Ximen Hammers in The Golden Spike Connecting Railway Through the New Portal Completing Mine Access

Rhea-AI Summary

Ximen Mining Corp. has completed portal construction at its Kenville Gold Mine in British Columbia, allowing access to the 257 level. The project involved back-fill, construction of a door, and installation of rail ties. The company has submitted its final application to the Mines Review Committee for mine development. Additionally, Ximen closed two non-brokered private placements for gross proceeds of $500,000, which will fund further exploration and working capital. The placements included 694,444 units at $0.36 and 595,240 flow-through shares at $0.42, with certain warrants issued.

Positive

• Completion of portal construction at Kenville Gold Mine enhances access for further exploration.
• Successful closing of financing for gross proceeds of $500,000 strengthens capital for project development.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 25, 2020 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") is pleased to announce that it has completed its portal construction at the Kenville Gold Mine project in the Nelson mining camp in southern British Columbia.

The installation of the new portal culvert is now complete, providing access to the Kenville mine 257 level. The final stages included placement of back-fill, construction of a door on the outside of the culvert, an as-built survey, and installation of rail ties and track on the inside to connect with the 257 mine level (see photos below).

Photo of CEO Christopher Anderson hammering in the "Golden Spike" connecting the new underground rail with the Kenville 257 Level rail line.

Permitting for the new mine development is progressing well with public notifications and responses completed. The final application has been submitted to the Mines Review Committee.

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.

The Company also announces that it has closed a financing for gross proceeds of $250,000. The non-brokered private placement consisted of 694,444 units at a price of $0.36 per unit. Each Unit consists of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.60 per share. The hold expiry date for this placement is March 11, 2021.

Further the Company announces that it has closed a non-brokered private placement consisting of 595,240 flow through shares at a price of $0.42 per share for gross proceeds of $250,000. 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 Company paid a cash commission of $17,500 and issued 41,666 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 2 years from closing with an exercise price of $0.42. All securities issued in connection with the flow through offering will be subject to a hold period expiring March 17, 2021.

The net proceeds from the private placements will be used for the further exploration on the Company's British Columbia mineral properties and general working capital.

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:
Sophy Cesar,
604-488-3900,
ir@XimenMiningCorp.com

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 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.

SOURCE: Ximen Mining Corp.

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https://www.accesswire.com/618329/Ximen-Hammers-in-The-Golden-Spike-Connecting-Railway-Through-the-New-Portal-Completing-Mine-Access

FAQ

What recent developments has Ximen Mining Corp. announced regarding the Kenville Gold Mine?

Ximen Mining Corp. has completed portal construction at the Kenville Gold Mine, providing access to the 257 level.

How much financing did Ximen Mining Corp. raise recently?

Ximen Mining Corp. raised a total of $500,000 through two private placements.

What will the proceeds from Ximen's financings be used for?

The proceeds will be used for further exploration of the company's mineral properties and general working capital.

What is the significance of the new portal construction at Kenville Gold Mine?

The new portal construction improves access to the mine, facilitating future exploration and development activities.

What was the price per share in Ximen's private placement?

The price per share in the private placements was $0.36 for the first offering and $0.42 for the flow-through shares.