Vancouver, B.C., June 19, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce that it has acquired 7 additional claims near its Kenville gold mine property in Nelson, southern British Columbia.
Seven claims covering approximately 693 hectares were acquired this week in the Nelson Mining Camp. One block of 2 claims surrounds the Company’s Queen Victoria historic mine, located about 5 kilometers northwest of the Kenville mine. A second block of 5 claims adjoins the east boundary of the Company’s Kenville gold mine property.
The Queen Victoria copper-gold-silver skarn deposit was mined between 1907 and 1956 and produced 1.48 million pounds of copper (673 tonnes), 30,544 ounces of silver, and 246 ounces of gold. The new claims also cover three crown granted claims that reverted.
The eastern block of claims covers five reverted crown grants and the Mor 1 mineral occurrence. In addition, the Oro Fino occurrence lies on the boundary between the newly acquired claims and existing Ximen property. At Oro Fino, known mineralization is similar to that of the Kenville mine: quartz veins with pyrite, chalcopyrite, galena, sphalerite and free gold, so it appears that the Kenville vein system continues into this area. The Mor 1 occurrence is located 1 km southeast of the Kenville mine. Known mineralization there consists of disseminated pyrite with minor chalcopyrite in diorite and pyrite and chalcopyrite in narrow quartz veins up to 30 centimetres in width, indicating potential for bulk-mineable and lode gold deposits.
The total land package assembled by Ximen in the Nelson-Ymir-Salmo area since first acquiring the Kenville gold mine now stands at 19,582 hectares. Earlier this year, properties were acquired from Emgold Mining Corporation, Klondike Gold Corp. and 49er Creek Gold Corp.
Map showing new claims and current Ximen properties in Nelson-Salmo area.
The Company is also pleased to announce that it has arranged a non-brokered private placement of 4,444,444 million units at a price of $0.45 per unit for gross proceeds of $2,000,000. 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 24 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.75 per share.
Directors, officers or other insiders of the Company may participate in the foregoing offerings, and such parties may sell securities of the Company owned or controlled by them personally through the facilities of the TSX Venture Exchange to finance participation in such 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.
Subject to certain limitations, the financing is open to all existing shareholders of the Company as at June 18, 2020, in reliance on the existing shareholder exemption pursuant to B.C. Instrument 45-534. The aggregate acquisition cost to a subscriber under the existing shareholder exemption cannot exceed $15,000 unless the subscriber has obtained advice from a registered investment dealer regarding the suitability of investment. In addition, other investors who qualify under available prospectus exemptions will be allowed to participate in the financing. Existing shareholders of the Company are directed to contact the Company for further information.
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.
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
About Ximen Mining Corp.
Ximen Mining Corp. owns 100% interest in all three of its precious metal projects located in southern BC. Ximen`s two Gold projects are The Gold Drop Project and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver Mine. Currently, both the Gold Drop Project and the Treasure Mountain Silver Project are under option agreements. The option partners are making annual staged cash and stocks payments as well as funding the development of these projects. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia and The Amelia Gold Mine in the center of the McKinney Gold Camp.
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 completion of a proposed Offering and the use of the Offering proceeds to further explore the Company’s projects. 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 Company is not satisfied with its further due diligence investigations and possibility that the TSX Venture Exchange may not accept the proposed transaction. 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.
Ximen Mining Corp