Northair Provides Update on the El Reventon Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/07/12 -- 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 an exploration program has commenced at the Company's El Reventon Property ("El Reventon" or the "Property"), located in the State of Durango, Mexico.
The El Reventon Project was acquired by Northair in 2006, and subsequent exploration 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.
The recent work carried out by Focus has been concentrated on the Estella Zone, located two kilometres to the southwest of the Reventon Breccia, where a total of 62 samples taken from old underground workings by Focus along a 400 kilometre strike have returned significant grades in silver and associated gold, lead and zinc values.
Additionally, Focus has commenced a detailed soil survey over a 6 x 8 kilometre grid at El Reventon to geochemically map and better define targets such as the Estrella Zone, and generate new targets for follow-up exploration. This technique has proved extremely successful in highlighting new mineralization at Focus' adjacent Santa Cruz Property.
For details of the agreement between Northair and Focus please see the Northair press release dated April 10, 2012.
Northair also announces that it has executed a binding agreement with a private company to acquire an interest in a significant land position in the vicinity of its La Cigarra Project. The agreement allows the Company to acquire up to a 70% interest in a portion of the land position by paying $525,000 in cash, issuing 1.5 million Northair shares and spending $2 million in exploration over a 4 year period. The agreement is subject to the private company acquiring the land position; and there is no assurance that such acquisition will be completed. This agreement is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
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. The Company is currently drilling its La Cigarra and Sierra Rosario projects in Mexico, and is scheduled to complete an initial resource calculation at La Cigarra by the end of Q3 2012.
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.internationalnorthair.com
