Great Bear Joins Northair on El Reventon Silver Project, Mexico
International Northair Mines Ltd. (TSXV:INM) and its wholly owned subsidiary Grupo Northair de Mexico, S.A. de C.V. ("Northair"or "the Company") announces that the Company has signed a binding Letter of Intent with Great Bear Uranium Corp. ("Great Bear") whereby Northair will grant Great Bear the option to acquire an interest of up to 75% in the Company's El Reventon Project (the "Project" or "Property") located in the State of Durango, Mexico. Northair is very pleased to partner with Great Bear, as it continues its quest to explore and develop the El Reventon Property.
The Letter of Intent allows Great Bear to earn an initial 65% interest in a joint venture in the El Reventon Project by incurring US$1,500,000 in exploration expenditures, maintaining all underlying obligations, making cash payments of US$358,000 and issuing 500,000 shares of Great Bear to Northair on or before December 31, 2014. Great Bear can earn an additional 10% interest (for a total of 75% interest) by completing a Bankable Feasibility Study on a portion of the Property within four calendar years after earning their interest.
Once Great Bear has earned its interest (65% or 75%), the agreement will allow for either party's interest to be diluted for non participation in the joint venture. Should either party's interest fall below a 5% threshold, its interest will be converted to a net smelter return ("NSR"): Northair to a 1.0% NSR and Great Bear to 0.5% NSR respectively. The terms and conditions within the Letter of Intent are subject to certain legal due diligence and receipt of any necessary regulatory approval.
El Reventon Project -- Background Information
The El Reventon Project was acquired by Northair for its potential to contain both high-grade underground and open-pittable silver deposits, with locally significant values in lead, zinc and gold. The Project is located in the state of Durango, Mexico, approximately 170 kilometres northwest of the capital city of Durango, and lies within a highly prospective mineral belt that includes the mines and districts of Bacis, Montoros, Metates, La Cienega and Topia.
The property position controls a series of occurrences aligned along a northeast trending belt consisting of Upper Jurassic low-grade metasedimentary rocks overlain by andesite and rhyolite volcanics. In 2006, 51 initial surface channel samples taken by Northair from the exposed Reventon Breccia averaged 104 g/t silver; highlights included 52.0 metres of 166.5 g/t Ag, 0.73% Pb, 0.85% Zn.
In March of 2008, the Northair completed a second phase drill program totaling 2,170 metres in 17 reverse circulation drill holes at the Reventon Breccia. The program was successful in further exploring and expanding the zone with 12 of the 15 holes drilled intersecting significant silver values; highlights include 91.4 metres of 87 g/t silver containing an intercept of 19.8 metres of 176.4 g/t sliver; and 80.8 metres of 71.9 g/t silver containing an intercept of 7.6 metres of 234.5 g/t silver.
The second phase drill program provided further encouragement from a promising first phase core drill program completed in 2007, and very much increased Northair's understanding of the Reventon Breccia. Drill results revealed that mineralization is related to a moderately north to northeast dipping diorite porphyry breccia that intrudes andesite volcanics. The porphyry is exposed on surface in an erosional window within the volcanics measuring approximately 70 by 70 metres, but drilling has outlined a much larger irregular zone of altered diorite porphyry concealed by the volcanics. Alteration and mineralization appear to increase to the north and northeast, as well as the apparent true thickness of the zone, which varies from 40 to 120 metres. Although drill holes to the south and directly east of the surface exposure of the breccia did not return significant silver grades, exploration potential to the southeast is encouraging, as the most southeast drill hole from phase two bottomed in 9.1 metres of 141.5 g/t silver.
As well as the Reventon Breccia, the Company has sampled a number of other zones on the property. All of these zones contain prospects and historic mines, some possibly dating back to the Spanish. One of these zones, Los Alisos, contains a diorite porphyry having a geochemical signature similar to the El Reventon Breccia. Los Alisos is located approximately 500 metres to the south of the Reventon Breccia with most of the area between the two deposits covered by post-mineral volcanics. As part of the 2008 drill program, two holes were also drilled at the Los Alisos Zone; highlights include 16 metres of 34.4 g/t silver, with 0.5% Pb and 2.46% Zn. Other zones worthy of immediate exploration include the El Portrero Zone (sixty-one samples averaging 23 g/t silver over widths from 1.5 to 7 metres) Portrero East and the La Estrella Zone (twenty-four samples averaging 0.825 g/t gold and 385 g/t silver over sample widths from 0.75 to 5 metres).
Northair wholly owns 3,370 hectares and has an option agreement through its wholly owned subsidiary, Grupo Northair de Mexico, S.A. de C.V., to acquire a 60 hectare internal concession by paying US$156,000 over a four year period.
The contents of this Press Release have been reviewed and approved by Fred Hewett, President and CEO of the Company who is a Qualified Person as defined by NI 43-101. The Company maintains a quality control program using best industry practices consistent with NI 43-101.
About International Northair Mines Ltd.
International Northair Mines Ltd. has been aggressively pursuing mineral exploration opportunities in Mexico through a generative exploration program for the better part of the last decade. In addition to the Compay's El Reventon silver-lead-zinc project in Durango, Northair's properties include the La Cigarra silver project in the state of Chihuahua, the Sierra Rosario silver-gold project (joint ventured with Sparton Resources Inc.) in the state of Sinoloa and the La India Project, located in the state of Durango, (which also lies within the same prospective mineral belt as La Cigarra).
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
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: firstname.lastname@example.org _______________________________________________________________________________
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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.
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