Mexivada Executes Option To Purchase Golden Porcupine Property, Timmins Gold Camp, Ontario- Revised

Mexivada Mining Corp. is pleased to announce the signing of an option to purchase 80% of the Golden Porcupine gold property, Deloro Township, in the main Timmins gold camp, Ontario, Canada, from Mhakari Gold Corp, under an agreement dated October 28, 2010, and amended on December 6, 2010. This agreement options Mexivada its first Canadian gold property, in the heart of Canada's premier gold mining camp, south of the 30,000,000 oz. Hollinger - McIntyre mines complex, southwest of Goldcorp's +15,000,000 oz. Dome Mine, and east of Lakeshore Gold's West Timmins project.

The Golden Porcupine Property is located 0.7 km-, 2.5 km-, and 3.9 km west-southwest of the historic, past producing Delnite, Aunor and Buffalo Ankerite mines, respectively. Collectively these three mines produced over 4.4 million ounces of gold. The southern boundary of the main "break" of the ENE-trending camp-wide ore host Porcupine-Destor Fault Zone ("PDFZ") passes through the northern half of the Golden Porcupine property. The property also has strong, northerly trending faults that crosscut the PDFZ-generation faults. Some historic drilling was conducted by Comaplex Minerals near the PDFZ in the northwestern part of the property. Mexivada and its Ontario consultants are compiling available historic data for the property and will begin mapping and sampling when conditions permit.

Ground magnetic, VLF-EM, and induced polarization ("IP") surveys recently were completed on the property for Mhakari, and enzyme leach soil samples also were taken. Strong magnetic lows with coincident I.P. and soil geochemical anomalies have been found, with ENE-, NW-, and N-S trends. Historic assessment work at Golden Porcupine also showed late porphyritic intrusive rocks present, opening the possibility for large, open pittable, Pamour Pit type disseminated gold deposits. Certain other companies exploring the region recently have noted the importance of northerly trending structures that intersect the PDFZ, such as in the newly developing West Timmins camp.

Two significant magnetic-low anomaly areas are present in the southern half of the Golden Porcupine property: 1) A large, N-S trending anomaly, at the intersection of fault systems, that is a Pamour Pit-type gold target, and 2) one that contains a large, 15 by 60 metre trench that was developed on a highly silicified, quartz-veined sequence interpreted to be banded iron formation.
Two old trenches and a shaft are present in the southeastern portion of the Golden Porcupine property, and the trenches reportedly contained very high-grade silica-rich gold mineralization at the surface. It appears that no drilling has been conducted previously on any of these three gold target areas.

Mexivada can earn an 80% interest in the Golden Porcupine ("Deloro") property by compensating Mhakari in 1) structured payments of $25,000 in cash on signing (paid), $70,000 in cash on or before March 31, 2011, and $70,000 on or before October 28, 2012; and 2) issue to Mhakari a) 555,000 common shares of Mexivada Mining Corp. on signing, and b) on or before October 28, 2011 issue Mhakari $60,000 in Mexivada common shares, priced at the 30-day moving average of the Mexivada stock price on the TSX Venture Exchange and subject to a minimum price of
.145 per share; and c) on or before October 28, 2012 issue Mhakari $80,000 in Mexivada common shares, priced at the 30-day moving average of the Mexivada stock price on the TSX Venture Exchange and subject to a minimum price of
.145 per share; and d) in the event more than 200,000 ounces of gold (or gold-equivalent) is proven, indicated, or inferred from the property in a 43-101 compliant reporting by October 28, 2015 Mexivada would issue to Mhakari one-half of one common share of Mexivada stock for each ounce of gold (or gold-equivalent), up to a maximum of 1,400,000 shares; and 3) Mexivada also would invest a sum of $800,000 into Golden Porcupine in exploration and development expenditures (inclusive of assessment work) over a 36 month period to earn an 80% interest in the property. Upon commercial mine production, Mexivada and Mhakari also will pay net smelter returns royalties to certain original owners of mining claims appurtenant to this agreement: 1) a 2 percent NSR, as defined in industry practice, to the original vendors on all production from claims P4246731 and P4246732, and one percent (1%) of this NSR may be purchased from the vendors at any time for $1,000,000, and 2) a 2 percent NSR, as defined in industry practice, to the original vendors on all production from claims P1248902, P4217852, and P4246718, and one percent (1%) of this NSR may be purchased from the vendors at any time for $1,000,000, and 3) a 2 percent NSR, as defined in industry practice, to the original vendors on all production from claims H.S. 1036, H.S. 1037, H.S. 1038 and H.S. 1039, and one percent (1%) of this NSR may be purchased from the vendors at any time for $1,000,000. Additionally, Mexivada and Mhakari own an undivided 50% interest in claim P1248902, and SanGold owns the remaining 50%. A joint venture will be negotiated between Mexivada-Mhakari for additional work on this claim. Upon Mexivada earning its 80% interest in the property, Mexivada and its joint venture partner are required to contribute their proportionate share of costs of future exploration and development. In the event a party does not contribute its share then its interest is reduced by 1% for each $200,000 not contributed. In the event a party’s interest is reduced to 1% or less that interest is converted to a 1% net smelter return royalty interest which net smelter return royalty may at the election of the other party by purchased by that party for the sum of $1,000,000. A finder's fee of 175,000 shares of Mexivada Mining Corp. common stock is payable.
Mexivada is seeking flow-through financing to fund these exploration and development efforts.

Mr. Richard Redfern, CEO and President of Mexivada stated: "We are extremely pleased to be entering the historic and prolific gold mining camp of Timmins. It is consistent with our company's strategy to explore and develop properties in areas with proven, multi-million ounce gold trends, excellent infrastructure, and with near-term, drill-ready targets." Ari Todd, public relations consultant for Mhakari Gold Corp stated: "We are very pleased to have an extremely talented technical team working on the Property. We feel very confident in Mexivada's ability to explore and prepare the property to drill ready status. There are already very strong targets, plus more targets to define over the coming months. Mexivada is well positioned to further define and develop these targets for drilling in the near term."

Mhakari Gold Corp., is a private Ontario based gold and silver exploration company with gold and silver properties located in Northern Ontario and Nevada. Mhakari's gold and silver properties are located in the Timmins, Kirkland Lake, Matachewan, and Pickle Lake areas in Northern Ontario, and Mineral Ridge in the Walker Lane trend in Nevada. All properties are near or adjacent to historic gold/silver producers, and are exposed to excellent infrastructure with all year accessibility.