Emgold Sells Its B.C. Assets to Ximen Mining

About this update from Emergent Metals Corp

[{"type":"text","content":"Emgold Sells Its B.C. Assets to Ximen MiningVANCOUVER, BC / ACCESSWIRE / February 26, 2020 / Emgold Mining Corporation (TSXV:EMR)(OTC:EGMCF)(FRA:EMLM) (\"Emgold\" or the \"Company\") announces it has signed a Property Acquisition Agreement and will sell its Stewart and Rozan Properties, located in British Columbia, to Ximen Mining Corporation (TSXV: XIM, OTCQB: XXMMF, FRA: 1XMA) (\"Ximen\"). Ximen owns the former producing Kenville Gold Mine located in the Nelson Mining District as well as other properties in southern B.C. One of Ximen's goals is to bring the Kenville Gold Mine back into production.Key points of the transaction include:C$100,000 paid to Emgold in cash at closing;1.275 million Ximen shares paid to Emgold at closing;1.275 million share purchase warrants provided to Emgold at closing allowing Emgold to purchase common shares of Ximen at a price of C$0.45 per unit exercisable for a period of 3 years, increasing to C$0.55 per unit and exercisable in years 4 and 5;Emgold will transfer any B.C. Portable Assessment Credits related to exploration on Stewart and Rozan to Ximen as part of the transaction.Rozan is a 1,950 ha property located just to the southeast of the Kenville Property. Stewart is a 5,789 ha property located approximately 10 km south of the Kenville Property. Exploration by Emgold and others on Rozan had identified a number of gold targets and the geologic structures found at the Kenville Mine appear to trend southeast onto the Rozan Property. There Stewart Property is a polymetallic property with known occurrences of gold, silver, molybdenum, and tungsten defined by Emgold and others. The transaction is subject to TSX Venture Exchange approval.David Watkinson, President and CEO of Emgold stated, \"The sale of Rozan and Stewart is part of Emgold's strategy to focus its exploration efforts on properties located in Quebec and Nevada. Emgold is pleased to have monetized these assets through this transaction with Ximen. Ximen is focused on exploration in the Nelson mining district, and a share and warrant position in Ximen provides potential upside to our shareholders if Ximen is successful in bringing the Kenville Mine back into production, as well as through other endeavors they are working on.\"About EmgoldEmgold is a junior gold and base metal exploration company focused on Nevada and Quebec, the #1 and #...

More updates from Emergent Metals Corp