Ximen Mining Corporate Update

VANCOUVER, BC / ACCESSWIRE / January 30, 2020 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") is pleased to announce that it is proceeding with a shares-for-debt filing to pay outstanding debts of $270,000.00. Approximately 771,428 shares in the capital stock of the Company will be issued to pay these outstanding payables. The shares-for-debt agreement is subject to TSX Venture Exchange acceptance and, if issued, will be subject to the customary four-month hold period.

The Company also announces that it has closed a tranche of its drawdown equity financing facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners LLC. In this tranche closed on January 29, 2020, the Company drew down $150,000 from Alumina with Alumina receiving 500,000 units of Ximen consisting of a common share priced at 30 cents per share and an 18-month warrant exercisable at 45 cents per share. The hold expiry date for the placement is May 28, 2020. The net proceeds from the private placement will be used for the further exploration on the Company's British Columbia mineral properties and general working capital.

The investment agreement will provide the Company with up to $8-million over a 24-month period to finance its exploration and continuing acquisition of gold assets in British Columbia.

The investment agreement is structured to provide Ximen with relatively quick access to private placement financing as and when required. Under the investment agreement, the company has the right to draw down on the facility, at its sole discretion, through equity private placement tranches of up to $500,000 each. Each tranche will be a placement of units, with each unit comprising one Ximen common share and one common share purchase warrant. The units will be priced at a discount of 15 per cent to 25 per cent from the then most recent closing price of the shares on the TSX Venture Exchange at the time of the applicable company drawdown notice to Alumina. The warrants will be issued at a 25-per-cent premium over the market price of the shares and will have a term of 18 months. There are no standby charges or other upfront fees associated with the investment agreement. Each tranche of units issued under the investment agreement will be subject to the acceptance of the TSX Venture Exchange and the securities issued will be subject to the customary four-month hold period.

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 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.