Ximen mining acquires historic BC gold-silver mines; shares up

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Ximen Mining Corp. [XIM-TSXV; XXMMF-OTCQB; 1XM-FSE] has acquired 100% interest in a property covering several historic gold-silver mines and prospects near Ymir in southeastern British Columbia. The transaction is subject to TSX Venture Exchange approval.

The new property consists of 11 mineral claims covering approximately 1,600 hectares, and covers the Protection (Goodenough), Blackcock, Arizona, Ymir-Good Hope, Commodore and part of the Ymir historic mines. The claims also cover four other known prospects with similar styles of mineralization including the Ymir Belle prospect from which a small amount of production was recorded. The past production and calculated grades are presented below.

Ymir – 109,644 oz gold (10.49 g/t)/459,238 oz silver (43.94 g/t)

Protection – 10,719 oz gold (22.54 g/t)/82,824 oz silver (174.20 g/t)

Blackcock – 1,024 oz gold (29.09 g/t)/3,127 oz silver (88.82 g/t)

Arizona – 148 oz gold (20.02 g/t)/232 oz silver (31.37 g/t)

Ymir-Good Hope – 29 oz gold (112.75 g/t)/127 oz silver (493.75 g/t)

Ymir Belle – 7 oz gold (24.22 g/t)/10 oz silver (34.55 g/t)

Commodore – 2 oz gold (1.38 g/t)/237 oz silver (163.80 g/t)

The new property also covers a tailings deposit from the historic Wilcox mine. The Wilcox mine was a small, high-grade gold producer with a mill that processed about 14,555 tonnes of ore between 1900 and 1940.

In 2005, the resource potential of the tailings deposit was estimated in a report titled Wilcox Mine Tailings – Gold Resource Evaluation by Doug Warkentin, PEng, of Crucible Engineering Services, Vancouver, B.C. Canada, dated Sept. 17, 2005.

The average grade of the tailings deposit was estimated at 3.09 g/t gold based on multiple assays of samples collected on a grid pattern. The tonnage was estimated at 12,387 tonnes, based on depth and specific gravity measurements. The in situ gold potential was then estimated as 1,230 ounces of gold. An average gold recovery rate of 80% was projected based on metallurgical test results available.

Ximen Mining is not treating this historical estimate as current mineral resources or mineral reserves. A qualified person has not done sufficient work to classify this historic estimate as current mineral resources or mineral reserves.

Ximen considers this historic mineral resource estimate to be relevant and reliant to the extent it was based upon the results of detailed sampling and metallurgical testwork. The historic estimate does not use the categories of measured, indicated and inferred mineral resources as defined by the Canadian Institute of Mining, Metallurgy and Petroleum and is non-compliant with NI 43-101 standards. A new sampling campaign would be required to establish a current resource estimate.

The company also acquired an additional five mineral claims covering approximately 589 hectares in the Hall Creek area from the same vendor that connect Ximen’s Rozan and Stewart properties. These claims also cover the Gold King, a small past producer of gold, silver and copper, and the Independence and Mammoth gold-copper-silver and cooper-molybdenum prospects.

The new land acquisitions add to the total land package that Ximen has assembled since first acquiring the Kenville gold mine. Earlier this year, properties were acquired from Emgold Mining Corp., Klondike Gold Corp. and 49er Creek Gold Corp. With this latest acquisition, Ximen’s land package in the Nelson-Ymir-Salmo area now amounts to approximately 16,495 hectares.

Ximen Mining owns 100% interest in three of its precious metal projects located in Southern British Columbia. Ximen has two gold projects, the Amelia gold mine and the Brett epithermal gold project. Ximen also owns the Treasure Mountain silver project adjacent to the past producing Huldra silver mine. Currently, the Treasure Mountain silver project is under an option agreement.

In early June 5 trading, Ximen Mining shares gained $0.07, or 12.7%, to $0.62 on a volume of 230,400 shares traded.

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