VANCOUVER, BC / ACCESSWIRE / March 03, 2020 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that that it has entered into a Property Acquisition Agreement with Saville Resources Inc.("Saville") for the purchase of 100% of its mineral property located near Greenwood in southern British Columbia. The property is located close to Ximen's property, 4 km northwest of Greenwood, and consists of 6 mineral claims covering a total of 380.6 hectares.
Map showing Greenwood area mineral claims including property acquired from Saville (purple), and properties held by Ximen (red), GGX Gold Corp. (orange) and Golden Dawn Minerals (Yellow) with mill site (star).
The Saville property is situated within the highly mineralized Boundary District, which includes the Republic district in northern Washington State and the Greenwood Mining Camp in southern British Columbia. It lies only 9.5 kilometers from the 200 tonne per day Greenwood mill facility of Golden Dawn Minerals Inc.
The Saville property covers six BC Minfile occurrences, including the past-producing Morrison mine. The Morrison, classified as a copper and gold skarn, produced 7.15 kilograms of gold, 26.0 kilograms of silver and 10.7 tonnes copper from 2,647 tonnes. Another exciting prospect is the Buckhorn deposit, classified as a Porphyry Cu +/- Mo +/- Au deposit and hosted in the prolific Quesnelia Terrane, where pyrite, chalcopyrite, native copper, malachite and molybdenite mineralization is hosted by a dioritic intrusion. Saville previously reported highlights from rock grab sampling conducted in 2018, including 4.57 g/t Au and 6.70 % Cu, 6.84 % Cu and 4.44 g/t Au, and 7.14 % Cu and 1.23 g/t Au. These results demonstrate an association of elevated gold with high copper values, consistent with models for large copper-gold porphyry and related skarn deposits.
Key points of the transaction include:
- 388,888 Shares Ximen shares paid to Saville;
- The transaction is subject to TSX Venture Exchange 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% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.
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 1XMA and WKN with the number as A2JBKL.
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. 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 TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. 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.
SOURCE: Ximen Mining Corp.