VANCOUVER, British Columbia, May 7, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V: XIM ) (the "Company" or "Ximen") is pleased to announce it will be mobilizing to start work under its permit as early as next week. The Gold Drop project hosts dozens of surface and near surface gold- bearing quartz veins with over 30 known adits, shafts and pits. Several thousand tonnes of ore was mined from the property as recently as the 1980's. All mining to date has been focused on multi oz gold high grade vein material; modern geology techniques have not been applied.
Ximen is targeting three 2500 tonne bulk samples on these vein systems which have been traced on surface for over a kilometer. This system is associated with former mines on the property known as the Amandy, the Gold Drop, and the North Star mine systems. Veining within this system has pinched and swelled thoughout with greatest widths being as wide as ten feet and gold grades in the multi ounce range.
The former Dentonia mine, which sits in the middle of the Gold Drop project but is not part of the company's portfolio, has historic production of approximately 150,000 tonnes with an average grade of 10.8 g/t from a similar vein system. Alex McPherson, who worked underground at Dentonia during the most recent period of production there in the mid-1980's and who has intimate knowledge of the vein system, is part of Ximen's mining team. Along with Al Beaton, Mining Engineer, P.Eng., Alex will be involved in the work program on the Gold Drop.
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
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.
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. Recently the company has entered into a due diligence agreement with Huldra Silver Inc. for the purposes of determining the feasibility, terms and conditions of a proposal for the acquisition of Huldra Silver. 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.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
For further information, please contact Ward Kondas 604-488-3900 or by email at ward@ximenminingcorp.com .
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.
