Ximen begins sampling at Treasure Mountain in B.C.

Ximen begins sampling at Treasure Mountain in B.C.


2015-10-21 14:47 ET - News Release


Mr. Christopher Anderson reports

XIMEN BEGINS EXPLORATION PROGRAM ON ITS TREASURE MOUNTAIN PROJECT, PRECIOUS AND BASE METALS NEAR HOPE, BRITISH COLUMBIA

Ximen Mining Corp. has begun the 2015 exploration program at its precious and base metal Treasure Mountain project, located northeast-east of Hope, Southern B.C. Ximen is conducting a program of prospecting and soil and till sampling in the northeast region of the project. Company management believes these this area has potential to host copper, gold and/or silver deposits, including potential for porphyry-type deposits. An overburden drill will be utilized to collect deeper till samples. The work program is designed to define trench and drill targets.

Ximen's Treasure Mountain project covers geologically prospective ground in the Similkameen and/or New Westminster mining divisions. The project hosts silver-, gold-, lead-, zinc- and/or copper-bearing occurrences in various regions as reported in the British Columbia Ministry of Energy and Mines Minfile database. These include the Blackjack, Cedarflat, Lucky Todd, Evening Star, Spokane and Rio Grande occurrences. Some of these mineral occurrences have associated open cuts and/or underground workings. The project is adjacent to the former producing Huldra Silver mine.

Ximen's 2015 exploration program is being focused on the area of the Lucky Todd mineral occurrence. The Lucky Todd occurrence (also referred to as Superior) is located in the northeast region of the project. Gold in a quartz porphyry dike was reported in this area in 1913 (1913 annual report of minister of mines) with a five-foot sample reported to assay 0.02 ounce gold. In 2012, Canadian International Minerals Inc. reported multiple adits in this target area and copper mineralization in the adjacent rock dumps with a few grab samples reported to exceed 1 per cent copper while also assaying 76 and 69 grams per tonne silver. Ximen has not verified these results. Ximen is conducting prospecting and soil till sampling in this area.

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. 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. 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.

David Martin, PGeo, is the qualified person under National Instrument 43-101 who has reviewed and approved the technical content of this news release.

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