhada-Lemagna prospects

A series of gold prospects have been found along the 15-kilometre-long North gold belt, tracing leads of placer gold up to the source outcrops. Mexivada's prospectors filled up a glass bottle with gold nuggets and flakes at the "Coke Bottle" zone near the Bingoumi prospect, and subsequent hand trenching work delineated over 20 metres in true width of magnetite-rich Archean BIF, which is one of the main host rocks for gold mineralization at Mayoko. Samples of oxidized BIF at Bingoumi were crushed and panned on site, which yielded recovered gold contents of more than 30 grams per tonne of rock, with gold totals up to 4.4 grams in weight. The zone of auriferous BIF extends northeast for at least 2.8 kilometres to Lemagna, and possibly an additional two kilometres to the Tsopo prospect, for which a mobile metal ion (MMI) geochemical survey has delineated a large gold-bismuth soil anomaly. Tsopo could represent an intrusive-related, Fort Knox-type gold system. The belt of BIF also extends for an additional eight kilometres to the west-southwest to the Lepindji prospect where gold has been found with BIFs as well as diamonds in the nearby creeks. Mexivada is beginning a program of mapping and sampling in this Bingoumi/Lepindji zone.

South gold belt -- Bambonga-Bilala-FMI-Lesseseti-Madoka

Work continues on the 22-kilometre-long South gold belt, where 12 lode gold prospect areas have been located. This belt extends from the Vouka diamond/Mayoko gold terrane intersection zone west-southwest to the dominantly granitic Louesse Horst, which also is a diamond target terrane that contains the new Mousondji diamond prospect. Aeromagnetic data flown by Fugro Airborne show patterns suggesting that the Mayoko greenstone belt structure continues both eastward and westward into Gabon, for a length of more than 100 kilometres.

A new, two-by-1.5-kilometre open-pit gold target has been defined at the FMI zone through MMI soil sampling, which yielded a strong gold-bismuth anomaly area which, again, could be indicative of an intrusive-related, Fort Knox-type gold system. Mexivada presently is doing follow-up rock sampling in this FMI target area. Mexivada also will extend the area of exploration to the southwest in the Bambonga target area, where Avoine Company found a one-kilogram gold nugget after the Second World War.

Mexivada hires new diamond specialist

Mexivada is pleased to report the hiring of Siva Sankar, a geologist with significant diamond experience with DeBeers and other companies in Africa and India. Mr. Sankar will be project geologist in charge of Mexivada's diamond exploration programs in the ROC, reporting to Dr. Noel Watha-Ndoudy, Mexivada's project manager.

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.

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