Mexivada Options Additional 5% Interest in Poker Flats and Ziggurat Projects to Spartan Gold Ltd; Augments Mexivada Cashflow Model

VANCOUVER, BRITISH COLUMBIA, Apr 7, 2011 (Marketwire via COMTEX News Network) --

Mexivada Mining Corp. (TSX VENTURE:MNV)(OTCBB:MXVDF)(FRANKFURT:M2Q) (the "Company"), is pleased to announce that it has sold an option to allow Spartan Gold Ltd. to earn an additional 5% interest in the Poker Flats and Ziggurat properties of Mexivada. This agreement has significantly expanded Mexivada's ability to generate future cashflows and earnings for the company.

Poker Flats Gold Property, Carlin Gold Trend, Nevada

The company entered into an amended option and expanded area of interest agreement for the Poker Flats Property in the world renowned Carlin Gold Trend on March 28, 2011, whereby Mexivada granted Spartan Gold Ltd. (OTCBB:SPAG) ("Spartan") the sole and exclusive option to acquire an undivided seventy five percent (75%) interest in and to the Poker Flats Property, subject to the original Mining Lease and the Royalty. Poker Flats is located adjacent to industry leader Newmont's Rain-Emigrant Mine complex, within the Carlin Gold Trend of north-central Nevada, which has yielded gold mine production of more than 85 million ounces, worth over $120 billion at current market prices.

In order for Spartan to exercise its option for the Poker Flats property:

1.  Spartan will issue 412,500 Spartan Gold Ltd. restricted common shares of
    to Mexivada upon the signing (executed) of the option agreement. Spartan
    also now will issue 412,500 Warrants to Mexivada with a strike price of
    US$1.00 per share and exercisable for a term of 5 years.

2.  Spartan shall pay US$8,250.00 to Mexivada. Fifty percent (50%) of the
    payments to Mexivada (US$4,125.00) will be paid within sixty (60) days
    after the effective date of the S-1 Registration Statement being
    prepared by Spartan described in subsection (3) below. The balance will
    be paid to Mexivada at the time Spartan raises capital and obtains
    funding for Spartan of a minimum of two million dollars ($2,000,000.00).

3.  As additional consideration, Spartan is preparing and planning to file
    before May 1, 2011 an S-1 Registration Statement with the US Security
    Exchange Commission (SEC) that will allocate an additional 125,000
    restricted common shares of Spartan Gold Ltd. to Mexivada.

4.  Spartan may acquire an initial fifty-one percent (51%) interest in the
    Poker Flats Property upon incurring Exploration Expenditures of
    US$500,000 on or before the third anniversary date of this Agreement,
    such expenditures to be incurred and paid by Spartan.

5.  Spartan may acquire an additional twenty-four percent (24%) interest in
    the Poker Flats Property upon incurring additional Exploration
    Expenditures of US$250,000 and by also completing and delivering to
    Mexivada an industry standard mining Pre-Feasibility Study on or before
    the fifth anniversary date of this Agreement, such additional
    expenditures and Mining Pre-Feasibility Study to be incurred and paid
    for by Spartan.

6.  In order to maintain the Option Agreement for the Poker Flats Property,
    Sphere Resources Inc. shall allot and issue to Mexivada 150,000 common
    shares of Sphere Resources Inc. within 60 days of the execution of the
    Amended Agreement; and 150,000 common shares of Sphere Resources Inc.
    within 60 days of Spartan acquiring a 75% interest in the Property.

7.  On execution of the Amended Agreement, Spartan shall have the right to
    purchase up to seventy five percent (75%) of the three percent (3%) Net
    Smelter Returns (NSR) Production Royalty reserved and provided to the
    Poker Flats Lessor and Mexivada shall have the right to purchase up to
    twenty five percent (25%) of this NSR Production Royalty. The
    consideration to be paid for the NSR Production Royalty shall be one
    million dollars ($1,000,000.00) per NSR Production Royalty percentage
    point.

8.  Once Spartan is deemed to have earned the seventy five (75%) interest in
    the Property it will create a joint venture (the "Joint Venture") with
    Mexivada for the purpose of further exploration and development work on
    the Property. At the time of the joint venture the respective interests
    in the Property will be 75% to Spartan and 25% to Mexivada.

