Ximen Mining Receives Drill Permit Approval for Silver Project in Greenwood - Historic Mining Camp - Greenwood BC

Rhea-AI Summary

Ximen Mining Corp (OTCQB: XXMMF) recently secured a drilling permit for its Providence Property in southeastern BC, enabling exploration of approximately 1,600 meters. This follows promising results from earlier drill holes, including 147.25 grams per tonne of silver. Ximen also completed a private placement of $1 million through flow-through shares at $0.22 each to fund exploration. The company is progressing with multiple drill sites to further investigate historical mining records that show significant mineral recovery.

Positive

• Secured a drilling permit allowing exploration of approximately 1,600 meters.
• Promising previous drill results include 147.25 grams per tonne silver over 1.0 meters.
• Completed a private placement for $1 million to fund exploration efforts.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has received approval for exploration drilling on the Providence Property near Greenwood in southeastern BC.

Property map showing Providence Property near Greenwood, B.C.

The Providence Multi-Year Area Based permit approval for this year will allow 4 new drill sites. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 1,600 meters to be drilled this year.

Ximen's Providence property adjoins the historic Providence mine, for which B.C. Minfile records indicate 1,368,075 ounces of silver, 5,896 ounces of gold, 402,690 pounds lead and 260,086 pounds of zinc were recovered from 10,426 tonnes mined.

Ximen received significant results for drill holes 2 and 3 on the property, including 147.25 grams per tonne silver over 1.0 meters in hole 20-02 (96.47 to 97.47 meters), and 94.9 grams per tonne silver over 0.83 meters in hole 20-03 (111.73 to 112.76 meters) as previously announced in a news release dated February 22, 2021. Drill holes planned for this year will follow-up these intercepts, located northeast of the historic Providence silver mine.

Perspective view of the historic Providence mine 3D model showing the 2020 drill hole intercepts.

Readers are cautioned that historical information including assay results referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

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 is pleased to announce that it has arranged a non-brokered private placement of 4,545,455 flow through shares at a price of $0.22 cents per share for gross proceeds of $1,000,000. 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 and one-half 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 non-flow-through common share of the Issuer at an exercise price of Cdn$0.35 per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.55 cents per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice.

The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties.

A finder's fee may be paid to eligible finders in accordance to the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders' fees are both subject to approval by the TSX-V.

The Company also announces that it has closed the first and second tranches of the non-brokered private placement first announced on October 4, 2021 for gross proceeds of $300,000. A total of 1,000,000 units were issued for the first tranche and 500,000 units for the second tranche. Each Unit consists of one common share at a price of $0.20 per share and one transferable common share purchase warrant (a "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 $0.35 per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $0.45 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 20 days from the date of providing such notice. The hold expiry date for the first tranche is February 8, 2022 and the second tranche is February 9, 2022. No finders' fees were paid on these tranches.

The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties and general working capital. The closing of the first tranche of the private placement financing is subject to final TSX-V approval

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 also 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.

Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

SOURCE: Ximen Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/667795/Ximen-Mining-Receives-Drill-Permit-Approval-for-Silver-Project-in-Greenwood--Historic-Mining-Camp--Greenwood-BC

FAQ

What is Ximen Mining Corp's recent drilling permit approval?

Ximen Mining Corp has received approval for a drilling permit on the Providence Property, allowing for approximately 1,600 meters of exploration drilling.

What were the previous drill results reported by Ximen Mining?

Drill holes 2 and 3 reported results of 147.25 grams per tonne silver over 1.0 meters and 94.9 grams per tonne silver over 0.83 meters, respectively.

How much funding did Ximen Mining raise through private placement?

Ximen Mining raised $1 million through a non-brokered private placement of flow-through shares priced at $0.22 each.

What will the proceeds from the private placement be used for?

The proceeds from the private placement will be used for exploration expenses on the Company's British Columbia mineral properties.