Vancouver, B.C., October 4th, 2021 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that it has received permit approval for exploration drilling on the Amelia Property near Greenwood in southeastern BC.
The Amelia Multi-Year Area Based permit is for a total of 38 drill sites, with 19 sites approved for this year. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 11,400 meters to be drilled this year out of a total of up to 22,800 metres. Drill holes are planned initially to test at depth below the mine, followed by testing for an extension of the veins to the east.
Assays up to 103 grams per tonne gold were obtained by Ximen for grab samples of mineralized vein material from the historic mine area (news release dated Oct. 22, 2020).
Readers are cautioned that historical information including assay results referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.
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.
The Company is also pleased to announce that it has arranged a non-brokered private placement of 2,500,000 million units at a price of $0.20 per unit for gross proceeds of $500,000. Each Unit consists of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.35 per share. The term of the warrants may be accelerated in the event that the issuer’s shares trade at or above a price of $0.45 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice.
Directors, officers or other insiders of the Company may participate in the foregoing offerings. There is no material fact or material change of the Company that has not been generally disclosed. A finder’s fee may be paid to eligible finders in accordance to the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders’ fees are both subject to approval by the TSX-V.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia mineral properties and general working capital.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com