Welcome!

News Feed Item

International Northair Mines Ltd. Increases Interest in Land Position at Its La Cigarra Silver Project, Mexico

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:

http://www.internationalnorthair.com/i/maps/2014-01-14_La_Cigarra_Parral_Concessions.pdf.

The Agreement:

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
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 ...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It doe...
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
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...
Although it has gained significant traction in the consumer space, IoT is still in the early stages of adoption in enterprises environments. However, many companies are working on initiatives like Industry 4.0 that includes IoT as one of the key disruptive technologies expected to reshape businesses of tomorrow. The key challenges will be availability, robustness and reliability of networks that connect devices in a business environment. Software Defined Wide Area Network (SD-WAN) is expected to...
Between the mockups and specs produced by analysts, and resulting applications built by developers, there exists a gulf where projects fail, costs spiral, and applications disappoint. Methodologies like Agile attempt to address this with intensified communication, with partial success but many limitations. In his session at @DevOpsSummit at 19th Cloud Expo, Charles Kendrick, CTO at Isomorphic Software, will present a revolutionary model enabled by new technologies. Learn how business and deve...
Developing software for the Internet of Things (IoT) comes with its own set of challenges. Security, privacy, and unified standards are a few key issues. In addition, each IoT product is comprised of (at least) three separate application components: the software embedded in the device, the back-end service, and the mobile application for the end user’s controls. Each component is developed by a different team, using different technologies and practices, and deployed to a different stack/target –...
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.
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...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
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...