Ximen Mining Receives Drill Permit for Amelia Property

Rhea-AI Summary

Ximen Mining Corp (OTCQB: XXMMF) has received permit approval for exploration drilling on its Amelia Property located in southeastern British Columbia. The Multi-Year Area Based permit includes 38 drill sites, allowing for 11,400 meters of drilling this year. Historical assays from the area show grades up to 103 grams per tonne gold. Additionally, the company arranged a non-brokered private placement of 2,500,000 units at $0.20 per unit, aiming for gross proceeds of $500,000, to fund exploration and general working capital.

Positive

• Permit approved for exploration drilling at Amelia Property, allowing for 11,400 meters of drilling in 2021.
• Historical assays show gold grades up to 103 grams per tonne, indicating potential resource viability.
• Successful arrangement of a private placement for gross proceeds of $500,000, enhancing financial capability for exploration.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 4, 2021 / Ximen Mining Corp. (TSX.V:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has received permit approval for exploration drilling on the Amelia Property near Greenwood in southeastern BC.

Property map showing Amelia Gold Property near Greenwood, B.C.

The Amelia Multi-Year Area Based permit is for a total of 38 drill sites, with 19 sites approved for this year. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 11,400 meters to be drilled this year out of a total of up to 22,800 metres. Drill holes are planned initially to test at depth below the mine, followed by testing for an extension of the veins to the east.

Perspective view of the historic mine 3D model showing the vein models (red) and planned drill holes.

Assays up to 103 grams per tonne gold were obtained by Ximen for grab samples of mineralized vein material from the historic mine area (news release dated Oct. 22, 2020).

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 also pleased to announce that it has arranged a non-brokered private placement of 2,500,000 million units at a price of $0.20 per unit for gross proceeds of $500,000. 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 $0.35 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.

Directors, officers or other insiders of the Company may participate in the foregoing offerings. There is no material fact or material change of the Company that has not been generally disclosed. 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 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.

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.

SOURCE: Ximen Mining Corp

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FAQ

What drilling permit was approved for Ximen Mining Corp on October 4, 2021?

Ximen Mining Corp received a permit for exploration drilling on the Amelia Property, allowing for 11,400 meters of drilling in 2021.

How much gross proceeds is Ximen Mining Corp aiming to raise from the private placement?

Ximen Mining Corp aims to raise $500,000 from the non-brokered private placement of 2,500,000 units at $0.20 each.

What are the historical gold assay results from the Amelia Property?

Historical assays from the Amelia Property have shown gold grades up to 103 grams per tonne.

Under which stock symbol is Ximen Mining Corp traded in the USA?

Ximen Mining Corp is traded under the stock symbol XXMMF in the USA.