InvestmentPitch Media Video Discusses Ximen Mining's Option to Acquire the Historic Kenville Gold Mine near Nelson British Columbia - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - April 9, 2019) - Ximen Mining (TSXV: XIM) (OTCQB: XXMMF) (FSE: 1XMA) has entered into an option agreement with Don Althen, exercisable in the company's sole discretion, to purchase all of Mr. Althen's interest in certain mining equipment located in Del Bonita, Alberta and his ownership on the Kenville Gold Mine. The Kenville Gold Mine, located 8 kilometers west of Nelson, was discovered and staked in 1888 and was the first hard rock gold mine in British Columbia.
For more information, please view the InvestmentPitch Media "video" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter "Ximen" in the search box.
Cannot view this video? Visit:
http://www.investmentpitch.com/
The property, accessible by paved road and connected to the power grid, has existing infrastructure including mining equipment, offices, mechanic shop, core storage and accommodation. It was mined intermittently until 1954, with recorded production of 2,029 kilograms of gold, 861 kilograms of silver, 23.5 tonnes of lead, 15 tonnes of zinc, 1.6 tonnes of copper and 37 kilograms of cadmium from 181,395 tonnes.
Christopher Andersen, President and CEO, stated: "The Kenville Gold Mine has played a major role in the rich history of BC Gold mining. It was the first underground lode gold mine in British Columbia and was once the largest producer in the Nelson Mining Camp. There have been multiple new targets and veins discovered in the last several years and Ximen is looking forward to the potential opportunity that exists ahead."
Between 2007 and 2008, 13,000 meters of diamond drilling targeted previously un-tested areas southwest of the historic mine, and detailed sampling was conducted within the mine on the 257 Level. There are six other historical levels within the mine footprint; only this level was rehabilitated and remains open and accessible.
Based on the mine sampling and drill hole information available at the time, new zones of gold mineralization were identified, and in 2009 a historic Mineral Resource Estimate was prepared showing 24,624 tonnes Measured and Indicated containing 16,289 ounces gold and 522,321 tonnes Inferred containing 356,949 ounces gold. Ximen is not treating this historical estimate as current mineral resources or mineral reserves.
To acquire these assets, subject to completion of the due diligence, Ximen will issue 1,408,333 shares of Ximen at a deemed price of $0.80, make cash payments totalling $1,380,000 and settle 3rd party debt of $270,000.
Ximen Mining Corp. owns 100 percent interest in three precious metal projects located in southern British Columbia. In addition to two gold projects, The Gold Drop Project and The Brett Epithermal Gold Project, Ximen also owns the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver Mine. Currently both the Gold Drop Project and the Treasure Mountain Silver Project are under option agreements, with the option partners making annual staged cash and stocks payments as well as funding the development of these projects.
For more information, please visit the company's website, www.XimenMiningCorp.com, contact Christopher R. Anderson, President and CEO, by email at office@XimenMiningCorp.com. For Investor Relations contact William Sattlegger at 604-488-3900 or email at ir@XimenMiningCorp.com.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company's story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43956