Vancouver, B.C., 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,
President, CEO and Director