Ximen Completes Final Excavation for Kenville 257 Portal and Moves Permit Ahead for New Decline

VANCOUVER, BC / ACCESSWIRE / August 21, 2020 / Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to provide the following update on progress at the Kenville Gold Mine project in the Nelson mining camp in southern British Columbia.

Work on the 257 portal continued with excavation of overburden to expose the portal rock face. Timber and steel sets will be installed prior to placement of the new portal steel culvert. Finally, the overburden will be backfilled around the portal culvert. After the new portal has been established, the underground workings will be accessed to verify the 2009 historic resource estimate (described in a previous news release dated April 8, 2019).

Photo of scooptram at Kenville 257 Portal at final stage of excavation.

Photo of scooptram carrying large boulder.

Photo of scooptram at 257 Portal showing screening above portal entrance.

Update on New Decline

The regulatory authorities reviewed Ximen’s updated permit documents for the new decline and have now requested the Company to initiate public notification under for the Environmental Management Act. A final application will then be submitted that includes a report on the notification process. Approval of the new underground development program is anticipated once this process and other information has been submitted as part of the final submission.

Final Report Received for Metallurgical Test

The Company recently received a final report on the metallurgical test work completed by Met-Solve Laboratories Inc of Langley, B.C.

Initially, three samples were combined to form a 51kg composite sample with a predicted gold grade of 17.16 g/t gold based on individual assays of the three samples.

A 10 kg sample was ground to a P80 of 147 μm and then subjected to a single-stage Falcon gravity concentration test. The concentrate was panned and determined to recover 39.3% of the Au at a grade of 11,225 g/t Au. A silver recovery of 8.6% Ag at a grade of 4,577 g/t Ag was achieved. The results indicate that the material is amenable to gravity concentration, primarily for gold recovery, and that a high grade gold concentrate can be produced. A 2 kg subsample of the gravity tailings were subjected to rougher flotation. The rougher flotation test on the gravity tailings achieved an additional overall gold recovery of 59.7% and an additional silver recovery of 86.4% in a mass yield of 15.0%.

The combined gravity-flotation recoveries were 99.0% Au and 95.0% Ag respectively.

On a separate 2 kg subsample of the gravity tailings, the rougher flotation procedure was repeated for the purpose of generating a rougher concentrate for cleaner flotation testing. The objective of the cleaner flotation test is to improve the precious metal grades of the final flotation concentrate. Both the rougher and cleaner flotation tests were performed at natural pH, using the reagents Potassium Amyl Xanthate (PAX) as the primary collector, Aerophine 3418A as the promoter and Methyl Isobutyl Carbinol (MIBC) as the frother.

The combined recovery of the gravity-rougher flotation test was 98.9% Au and 87.8% Ag in 16.4% of the mass at concentrate grade of 83.6 g/t Au and 150.1 g/t Ag. The cleaning efficiency, gained by simply diluting the flotation pulp to between 11% and 14% solids, was respectable as minimal gold loss occurred between cleaning stages. Overall, the rougher concentrate was upgraded from 40.3 g/t Au and 132.9 g.t Ag to 86.5 g/t Au and 255.0 g/t Ag. Combined with the rougher flotation results achieved from the first test, there is a strong indication that a much higher cleaner flotation concentrate grade may be generated; further flotation testing on a larger subsample of the gravity tailings is recommended.

Acid-base accounting (ABA) analysis of the final tailings of the Rougher-Cleaner Flotation test showed a low Acid Producing AP value of 1.6. This is attributed to the removal of the majority of sulfides through flotation, significantly lowering its acid generating potential. The Net Neutralization Potential (NNP) and Neutralization Potential Ratio (NPR) values of the process tailings (117.5 and 76.2, respectively) indicate that it is non-acid producing.

The metallurgical test results demonstrate that material from Ximen’s Kenville mine is amenable to gravity-flotation processing at a facility such as the nearby Greenwood mill of Golden Dawn Minerals Inc. The Acid-base accounting results indicate the final tailings will not be acid generating.

For the metallurgical work, gold and silver concentrations were determined by MSA Labs of Langley, B.C. by the Fire Assay method using a 30 gram fusion and either AAS or gravimetric finish, or by peroxide fusion using an ICP-ES finish. Internal standards, blanks and duplicates were used to monitor quality control.

Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.

On behalf of the Board of Directors,

“Christopher R. Anderson“

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:
Sophy Cesar,
604-488-3900,
ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s 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 a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.

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 1XMA and WKN with the number as A2JBKL.

This press release contains certain “forward-looking statements” within the meaning of Canadian securities This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

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.

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.

SOURCE: Ximen Mining Corp.

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