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VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) has announced a non-brokered private placement. The company is looking to raise $1.5 million from the placement of 10 million units priced at $0.15 per unit, with each unit consisting of 1 share and 1 warrant, with the warrant exercisable at $.25 for 24 months. Shares are currently trading at $0.20.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, along with video comments from Chris Anderson, President and CEO of Ximen Mining. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Ximen” in the search box.
This $1.5 million private placement will supplement a $5 million secured gold loan, that will be repaid with gold production from the Kenville Gold Mine.
The company’s 100%-owned Kenville Gold Mine project at Nelson in southeastern British Columbia, was the first recorded underground mine in British Columbia, having started production in 1890 and mined into the 1950’s. The historical production records show 65,381 ounces gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne, or 0.37 ounces per ton gold, although management cautions that these are historic estimates and should not be treated as current mineral resources.
Although the current focus is on the Kenville Gold Mine, the company is actively working on a number of other exciting projects. Surrounding and extending from Kenville mine, the company currently controls 20,749 hectares of mineral properties along a 33-kilometre stretch of fertile ground. Ximen will be exploring this package, which covers 25 historic past-producing mines and 30 mineral occurrences in the Nelson mining camp, to extend the Kenville deposit and/or discover new resources. In addition, a drill permit is in place for the California mine property, and an application has been made for the area covering the Star and Venus properties.
In 2009, previous operators conducted detailed sampling on the 257 Level of the Kenville mine and based on the results, an historic mineral resource was estimated, showing 16,289 ounces gold in the measured and indicated categories, along with 356,949 ounces gold in the inferred category. Significant additional diamond drilling was conducted between 2009 and 2012, which identified at least 4 new veins with potential strike lengths of over 700 metres.
In 2021, Ximen engaged Micon International Limited, which, following the review of available information, identified two areas where existing drilling could be upgraded to be sufficient for estimation of mineral resources. Micon recommended an estimated 1,800 metres of drilling in 18 drill holes at a spacing of 20 metres should be drilled from underground in the new decline. This drilling is anticipated to appropriately outline material for a proposed bulk sample upon receipt of the final permits.
Ximen also owns 100% of three precious metal projects located in southern BC, the Amelia Gold Mine, the Brett Epithermal Gold Project, and the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option with the option partner making annual staged cash and stocks payments as well as funding the project.
For more information, please visit the company’s website, www.XimenMiningCorp.com, contact Christopher R. Anderson, President and CEO, at 604-488-3900. For Investor Relations, contact Sophy Cesar, at 604-488-3900 or by email at [email protected].
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