Northair Reports that Focus Commences Drilling at El Reventon Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/02/13 -- International Northair Mines Ltd. (TSX VENTURE: INM)("Northair" or the "Company") is pleased to announce that Focus Ventures Ltd. (TSX VENTURE: FCV) ("Focus") has reported to Northair that a drill program has commenced at the Company's El Reventon silver-gold property ("El Reventon" or the "Property"), located in the State of Durango, Mexico.
The program, totalling 2,000 metres of core drilling, plans to test a number of targets. Drilling will commence in the Estrella mine area, where at least five mineralized breccias and veins have been discovered over an area of approximately 700 metres long x 250 metres wide. Surface and underground sampling by Focus at the Estrella mine ("Estrella") has shown significant grades of silver and gold including 687 g/t silver over 5.6 metres, with 0.2 g/t gold, 2.6 % lead and 1.3% zinc, and 8.9 metres of 165 g/t silver and 0.32 g/ gold, respectively.
Surface sampling of hydrothermal breccias at the Colorin and La Plomosa areas, located 400 metres east of Estrella, returned 12 meters of 176 g/t silver, 0.2 g/t gold, 3.1% lead and 0.8% zinc; and 6 metres of 78 g/t silver and 0.38 g/t gold, respectively. In addition, sampling at the Chicle Zone, one of several identified mineralized epithermal breccias located approximately 250 metres west of Estrella, returned 4.5 metres of 383 g/t silver and 0.6 g/t gold.
Focus is also planning drill holes at the Reventon Breccia, where drilling in 2007 and 2008 by Northair returned significant intercepts of silver, zinc and lead within the majority of the completed holes; including 155.4 metres of 71.3 g/t silver, 0.46% lead and 0.61% zinc from hole RC-08-08 and 22.9 metres of 287 g/t silver, 1.39% lead and 3.48% zinc from hole RC-08-13.
Other targets developed by Focus include the Bellota area, where trenching of soil anomalies discovered a new trend of mineralization in altered andesites that assayed 98 g/t silver over 24 metres (see Focus news release October 30, 2012).
Maps and plans of El Reventon are available for viewing at Focus' website: www.focusventuresltd.com or Northair's website: www.internationalnorthair.com
The El Reventon Property
El Reventon was acquired by Northair in 2006, and subsequent exploration by the Company identified numerous precious metal occurrences throughout the Property including the Reventon Breccia and the Estrella Zone. Drilling in 2007 and 2008 was concentrated at the Reventon Breccia and returned significant results in silver and associated lead and zinc values.
Focus can earn a 65% interest in the El Reventon Project by incurring US$2,000,000 in exploration expenditures over three years, including a firm commitment of US$250,000 in the first year. Focus must also make cash payments to Northair totalling US$235,000 over two years, and maintain all underlying obligations of Northair by making cash payments under an existing option agreement to a property owner totalling US$105,000 (paid). Focus can earn an additional 15% interest by presenting a feasibility study of sufficient quality that would allow Northair to fund its share of the project, plus a cash payment of $100,000.
This news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and approved by Fred Hewett the Company's President and CEO, and a Qualified Person under 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 is focused on advancing its La Cigarra silver project located in the state of Chihuahua, which currently hosts a NI 43-101 resource estimate of 50.4 million ounces of silver in the measured & indicated categories grading 76 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 La Cigarra silver deposit also contains appreciable amounts of lead, zinc and gold.
The Company is currently developing a strategy to advance the La Cigarra project with additional drilling and related exploration.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng. President & CEO
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.
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.
Contacts:
International Northair Mines Ltd.
Fred Hewett
President
604-687-7545 or 1-888-338-2200
International Northair Mines Ltd.
Chris Curran
Manager of Corporate Communications
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)
info@northair.com
www.internationalnorthair.com