Advancing precious metal assets in British Columbia Ximen Mining Focuses on Acquisition of the Kenville Gold Mine Nelson BC
Advancing precious metal assets in British Columbia
Ximen Mining Focuses on Acquisition of the
Kenville Gold Mine
Nelson BC
Vancouver, B.C., April 8, 2019 – Ximen Mining Corp . (TSX -V: XIM, “ Ximen” or the
“Company”) announces that it has entered into an option agreement with Don Althen, an individual
who is arm’s length to the Company, dated April 5, 2019 (the “Option Agreement”) under which
the Company has acquired an option, exercisable in the Company’s sole discretion, to purchase all
of Mr. Althen’s interest in:
• a promissory note issued by 0995238 B.C. Ltd. (“ 0995238”) to Mr. Althen dated August
10, 2017 in the amount of $780,000 plus interest (the “First Promissory Note”);
• a promissory note issued by 0995238 to Mr. Althen dated May 29, 2018 in the amount of
$1,000,000 plus interest convertible into common shares in the capital of 0995237 at a
deemed price of $0.02 per common share (the “Second Promissory Note”);
• certain mining equipment located in Del Bonita, Alberta (the “Mining Equipment”); and
• 5,333,334 common shares in the capital of 0995237 (the “ Shares” and collectively with
the First Promissory Note, the Second Promissory Note and the Mining Equipment, the
“Optioned Assets”).
The principal asset of 0995237 is its option to acquire the Kenville Gold Mine located west of
Nelson, British Columbia.
The Kenville Gold Mine has played a major role in the rich history of BC Gold mining . It was
the first underground lode gold mines in British Columbia and was once the largest producer in the
Nelson Mining Camp. There have been multiple new targets and veins discovered in the last several
years and Ximen is looking forward to the potential opportunity that exists ahead.
Says Anderson CEO Ximen Mining Corp
About the Kenville Gold Mine
April 08, 2019 TSX.v : XIM
FRA : 1XMA
OTCQB : XXMMF
Ximen Mining Corp News Release
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The Kenville Gold mine was discovered and staked in 1888 and was the first hard rock gold mine
in British Columbia. It was mined intermittently until 1954, with recorded production of 2,029
kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of
copper and 37 kilograms of cadmium from 181,395 tonnes processed. The property is located 8
km west of Nelson, BC, is accessible by paved road and is connected to the power grid. Existing
infrastructure includes mining equipment, offices, mechanic shop, core storage and
accommodation.
The mine deposit consists of multiple, gold -silver quartz veins hosted by diorite. Between 2007
and 2008, 13,000 meters of diamond drilling was conducted that targeted previously un-tested areas
southwest of the historic mine, and detailed sampling was conducted within the mine on the 257
Level. There are six other historical levels within the mine footprint; only this level was
rehabilitated and remains open and accessible. Based on the mine sampling and drill hole
information available at the time, new zones of gold mineralization were identified, and mineral
resources were estimated (see table below).
Ximen Mining Corp News Release
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2009 Historic Mineral Resource Estimate – Kenville Mine
Class Tonnage Gold g/t Ounces
Measured 3,312 31.72 3,377
Indicated 21,312 18.84 12,912
M+I 24.624 20.58 16,289
Inferred 522,321 23.01 356,949
Reference: “Technical (Geological) Report on the 257 Level of the Kenville Mine, Nelson, British
Columbia”, July 22, 2009, by R. Munroe, P.Geo.
A qualified person has not done sufficient work to classify the historic estimate as current mineral
resources or mineral reserves. As such the issuer, Ximen Mining Corp., is not treating this
historical estimate as current mineral resources or mineral reserves.
Ximen considers this historic mineral resource estimate to be relevant and reliable in that it was
based upon the results of underground sampling and diamond drill information available at the
time. The historic mineral resource estimate uses the categories of Measured, Indicated and
Inferred mineral resources as defined by the Canadian Institute of Mining, Metallurgy and
Petroleum. Estimations were done using a polygonal method. Measured and Indicated Resources
are based on projections of mineralized veins exposed on the 257 Level. Inferred Resources in the
historical estimate are based on assumed continuity beyond measured and (or) indicated resources.
The inferred mineral resources are based on historical drill and channel assay information verified
by underground channel samples collected in 2007/8. The resource tonnages were estimated using
an assumed specific gravity. A cut -off grade of 1.1 grams per tonne was used. No allowance for
dilution was included based on an anticipated “resue” mining method, which would separate
mineralized material from waste rock.
Ximen Mining Corp News Release
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Significant diamond drilling was conducted after the above mineral resource estimate was made
between 2009 and 2012. At least 4 new veins were identified with potential strike lengths of over
700 metres. The results of this drilling have not yet been reviewed by the Company’s Qualified
Person. A complete review of the technical information is required with the aim of completing a
new resource estimate that includes the more recent diamond drill results.
In addition to the historic gold mine, elsewhere on the property historic soil geochemical surveys
and results of scout drilling indicate potential for porphyry -type copper-molybdenum-silver-gold
mineralization.
Dr. Mathew Ball, P.Geo., VP Exp loration for Ximen Mining Corp. and a Qualified Person as
defined by NI 43-101, approved the technical information contained in this News Release.
Pursuant to the terms and conditions of the Option Agreement and subject to the Company’s
exercise of the opt ion to acquire the Optioned Assets, the Company will pay the following
consideration to Mr. Althen:
• a total of 1,408,333 shares in the capital of the Company (the “Consideration Shares” and
each a “Consideration Share”) at a deemed price of $0.80 per Consideration Share;
• cash payments totaling $1,380,000, payable in installments; and
• settling of debt owed by Mr. Althen to arm’s length third -parties in the aggregate amount
of $270,000.
The exercise of the Company’s option to acquire the Optioned Assets is su bject to the Company
being satisfied with its further due diligence investigations of the Optioned Assets prior to May 30,
2019 and acceptance of the Option Agreement by the TSX Venture Exchange.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Mr. William Sattlegger, 604-488-3900 [email protected]
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen`s
two gold projects, The Gold Drop Project and Brett Gold Project are located in southern British
Columbia. Ximen also owns the Treasure Mountain Silver project adja cent to the past producing
Huldra Silver Mine. 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 symbo l 1XM and WKN with the number as
A1W2EG.
Ximen Mining Corp News Release
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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 Offe ring proceeds to further
explore of the Company’s Cerro Caliche project. 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 opi nions 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 d iffer 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 f or 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