Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) announced it has added a historic former producing gold mine to its portfolio of assets in British Columbia.
Shares of Ximen rocketed up almost 11% to C$0.83 in Canada and gained about 5% to US$0.59 in the US.
The Kenville gold mine near Nelson, British Columbia was first discovered in 1888 and mined intermittently until 1954, during which it produced over 2,000 kilograms of gold and 861 kilograms of silver.
The Vancouver-based exploration company entered into an option agreement with Don Althen, an arm’s length individual to the company, enabling Ximen to purchase all of Althen’s interest in the Kenville property.
READ: Ximen Mining expands footprint with new land package in historical mining region of British Columbia
Under the terms of the April 5 agreement, Ximen will pay Althen a total of 1.4 million shares of the company and around nearly C$1.7 million in cash and debt settlements.
The Kenville property was the first underground lode gold mine in British Columbia, and was once the largest producer in the Nelson mining camp, according to the company.
There have been multiple new targets and veins discovered recently, the company said in a statement.
Acquisition trail
The new agreement comes on the heels of last week's purchase of another former producing mine, Providence, in British Columbia, which sent Ximen shares rising nearly 9% on Friday in Canada.
--Updates with new share price--
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