VANCOUVER, BC / ACCESSWIRE / June 28, 2016 / Ximen Mining Corp. ( TSXV:XIM) (“Ximen“) is pleased to announce that it has signed an option agreement (the “Agreement“) with REVOLVER RESOURCES INC. (TSXV: RZ) whereby Revolver may acquire 100% of Ximen’s Gold Drop property (the “Property”) in Greenwood, British Columbia (the “Transaction”).
Under the Agreement, Revolver may earn-in a 100% interest in the Property by making certain staged cash payments and share payments of common shares in the capital of Revolver 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 1,000,000 common shares of Revolver within five business days following the approval of the Transaction by the TSX Venture Exchange (the “TSXV“) and work expenditures on the Property of $1,000,000 (subject to a minimum of $150,000 of expenditures on the Property each year).
Ximen will retain a 2.5% net smelter return royalty (the “NSR Royalty“) which Revolver may buy down 1% of the NSR Royalty by paying $1,000,000 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 Revolver by paying to Revolver the amount of money equal to 30% of the total amount expended on the Property by Revolver. If Ximen exercises this joint-venture right, Ximen and Revolver will enter into a joint venture for the exploration and development of the Property. Details of the Agreement will be available on Revolver’s SEDAR profile at www.sedar.com.
Past production on the Gold Drop property is highlighted below.
Small-scale intermittent mining was conducted at Gold Drop, North Star, Amandy and Roderick Dhu veins during the period of 1919 – 1940. This included:
- North Star: 6,178 tonnes mined with 3.8 g/t Au and 76.9 g/t Ag recovered.
- Amandy: 1,059 tonnes mined with 10.0 g/t Au and 185.2 g/t Ag recovered.
- Gold Drop: 180 tonnes mined with 23.9 g/t Au and 143.4 g/t Ag recovered.
- Roderick Dhu 25 tonnes mined with 19.9 g/t Au and 275 g/t Ag recovered
To view the image for the Visible Gold from the Gold Drop property, please click on the following link:
https://www.accesswire.com/uploads/11851_image1.jpg
Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate.
David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release.
The Transaction is subject to, among other things, the completion of a National Instrument 43-101 technical report on the Property, and obtaining all necessary regulatory approvals, including the TSXV.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
Ximen Mining Corp. 604 488-3900
This News Release may contain forward-looking statements including but not limited to comments regarding the acquisition of certain mineral claims. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Revolver undertakes no obligation to update such statements, except as required by law.
Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that: the current price of and demand for minerals being targeted by the Company will be sustained or will improve; the Company will be able to obtain required exploration licences and other permits; general business and economic conditions will not change in a material adverse manner; financing will be available if and when needed on reasonable terms; the Company will not experience any material accident; and the Company will be able to identify and acquire additional mineral interests on reasonable terms or at all. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: that resource exploration and development is a speculative business; that environmental laws and regulations may become more onerous; that the Company may not be able to raise additional funds when necessary; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; potential inability to find suitable acquisition opportunities and/or complete the same; and other risks and uncertainties listed in the Company’s public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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.
SOURCE: Ximen Mining Corp.
ReleaseID: 441717
