International Northair Acquires Silver Property in Mexico
International Northair Mines Ltd. (TSXV: INM) (the "Company" or "Northair") is pleased to announce that it has entered into an option to acquire a 100% interest in the "La Cigarra Project" located in the State of Chihuahua, Mexico. The La Cigarra concessions cover numerous silver occurrences over a currently traced 4 kilometre trend of mineralization that appears to have significant potential for both high grade vein as well as surface minable deposits. The Company's wholly-owned subsidiary, Grupo Northair de Mexico, S.A. de C.V. ("Grupo Northair"), has signed a Letter of Intent with the concession owners and has commenced its due diligence.
La Cigarra is located along the eastern fringes of the Sierra Madre Occidental in north central Mexico with excellent access, topography and infrastructure. Although there are dozens of small to medium sized old workings within the project area, there is no evidence of any modern exploration. Epithermal low-sulfidation silver dominant mineralization occurs within altered rhyolite intrusives and sediments along the 4 kilometre mineralized trend. The project lies within a prospective geological belt approximately 350 kilometres in length that includes the districts and projects of Parral, Santa Barbara, Santa Maria de Oro, Inde, Guanacevi, La Pitarilla, Avino and La Preciosa. This belt has been the focus of Northair's recent generative exploration programs and the potential significance of the property was identified during a number of field examinations.
La Cigarra consists of 7 privately held concessions, totaling approximately 335 hectares, effectively controlling an entire district. Grupo Northair can acquire a 100% ownership in the concessions by making payments over a 5 year period totaling US$445,000. A payment of US$5,000 is due upon signing the formal option agreement. Signing of the formal agreement will be subject to further technical and legal due diligence by Grupo Northair, as well as approval by the Company's Board of Directors and the TSXV Exchange, and registration with the appropriate Mexican government authorities.
The Company's La India Project, located in the state of Durango, also lies within the same mineral belt as La Cigarra. La India is a gold dominant system that is currently under going a phase one diamond drill program by Fresnillo PLC. This program consists of a minimum of five diamond drill holes totaling approximately 650 metres in length. Fresnillo can earn an initial 60% property interest in La India by spending US$1,750,000 in exploration expenditures, and making payments to Northair.
Northair also maintains the El Reventon silver-lead-zinc project in Durango and the Sierra Rosario silver-gold project (in a joint venture with Sparton Resources Inc.) in Sinoloa. Both properties cover attractive mineral occurrences and the Company is soliciting interest from possible joint venture partners in order to advance these projects.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Jim Robinson, the Company's Vice President of Exploration, and a Qualified Person under NI 43-101.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
For further information please contact Fred Hewett, President or Chris Curran, Investor Relations
at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: email@example.com
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 news release.
This news release may contain forward looking statements which are not historical facts, such as ore reserve estimates, anticipated production or results, sales, revenues, costs, or discussions of goals and exploration results, and involves a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, metal price volatility, volatility of metals production, project development, ore reserve estimates, future anticipated reserves and cost engineering estimate risks, geological factors and exploration results. See Northair's filings for a more detailed discussion of factors that may impact expected results.