Metallurgical Test Results: Today, Ximen Mining Corp. announced the receipt of metallurgical test results for its Kenville Gold Mine Project near the city of Nelson in southern British Columbia, Canada.

1. May 22, 2020May 22, 2020
Report #21Report #21
Gold, Silver, Tellurium, CopperGold, Silver, Tellurium, Copper
in southern British Columbia, Canadain southern British Columbia, Canada
Metallurgical Test Results
99% GOLD RECOVERY AT XIMEN MINING‘S
KENVILLE GOLD MINE PROJECT
IN SOUTHERN BC
According Ximen’s press-release:
“The Kenville material responded
exceptionally well to both gravity and
flotation. The combined gold recovery is
99%,..”
“The test work started with a sample
composited from the Kenville mineral-
ization. Material was sorted on the basis
of visible sulphide mineralization and
separate lots were assayed. Portions of
high-grade and low-grade material were
then combined to give a weight average
grade approaching the expected grade
of material to be mined from Kenville
0.5 ounce per ton gold (17.1 grams per
tonne) when the project proceeds to a
Bulk Sample. The resultant composite
assayed 16.27 grams per tonne gold
and 35.60 grams per tonne silver (0.475
ounce per ton gold, 1.0 ounce per ton
silver). The material was then subjected
to gravity gold recovery and flotation
testing aimed at approximating the pro-
cess at the target processing plant.”
Today, Ximen Mining Corp. announced the receipt of metallurgical test results
for its Kenville Gold Mine Project near the city of Nelson in southern British
Columbia, Canada.
Ximen Mining Corp.
888 Dunsmuir Street – Suite #888
Vancouver, BC, Canada V6C 3K4
Phone: +1 604 488 3900
Email: office@ximenminingcorp.com
www.ximenminingcorp.com
ISIN: CA98420B2003
Shares Issued & Outstanding: 56,145,451
Chart Canada (TSX.V)
Canada Symbol (TSX.V): XIM
Current Price: $0.48 CAD (05/21/2020)
Market Capitalization: $27 Million CAD
Chart Germany (Tradegate)
German Symbol / WKN: A2JBKL / 1XMA
Current Price: €0.31 EUR (05/20/2020)
Market Capitalization: €17 Million EUR
Company Details

2. On March 20, 2020, Ximen provided
an“update on recent property acqui-
sitions and upcoming activities in the
Nelson and Greenwood mining camps
in southern British Columbia“, with
Chris Anderson (CEO & President) com-
menting as follows:
“Now that we have completed this part
of our acquisition plan, we will move
forward at Kenville as planned to start
mining. As early as next week we’ll have
boots on the ground, and the crew will
begin refurbishing the Kenville mine
portal before building the portal for
the new decline. As soon as this part is
finished, we can start cracking rock. The
most exciting time for Ximen Mining
starts right now!”
The following“2020 Work Programs“ at
Kenville are planned as per the March
20 news-release:
“At the Kenville Gold Mine, the Company
will start work imminently on refurbis-
hing the existing portal to the Kenville
mine which will be utilized as an egress
and ventilation for the new Portal. Once
that is complete, work can proceed on
starting the new decline following mi-
nistry final approval of the development
program.
“In light of the current market condi-
tions Ximen is actively pursuing op-
portunities and synergies to increase
its precious metals land holdings in
southern BC with the objective of being
able to build resources in the region. Wi-
th shareholder support, the input from
Ximen’s Financial advisors at Laurentian
Bank and the continued support from
the $8,000,000 credit facility that allows
Ximen to access capital when required
via private placements, has put the com-
pany in the fortunate position to take
advantage of opportunities resulting
from the current market environment.“
On May 15, Ximen announced plans for
the exploration season to begin in the
next weeks:
“The field season will begin in June and
we anticipate initiating drilling activities
immediately on the existing permitted
areas, we see a very busy season ahead.
2 Report #21 | Ximen Mining Corp.
Sources: Mining.com (2017) / The stated gold recoveries are sourced from company
reports (here, here, here, here, here) / Ximen’s gold recovery from initial metallurgical
test results and the stated gold grade as per Ximen’s news as of May 22, 2020: “Por-
tions of high-grade and low-grade material were then combined to give a weight
average grade approaching the expected grade of material to be mined from
Kenville 0.5 ounce per ton gold (17.1 grams per tonne) when the project proceeds
to a Bulk Sample.” (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.) Cautionary Statements: It is noted that the results of
other gold mining projects (as presented in this table) are not necessarily indicative
of the potential of Ximen’s Kenville Gold Mine Project and should not be understood
or interpreted to mean that similar results will be obtained from the Kenville Project.
