Ximen Mining Expands Precious Metals Exploration for 2019
Tuesday, April 16, 2019 3:05 AM
VANCOUVER, BC / ACCESSWIRE / April 16, 2019 / Ximen Mining Corp. (TSX-V: XIM, ''Ximen'' or the ''Company'') announces that it is significantly expanding its precious metals exploration efforts for 2019, with programs underway and being scheduled on multiple properties.
At the Brett property near Vernon, BC, a permit application will be filed this month to extend the historic mine drift along the trend of the Main Zone and conduct underground drilling. This program is aimed at defining mineralized shoots on the Main Zone and exploring for parallel mineralized structures. A 291 tonne bulk sample was previously mined from the Main Zone, from which the average grade from the smelter was 27.74 grams gold/tonne and 63.7 grams silver /tonne.
At the Kenville Gold Mine near Nelson, BC (see news release dated April 8, 2019), a detailed compilation of exploration and historic mining information is planned by Ximen. This work will be aimed at defining targets for possible trial mining. The Kenville Gold mine was the first hard rock gold mine in British Columbia, with recorded production of 2,029 kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37 kilograms of cadmium from 181,395 tonnes processed.
The Company is also initiating field work at the recently acquired Providence property of 12,900 hectares near Greenwood, BC (see news release dated April 5, 2019). This property surrounds the Gold Drop Property, where GGX Gold Corp. (TSX.V: GGX). is currently diamond drilling under an option agreement. The Providence property covers a total of eleven known mineral occurrences including the historic past producing Providence mine that produced 183 kilograms of gold, 42,552 kilograms of silver, 183 tonnes of lead, 118 tonnes of zinc from 10,426 tonned mined. Geological reconnaissance and rock geocheical sampling are planned to further investigate the historic mine dumps intially identified. Soil geochemistry and trenching will then be planned with a view to generate drilling targets.
The Company is also pleased to announce that it has closed its previously announced non-brokered private placement of 675,000 flow through shares at a price of $0.60 cents per share for gross proceeds of $405,000. Each Flow-Through share consists of one common share that qualifies as a ''flow-through share'' as defined in subsection 66(15) of the Income Tax Act.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties.
All securities issued in connection with the Offering will be subject to a hold period expiring August 12, 2019.
The Company also announces that it has granted 200,000 options at an exercise price of $0.85 to directors, officers, employees and consultants. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company. The options are subject to regulatory approval.
Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.
On behalf of the Board of Directors,
''Christopher R. Anderson''
Christopher R. Anderson,
President, CEO and Director
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen`s two gold projects, The Gold Drop Project and Brett Gold Project are located in southern British Columbia. Ximen also owns the Treasure Mountain Silver project adjacent to the past producing Huldra Silver Mine. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A1W2EG.
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the completion of a proposed Offering and the use of the Offering proceeds to further explore the Company's projects. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the Company is not satisfied with its further due diligence investigations and possibility that the TSX Venture Exchange may not accept the proposed transaction. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
Neither 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.
Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4
SOURCE: Ximen Mining Corp