Mexivada options Jefferson Gold/Silver project to StoneShield Capital

TSX-V: MNV OTC: MXVDF Frankfurt: M2Q

VANCOUVER, Feb. 1 /PRNewswire-FirstCall/ - Mexivada Mining Corp. is
pleased to announce that it has entered into a letter of intent with
StoneShield Capital Corp. pursuant to which StoneShield has been granted an
Option to earn up to a 70% undivided interest in the Jefferson Gold/Silver
property, located 50 miles north-northwest of Tonopah, Nevada and three miles
east of Round Mountain, Nevada. The Property comprises a contiguous block of
88 unpatented lode mining claims and two patented mining properties, totaling
approximately 1,750 acres. Allen Ambrose, a director of Mexivada, is also a
director of StoneShield.
Under the terms of the Option agreement, StoneShield can acquire an
initial 51% interest in the Property by incurring a total of US$3,500,000 in
exploration expenditures on the property as follows: a minimum US$100,000 in
expenditures on the Property to be incurred in the first year following TSX
Venture Exchange acceptance ("Acceptance") of the agreement, a minimum
US$150,000 in expenditures in the second year, and a total US$3,250,000 in
expenditures on the project in the third and fourth years. In addition,
StoneShield will make cash payments of US$50,000 to Mexivada on Acceptance and
US$50,000 to Mexivada on the first, second and third anniversary dates of
Acceptance as well as issue to Mexivada 100,000 shares of StoneShield on
Acceptance, 150,000 shares on the second anniversary and an additional 250,000
shares upon notifying Mexivada that StoneShield has completed the stipulated
requirements for earning a 51% interest in the property. StoneShield shall
also pay all County, BLM and lease-option payments required to hold all of the
existing Jefferson property mining claims and any further claims acquired
during the life of this option agreement and the subsequent
Mexivada-StoneShield joint venture.
StoneShield can acquire an additional 19% interest (for a total 70%
interest) in the Jefferson property by incurring an additional US$2,500,000 in
expenditures within 24 months of the date upon which StoneShield earns an
initial 51% interest in the Jefferson Property and completing a mining
feasibility study within 30 months of that date, at which time StoneShield
must issue a further 250,000 shares to Mexivada. Each party shall then be
responsible for financing its own share of the proposed mining operation. At
this point, StoneShield and Mexivada will also have the pro-rata right to
purchase a 3% net smelter royalty ("NSR") from the property lessor at the rate
of US$1,000,000 for each 1% of NSR purchased (70% as to StoneShield and 30% to
Mexivada).
The Jefferson property is situated along the Round Mountain-Northumberland
Gold Trend, an Oligocene- to Miocene-age structural zone that hosts the
Barrick/Kinross' +11,000,000 ounce Round Mountain Mine and the nearby Gold
Hill gold mine and Newmont/New West Gold's Northumberland Mine, a Carlin-type,
open pitted former gold producing mine. The Jefferson Canyon mining district
was mined for silver and gold beginning in the late 1870's, and was explored
by drilling by Echo Bay and its predecessor companies in the mid 1980's. It
has since lain dormant of any exploration, until the arrival of Mexivada,
which has conducted an extensive exploration program in 2005 and 2006, laying
the foundation for renewed drilling of gold and silver targets. Mexivada feels
that the Jefferson Property holds good potential to host a new gold-silver
mine, with the delineation of several new open pit and underground mine
targets.
Six target areas of interest have been identified on the Jefferson
property: West Vein (Vein Swarm and Disseminated Ag-Au target); Zone "Pit A"
(open pit disseminated/vein Ag-Au); Zone "Pit B" (Open Pit Round Mountain type
Au-Ag); Mogul (Vein type Au-Ag); SG-1/SG-2 (Open Pit Disseminated Round
Mountain type Au-Ag); and Porphyry Hill (Vein/Disseminated Ag; Vein-type Au;
Open Pit Round Mtn type Au; Room-and-Pillar bulk mineable Skarn Gold; Skarn
base metals associated with deep Porphyry; Pluton-centered Carlin-type gold
replacements).
2008 Exploration Program
Significant geologic mapping, geophysical data collection and
interpretation, and geochemical sampling were completed on the Jefferson
project based on recommendations in a technical report prepared in 2005
pursuant to National Instrument 43-101. StoneShield has commissioned the
preparation of an updated 43-101 Report to assess the results of recent work
programs and to make further recommendations.
Priorities in the 2008 exploration program contemplated by StoneShield
include acquiring more data from prior exploration companies that worked on
the project (Kinross and Barrick). Additionally, several old adits and dumps
are available to map and collect rock samples. Once acquired, all the
available geologic and geophysical data will be merged into one digital
platform for drill target definition. A 5,000-foot drill program will target
the highest priority targets. Total exploration cost for this first phase of
exploration is estimated to be about US$400,000.
Completion of any and all transactions contemplated by the Letter of
Intent is subject to, among other things, acceptance by the Exchange and all
other necessary regulatory approvals.
About Mexivada Mining Corp.
---------------------------
Mexivada is a diversified Canadian mineral exploration company focused on
identifying, acquiring, advancing, and joint venturing high-grade Gold-Silver,
Molybdenum, Diamond, and Rare Metal exploration projects in Mexico, Nevada,
and the Republic of Congo ("ROC"). Managed by experienced and successful board
members and advisors, Mexivada is well financed with no debt. For further
information, including area maps 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

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.

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
assay results, future exploration work, and the expected 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.
CONTACT: LionsGate Communication Corp., Telephone: (866) 922-6774 or (604)
866-7700, info@mexivada.com, www.mexivada.com
SOURCE Mexivada Mining Corp.

LionsGate Communication Corp., Telephone: (866) 922-6774 or (604) 866-7700,
info@mexivada.com, www.mexivada.com