Note that the mineralogical and metallurgical qualities and indications of other gold
mining projects are not necessarily indicative of the qualities or potential of the
Kenville Gold Mine Project, and that such disclosure should not be relied upon by in-
vestors. Moreover, Ximen may decide to advance its Kenville Project into production
without first establishing mineral resources supported by an independent technical
report or completing a feasibility study. A production decision without the benefit of
a technical report independently establishing mineral resources or reserves and any
feasibility study demonstrating economic and technical viability creates increased
uncertainty and heightens economic and technical risks of failure. Historically, such
projects have a much higher risk of economic or technical failure. Please read the full
disclosure, forward-looking statements and risks at the end of this report.
The World's Highest-Grade Underground Gold Mines
Mine Country Owner Gold Grade Gold Recovery
1. Fosterville Australia Kirkland 21.50 g/t 97.3%
2. Yaramoko Burkina Faso Roxgold 17.60 g/t 98.6%
3. Segovia Colombia Gran Colombia 17.48 g/t 90.5%
4. Cerro Negro Argentina Goldcorp 16.74 g/t 90.0%
5. Turquoise Ridge USA Barrick 15.22 g/t 91.0%
Average 17.71 g/t 93.5%
Kenville Canada Ximen 17.10 g/t 99.0%
The diagram above depicts the test program executed for the Kenville Gold Mine
Project (Source: Ximen’s news as of May 22, 2020)

3. Further updates on drilling start dates
and an update on the progress at the
Kenville Gold mine and our activities
there shall follow shortly.“
On May 20, Ximen announced to be
“Ready to Start Drilling in the
Greenwood Camp“ and that the
company“will commence the 2020
exploration season with exploration
work on its Providence property in the
Greenwood mining camp in southern
British Columbia.“
Previous Coverage
Report #20:“Hooray, Hooray: Ximen
Mining is Back!“
Report #19:“Stock Market Crash and
Gold Stocks: The X-Factor Poised to
Separate the Wheat from the Chaff Now“
Report #18:“Ximen Mining engages
Laurentian Bank Securities to act as
strategic financial advisors“
Report #17:“Shallow and deep drilling
at Gold Drop produce highly promising
results and findings“
Report #16:“The Drill is Turning to
Uncover the Stargate II Anomaly: A
Large Gold Pipe?“
Report #15:“Ximen targets first gold
bar pour this year from bulk sampling at
Kenville“
Report #14:“All Eyes on Gold Drop and
Stargate II“
Report #13:“Ximen is pressing ahead
aggressively with its goal of becoming
a gold producer, mining plan now
revealed“
Report #12:“Ximen frees Kenville Gold
Mine from royalty burden, making it
more attractive for development“
Report #11:“The Beauty of High-Grade
Gold (and Silver!): Ximen Cuts to the
Chase, Expands Work Efforts on Multiple
Properties in Southern British Columbia“
Report #10:“Ximen Mining: Paving the
road(s) to success“
Report #9:“Ximen takes a shot at
history, focuses on acquiring the
Kenville Gold Mine“
Report #8:“Industry inquiries persuade
Ximen‘s partner to re-assay drill core for
tellurium“
Report #7:“Ximen Hires B.C. Mining
Expert Dr. Mathew Ball“
Report #6:“Location is Key for Ximen‘s
Treasure Mountain Project“
Report #5:“The Unprecedented Gold-
Silver-Tellurium Strikes in the Historic
Greenwood Mining Camp Continue“
Report #4:“Record-Breaking Gold Hit in
Southern British Columbia“
Report #3:“Strong drill results and
appreciating precious metals prices may
herald golden times for Ximen“
Report #2:“Ximen reveals striking drill
core observations ahead of assays“
Report #1:“Hunting for Multi-Million
Ounces in British Columbia“
3 Report #21 | Ximen Mining Corp.
Updated chart: http://schrts.co/uVBBNfpK

4. Disclaimer and Information on Forward
Looking Statements
Rockstone Research, Zimtu Capital Corp.
