VANCOUVER, British Columbia, July 16, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (OTCQX:XXMMF) (the "Company" or "Ximen") is pleased to announce that it has signed an option agreement with North Bay Resources Inc. (OTCQB:NBRI) to acquire the Bouleau property which is adjacent to the Company's Brett property located near Vernon, BC. The option allows the Company to acquire a 100% interest in 2,045 contiguous hectares with no NSR or work commitments. The majority of the claims are in good standing until 2018.
The property covers highly prospective ground indicated by RGS geochemical results and heavy mineral sampling results from various operators working in the area in the late 1980's and early 1990's. The property includes a variety of precious metals mineral occurrences including the Boul (MinFile 082L-SW069), Siwash (MinFile 082L-SW046) and Wedge (MinFile 082L-SW073) instrusive-hosted low sulphidization epithermal Au-Ag quartz carbonate vein prospects occurrences. Assay values up to 27 grams per tonne gold and 180 grams per tonne silver are reported. The Siwash showing hosts a large alteration zone with silica flooding, chalcedonic quartz stockworks and hematitic and goethite staining which is 3,000 by 750 by 150 meters in area.
North Bay Resources announced last year a completely new and previously undiscovered gold zone on the western claims. A successful Pilot HMC (Heavy Metal Concentrates) geochemical program on the property was conducted. Among the very positive results, one spectacular sample in particular ("NB-60") generated a great deal of interest, not just due to its high assay value of 95.6 grams (3.07 ounces) per tonne gold, but because the sample came from a highly altered area in the Western Zone that has geological similarities to the Brett occurrence. In addition to the high grade and strategic location, the gold particles in this sample were pristine, angular in shape, and with sharp edges that suggest they are "low transport gold" and have not traveled very far. This further suggests potential for a blind lode gold deposit close by, similar to, or possibly an extension of, the nearby Brett deposit.
During the 2013 field season, a second HMC program was commenced to follow up on the previous findings along trend, and to further evaluate the alteration zone and the area where sample NB-60 was found during the 2011 sampling program. This program was concluded in July 2013 with 46 samples collected and located an as yet undiscovered alteration zone up slope and up ice from these recent high gold values. Further work will be required to determine if this newly discovered alteration zone is the cause of the highly anomalous gold assays.
The 2013 HMC program has resulted in an expansion and further delineation of the alteration zone found in 2011, and the discovery of a completely new and previously undiscovered target area about 400 metres west of where sample NB-60 was taken. The results of this HMC program are extremely positive and encouraging. At least 5 samples (NB-106, NB-107, NB-126, NB-137, and NB-138) confirmed and further delineated the presence of highly anomalous gold particles in the soil upslope from both NB-60 and the large alteration zone discovered during the initial HMC program in 2011. The recently concluded 2013 HMC project produced assays as high as 9.75 g/t (sample NB-137) from the original target area. New and very positive results downslope from the newly discovered alteration zone, about 400m west and upslope from NB-60, produced high gold values from three samples; NB-126 (8.0 g/t), NB-163 (2.29 g/t), and NB-164 (2.53 g/t). These samples were all taken very close together and point to this new target area upslope.
The Company believes that given the exploration results to date, this acquisition is geologically compatible to the exploration results received to date on the surrounding Brett property.
Patrick Forseille, P. Geo., a Qualified Person as defined by NI 43-101 is responsible for the technical information contained in this release.
Deal Terms
Under the terms of the option agreement, Ximen, as operator, can acquire a 100% undivided interest by making cash option payments of $300,000 over two years and issue $300,000 in Ximen shares over two years. The option agreement is subject to TSX approval.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project 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.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
For further information, please contact Ward Kondas 604-488-3900 or by email at ward@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.