VANCOUVER, BC / May 11, 2023 / Ximen Mining Corp. (TSXV:XIM) (FRA:1XMA) (OTCQB:XXMMF) (the “Company” or “Ximen”) announces results from rock and soil geochemical surveys conducted on the Quartz Mountain property in 2022. Rock sampling of the Anderson’s Pit area yielded 12.2 g/t Au, 62.2 g/t Ag, and 2.9 wt.% Pb on a channel sample of 1.2 m.

Ximen’s Quartz Mountain property is located 12.5 km southwest of Kimberly, B.C. and 22 km west of Cranbrook, BC. The property consists of two blocks of claims covering 3,829 hectares and 13 mineral occurrences. The northern block was explored in 2022 and covers 8 mineral occurrences with past production and known showings of gold. Field work in 2022 consisted of GPS surveying of historic workings, verification sampling of known gold occurrences, soil geochemistry, and drone photogrammetry.

The Quartz Mountain property straddles Perry Creek, on which there are modern and historic placer gold workings. Perry Creek lies near the center of the 100 km long and 30 km wide Kimberley Gold Trend, which covers placer gold deposits on the Wild Horse River, Perry Creek and the Moyie River. Originally discovered in 1864, available information suggests at least 1.5 million ounces of gold have been recovered and small placer operations continue on each of these water courses today, 150 years after discovery. A significant lode gold source for the rich placer deposits has not been discovered, although many occurrences have been located (Geoscience BC Report 2015-1). The Kimberley Gold trend is centered around the St. Mary’s and Moyie faults and overlies the Vulcan basement tectonic zone which influenced structural development and helped focus fluid flow during Jurassic and Cretaceous folding, faulting and intrusion (Thompson, 2010).

Map showing soil geochemical survey and rock sample results from Anderson’s pit area.

On the Quartz Mountain property, Anderson’s pit was mined historically (381 tonnes, 102 ounces gold, 167 ounces silver and 200 kg lead according to BC Minfile records). It consists of a quartz vein with a true thickness of about 2.5 m that is oriented 175/40°W. Rock chip sampling in 2022 yielded 12.2 g/t Au, 62.2 g/t Ag, and 2.9 wt.% Pb on a channel sample of 1.2 m. A soil geochemical survey conducted northeast from Anderson’s pit showed a gold anomaly extending along the projection of the vein (see map). Analytical results ranged from the detection limit of 0.001 to 0.167 ppm gold. The results are also encouraging because the orientation of the vein and trend of the soil anomaly coincides with the orientation of the Perry Creek fault, suggesting this fault is a fundamental control on the location of the gold mineralization. A subparallel gold anomaly is seen further east, and an isolated anomaly occurs on the easternmost extent the soil grid that coincides with another occurrence named “Gold”. The local geological structure is an antiform within the Creston Formation, and the interpreted hinge area coincides with the Perry Creek fault, close to the Anderson’s pit. This fold structure may be another control on the localization of gold.

Plans for 2023 are to extend the soil geochemical grid to the east. Geochemical surveys will also be done at other occurrences on the property.

Soil geochemical analyses reported herein consisted of aqua regia digestion and ICPMS (Inductively coupled plasma – Mass Spectroscopy) determination on a 50-gram sample. This multielement package provides results for 51 elements including gold and silver. Quality control blank and certified reference samples were inserted into the sample stream at a frequency of 1 in 20 for each type, or one control sample every 10 samples. Rock geochemical analyses reported herein were by fire assay of a 50 gram sample and determination by atomic absorption spectrometry.

Readers are cautioned 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 records referred to in this News Release are accurate.

Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.

On behalf of the Board of Directors,

“Christopher R. Anderson”

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects, The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under an option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.

Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL.

This press release contains certain “forward-looking statements” within the meaning of Canadian securities This press release contains certain “forward-looking statements” within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

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.