Mexivada Mining Corp. (MNV: TSX-V), is pleased to announce that its optionee partner California Gold Corp. (CLGL: OTC) is scheduling an April 2012 start-up for an exploration drilling program at the Company’s AuroTellurio Project, located in the La Bambolla gold-tellurium mine area near Moctezuma, Sonora, Mexico, northeast of Hermosillo. Six core holes are planned to be drilled by California Gold as part of this initial program involving a total of 3,000 meters of diamond drilling. Geologic work, supplemented by two geophysical surveys, has delineated three initial drilling targets within the AuroTellurio property.

The principal target at AuroTellurio involves base and precious metal mineralization in a potentially large-tonnage, porphyry-type environment associated with a projected deep-seated igneous intrusion. The remaining two targets consist of separate gold-silver precious metals vein systems with associated tellurium mineralization, located proximate to the La Bambolla mine owned by Minera Teloro S.A. de C.V., reportedly a local subsidiary of First Solar, Inc., a major North American solar panel manufacturer.

The AuroTellurio project sits in a rugged mountainous area in northern Sonora, Mexico, with fairly good accessibility, comprising two mining concessions with a total area of 76 square kilometers (18,831 acres). The project’s La Viuda-1 mining concession surrounds the La Bambolla mine area, which is well-known for its past mining of high-grade gold-tellurium ores. Tellurium is utilized by First Solar and General Electric Company in the manufacturing of highly efficient panels used in the solar power industry.

Based on geological interpretation and geophysics, California Gold has outlined a large (5 Km by 2.5 Km), centrally-located, ovoid-shaped area, where an intrusion is interpreted to exist at depth, believed by California Gold to be the source of widespread alteration as well as of scattered gold-tellurium-silver occurrences in the area. The target is visualized to be a mineral deposit associated with a blind igneous intrusion at depth. This geological exploration model was corroborated by separate results of gravity and airmagnetics-radiometrics geophysical surveys carried out on the AuroTellurio concessions in 2011 by two different independent contractors.

Interpretation of the gravity data confirmed the geologic exploration model, and the Company is now focusing on the intrusive area (covering 800 x 1,400 meters; 0.5 x 0.87 miles) which is in the southern third of the original ovoid area referenced above. A second confirmation of this data was provided by the results of a subsequent helicopter-borne magnetics-radiometrics survey recently completed for California Gold.

Both geophysical surveys showed their respective anomalous responses in the same location with strong correlations. These geophysical results, therefore, further strengthen California Gold’s current exploration model, and have contributed to the selection of specific drill sites to test the deep target. The depth to the top of the intrusion is projected to be 400 meters (about 1,300 feet). Two 700-meter drill holes have been tentatively scheduled to test the deep target. The distance between these two drill holes is approximately 1,000 meters (0.62 miles).

The two remaining targets, La Viuda and Target 1, were selected on the basis of geology and, in the case of Target 1, with the inclusion of geophysical data. Two drill holes in the La Viuda target area will test for precious metal mineralization, principally silver, and the possibility of gold-tellurium at depth. California Gold is aware of the economic value of mineralized occurrences in the region such as La Bambolla Mine. If found intact, such occurrences have the potential to yield economically viable precious metal deposits. Finding such a deposit is the objective of the Company’s planned drilling at La Viuda and Target 1. Target 1 is on a major regional structure referred to as the La Bambolla Linear, interpreted by Mexivada to be part of the main Mojave-Sonora Megashear system, which has been outlined in California Gold’s aeromagnetic-radiometric surveys. This target is about 2 kilometers (1.8 miles) southeast of the La Bambolla mine which also occurs along the same structural system. Geological features and sampling results in this target area suggest that the exposures observed on the surface show strong fracturing, quartz veining and detectable tellurium.

The results of the California Gold geophysical surveys at the AuroTellurio property have also outlined other significant areas for further detailed mapping and sampling within the project area concessions.

The Company’s President and CEO, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a ‘qualified person’ for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified the information contained in this news release, and evaluated the interpretations contained in this news release. For further information, please visit our web site at www.mexivada.com or contact us by e-mail at [email protected].

Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, joint venturing, and mining high-grade 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.

On behalf of the Board of Directors,
Richard R. Redfern
President & CEO
Mexivada Mining Corp.

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 and assay results, future exploration work, and the anticipated results of this work, including projected possible cashflows. 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:

Mexivada Mining Corp.
Investor Relations
1-604-568-7726 or 1-866-922-6774
[email protected]
www.mexivada.com