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Ximen Mining laying railway track at Kenville project; closes C$408,000 placing

It is refurbishing the existing entrance to the mine, so the group can access mineralization, which was outlined in a resource estimate of 2009

Ximen Mining Corp -
Rail ties and track are being laid in the new portal culvert section to connect with the mine

Ximen Mining Corp (CVE:XIM) (OTCQB:XXMMF) (FRA:1XMA) is making good progress at its historic Kenville gold mine in British Columbia, where railway track is now being laid to connect to the mine, the firm said, as it also revealed it had closed a C$408,000 placing. 

Ximen is refurbishing the existing portal (entrance to the mine) so the group can access mineralization, which was outlined in a resource estimate of 2009, and as reported in September, a new steel opening was constructed. 

READ: Ximen Mining says rock chip sample results from Amelia property in BC show significant gold and silver

"The culvert has been constructed and placed on graded bedding. Cement block retaining walls were constructed and placement of back-fill is nearly complete. Also, rail ties and track are being laid in the new portal culvert section to connect with the mine," the firm said in the statement.

The Kenville mine in the Nelson camp reportedly produced 65,236 ounces of gold and 27,686 ounces of silver between 1889 and 1956.

Permitting on the new decline is advancing with public notifications completed and other minor additions to the application complete, added Ximen. An updated application will be submitted within days.

In the private placing, the firm issued 1.6 million units at C$0.255 each.

Each unit consists of one share and one common share purchase warrant. Each whole warrant allows the holder, for 24 months from issue, to buy one further common share at an exercise price of C$0.35 each.

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.34 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $24.07 m
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