Ximen Mining Development Permit for Kenville Gold Mine

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VANCOUVER, BC / ACCESSWIRE / March 15, 2022 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the “Company” or “Ximen”) is pleased to provide an update on permits and activities for the Kenville gold mine project held 100% by the Company in Nelson, in the south-east of Great Britain. Colombia.

Ximen has been informed by the Ministry of Energy, Mines and Low Carbon Innovation (EMLI) that a draft permit for the mining development and underground drilling project will be made available to the Company within 30 days. The Company will then review the permit conditions and either accept the draft or request revisions. Once accepted by both parties, the permit will be issued. At the same time, an environmental discharge permit should be issued. Other permits, including a powder magazine permit and a water permit for groundwater use, are ancillary but necessary for operations to begin. These authorizations are the result of the Company’s close collaboration with the ministries since the launch of the authorization process.

“With the development permit close at hand and $5,000,000 in funding planned for development, along with additional financial support from a mid-tier gold producer, 2022 is expected to mark the start of the mine. Kenville gold, says Christopher Anderson, CEO of Ximen Mining Corp. “The Kenville Gold Mine will have an extremely low environmental footprint, while creating the opportunity for many well-paying, impactful and meaningful jobs for the region and the community. The spin-off of multiple economic benefits for the region once we enter in full production will be a catalyst for job stability for years to come.We believe that the Kenville mine will be one of the greenest gold mines in southern British Columbia.

The Company is now taking additional steps to prepare for the start of operations. Work has progressed on the electrical installations of the gate. These include a 600 volt line from the local power grid to the mine power station, the installation of switchgear and connections to pump stations, a 75 hp fan for mine ventilation and mine air compressor. Materials required for the start of mine development have also been ordered, including rolled steel arches for the new portal, retaining materials (anchor bolts, rebar, swellex, screen and strap) and parts for the maintenance of underground drills (bits, hoses, etc.). The Company is preparing to be able to start work immediately after the permits have been issued.

The Kenville gold mine was the first recorded underground mine in British Columbia, beginning production in 1890 and operating into the 1950s. Historical production records show 65,381 ounces of gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne (0.37 ounces per tonne) of gold.

Photo of the new gate site at the Kenville Gold Mine.

In 2009, the previous operators carried out detailed sampling at the 257 level of the Kenville mine and, based on the results, a historic mineral resource was estimated (see table below).

Historical Mineral Resource Estimate 2009 – Kenville Mine

To classify

Tonnage

G/t gold

Ounces

Measure

3,312

31.72

3,377

Indicated

21,312

18.84

12,912

M+I

24.624

20.58

16,289

Inferred

522 321

23.01

356,949

Reference: “Technical (Geological) Report on the 257 Level of the Kenville Mine, Nelson, British Columbia”, July 22, 2009, by R. Munroe, P.Geo.

A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve. As such, the issuer, Ximen Mining Corp., does not treat this historical estimate as a current mineral resource or mineral reserve.

Extensive diamond drilling was carried out after the above mineral resource estimate between 2009 and 2012. At least 4 new veins have been identified with potential strike lengths of over 700 metres.

In 2021, Ximen engaged Micon International Limited to review available information and define areas for further investigation. A current mineral resource estimate has not been prepared from historical data due to a number of technical issues with historical information. It was recommended to improve the current models of quartz veins and to add other models of veins.

Micon has identified two areas where existing drilling could be improved to be sufficient for mineral resource estimation. Recommended areas will be drilled from below ground into the new ramp. The dimensions to be covered by drilling are 100 m along strike and 40 m down dip along the vein. Micon estimated that 1,800m of drilling in 18 drill holes at 20m spacing would be required in the first block. The drilling should appropriately delineate the material for a bulk sample.

Once drilling is complete, and subject to additional permitting, mining of the vein workings can take place via ramps driven up and down to the cross veins indicated by the drilling. The objective is to delineate more than 300 meters of lateral length and a vertical distance of 150 meters which can be developed for the test extraction of a bulk sample of 10,000 tonnes.

Map showing Ximen’s 20,749 hectare Nelson property

Surrounding and extending from the Kenville mine, the Company currently controls 20,749 hectares of mineral properties along a 33 kilometer stretch of fertile ground covering 25 former producing mines and 30 mineral occurrences in the Nelson mining camp. Ximen will explore this package to expand the Kenville deposit and/or discover new resources. In addition, a drill permit is in place for the California mining property and an application has been made for the area covering the Star and Venus properties.

As previously announced on February 10, 2021, Ximen negotiated a term sheet with a Swiss-based metals trading company for US$5.0 million in the form of a secured gold loan for the planned development of a 1200 meter descent and extraction of a 10,000 ton bulk sample at the Kenville Gold Mine property. This secured gold loan is subject to the issuance of permits as well as the completion of a C$1.5 million equity financing. The Company is strategically planning to meet this requirement by evaluating market conditions and the project schedule.

Dr. Mathew Ball, P.Geo., vice president of exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, has approved the technical information contained in this press release.

On behalf of the Board of Directors,

Christopher R. Anderson

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:
Sophie Cesar,
604-488-3900,
[email protected]

25 Portal Rebuild
Completed by: Ximen Mining Team
The Kenville Gold Mine

About Ximen Mining Corp.

Ximen Mining Corp. holds a 100% interest in three of its precious metals projects located in southern British Columbia. 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 former Huldra silver mine. Currently, the Treasure Mountain Silver project is subject to an option agreement. The option partner makes annual cash and stock payments and funds the development of the project. The Company 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 traded company that trades on the TSX Venture Exchange under the symbol XIM, in the United States under the symbol XXMMF and on the Frankfurt, Munich and Berlin stock exchanges in Germany under the symbol 1XMA and WKN with the number 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 laws, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the option by Ximen. Although the Company believes these statements to be reasonable, it cannot guarantee that these expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are usually, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “aims” , “potential”, “goal”. “, “objective”, “forward-looking” and similar expressions, or that events or conditions “will”, “would”, “could”, “may”, “might” or “should” occur, or are such 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 management of the Company as of the date the statements are made and that They involve a number of risks and uncertainties, and therefore there can be no assurance that such statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements. Under 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 tion, or other factors, were to 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. Readers are encouraged to consult the Company’s reports, which are publicly available through the Canadian Securities Administrators’ Electronic Document Retrieval System (SEDAR) at www.sedar.com for an more comprehensive analysis of these risk factors and their potential effects.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and there will be no sale of securities in any state of the United States in which such offer, solicitation or sale would be illegal.

Neither the 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.

THE SOURCE: Ximen Mining Corp.

See the source version on accesswire.com:
https://www.accesswire.com/693051/Ximen-Mining-Development-Permit-for-the-Kenville-Gold-Mine–Nelson-BC

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