|By Marketwired .||
|January 14, 2014 07:30 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/14/14 -- International Northair Mines Ltd. (TSX VENTURE:INM) (the "Company" or "Northair") is pleased to announce that it has entered into a binding Letter Agreement (the "Agreement") that will significantly expand its interest in a large land position (the "Parral Concessions") totaling approximately 22,000 hectares surrounding its original six La Cigarra Concessions.
The La Cigarra Project is located 26 kilometers from the city of Parral in the state of Chihuahua, Mexico.
"This is a very significant step forward for Northair and our La Cigarra Project," said Fred Hewett, President and CEO of Northair. "Consolidating our ownership of these concessions allows us to move forward with un-restricted exploration and potential development of multiple known mineral occurrences on this expanded land position."
The Agreement replaces an earlier agreement with DFX Exploration Ltd. ("DFX") and its relevant subsidiaries dated April 5, 2012 and allows Northair to acquire a 100% interest in a portion of the Parral Concessions (the "Adjacent Property") immediately surrounding its 100% owned La Cigarra silver deposit. La Cigarra hosts a Measured and Indicated mineral resource of 50.5 million ounces of silver grading 76 g/t (see INM PR#13-05 dated February 26, 2013) defined over a strike length of 2.1 kilometres. The Adjacent Property covers an additional 4 kilometres of the strike extension of the 6.5 kilometre long La Cigarra mineral system. This trend is characterized by multiple mineral showings and historic mine workings that represent significant exploration upside for the project. Three (3) significant historic workings known as Las Venadas, La Soledad and Las Chinas form 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 defined noteworthy silver and gold values. The Adjacent Property also covers the La Navidad Zone, a parallel mineralized trend measuring 470 metres in length and over 200 metres in width. This potentially important system is situated approximately 600 metres to the east of the La Cigarra Resource (see INM PR#13-11 dated June 26, 2013). The Agreement further allows Northair to acquire a 60% interest in the remaining portion of the Parral Concessions comprising 17,874 hectares surrounding the Adjacent Property (the "Outside Property").
Click on the following link to view a map that illustrates the updated Northair ownership of the Parral Concessions:
Pursuant to the Agreement dated January 9, 2014 between Northair and DFX (and their relevant subsidiaries) Northair has been granted the exclusive right and option to acquire a 100% interest in the Adjacent Property (formerly known as the 70:30 Area) and a 60% interest in the Outside Property (formerly known as the 50:50 Area).
For Northair to exercise the option and acquire a 100% interest in the Adjacent Property, the Company must (i) pay DFX an aggregate of $450,000 in cash; and (ii) issue to DFX an aggregate of 5,000,000 common shares in the capital of Northair.
Subsequent to Northair earning its interest on the Adjacent Property Northair will be required to issue an additional 3,000,000 common shares to DFX if (i) 20,000 metres of diamond drilling is completed or ii) commercial production commences, or (iii) Northair is acquired by another company.
In addition, DFX will be paid an upfront bonus of $0.10 per silver ounce equivalent up to a maximum of 50 million silver equivalent ounces if, prior to September 30, 2016, at least 50 million silver equivalent ounces are estimated in an NI 43-101 compliant technical report prepared on behalf of Northair to exist on the Adjacent Property
If silver equivalent ounces are produced from the Adjacent Property, DFX will be paid $0.10 per silver equivalent ounce from production to a maximum of (i) 135 million ounces, in the event that DFX received the upfront bonus contemplated above, or (ii) 185 million ounces, if the upfront bonus was not applicable.
In order for Northair to exercise the option and acquire a 60% interest in the Outside Property, Northair must incur an aggregate of $500,000 in exploration expenses on the property; after which a joint venture will be formed with all exploration costs paid on a pro-rata basis.
The Agreement is subject to acceptance by the TSX Venture Exchange.
About the La Cigarra Silver Project
Northair is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. International Northair Mines Ltd. 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 as referenced in the San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico dated April 10, 2013.
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.
ON BEHALF OF THE BOARD, INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
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.
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 25, 2016 06:30 PM EDT Reads: 1,908
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 05:15 PM EDT Reads: 618
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Aug. 25, 2016 04:15 PM EDT Reads: 401
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 25, 2016 03:30 PM EDT Reads: 1,485
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 03:15 PM EDT Reads: 2,205
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 25, 2016 02:00 PM EDT Reads: 3,543
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 25, 2016 01:45 PM EDT Reads: 1,363
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 25, 2016 01:00 PM EDT Reads: 3,888
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Aug. 25, 2016 01:00 PM EDT Reads: 2,594
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 25, 2016 12:45 PM EDT Reads: 583
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Aug. 25, 2016 12:15 PM EDT Reads: 3,386
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 25, 2016 11:00 AM EDT Reads: 546
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
Aug. 25, 2016 11:00 AM EDT Reads: 1,829
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Aug. 25, 2016 10:30 AM EDT Reads: 492
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 25, 2016 09:15 AM EDT Reads: 608