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Ximen Mining poised to start work at Kenville gold project next week

The firm wants to breathe new life into the former mine, which reportedly produced 65,236 ounces of gold and 27,686 ounces of silver between 1889 and 1956

Ximen Mining Corp -
Since the beginning of the year, Ximen has bought several claim groups in the Nelson mining camp near the Kenville mine

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) has told investors it will start work at the Kenville gold mine project in British Columbia in preparation for mining now that it has completed a series of acquisitions in the area.

The firm wants to breathe new life into the former mine, which reportedly produced 65,236 ounces of gold and 27,686 ounces of silver between 1889 and 1956.

READ: Ximen Mining buys more ground near its Kenville gold mine project

The firm will kick off by refurbishing the existing portal to the mine, which will be utilized as an egress and ventilation for a new portal ahead of the start a new decline following ministry final approval of the development program.

"As early as next week we'll have boots on the ground, and the crew will begin refurbishing the Kenville mine portal before building the portal for the new decline," said Christopher Anderson, CEO.

"As soon as this part is finished, we can start cracking rock. The most exciting time for Ximen Mining starts right now!" he added.

Since the beginning of the year, Ximen has bought several claim groups in the Nelson mining camp near Kenville and its total holding now amounts to 14,234 hectares.

Meanwhile, in the Greenwood camp, Ximen recently acquired six claims covering 380.6 hectares from Saville Resources Inc, having bought one mineral tenure from a private party. Its holdings in the Greenwood area now total 17,152 hectares, not including Gold Drop (2,269 hectares).

At Greenwood, the plan for this year is to begin work Providence property once the snowpack has melted. This is set to include rock sampling, trenching and drilling.

At the Brett project near Vernon, BC, following approval for the program,  Ximen hopes to carry out a 200 metre extension of the underground drift along the Main zone and underground diamond drilling of the main and parallel zones.

Looking for new ground

Also in today's statement, Ximen noted that amid current market conditions, it is actively pursuing opportunities to increase its precious metals land-holdings in southern British Columbia.

"With shareholder support, the input from Ximen's Financial advisors at Laurentian Bank and the continued support from the $8,000,000 credit facility that allows Ximen to access capital when required via private placements, has put the company in the fortunate position to take advantage of opportunities resulting from the current market environment," CEO Anderson said.

Further the company announced that it has closed the first tranche of the placing announced on March 5 this year, raising gross proceeds of C$600,000.

Net proceeds will be used for exploration in British Columbia, it said.

Shares in Toronto nudged up 1.32% in early deals to C$0.38.

Contact the author at [email protected]

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Price: 0.72 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $37.07 m
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