Ziggurat Property, Round Mountain-Northumberland Gold Trend, Nevada

The company entered into an amended option and expanded area of interest agreement for the 6,860 acre Ziggurat Property on March 28, 2011, whereby Mexivada granted Spartan the sole and exclusive option to acquire an undivided seventy five percent (75%) interest in and to the Property. Ziggurat is located adjacent to Fronteer/Newmont's Northumberland Mine claims, within the prolific Round Mountain-Northumberland Gold Trend of central Nevada, in close proximity to successfully producing gold mines operated by industry leaders Barrick Gold Corporation and Kinross Gold Corporation.

In order for Spartan to exercise its option:

1.  On signing the Amended Agreement (done) Spartan will issue 837,500
    restricted common shares of Spartan Gold Ltd. to Mexivada, and also now
    will issue 837,500 Spartan Gold Ltd. Warrants to Mexivada with a strike
    price of US$1.00 per share and exercisable for a term of 5 years.

2.  Spartan shall pay US$16,750.00 to Mexivada. Fifty percent (50%) of the
    payment to Mexivada (US$8,375.00) will be paid within sixty (60) days
    after the effective date of the S-1 Registration Statement being
    prepared by Spartan described in subsection (3) below. The balance will
    be paid to Mexivada at the time Spartan raises capital and obtains
    funding for Spartan of a minimum of two million dollars ($2,000,000.00).

3.  As additional consideration, Spartan is preparing and planning to file
    before May 1, 2011 an S-1 Registration Statement with the US Security
    Exchange Commission (SEC) that will allocate an additional 125,000
    restricted common shares of Spartan Gold Ltd. to Mexivada.

4.  Spartan may acquire an initial fifty-one percent (51%) interest in the
    Ziggurat Property upon incurring Exploration Expenditures of
    US$1,500,000 on or before the third anniversary date of this Agreement,
    such expenditures to be incurred and paid for by Spartan.

5.  Spartan may acquire an additional twenty-four percent (24%) interest in
    the Ziggurat Property upon incurring additional Exploration Expenditures
    of US$1,000,000 and by also completing and delivering to Mexivada an
    industry standard mining Pre-Feasibility Study on or before the fifth
    anniversary date of this Agreement, such additional expenditures and
    Mining Pre-Feasibility Study to be incurred and paid for by Spartan.

6.  Spartan also shall pay Mexivada US$110,000.00 in Ziggurat option
    payments, on the basis of US$25,000 on the execution of the Amended
    Agreement; US$35,000 within 30 days of the execution of the Amended
    Agreement, US$25,000 on or before the second anniversary date of the
    Amended Agreement; and US$25,000 on or before the third anniversary date
    of the Amended Agreement.

7.  In order to maintain the Option Agreement for the Ziggurat Property,
    Sphere shall allot and issue to Mexivada, 250,000 common shares of
    Sphere Resources Inc. within 60 days of the execution of the Amended
    Agreement; and 250,000 common shares of Sphere Resources Inc. within 60
    days of Spartan acquiring a 75% interest in the Ziggurat Property.

8.  On exercising the Option, Spartan shall have an undivided seventy five
    percent (75%) right, title and interest in and to the Ziggurat Property,
    free and clear of all charges, encumbrances and claims. Mexivada and
    Sphere agree that they will not pursue acquisition of other mining
    properties or mining development opportunities in the Ziggurat Area of
    Interest.

9.  Once Spartan is deemed to have earned the seventy five (75%) interest in
    the Ziggurat Property it will create a joint venture (the "Joint
    Venture") with Mexivada for the purpose of further exploration and
    development work on the Property. At the time of the joint venture the
    respective interests in the Property will be 75% to Spartan and 25% to
    Mexivada.

Mexivada Cashflow Model

Mexivada Mining Corp. utilizes a "Prospect Generator" / JV business model, evaluating and often joint venturing mineral properties that show potential to yield economically mineable large mineral deposits. Mexivada seeks out potential joint venture partners, often after an initial phase of drilling has been done by Mexivada or a third party. Mexivada earns cash and third-party company shares and warrants through optioning its properties to other companies. The expected possible cashflows to Mexivada have increased dramatically, due to its recent property option transactions, as Mexivada has reported to the public. Mexivada will continue to search for and acquire new mineral properties, to augment these possible cashflows, and Mexivada also will drill certain of its properties, when it deems it appropriate.

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 [email protected].

ON BEHALF OF THE MEXIVADA BOARD OF DIRECTORS

Richard R. Redfern, President