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Ximen Mining continues to grow its land package in southern British Columbia

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The company has acquired 100% in a property covering several historic gold-silver mines and prospects near Ymir in southern British Columbia.

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Company: Ximen Mining
Website: http://www.XimenMiningCorp.com
Stock Symbol: TSXV: XIM
Date Published: Jun 5, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Ximen Mining continues to grow its land package in southern British Columbia.

The company has acquired 100% in a property covering several historic gold-silver mines and prospects near Ymir in southern British Columbia.

The near property consists of 11 mineral claims covering approximately 1,600 hectares.

The property covers the Protection (Goodenough), Blackcock, Arizona, Ymir-Good Hope, Commodore and part of the Ymir historic mines.

The claims also cover 4 other known prospects with similar styles of mineralization including the Ymir Belle prospect from which a small amount of production was recorded.

The past production and calculated grades are presented in this table.

The new property also covers a tailings deposit from the historic Wilcox Mine, a small, high-grade gold producer with a mill that processed about 14,555 tonnes of ore between 1900 and 1940.

In 2005, the resource potential of the tailings deposit was estimated in a report titled “Wilcox Mine Tailings - Gold Resource Evaluation”.

The average grade of the tailings deposit was estimated at 3.09 grams per tonne gold, based on multiple assays of samples collected on a grid pattern, with tonnage estimated at 12,387 tonnes, based on depth and specific gravity measurements.

The in-situ gold potential was estimated as 1,230 ounces of gold, with an average gold recovery rate of 80% projected based on available metallurgical test results.

Management cautions that Ximen Mining is not treating this historical estimate as current mineral resources or mineral reserves.

The company also acquired an additional 5 mineral claims, from the same vendor, covering approximately 589 hectares in the Hall Creek area which connect Ximen’s Rozan and Stewart properties.

These claims also cover the Gold King, a small past producer of gold, silver and copper, and the Independence and Mammoth gold-copper-silver and copper-moly prospects.

To close this acquisition, Ximen is paying 600,000 shares, subject to TSX Venture Exchange approval.

Following the acquisition of the Kenville Gold Mine, earlier this year Ximen acquired properties from Emgold Mining Corporation, Klondike Gold Corp. and 49er Creek Gold Corp., and with this latest acquisition, Ximen’s land package in the Nelson-Ymir-Salmo area now amounts to approximately 16,495 hectares.

Ximen recently reported that metallurgical test results from its Kenville Gold Mine showed 99% gold recovery.

B.C. Government records indicate that between 1890 and 1954, the Kenville Mine produced 2,024,306 grams of gold, or 2 metric tonnes, from 181,120 tonnes of ore.

Ximen recently divested its interests in the Gold Drop Property in southern British Columbia to GGX Gold Corp, retaining a 2.5% NSR and a meaningful share position.

Ximen Mining Corp. also owns 100% interests in 3 other precious metal projects located in southern BC., the Amelia Gold Mine and 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 agreement, with the option partner making annual staged cash and stocks payments as well as funding the development of the project.

Ximen is planning a drone-based magnetometer survey over part of its Brett property, to follow up on a ground magnetic survey conducted in 2014 that defined the Main Zone as a modest northwest-trending magnetic low anomaly, and identified a broad magnetic low anomaly west of the Main Zone that extends west to the limits of the survey.

Ximen’s shares are trading at $0.62.

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.

I’m Fiona Forbes for Investmentpitch Media