InvestmentPitch Media Video Discusses Ximen Mining’s Shareholder Update on the Status of the Long Awaited Permits for its Kenville Gold Mine in British Columbia, on Track to be One of BC’s Greenest Gold Mines

VANCOUVER, British Columbia, Dec. 20, 2022 (GLOBE NEWSWIRE) — Ximen Mining (TSXV:XIM) (OTCQB:XXMMF) (FSE:1XMA) ), on track to be one of British Columbia’s greenest gold mines, updated shareholders on the status of the long awaited permits for its Kenville Gold Mine in British Columbia. Following a December 8th call with the company’s liaison officer at Major Mines of British Columbia, the company is expecting two permits, one from the Ministry of Energy, Mines and Low-Carbon Innovation, and one from the Ministry of Environment.

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The Draft Permit from the Ministry of Energy and Mines, which is basically complete and anticipated any day, is finalizing specifics related to the permit area and the amount of reclamation bond required. Management expects that the area will be directly related to its 100-year-old owned Crown Grants that cover both surface and underground rights, as well as additional rights related to these Crown Grants. The Draft Permit from the Ministry of Environment is also expected any day.

Both permits come with conditions, including a brief review period, prior to the final sign off by Ximen before the Final Permit to commence work is issued. The power to the site is hooked up and will come from the nearby Kootenay Dam. All drilling will be contained in the underground development using pneumatic drills with compressors and lines all installed and ready to be deployed.

Christopher Anderson, President and CEO, stated: “We are all part of a diverse natural community here in the Kootenays and its important that we all do the best we can as custodians to preserve the beauty and nature that is in our trust, while providing opportunities for our families and the community as a whole.”

It is management’s objective to preserve this site as it has been for the last 100 years and create many impactful, meaningful and well-paying jobs for the region, as well maintain a small environmental footprint, aiming to be one of the greenest gold producers in BC and a leader in the industry.

The company’s 100%-owned Kenville Gold Mine project at Nelson in southeastern British Columbia, was the first recorded underground mine in British Columbia, having started production in 1890 and mined into the 1950’s. The historical production records show 65,381 ounces gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne, or 0.37 ounces per ton gold, although management cautions that these are historic estimates and should not be treated as current mineral resources.

In 2009, previous operators conducted detailed sampling on the 257 Level of the Kenville mine and based on the results, an historic mineral resource was estimated, showing 16,289 ounces gold in the measured and indicated categories, along with 356,949 ounces gold in the inferred category. Significant additional diamond drilling was conducted between 2009 and 2012, which identified at least 4 new veins with potential strike lengths of over 700 metres.

In 2021, Ximen engaged Micon International Limited, which, following the review of available information, identified two areas where existing drilling could be upgraded to be sufficient for estimation of mineral resources. Micon recommended an estimated 1,800 metres of drilling in 18 drill holes at a spacing of 20 metres should be drilled from underground in the new decline. This drilling is anticipated to appropriately outline material for a proposed bulk sample upon receipt of the final permits.

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

The market liked the news, with the shares trading at $0.11, up 100% on the day. 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 [email protected].

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