Oct 19 2010
Mexivada Mining Corp. has optioned up to 70% of its Republic of Congo gold and diamond properties to Zamarat Mining Plc of London, UK and Paris, France, through a Binding Letter of Intent option agreement dated September 15, 2010, with the option executed by Zamarat and effective October 15, 2010.
The Republic of Congo gold and diamond properties of Mexivada and Zamarat are located near Mayoko in the Chaillu Massif gold belt in the southwestern part of the ROC, located approximately 280 kilometres northeast of the companies' head office at the major oil and potash centre of Pointe-Noire. Major iron ore exploration and development programs also are being conducted in this region by Xstrata Plc and DMC Mining. Our joint focus in the Republic of Congo is on the discovery of large, plus 1,000,000 ounce gold deposits. Placer gold mining operations will begin as soon as mine permitting can be completed, and Zamarat has estimated a placer potential of approximately 200,000 ounces of gold in the permits area. Gem quality white- and fancy colored diamonds also have been found and mined at several locations in the permits area.
Zamarat is entitled though the option agreement with MNV to earn up to a 70% interest in the Mexivada's 5 Permis des Recherches and its Mousondji Prospecting Permit though the expenditure of US$4.5 million over a 3 year period. The initial goals of MNV and Zamarat are to define and put into mine production certain placer gold resources discovered on the optioned properties and to continue and expand exploration for additional alluvial gold and lode gold and diamond resources on the permits. One of the initial placer gold target areas also shows coarse, particulate gold up to 8.8 grams per cubic metre in weathered soils and colluvium overlying bedrock that is highly enriched in gold values, indicating potential open pit lode gold exploration potential.
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.
Source: Mexivada Mining Corp.