Mon Mar 31, 2014
Mexivada Issues Default Notice to Spartan Gold Ltd and Sphere Resources Pertaining to Poker Flats Property Earn-In, Nevada

Mexivada Mining Corp. (TSX-V/NEX: MNV.H) announces that Mexivada has served Notice to the parties that optioned Mexivada Mining Corp.'s Poker Flats property in Nevada, Spartan Gold Ltd. (OTCBB:SPAG) and Sphere Resources, Inc. (TSX-V:SPH.H), that they are in default of the obligations stipulated in the Option and Mining Claim Acquisition Agreement dated December 20, 2010 (the "Agreement"), as amended by Amendment to Option and Mining Claim Acquisition Agreement dated March 28, 2011. Section 3.2(d) of the latter contract required Spartan and Sphere to incur and pay for US$500,000 in Work Expenditures on the Poker Flats property on or before the third anniversary date of the said Amending Agreement. Such expenditures appear not to have been made by the parties. Pursuant to Section 3.6 of the Amending Agreement, Spartan and Sphere have 30 days from the date of the Notice delivered on March 29, 2014 to make up the deficiency by paying to Mexivada, directly, the sum of $163,600, or forfeit their option on the Poker Flats property. Mexivada owns 100% of the Poker Flats property at this time, as no action has been made by Mexivada to cede a 51% interest in the property to Spartan Gold and Sphere Resources.

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 and approved 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 info@mexivada.com.

Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, joint venturing, developing and mining high-grade Gold-Silver, Tellurium, Tantalum, Diamond, and other Rare Metal exploration projects in United States, Mexico, and Africa. Mexivada is managed by experienced and successful geologists, engineers, metallurgists, 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 NEX NOR THEIR REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:

Mexivada Mining Corp.
Investor Relations
1-(778) 990-6079
info@mexivada.com
www.mexivada.com
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