SPH.H-V
March 31, '14 - NR
Mexivada Mining Corp. has served notice to the parties that optioned Mexivada Mining's Poker Flats property in Nevada, Spartan Gold Ltd. and Sphere Resources Inc., that they are in default of the obligations stipulated in the option and mining claim acquisition agreement dated Dec. 20, 2010, 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. |