(“Zimtu“) and Ximen Mining Corp. (“Ximen“)
caution investors that any forward-looking in-
formation provided herein is not a guarantee of
future results or performance, and that actual
results may differ materially from those in for-
ward-looking information as a result of various
factors. The reader is referred to the Ximen´s
public filings for a more complete discussion
of such risk factors and their potential effects
which may be accessed through Ximen‘s docu-
ments filed on SEDAR at www.sedar.com. All
statements in this report, other than statem-
ents of historical fact, should be considered
forward-looking statements. Statements in this
report that are forward looking include that
Ximen plans to explore and go into produc-
tion; that Ximen plans to put into production
its 100% owned Kenville Gold Mine Project
near Nelson, BC; that Ximen will move forward
at Kenville as planned to start development,
exploration and mining; that soon Ximen will
have boots on the ground, and the crew will
begin refurbishing the Kenville mine portal
before building the portal for the new decline,
and that as soon as this part is finished, Ximen
can start cracking rock; that the most exciting
time for Ximen Mining starts right now; that
there will be upcoming activities and work pro-
grams at Ximen‘s Kenville Property; that Ximen
will start work on refurbishing the existing por-
tal to the Kenville mine which will be utilized
as an egress and ventilation for the new Portal,
and once that is complete, work can proceed
on starting the new decline following ministry
final approval of the development program;
that Ximen is actively pursuing opportunities
and synergies to increase its precious metals
land holdings in southern BC with the objective
of being able to build resources in the region;
that with shareholder support, the input from
Ximen’s Financial advisors at Laurentian Bank
and the continued support from the $8,000,000
credit facility that allows Ximen to access capi-
tal when required via private placements, has
put the company in the fortunate position to
take advantage of opportunities resulting from
the current market environment; that Ximen
plans for the exploration season to begin in the
next weeks; that the field season will begin in
June and we anticipate initiating drilling acti-
vities immediately on the existing permitted
areas, we see a very busy season ahead; that
further updates on drilling start dates and an
update on the progress at the Kenville Gold
mine and our activities there shall follow short-
ly; that Ximen is ready to start drilling in the
Greenwood Camp, and that Ximen “will com-
mence the 2020 exploration season with explo-
ration work on its Providence property in the
Greenwood mining camp in southern British
Columbia“. Such forward-looking statements
are subject to a variety of risks and uncertain-
ties and other factors that could cause actual
events or results to differ materially from those
projected in the forward-looking information.
Risks that could change or prevent these sta-
tements from coming to fruition include that
the initial metallurgical test results will not be
repeated or that gold recoveries will drop sig-
nificantly with further tests; that there will be
no exchange or regulatory approval for the
announced acquisitions; that acquisitions will
not be completed; that Ximen‘s President and
CEO may not remain as CEO of Golden Dawn
Minerals Inc. and therefore will not be in a posi-
tion to secure potential milling and processing
opportunities; that uneconomic mineralizati-
on will be encountered with drilling; that the
targeted prospects can not be reached; that
drilling will not be completed; that unecono-
mic mineralization will be encountered with
drilling, if any at all; that Ximen and/or its part-
ner will not find adequate financing to proceed
with its plans; changing costs for exploration
and other matters; increased capital costs; in-
terpretations based on current data that may
change with more detailed information; po-
tential process methods and mineral recoveries
assumption based on limited test work and by
comparison to what are considered analogous
deposits may prove with further test work not
to be comparable; gold mineralization may be
much less than anticipated or targeted;inten-
ded methods and planned procedures may not
be feasible because of cost or other reasons;
the availability of labour, equipment and mar-
kets for the products produced; world and local
prices for metals and minerals; that advisory
terms may be changed or no positive results
from the advisory are reached; and even if the-
re are considerable resources and assets on any
of the mentioned companies‘ properties or on
those under control of Ximen, these may not
be minable or operational profitably. The writer
assumes no responsibility to update or revise
such information to reflect new events or cir-
cumstances, except as required by law.
Disclosure of Interest and Advisory
Cautions
Nothing in this report should be construed as
a solicitation to buy or sell any securities men-
tioned. Rockstone, its owners and the author
of this report are not registered broker-dealers
or financial advisors. Before investing in any se-
curities, you should consult with your financial
advisor and a registered broker-dealer. Never
make an investment based solely on what you
read in an online or printed report, including
Rockstone’s report, especially if the investment
involves a small, thinly-traded company that
isn’t well known. The author of this report,
Stephan Bogner, is not a registered financial
advisor and is paid by Zimtu Capital Corp.
(“Zimtu”), a TSX Venture Exchange listed invest-
ment company. Part of the author’s responsibil-
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companies in which Zimtu has an investment
or is being paid to conduct shareholder com-
munications. So while the author of this report
may not be paid directly by Ximen, the author’s
employer Zimtu will benefit from appreciation
of Ximen’s stock price. In addition, the author
holds equity of Ximen Mining Corp., and Zimtu
Capital Corp., and thus would also benefit from
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Ximen pays Zimtu to provide this report and
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provided is for entertainment and general in
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labeled or hyperlinked otherwise, have been
obtained from Stockwatch.com, Comdirect.de,
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public domain. The cover picture (amended)
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Stephan Bogner (Dipl. Kfm., FH)
Rockstone Research
8260 Stein am Rhein, Switzerland
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Email: sb@rockstone-research.com
Stephan Bogner studied
Economics, with spe-
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Asset Management, Pro-
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and Entrepreneurship &
International Law, at the
International School of Management (Dort-
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4 Report #21 | Ximen Mining Corp.