Ximen Mining (TSX-V: XIM) CEO Christopher Anderson on Recent News from the Ximen Portfolio of Properties, Including Visible Gold and Exceptional Assays
Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the President and CEO of Ximen Mining (TSX-V: XIM)(OTC: XXMMF), Mr. Christopher Anderson. Chris, how are you this afternoon?
Chris Anderson: Excellent, Gerardo.
Gerardo Del Real: It's getting busier out there. Gold closed today at the $1,400 level. Nobody believes this rally, which makes my contrarian heart smile.
You have done an excellent job of positioning shareholders during the bear market, setting them up for success, frankly, by bringing in some pretty attractive properties. You also just announced an $8 million equity facility earlier in the month. You also have some partner-funded drilling.
So a lot going on. I would love a brief update on each of those. Thanks again for coming on.
Chris Anderson: Thanks for having me. Yeah, we've been doing pretty good. And we've put together an excellent portfolio of assets, and we've been lucky that during this period we've been able to get these assets. I mean, I don't think we'd ever have a chance now that $1,400 gold is here, I don't think we'd have a chance at these now, but we're excited about the road going forward.
Our key asset, which was the Brett Project, we just put out some news on that. We've been looking at doing some permitting and getting in there to do some underground development and some underground exploration drilling in there.
Over the beginning of the year, we got an opportunity to acquire the Kenville Gold Mine that we've been pursuing for several years now, that was held by a private company. We've gone in, made arrangements with all the individual shareholders in there, converted them over to Ximen shareholders. So we've picked up a fantastic assembly of optimistic and encouraged shareholders, now that they can see the Kenville Project has got an opportunity to move forward.
We also picked up another asset from Huakan, one of the large independent mining companies out of China. They wanted to be a shareholder with us. We picked up one of their assets, a complete share exchange arrangement that we did with them.
We're excited about Kenville and moving forward on that. That project's got 120 acres in the company with all the buildings there, all the equipment's there, permits are in place. We're going to be moving aggressively on that. We just needed to arrange some funding.
As you mentioned in your opening introduction, we brought in Alumina Partners for an $8 million credit facility. So we've got some news coming about imminent work moving forward on that, which we're excited about.
You also talked about one of our option partners continuing drilling. They've put out some news. They drilled now about 32 holes that they've completed so far, and they've moved up to the north end of the vein and continuing to drill up there.
So we're excited about all of that. I think there's a steady flow of news coming for Ximen, and so we're excited about how things have developed in the company at this point.
Our share price is holding in. We seem to be doing pretty good there, and we only got 38 million shares out at the moment. Yeah, we're very excited about the way things are going.
Gerardo Del Real: Excellent. You mentioned the drilling by your partner there, on the C.O.D. North Vein Gold Drop property. I couldn't help but notice in their news release, and frankly on yours as well, there was mentioned of visible gold and visibly mineralized, possibly with gold mineralization. Right?
Chris Anderson: Yeah. That Greenwood camp is a very exciting camp to work in. The Gold Drop property, there's multiple high-grade veins in there. They're only working on one vein, but there's multiple high-grade veins in there. There's a lot of visible gold within that camp. I have personally seen it myself. It's a very exciting camp, and I think that they're going to be able to develop something there shortly if they continue drilling, doing what they're doing. They're doing a good job, and they seem to be moving forward. We'll find out. The drill always tells the tale, so they got quite a few holes yet to come out. They're putting them in for assays. We'll find out, but the holes that have been drilled there have been pretty excitable – exceptional, I should say so far. But we'll see. It takes a while. You've got to build a resource.
Gerardo Del Real: Absolutely. No, I would say exceptional and excitable. I think both those words are appropriate. Tell me a bit about the $8 million credit facility. It's over a 24-month period. It, obviously, gives you the flexibility to be pretty aggressive. Shareholders, frankly, are in the enviable position of having what could be multiple company makers in the portfolio.
How do you plan on allocating? You mentioned the drill bit. How do you plan on allocating that $8 million over this 24-month period?
Chris Anderson: Well, I think our attention is going to be focused on moving forward on the Kenville. That's got the greatest potential to move to production out of everything within our portfolio at the moment. Privately they were working towards that. They had a permit in place to do 1,200 meters of underground development, 20,000 meters of what they defined as underground definition drilling, where they were going to block out vein material, ore material.
So we want to pick up where they put the ball down and move forward on that. Now that we've got the Kenville in our wheelhouse, and we've got control of the asset, we're going to move aggressively towards advancing that asset. Phase one in that development there will be getting the permits re-established and making sure all that's in good standing, and then moving in where they were going to move in and start. With that asset, we've got there all the buildings are in place, permits we believe are in good standing, the 120 acres of surface rights, and the underground rights. We have no issues there as far as we can see.
The area that we're looking at is what we believe, or the geologists believe is the extension of the original Kenville Mine. We're looking at moving that forward, and I think that's where we'll be deploying that capital first.
Gerardo Del Real: Excellent. Well, I'm looking forward, Chris, to having you back on. It's going to be an exciting second half of the year. I mentioned the backdrop, $1,400 gold. Let's see if it holds. All the technicals look great. I know it tends to be the summer doldrums this time of the year, but you have a lot of exciting stuff going on.
Chris Anderson: Yeah. I don't think you're going to be stalled for news releases coming out of Ximen. I think we'll have a fair good flow of news flow going forward here.
Gerardo DelReal: Fantastic. Looking forward to it. Thanks again, Chris.
Chris Anderson: Thank you.