Vancouver, British Columbia (FSCwire) - (TSX-V: XIM) Ximen Mining Corp. (the “Company” or “Ximen”) reports that it has made the final cash payment of $400,000 for the Brett Gold Project in Vernon BC. On December 3, 2013, the Company entered into an option agreement to acquire a 100% interest in the Brett Gold Project consisting of 2700 hectares situated in the North Okanagan region of southwest British Columbia approximately 29 kilometers west of Vernon. Under the terms of the agreement, the Company may acquire a 100% undivided interest by making cash option payments totaling $1,000,000, issuing 1,000,000 shares, and issuing additional common shares of the Company with an aggregate value of $350,000.

Christopher R. Anderson, president and chief executive officer, stated: “We are extremely pleased that we have now secured 100% of this key gold asset for Ximen and its shareholders. I personally would like to thank all of the shareholders whom have had the fortitude to hold in with us in this challenging environment, your support is appreciated”

The company also announces that it is continuing its effort with its offering of convertible debentures raising the aggregate amount of up to $1-million, and is currently applying for TSXV approval for the first tranche of $800,000 for closing. Pursuant to the terms of the debentures, the subscribers may convert all or part of the principal amount outstanding under the debentures into units comprising one common share of the company and one share purchase warrant of the company. The debenture may be converted into units over a five-year period at the rate of five cents per unit in the first year and 10 cents per unit thereafter. Each warrant will have an exercise term of two years subject to the proviso that all warrants shall expire on the 5th anniversary of the issuance date of the debenture. For any units resultant from the conversion of a debenture within the first year, such units shall comprise warrants having an exercise price of five cents per common share. For any units resultant from the conversion of a debenture after the first year, such units shall comprise warrants having an exercise price of 10 cents per common share. The debentures shall have a maturity date of the fifth anniversary of the issuance date and bear an interest rate of 10 per cent per annum, payable annually in units of the company at the unit price and warrant exercise price determined as at the date of announcement of settlement of the interest accrued to such announcement date.

The debentures shall be secured against the company's interest in certain mineral tenures comprising a portion of the Brett gold property. The use of proceeds from the offering shall be used for property payments and for general working capital purposes. There are no finder's fees payable.

About the Brett Gold project :

Brett Gold Project Key historic Highlights


  • Surface bulk sample 291 Ton’s processed at Trail recov’d avg 27.74 g/t Au & 63.7 g/t Ag



  • Excellent infrastructure and access along well maintained paved and gravel roads.



  • Previous work include 10,000 M of Diamond Drilling, 2800 M’s of RC Drilling



  • 100’s of M underground workings and two bulk samples



  • Most of the work prior to Ximen’s involvement has been done on the main Shear zone traced over 1300 meters



  • Three Gold bearing shear zones, but indications may be 15-20 traced at surface



  • Since custom milling opportunities exist in the district, the Brett property does not necessarily need to support a stand-alone mine/mill operation to be viable.



  • Property hosts epithermal style gold mineralization containing coarse gold and has excellent potential of hosting an economically viable gold deposit.



  • Several significant drill holes ex; R93-19, 55 feet of 1.045 Oz/t Gold.


The geology, alteration and mineralization found on the Brett property is very similar to the Republic gold mining camp located just across the US border in upper Washington State, several 1 million + ounce deposits have been mined or are being developed within that camp.

Key Highlights from Ximen’s drilling in 2014


  • 2,977 metres of drilling was completed in 13 holes. All of the holes were drilled to test new targets that were untested.



  • Two new high-grade gold-bearing veins discovered. Results include 34.18 grams per tonne gold over 0.9 m from one zone and 16.7 g/t Au over 1.5 m from the second;



  • Significant intervals of bulk-tonnage gold mineralization intercepted, including 1.77 g/t Au over 31 m, 1.88 g/t Au over 16.55 m and 0.82 g/t Au over 33 m;



  • Two drill holes ended in intervals of low-grade gold mineralization which remain open to depth;



  • Widespread alteration, with strong epithermal pathfinder geochemistry, identified in several areas;



  • Trace element geochemistry provides vectors for follow-up drilling;



  • High-grade gold values confirmed from the Main zone, including 24.7 g/t Au over 1.3 m.


Al Beaton, PEng, is the qualified person under NI 43-101 who supervised the program and who has reviewed and approved the technical content of this news release.

About Ximen Mining Corp.

Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Ximen also owns the Treasure Mountain project adjacent to the past producing Huldra Silver Mine. 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 1XM and WKN with the number as A1W2EG

On behalf of the Board of Directors,

“Christopher R. Anderson”

Christopher R. Anderson,
President, CEO and Director

Ximen Mining Corp. 604 488-3900

www.XimenMiningCorp.com


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. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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.
Ximen Mining Corp888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ximen12032015.pdf

Source: Ximen Mining Corp. (TSX Venture:XIM) https://ximenminingcorp.com/

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