Mexivada Discovers New Clorinda Zone of Mineralization South of Dome Mine at Timmins, Ontario

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/17/11 -- Mexivada Mining Corp. (TSX VENTURE: MNV)(OTCBB: MXVDF)(FRANKFURT: M2Q) is pleased to report that it has discovered a significant new zone of quartz-ankerite veining mineralization on its Golden Porcupine property, along the Deloro Fault zone sector, just south of the Dome-Aunor-Delnite mines complex of Goldcorp and other local companies at Timmins, Ontario. New trenching has exposed new outcrops with a zone of quartz veining, presently known to be up to 6 metres in width, as shown on a photograph on Mexivada's website at www.mexivada.com. Metallic mineralization is found in outcrop, including fine-grained pyrite in massive to banded vein quartz. The lateral extent of this system of veining is interpreted to be at least 650 metres in strike length, where it may have been intersected in Mexivada's latest drillhole GP11-6, and may be over 1 kilometre in length. Mexivada is further exposing the outcrop zone, and is mapping and sampling it. This target will be drilled upon completion of this mapping program.

Mexivada is continuing its core drilling program at Golden Porcupine. Mexivada has set up work and storage facilities in Timmins, where core logging and sawing is taking place. More results of the Golden Porcupine work program will be reported on a regular basis.

Mexivada also is conducting work in the Matheson area in Hislop Township, near the Ross Mine, which will be further reported upon shortly. A second drill rig may be contracted for work in this area by the end of October. Mexivada is using flow-through cash funds in Mexivada's treasury to fund a plus 5,000 metre drilling program in Ontario in 2011.

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 examined and studied the Dome, Delnite, and Pamour mines, verified the information herein, and evaluated the interpretations contained in this news release.

About Mexivada Mining Corp.

Mexivada is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, mining, and joint venturing 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. 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 info@mexivada.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard R. Redfern, President

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. 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 of this release.

Contacts:

Mexivada Mining Corp.

Investor Relations

1-604-568-7726 or 1-866-922-6774
info@mexivada.com
www.mexivada.com