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 agreement with Focus Ventures Ltd. (“Focus”) whereby Northair will grant Focus and its subsidiary the option to acquire 65% interest in the Company’s El Reventon Silver Project (the “Project” or “Property”) located in the State of Durango, Mexico.
“Northair is very pleased to have partnered with Focus on the El Reventon project,” said Fred Hewett, CEO & President of Northair. “We look forward to working with Focus in the continued exploration and advancement of this exciting Property.”
The Agreement allows Focus to earn a 65% interest in a joint venture on El Reventon by incurring a cumulative of US$2,000,000 in exploration expenditures over three years from the Agreement Date. The exploration expenditures include a firm commitment of US$250,000 in the first year and at least 2,000 metres of drilling completed within three years from the Agreement Date. Focus will be required to maintain all underlying obligations and make the following cash payments: US$10,000 on signing and completion of a 10 day due diligence period; US$75,000 on or before 12 months of the Agreement Date; and US$150,000 on or before 24 months of the Agreement Date. Once Focus has earned its 65% interest, 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 10% threshold, its interest will be converted to a 1% net smelter return (“NSR”). The Agreement is subject to certain legal due diligence by Focus and to receipt of any necessary regulatory approval.
El Reventon Project:
The El Reventon Project was acquired by Northair for its potential to host economic quantities of silver with significant by products of lead, zinc and gold. The Project is located approximately 170 kilometres northwest of Durango, Mexico, and lies within a major mineral belt that hosts numerous important mines and districts including Bacis, Montoros, Metates, La Cienega and Topia.
The El Reventon property covers a series of mineral occurrences contained within a belt of Upper Jurassic metasedimentary rocks overlain by Tertiary aged volcanics. In 2006, 51 initial surface channel samples taken by Northair from the Reventon Breccia target averaged 104 g/t silver; highlights included 52.0 metres of 166.5 g/t Ag, 0.73% Pb, 0.85% Zn.
In 2007, Northair completed six core holes as an initial test of the Reventon Breccia. Potentially important mineralization was identified and as a follow-up of this target, 15 RVC holes were completed in 2008. This second phase drill program was successful in expanding the mineralized zone with 12 of the 15 holes drilled here intersecting significant silver values. Highlights of the drilling include 120.4 metres of 100.9 g/t silver and 91.4 metres of 97.0 g/t silver. Exploration potential of the Property is very encouraging, as the most southeast drill hole from phase two bottomed in 9.1 metres of 141.5 g/t silver.
In addition to the Reventon Breccia, the Company has sampled a number of other zones on the property all of which are identified by historic prospects and mines, some possibly dating back to the Spanish. One of these zones, Los Alisos, has a geochemical signature similar to the El Reventon Breccia and is located approximately 500 metres to the south. The area between these two mineralized zones is covered by post-mineral volcanics with the connecting area remaining a priority drill target. During the 2008 drill program, two holes were drilled at Los Alisos with one hole reporting 16 metres of 36.8 g/t silver, 0.5% Pb and 2.46% Zn. Other exploration targets on the property include the El Portrero Zone (sixty-one samples averaged 23 g/t silver over widths from 1.5 to 7 metres) Portrero East and the La Estrella Zone (twenty-four samples averaged 0.825 g/t gold and 385 g/t silver over sample widths from 0.75 to 5 metres).
The El Reventon property consists of 3,370 hectares and the Company has an option agreement to acquire an additional 60 hectare internal concession by paying US$139,000 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.
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. The Company has successfully staked and acquired a number of early stage projects that offer opportunities for significant discoveries. Northair is currently drilling its La Cigarra silver project in Chihuahua State in order to complete an initial resource calculation by Q3 2012. The Company, along with its joint venture partner, is also completing an initial exploration program at its Sierra Rosario silver/gold project in Sinaloa in preparation for a drill program to begin in May of 2012.
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, Manager of Corporate Communications at 604-687-7545 or 1-888-338-2200
Website: www.northair.com/international/ Email: [email protected] ________________________________________________________________________________
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.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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