Ximen Completes Agreement on Gold Drop Property, Greenwood, BC
Vancouver, British Columbia (FSCwire) - (TSX-V: XIM) Ximen Mining Corp. (the "Company" or “Ximen”) is pleased to announce that further to its news release of June 28, 2016, that the TSX Venture Exchange (the “TSX-V”) has granted final approval of the Acquisition whereby Revolver Resources may acquire 100% of the Gold Drop property located in Greenwood, British Columbia (the “Transaction”). Under the terms of the option agreement with Ximen Mining Corp., the Company may earn a 100% interest in the Gold Drop property by making certain staged cash payments and share payments of common shares in the capital of the Company to Ximen over a four-year period equal to a total of $400,000 ($100,000 each year) in cash and such number of common shares equal to $600,000 ($150,000 of common shares each year subject to a minimum of 250,000 shares each year), in addition to one million common shares of the Company within five business days of TSX-V approval of the Transaction, and work expenditures on the property of $1-million (subject to a minimum of $150,000 of expenditures on the property each year). Ximen will retain a 2.5-per-cent net smelter return royalty, of which the Company may buy down 1 per cent by paying $1-million to Ximen. Upon the acquisition of the property, Ximen will have a right for nine months thereafter to elect to form a joint venture with the Company by paying to the Company the amount of money equal to 30 per cent of the total amount expended on the property by the Company. If Ximen exercises this joint venture right, Ximen and the Company will enter into a joint venture for the exploration and development of the property.
On behalf of the Board of Directors,
“Christopher R. Anderson.”
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
604 488-3900
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in three precious metal projects, The Gold Drop Project, Brett epithermal Gold Project and the Treasure Mountain Silver Project all located in southern British Columbia. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG as well in the USA on the OTCQX under the symbol XXMMF.
For further information please visit our website www.ximenminingcorp.com.
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Ximen07272016.pdf
Source: Ximen Mining Corp. (TSX Venture:XIM)
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