International Northair Mines Ltd. Acquires 100% Interest in Strategic Mineral Concessions Surrounding La Cigarra Silver Deposit, Mexico
Vancouver, British Columbia, International Northair Mines Ltd. (TSXV: INM) ("Northair" or the "Company") is pleased to announce that it has made the final payment totaling $250,000 to DFX Exploration Ltd. ("DFX") in order to acquire a 100% interest in a strategic portion of the Parral Concessions (the "Adjacent Property"), surrounding its 100% owned La Cigarra silver deposit, located in the state of Chihuahua, Mexico.
"Consolidating our land position is a key element for the La Cigarra Silver Project," said Andrea Zaradic, President and CEO of Northair. "The exploration potential of these concessions has been verified by the Northair Team through geological mapping, prospecting and systematic soil and channel sampling. With funds in hand, we are now preparing to drill test these exciting targets,"
The Adjacent Property adds an additional 4 kilometres of the interpreted strike extension to the identified 6.5 kilometre long La Cigarra mineral trend. This trend is characterized by multiple mineral showings and historic mine workings that represent clear exploration upside for the project. Three substantial historic mining areas known as Las Venadas, La Soledad and Las Chinas define the southern portion of the mineralized system (see INM PR#12-35 dated December 18, 2012 and INM PR#13-07 dated March 26, 2013) where Northair sampling returned noteworthy silver and gold values.
The Adjacent Property also covers the La Navidad and Ram Zones. La Navidad is a parallel mineralized trend measuring 700 metres in length and over 200 metres in width. This potentially important system is situated approximately 350 metres east of the La Cigarra mineral resource (see INM PR#13-11 dated June 26, 2013). The Ram Zone, situated approximately 750 metres to the west of the La Cigarra mineral resource, represents another important parallel zone of silver mineralization. This zone is defined by a strong silver in soil anomaly that has been traced for 900 meters over a north-south trending strike length with a width varying from 50 to 300 metres and by trenching, which returned 99.6 g/t silver over 16.2 metres (see INM PR#14-04 dated April 28, 2014 and INM PR#14-09 dated June 17, 2014).
Pursuant to the previously announced agreement between Northair and DFX (and their relevant subsidiaries) (see INM PR#14-01 dated January 14, 2014), Northair was granted the exclusive right and option to acquire a 100% interest in the Adjacent Property and a 60% interest in the remaining portion of the Parral Concessions comprising 17,874 hectares surrounding the Adjacent Property (the "Outside Property").
As a result of the above referenced payment, Northair has completed the option requirement to acquire a 100% interest in the Adjacent Property, by paying DFX an aggregate of $450,000 in cash; and issuing to DFX an aggregate of 5,000,000 common shares in the capital of Northair.
Mr. David Ernst, a professional geologist and VP Exploration of Northair is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Ernst has reviewed the technical information in this news release and approves the disclosure herein.
About International Northair Mines Ltd.
International Northair Mines Ltd is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. Northair is focused on advancing its flagship La Cigarra silver project located in the state of Chihuahua, which currently hosts a NI 43-101 Resource estimate of 50.49 million ounces of silver in the Measured & Indicated categories grading 76 g/t silver (13.09 million ounces of Measured grading 65 g/t silver and 37.40 million ounces of Indicated grading 80 g/t silver) and 3.5 million ounces of silver in the Inferred category grading 61 g/t silver constrained by a Whittle pit shell at an economic cutoff grade of 30 g/t silver (assuming metallurgical recoveries of 84% silver). The project boasts a significant land package (over 32,000 hectares) that covers a recognized extension of the Parral mineral belt in the state of Chihuahua and is only 26 km from the historic silver mining city of Parral. The mineralized system at La Cigarra has been traced on strike over 6.5 kilometres via mineralized outcrops, silver soil anomalies and an abundance of historic surface workings. The La Cigarra silver deposit also contains appreciable amounts of lead, zinc and gold.
For further information please see the Company's Technical Report entitled "San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico" dated effective February 26, 2013 which is available under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Andrea Zaradic, P.Eng.
President & CEO
For further information please contact Andrea Zaradic, President & CEO or
Chris Curran, Manager of Corporate Communications at 604-687-7545 or 1-888-338-2200
Website: www.internationalnorthair.com Email: firstname.lastname@example.org
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.
Caution Concerning Forward-Looking Statements
This news release may contain forward looking statements which are not historical facts, such as statements regarding the use of proceeds, the closing date, 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.
Cautionary Note Concerning Estimates of Measured, Indicated and Inferred Mineral Resources
This news release uses the terms "Measured and Indicated Resources" and "Inferred Resources", which have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a Measured and Indicated and/or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Resources may not form the basis of feasibility or other economic studies. Northair advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of a Measured, Indicated and Inferred resource exists, or is economically or legally minable.