InvestmentPitch Media Video Discusses Ximen Mining’s Receipt of the Final Mines Act Permit for its Kenville Gold Mine in Southeastern British Columbia

Rhea-AI Summary

Ximen Mining has received the Final Mines Act Permit for its Kenville Gold Mine in southeastern British Columbia as of April 20, 2023. This milestone allows the company to advance its operations at a historic site known for gold production since 1888. The permit includes essential activities such as establishing the Venango Portal, initiating an underground exploration drilling program of 20,250 metres, and setting up a Waste Rock Storage facility. The mine's historical records indicate production of 65,381 ounces of gold. Management emphasizes the commitment to making Kenville one of the greenest gold mines in the region. Currently, shares are trading at $0.16 on the OTCQB (XXMMF).

Positive

• Final Mines Act Permit received for Kenville Gold Mine.
• Authorization for 20,250 metres of underground exploration drilling.
• Historical production records show potential for gold recovery.

Negative

• None.

VANCOUVER, British Columbia, April 20, 2023 (GLOBE NEWSWIRE) -- Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) received the Final Mines Act Permit for its Kenville Gold Mine in southeastern British Columbia.

Christopher Anderson, President and CEO, stated: "The Kenville Gold Mine, which began operations in 1888, was one of the first underground gold mines in British Columbia. After years of working on this particular permit, the Kenville Gold Mine is now on track to becoming one of the greenest and environmentally-friendly gold mines in Southern BC. While there is still very much to do, our team's tenacity has brought us this far, and we are ready for the next phase of milestones that will finally bring this gold mine to fruition."

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. 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.

The company’s 100%-owned Kenville Gold Mine project at Nelson, British Columbia, continued production into the 1950’s. The historical production records show 65,381 ounces of gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne, or 0.37 ounces per ton gold. Management cautions that these are historic estimates and should not be treated as current mineral resources.

The Mines Act Permit approved the following key activities:

• Establishment of the new Venango Portal and 1200 m of decline development at this portal with associated re-mucks, safety bays and sumps.
• Authorizes an underground exploration drilling program of 20,250 metres from the new Venango decline.
• Establishment of one Waste Rock Storage facility of approximately 3,750 sq. metres.
• Installation of surface water management structures.
• Location of one portable office structure.
• Onsite fuel storage using two 4,500 enviro tanks.

The Reclamation Security Bond has been set at $103,800.

The permit is comprehensive and includes several conditions for Health and Safety, Geotechnical, Environmental Land and Watercourses, and the Reclamation and Closure Program that will be addressed before mining begins.

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.

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.

The shares are trading at $0.16. 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 ir@XimenMiningCorp.com.

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 ir@XimenMiningCorp.com.

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Disclaimer

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FAQ

What is the significance of the Final Mines Act Permit for XXMMF?

The Final Mines Act Permit allows XXMMF to advance operations at the Kenville Gold Mine, improving its development timeline and operational capabilities.

How much underground exploration drilling is authorized for Kenville Gold Mine?

The permit authorizes an underground exploration drilling program of 20,250 metres at the Kenville Gold Mine.

What historical production records exist for the Kenville Gold Mine?

The Kenville Gold Mine's historical records indicate a production of 65,381 ounces of gold from 158,842 tonnes milled.

What are the recent share trading details for Ximen Mining (XXMMF)?

As of the latest update, Ximen Mining shares are trading at $0.16 on the OTCQB under the symbol XXMMF.