Ximen Has Begun Drilling Second Target Area
VANCOUVER, Oct. 9, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to announce that Drilling is now underway on hole 14-06. This hole is testing the Border Zone, a previously undrilled target that straddles the historic boundary between the Brett property and the former Gold Star property to the west. Ximen has recently acquired these adjoining claims to the west and is now in a position to drill the first hole into this border zone.
This is an area of intense alteration, with quartz veining, just west of the Main Zone. As in other areas of the property, outcrop is limited in this area. A strong gold-silver-arsenic (plus Sb, Se, Te, Mo, Hg) anomaly was defined by a recently completed soil geochemical survey over the area and elevated gold values, to 599 ppb Au, 417 ppb Au and 204 ppb Au, were returned from limited rock samples collected.
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The Company further announces that it also has increased its non-brokered private placement financing announced September 22, 2014. The financing will now consist of 2,500,000 units at a price of 30 cents per unit for gross proceeds of $750,000. All other terms will remain the same. The Company has closed the 1st tranche of this financing totaling 1,386,999 units. Each unit consists of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional share of the Company at a price of $0.40 per share for a period of two year from the closing date of the private placement. The shares are subject to a four month hold period expiring four months after the closing date. Closing of further tranches of this financing are conditional upon the approval of the TSX Venture Exchange.
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 is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG as well in the USA on the OTCQX under the symbol XXMMF.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director,
Ximen Mining Corp. 604 488-3900
This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
