Vancouver, B.C., February 28, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that that it has entered into a Property Acquisition Agreement with a private company, 49er Creek Gold Corp. (“49er Creek”) for the purchase of 100% of its mineral properties located near Nelson in southern British Columbia. The properties are located close to Ximen’s Kenville gold mine and cover a total 107 mineral claims covering approximately 4,276 hectares, located in the Nelson Mining District.
Satellite image showing Ximen’s Nelson area holdings including acquisition from 49 Creek Gold Corp (yellow), and recently acquired properties from Emgold (orange) and Klondike Gold (purple),
and Ximen’s Kenville and California mine properties (Red).
The 49er Creek property covers eight BC Minfile occurrences of which four were past producers with production as tabled below:
The Gold Hill, Good Hope and Northern Light are vein deposits and the Queen Victoria is a copper-gold skarn deposit. From 1983 to the mid-1990’s, multiple exploration programs were conducted on the property included soil geochemical sampling, rock sampling, magnetometer readings, and VLF-EM geophysical surveys. The highest assay from exploration in 1984 was 207.4 grams per tonne gold, 168.3 grams per tonne silver and 4.2 per cent copper (BC Assessment Report 13878).
Ximen believes the property holds excellent exploration potential for gold-silver veins and porphyry-related copper gold deposits.
Key points of the transaction include:
• C$100,000 paid to 49er Creek in cash;
• 1,400,000 common shares without par value in the capital of Ximen with the following restrictions: 700,000 of the Shares will become free trading six months and one day after the receipt of Exchange approval and the remaining 700,000 Shares will become free trading one year and one day.
• 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.
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director