Vancouver, B.C., February 26, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen” - https://www.commodity-tv.com/ondemand/companies/profil/ximen-mining-corp/) announces that that it has entered into a Property Acquisition Agreement with Emgold Mining Corporation. (“Emgold”) for the purchase of 100% of the Stewart and Rozan properties, located near Nelson in southern British Columbia. The two properties are located close to Ximen’s Kenville gold mine and consist of 60 mineral claims covering a total of 7,739 hectares.
Satellite Image showing Ximen’s Nelson area holdings showing properties acquired from Emgold (yellow), including Rozan (upper) and Stewart (lower). Also shown are the Kenville and California mine properties (Red), and properties recently acquired by Ximen from Klondike Gold (purple).
Rozan is a 1,950 hectare property comprised of 32 claims, located 8 kilometers southeast of the Kenville Property. Exploration by Emgold and others on Rozan had identified several gold targets and the mineralized structures found at the Kenville mine appear to trend southeast onto the Rozan Property. Emgold completed 18 diamond drill holes totaling 1,906.8 metres that resulted in a number of significant gold intercepts. Gold is associated with quartz sulphide veins and sheeted stockwork quartz veining. Potential exists for both high grade vein and bulk disseminated gold mineralization.
Stewart is a 5,789 hectare property comprised of 28 claims and located 20 km south of the Kenville Property. The Stewart Property has been explored for gold, molybdenum, base metals and tungsten and has known occurrences of gold, silver, molybdenum, and tungsten. A total of 103 diamond drill holes totaling 13,737 metres have been drilled on the property, most of which targeted molybdenum and tungsten. Significant intercepts were obtained for molybdenum and gold. Potential exists for high grade vein and disseminated gold deposits, and for base metal deposits associated with porphyry intrusions and related breccia pipes.
Key points of the transaction include:
- C$100,000 paid to Emgold in cash at closing;
- 1.275 million Ximen shares paid to Emgold at closing;
- 1.275 million share purchase warrants provided to Emgold at closing allowing Emgold to purchase common shares of Ximen at a price of C$0.45 per unit exercisable for a period of 3 years, increasing to C$0.55 per unit and exercisable in years 4 and 5;
- Emgold will transfer over $943,282.7 B.C. Portable Assessment Credits related to exploration on Stewart and Rozan to Ximen as part of the transaction.
- 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
Investor Relations Sophy Cesar, 604-488-3900, [email protected]
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.
Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900
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