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Ximen Mining poised to bring in C$350,000 for British Columbia exploration

The financing is a private placing of 897,436 flow-through shares at a C$0.39 a throw for gross proceeds of $350,000

Ximen Mining Corp -
The financing is a private placing of 897,436 flow-through shares at a C$0.39 a throw for gross proceeds of $350,000

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) is set to raise C$350,000 to be spent on exploration at its British Columbia assets. 

The financing is a private placing of 897,436 flow-through shares at a C$0.39 a throw for gross proceeds of $350,000. 

Each flow-through share qualifies as a "flow-through share" as defined in the Canadian Income Tax Act. 

READ: Ximen Mining reveals copper, gold and silver finds at Treasure Mountain property

Net proceeds will be used by the company for exploration expenses on the company's British Columbia mineral properties.

In late November, the firm updated on this year's exploration at the Treasure Mountain Silver property in BC, which is held under an option agreement with New Destiny Mining Corp.

The property consists of 43 claims over 10,918 hectares, covering gold, silver, copper, lead and zinc and work has focused on the Superior (Lucky Todd) and Railroad copper occurrences.

At Railroad, trenching was done at the main adit and nine consecutive rock chip channel samples were collected from the trench as well as inside the adit.

A highlight result was a 1.7 metre wide sample across a zone of chalcopyrite mineralization in sericite schist that returned values of 264 ppm (parts per million) silver and 1.06% copper, with elevated arsenic (106 ppm arsenic) and antimony (439 ppm).

At Superior (Lucky Todd), 73 metres was excavated in three trenches that exposed quartz veins up to 10 centimeters in thickness.

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.42 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $19.99 m
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