VANCOUVER, British Columbia, Feb. 5, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to announce that it has closed its non-brokered private placement financing for a total of 3 million units at a price of $0.25 per unit in the capital stock of the Company for total proceeds of $750,000. Each unit consists of one common share and one half share purchase warrant. Each full share purchase warrant entitles the holder thereof to purchase one additional share of the Company at a price of $0.50 per share for a period of eighteen months from the closing date of the private placement. The term of the Warrants may be accelerated in the event that the Issuer's shares trade at or above a price of $0.55 per share for a period of 10 consecutive trading days. In such case, the Issuer may give notice, in writing and by way of news release, to the subscribers that the Warrants will expire 10 days from the date of providing such notice.
The Company is now expanding its technical team, and is addressing its marketing and community engagement programs. Meanwhile, the company is defining its 2014 work program for the Gold Drop and The Brett Gold Project(s), both located in southern BC.
The company is proceeding with permitting and discussions pertaining to the implementation of bulk samples and the work program for the Gold Drop project in Greenwood BC as suggested in the recently filed 43-101 for the Gold Drop property.
With regards to the Brett Gold project located near Vernon, the company is assembling the considerable exploration database. Epithermal gold mineralization was discovered on the Brett in the early 1980's and since that time, over 120 holes have been drilled on the property. High-grade bonanza vein style mineralization occurs along a northwest trending zone, and remains open on-strike and down dip. Low-grade bulk tonnage disseminated type mineralization also occurs on the property. In the past 30 years, since exploration of the property began, the understanding of the geological setting of the area, and of epithermal deposits in general, has expanded and matured. Ximen is now in a position to apply rigorous analysis and interpretation of the historical exploration data using this modern knowledge base, to further advance this exciting property. The company will be providing a work program with regards to this project once it has had sufficiently time to compile and analyze all the data that currently exists.
"This is an exciting property with all the characteristics one wants to see in an epithermal system. Ximen is in an excellent position to build on the previous exploration data to quickly advance this property."
Linda Caron M.Sc., P.Eng.
The Company is further pleased to report that one of Canada's brightest minds in the investment community Eric Sprott, who has a personal and professional investment focus in the precious metals sector, has taken a personal position in Ximen Mining. Mr Sprott's position if fully exercised would represent approximately a 9% interest in the issued shares of Ximen Mining Corp. The Company views Mr. Sprott's investment as confidence not only in Ximen's exploration and development potential, but as a vote of confidence in the stability of BC's mining jurisdiction.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
XIMEN MINING CORP.
On behalf of the board of directors
"Chris Anderson"
Christopher Anderson
Director, CEO, and President
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.
Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.