|By Marketwired .||
|January 14, 2014 07:31 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.
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 26, 2016 10:00 AM EDT Reads: 963
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 26, 2016 09:45 AM EDT Reads: 897
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 26, 2016 09:45 AM EDT Reads: 741
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 26, 2016 09:45 AM EDT Reads: 313
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...
Jul. 26, 2016 09:30 AM EDT Reads: 1,052
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 26, 2016 09:15 AM EDT Reads: 1,003
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 26, 2016 09:02 AM EDT Reads: 146
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 26, 2016 09:00 AM EDT Reads: 1,687
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 26, 2016 09:00 AM EDT Reads: 1,952
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
Jul. 26, 2016 08:45 AM EDT Reads: 1,516
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...
Jul. 26, 2016 08:45 AM EDT Reads: 1,308
SYS-CON Events announced today that 910Telecom 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. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 26, 2016 08:45 AM EDT Reads: 586
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Jul. 26, 2016 08:15 AM EDT Reads: 954
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 07:45 AM EDT Reads: 2,031
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 07:30 AM EDT Reads: 1,573