Ximen Mining Corp has now entered into an Options Agreement on the Treasure Mountain Silver Project Hope BC Canada
Vancouver, British Columbia (FSCwire) - (TSX-V: XIM) Ximen Mining Corp. (the “Company” or “Ximen”) is pleased to announce that it has signed an option agreement with New Destiny Mining Corp. under which New Destiny may acquire 100 percent of Ximen's Treasure Mountain Silver Project, located 30 kilometres east of Hope, B.C.
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Under the Agreement, New Destiny may earn a 100% interest in the property by making certain staged cash payments and share payments of common shares in the capital of New Destiny to Ximen over a four year period equal to a total of $450,000 in cash and common shares equal. Including a $25,000 payment upon signing the agreement (paid), and $50,000 cash and $50,000 in stock upon Toronto Stock Exchange approval. New Destiny Mining will also be required to spend $750,000 on exploration over the four-year term.
Ximen will retain a 2.5% net smelter return royalty (the “NSR Royalty”) which New Destiny may buy down 1% of the NSR Royalty by paying $1,000,000 to Ximen. Upon the acquisition of the Property, Ximen will have a right for nine months thereafter to elect to form a joint venture with New Destiny by paying to New Destiny the amount of money equal to 30% of the total amount expended on the Property by New Destiny. If Ximen exercises this joint-venture right, Ximen and New Destiny will enter into a joint venture for the exploration and development of the Property. Details of the Agreement will be available on New Destiny’s SEDAR profile at www.sedar.com.
The Treasure Mountain Silver Project covers historically prospective ground in the Similkameen and New Westminster mining divisions. The property is adjacent to Nicola Mining Inc.'s Treasure Mountain property, site of the previous operating Treasure Mountain silver-lead-zinc mine, which exploited polymetallic veins. The property occurs within the Intermontane tectonic belt, which hosts numerous porphyry copper and copper-gold deposits. The property covers approximately 9,500 hectares and hosts seven gold, silver, lead, zinc and/or copper occurrences in various regions as reported in B.C. Ministry of Energy and Mines' Minfile database. These include gold-quartz vein, polymetallic vein and porphyry-type occurrences. Some of these mineral occurrences have associated historical, underground workings.
We Seek Safe Harbor.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Ximen Mining Corp. 604 488-3900
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen`s two Gold projects, The Gold Drop Project and Brett Gold Project located in southern British Columbia. Ximen also owns the Treasure Mountain Silver 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.
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.
888 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/ximen12022016.pdf
Source: Ximen Mining Corp. (TSX Venture:XIM)
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