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Ximen Mining Corp.

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Ximen Acquires 49er Creek Gold Property in Nelson Gold Camp

VANCOUVER, BC / ACCESSWIRE / February 28, 2020 / Ximen Mining Corp. (TSXV: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:

Mine

Gold
(ounces)

Silver
(ounces)

Copper
(pounds)

Tonnes
Mined

Tonnes
Milled

Gold Hill

303

252

3,435

115

Queen Victoria

246

30,544

1,482,895

45,352

4,397

Good Hope

90

80

48

Northern Light

2

59

273

31


(from BC Minfile)

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.

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:
Sophy Cesar,
604-488-3900,
ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.

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 receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. 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 TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. 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.

SOURCE: Ximen Mining Corp.



View source version on accesswire.com:
https://www.accesswire.com/578283/Ximen-Acquires-49er-Creek-Gold-Property-in-Nelson-Gold-Camp

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