Ximen Starts Laying Track at Kenville 257 Portal Nelson BC

Rhea-AI Summary

Ximen Mining Corp (OTCQB: XXMMF) has made significant progress at its Kenville Gold Mine project in British Columbia. The 257 portal work is nearing completion, with nearly finished back-fill and rail connections in place. New mining equipment has arrived, indicating upcoming activities. The company has successfully closed a financing round, raising $408,000 through a private placement of shares at $0.255 per unit. These funds will support further exploration and operational costs. The permitting process is also advancing, with an updated application expected soon.

Positive

• Financing closed for gross proceeds of $408,000.
• New mining equipment received, indicating expansion plans.
• Significant progress made on the 257 portal, enhancing operational capacity.
• Permitting process advancing with an updated application to be submitted soon.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / November 10, 2020 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") is pleased to provide the following update on progress at the Kenville Gold Mine project in the Nelson mining camp in southern British Columbia.

Work on the 257 portal has gone well and is in the final stages. The culvert has been constructed and placed on graded bedding. Cement block retaining walls were constructed and placement of back-fill is nearly complete. Also, rail ties and track are being laid in the new portal culvert section to connect with the mine (see photos below).

Photo of crew laying track outside of new culvert entrance at Kenville 257 Portal.

Photo of culvert being constructed at Kenville 257 Portal.

Photo of new culvert in place with initial back-fill and cement block retaining wall at Kenville 257 Portal.

Once placement of back-fill is completed, an as-built survey will be done for the consultant engineer to sign off.

Other site activity included the arrival of new mining equipment in anticipation of work starting on the new portal (see photos below).

Photo of truck arriving at Kenville Mine with equipment for underground mining (drill in front, rock truck in back).

Photo of new underground loader (3-yard capacity) delivered to Kenville mine in October.

Permitting is advancing with public notifications completed and other minor additions to the application complete. An updated application will be submitted to the Ministry of Mines in days.

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 closed a financing for gross proceeds of $408,000. The non-brokered private placement consisted of 1,600,000 million units at a price of $0.255 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 24 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.35 per share. The hold expiry date for the placement is March 7, 2021. The net proceeds from the private placement will be used for further exploration on the Company's British Columbia mineral properties and general working capital.

Christopher Anderson a director and/or officer of the Company, participated in the Offering constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25% of the Company's market capitalization.

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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FAQ

What recent developments have occurred at the Kenville Gold Mine (XXMMF)?

Ximen Mining Corp has progressed in the construction of the Kenville Gold Mine's 257 portal, received new mining equipment, and closed a financing round.

How much funding has Ximen Mining Corp secured recently (XXMMF)?

Ximen Mining Corp closed a financing round for gross proceeds of $408,000.

What will the funds from the recent financing be used for (XXMMF)?

The net proceeds will be used for further exploration on Ximen's mineral properties and general working capital.

What is the status of Ximen Mining Corp's permitting process for Kenville Gold Mine (XXMMF)?

The permitting process is advancing, with public notifications completed and an updated application to be submitted shortly.