Vancouver, B.C., January 20, 2022 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce it has arranged a non-brokered private placement of 8,893,635 charity flow-through shares are priced at $0.285 per share with total gross proceeds of $2,534,686, a 42.5% premium to Ximen’s current share price.
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 closing of the Financing is expected to occur on or about February 2nd, 2022 and is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
The Company will use the net proceeds from the Offering for exploration expenses on the Company’s British Columbia mineral properties. The Shares are being issued as part of a charity flow-through arrangement. The Company will pay no commission or finders’ fee in connection with this Offering.
Ximen is prepared for an active precious metal’s exploration season in 2022 with several drill permits in place. Recently added to the Permitted properties for drilling include the Amelia Gold Mine, Wild Horse Gold Belt, and The Bud-Elk Gold Copper Property. Previously and in addition too, in the pipeline for drilling are the Providence Silver and Gold project, The California Gold Mine, The Star Gold Property and Venus & Juno Gold Mine and The Brett Epithermal Gold property. This is of course outside the ongoing work that is being conducted currently at the Kenville Gold Mine. For a complete list of properties and further permitted assets please visit the company’s website XimenMiningCorp.com
257 Portal Reconstruction Completed – The Kenville Gold Mine
The Brett Epithermal Gold property (near Vernon, BC) is an epithermal gold deposit (low-sulphidation type) with several gold drill intercepts including bonanza high grades over meter-scale widths and low-grade gold over tens of meters (see company website for details). Follow-up drilling of newly identified zones and in-fill drilling of the Main zone is planned.
Ximen’s Nelson BC properties are being targeted for gold-quartz veins, silver-gold veins and bulk mineable gold copper mineralization. The gold vein system that extends south from the Kenville gold mine goes through a gradual change in mineralization style from gold in discreet veins to a disseminated style with gold, copper and silver in sheeted veinlets, collectively regarded as a bulk mineable gold target.
Drilling at the Amelia property (Camp McKinney east of Oliver, BC) is planned to test for extensions of the historic Caribou-Amelia gold mine.
At the Wild Horse (near Cranbrook, BC) drilling will continue and is being planned to test a new area of visible gold in soil samples.
The Brett Epithermal Gold Project
Photos: Left picture shows narrow-high grade style quartz breccia vein characterized by colloform-banded quartz containing gold. Right picture shows gold in quartz vein from Greenwood area high-grade gold-quartz mineralization, typical of gold-quartz veins found at Amelia and Nelson. The famous Wild Horse River placer gold deposits may have been derived from similar gold-quartz veins.
Readers are cautioned that historical information including grades and 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.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com