VANCOUVER, British Columbia, Feb. 26, 2014 (GLOBE NEWSWIRE) -- (TSX-V: XIM ) Ximen Mining Corp. (the "Company" or "Ximen") is pleased to announce it has received the approved Notice of Work permit from the Ministry of Energy and Mines for Phase 1 exploration work on the Gold Drop property. The approved work permit is a multi-year permit, valid until Dec 1, 2018, which enables the company to establish up to 20 drill sites and up to 25 excavator trenches on the property. The primary purpose of the work permit is to allow the Company to identify areas for bulk sampling. Ground operations are expected to commence in late April to early May depending on weather conditions.
The Company further reports that the TSX Venture Exchange has accepted the transaction to acquire a 100% interest in the Gold Drop Property located about 9 kilometers northeast from Greenwood, BC in the Greenwood Gold Mining district. All mining on the property to date has been small scale high grade. Modern geology techniques have not yet been applied to the property.
Highlights of the recently filed 43-101 report include:
- The property has seen high grade gold production as recent as the 1980's
- The property covers geologically prospective ground in the well-mineralized Greenwood District, and hosts 8 or more known low-sulfide, gold-bearing veins or vein systems, including the North Star, Gold Drop, Amandy, Lakeview and Moonlight occurrences
- 100's of meters of underground workings on the property
- Since custom milling opportunities exist in the district, the Gold Drop property does not necessarily need to support a stand-alone mine/mill operation to be viable.
- Potential also exists on the claims for low-grade, bulk-tonnage gold mineralization related to broad fracture or stockwork zones. Ximen has acquired the property on the basis of both its exploration and mining potential.
- There has been intermittent small-scale historic production from the property at the Gold Drop, North Star and Amandy mines. Historical production totals 7572 tonnes at an average grade of 5.2 g/t Au and 93.4 g/t Ag. The average mined grade is significantly affected by a large volume of very low grade material that was removed from the North Star mine in 1934-35. Omitting production from these years, the average grade for the remaining 2,505 tonnes mined from the property is 13.1 g/t Au and 133.7 g/t Ag.
- Excellent infrastructure and access
- Notice of Work permit application is submitted for surface and undersurface bulk sample
The land package that has been assembled is approximately 5 km by 5 km and is comprised of 15 claims and 2 crown grants that cover an area of approximately 1500 hectares.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
"On behalf of the board "
XIMEN MINING CORP.
For more information, please contact:
Ximen Mining Corp.
604-488-3900
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.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
