International Northair Mines Commences Drilling at Sierra Rosario Silver/Gold Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/29/12 -- International Northair Mines Ltd. (TSX VENTURE: INM) ("Northair" or the "Company") is pleased to report that a core drill program has commenced at its Sierra Rosario silver/gold project (the "Property"), located in Sinaloa State, Mexico.
The drill program, the first to be conducted by the Company at the San Rafael Zone, will total approximately 1,400 metres in six holes and is designed to test a 600 meter length of a coincident Induced Polarization ("IP") geophysical and silver/gold geochemical soil anomaly. The program will be managed by Northair, the Operator of the Project, with the support of its 50% partner American Consolidated Minerals Corp ("American Consolidated").
Sierra Rosario Background / Geology
During the first quarter of this year, Northair and American Consolidated established 20 line kilometres of cut grid lines over two thirds of the Property. Utilizing this grid, the Property was geologically mapped and soil sampled at 25 meter intervals with IP and ground magnetic geophysical surveys carried out. This work was centred upon the San Raphael gossan zone where initial trenching and rock sampling by Northair returned an average value of 181 g/t silver and 0.32 g/t gold from 23 chip channel samples averaging five metres in length. Results of the current exploration programs identified a coincident IP geophysical and a silver-gold-arsenic-lead soil anomaly measuring 1,400 metres in length that remains open to the south and south east where it is over 1,300 metres wide. Based on these positive results the Company will expand its geochemical sampling grid to the east to establish the ultimate size of the potentially mineralized target.
The Sierra Rosario Property is underlain by Jurassic andesite and greywacke which in turn are overlain by gently north dipping ridge forming Cretaceous limestones and interbeded calcareous siltstones, all intruded by Tertiary granodiorite and diorite. Overlying the northernmost portions of the property are Tertiary andesites capped by rhyolite. Since January of 2012, work has concentrated on the San Raphael Zone where quartz veins and stockwork carrying significant values of silver and gold were initially noted in a small exposure of granodiorite intruding Cretaceous limestone and calcareous siltstones. The subsequent recent program has defined coincident anomalies that extend from this granodiorite plug at least 1400 meters to the southeast in an area mapped as Cretaceous limestone with calcareous siltstone. The geochemical anomalies also extend in a northerly direction to the contact with the overlying Tertiary andesite suggesting these younger rocks post-date the silver and gold mineralization.
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 has successfully staked and acquired a number of early stage projects that offer opportunities for significant discoveries, which includes the Sierra Rosario Project. As well, Northair is currently drilling its La Cigarra silver project in the state of Chihuahua in order to complete an initial resource calculation by Q3 2012. A third project in Mexico, the El Reventon silver project, is currently optioned to Focus Ventures Ltd., who is committed to spend a minimum of USD$250,000 by April 2013.
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
International Northair Mines Ltd.
Brent Levenstadt
Investor Relations Associate
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)
info@northair.com
www.northair.com/international