21:43:25 EDT Mon 01 Jun 2020
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Ximen Mining Corp (2)
Symbol XIM
Shares Issued 51,427,018
Close 2020-03-20 C$ 0.38
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Ximen to start refurbishing Kenville portal next week

2020-03-20 07:04 ET - News Release

Mr. Christopher Anderson reports


Ximen Mining Corp. has provided the following update on recent property acquisitions and upcoming activities in the Nelson and Greenwood mining camps in Southern British Columbia.

"Now that we have completed this part of our acquisition plan, we will move forward at Kenville as planned to start mining. As early as next week we'll have boots on the ground, and the crew will begin refurbishing the Kenville mine portal before building the portal for the new decline. As soon as this part is finished, we can start cracking rock. The most exciting time for Ximen Mining starts right now," stated Christopher Anderson, chief executive officer of Ximen Mining.

Beginning in January of this year, Ximen has been very active with acquisition of several claim groups in the Nelson mining camp that are located near Ximen's Kenville mine. A total of 13,667 hectares have been acquired from seven separate groups. Ximen's total holding in the Nelson area now stands at approximately 14,234 hectares.

No.          Ximen claim group                Tenures               Hectares

1                     Kenville                      3                566.78*
2              California mine                      2                 168.44
4                        Rozan                     32               1,950.00
5                      Stewart                     28               5,788.56
3                          Ron                     29               1,166.94
4                      Clubine                      5                 232.01
6                   49er Creek                    107               4,276.83
7                    Gold Hill                      1                  42.18
8                 GH Arlington                      1                  42.20
Total                                                              14,233.94

* Includes Crown-granted mineral titles.

In the Greenwood mining camp, Ximen recently acquired six mineral claims covering a total of 380.6 hectares from Saville Resources Inc. Earlier, Ximen had acquired one mineral tenure from a private party. Ximen's holdings in the Greenwood area now total approximately 17,152 hectares. This excludes the Gold Drop property (2,269 hectares), which was acquired from Ximen by GGX Gold Corp. in 2019 (Ximen retains an NSR (net smelter return) royalty and a back-in right on Gold Drop).

Number       Ximen claim group                Tenures               Hectares

1            Greenwood-various                     20              16,281.36
2                      LB Gold                      1                  84.63
3                  Bud and Elk                      7                 805.64
Total                                                              17,151.63

Ximen will continue to pursue property acquisitions to further consolidate its holdings in these historic mining camps.

2020 work programs

At the Kenville gold mine, the company will start work imminently on refurbishing the existing portal to the Kenville mine, which will be utilized as an egress and ventilation for the new portal. Once that is complete, work can proceed on starting the new decline following ministry final approval of the development program.

At the Brett epithermal gold project near Vernon, B.C., work planned includes a 200-metre extension of the underground drift along the Main zone and underground diamond drilling of the Main and parallel zones. Ximen is waiting for the Ministry of Mines to complete its review and approval of this program. As well, field exploration work is planned including surface rock sampling and geophysics.

At Greenwood, an exploration permit is in place for fieldwork to begin on the Providence property once the snowpack has melted. The planned work includes rock sampling, trenching and drilling.

In light of the current market conditions, Ximen is actively pursuing opportunities and synergies to increase its precious metals landholdings in Southern B.C. with the objective of being able to build resources in the region. With shareholder support, the input from Ximen's financial advisers at Laurentian Bank and the continued support from the $8-million credit facility that allows Ximen to access capital when required via private placements, have put the company in the fortunate position to take advantage of opportunities resulting from the current market environment.

Dr. Mathew Ball, PGeo, vice-president, exploration, for Ximen Mining and a qualified person as defined by National Instrument 43-101, approved the technical information contained in this news release.

Further the company is pleased to announce that it has closed the first tranche of its non-brokered private placement previously announced on March 5, 2020. The placement consisted of 1.2 million flow-through shares at a price of 50 cents per share for gross proceeds of $600,000. Each flow-through share consists of one common share that qualifies as a flow-through share as defined in Subsection 66(15) of the Income Tax Act.

The net proceeds from the offering will be used by the company for exploration expenses on the company's B.C. mineral properties. The company paid a cash commission of $42,000 and issued 84,000 finders' warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for two years from closing with an exercise price of 50 cents. All securities issued in connection with the flow-through offering will be subject to a hold period expiring July 10, 2020.

The company is also pleased to announce that it has closed a tranche of its drawdown equity financing facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners LLC. In this tranche closed on March 9, 2020, the company drew down $150,000 from Alumina with Alumina receiving 454,545 units of Ximen consisting of a common share priced at 33 cents per share and a 36-month warrant exercisable at 55 cents per share. The hold expiry date for the placement is July 7, 2020. The net proceeds from the private placement will be used for the further exploration on the company's B.C. mineral properties and general working capital.

About Ximen Mining Corp.

Ximen Mining owns 100-per-cent interest in three of its precious metal projects located in Southern B.C. Ximen's two gold projects are the Amelia gold mine and the Brett epithermal gold project.

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