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Ximen Mining expands footprint with new land package in historical mining region of British Columbia

Shares soar as the gold explorer acquired 17 new mineral tenures, including the past producing Providence precious metals mine

Gold in rocks
The Vancouver-based company’s land hosts several past producing mines and known mineral occurrences

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) announced Friday that it had acquired nearly 13,000 hectares of land near the Gold Drop property in British Columbia, Canada.

Shares of Ximen soared over 11% on Friday afternoon to sit at C$0.77 in Canada, and were up almost 18% to US$0.56 on Friday in the US.

The new land package comprises 17 mineral tenures surrounding the Gold Drop property that is under an option agreement with Ximen's partner GGX Gold Corp (CVE:GGX) (OTCQB:GGXXF), and adjoins a large swatch of land currently being explored by major gold producer Kinross Gold Corp (NYSE:KGC) (TSE:K) .

The Vancouver-based company’s land hosts several past producing mines and known mineral occurrences, including the Providence mine that operated for nearly 80 years and produced 183 kilograms of gold and nearly 43,000 kilograms of silver.

READ: Ximen Mining's option partner GGX Gold set to start diamond drilling at Gold Drop in April

Ximen’s field crew recently visited the Providence claim to collect new samples for the historic mine. Results showed significant gold and silver values of 2.87 grams per ton gold and 127 grams per ton silver.

At Gold Drop, GGX Gold has drilled 71 holes, two of which intercepted around 108 grams per ton gold and 880 grams per ton silver over about 7 metres.

--Updated to reflect current share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.5 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $28.07 m
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