viewXimen Mining Corp

Ximen Mining making good progress towards production of first gold Dore bar from its Kenville project

The company is currently refurbishing the existing 257 portal at the historic Kenville gold mine

Ximen Mining Corp -
Geotechnical drilling and bolting is underway to secure the overburden above the portal excavation at Kenville

Ximen Mining Corp (CVE:XIM) (OTCQB:XXMMF) said Tuesday that work on its Kenville gold project is progressing towards producing its first Dore bar from the historical mine.

The company is currently refurbishing the existing 257 portal at Kenville and geotechnical drilling and bolting is underway to secure the overburden above the portal excavation.

“Once the 257 portal rebuild is complete, we can focus on producing the first Dore bar and work can proceed on starting the new decline following final ministry approval of the program,” Ximen told shareholders in a statement.

READ: Ximen Mining expects to have completed new portal at Kenville gold mine in July

The Vancouver-based firm is aiming to bring the underground mine in Nelson, British Columbia, back to life. The site reportedly produced 65,236 ounces of gold and 27,686 ounces of silver between 1889 and 1956.

The portal will give access to the Kenville mine 257 Level, which will be used later when it is connected to the new decline by a raise, Ximen reported recently.

The exploration firm holds around 86,448 hectares of land in southern British Columbia, including its newly-acquired Venus and Juno precious metal projects that surround the Kenville operation.

Another historic mine, Venus and Juno combined produced 5411 tonnes over its production span in the early 1900s and the 1930s, according to Ximen. Production records indicate an average grade of 19.8 grams per tonne gold and 17.7 grams per tonne silver, with minor copper and lead.

Ximen has a portfolio of assets spanning over 146 acres in some of the most prolific gold camps in southern British Columbia.

Shares of Ximen gained 10.9% to reach C$0.51 in Toronto on Tuesday afternoon.

--Updates for share price--

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Ximen Mining Corp

Price: 0.36 CAD

Market: TSX-V
Market Cap: $25.49 m

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