VANCOUVER, BRITISH COLUMBIA, Jan 31, 2012 (MARKETWIRE via COMTEX) — International Northair Mines Ltd. (the “Company” or “Northair”) is pleased to announce that its Board of Directors has approved a significant exploration budget for the coming year. Work will focus on the Company’s 100% owned La Cigarra silver project, located in the state of Chihuahua and its 50% owned Sierra Rosario silver/gold project located in the state of Sinaloa, Mexico.
“We anticipate this year to be very exciting for Northair as we advance the La Cigarra Project with an initial resource calculation and beyond,” said Fred Hewett, President & CEO of Northair. “At La Cigarra, the Company will also commence several other exploration initiatives that, along with an aggressive drill program, will move the Project towards an independent economic scoping study.”
La Cigarra 2012 Program
Given the continued success of the drill program at the San Gregorio and Las Carolinas zones, the Company will concentrate its drill program on infill drilling at both zones and the postulated mineralization connecting the two zones. To date, the San Gregorio and Las Carolinas zones have been delineated over a strike length of approximately 1,700 metres and drilling will test the prospective 350 meters of strike separating these two zones. The Company is targeting the release of an initial resource calculation by mid 2012 as a first step in the initiation of a scoping studying, which will be used to assess the economic potential of a bulk tonnage open pit mine at La Cigarra. JDS Energy and Mining Inc. have been retained to complete the initial resource calculation and are preparing a proposal to undertake the scoping study.
The 2012 budget approved for La Cigarra is designed to:
— Aggressively move the La Cigarra property forward with a minimum 7,500
metre core drill program;
— Expand the metallurgical study currently underway;
— Produce an initial Resource calculation in Q2 2012; and
— Compile the information required to initiate a Scoping Study in Q3 2012.
Please visit the following link to view a chart for the estimated timing of the work planned for 2012: http://media3.marketwire.com/docs/inm131i.pdf .
La Cigarra Drilling Overview
Since drilling commenced at La Cigarra in 2009, Northair has completed 15 reverse circulation drill holes (1,455 metres) and 48 core holes (9,750 metres) totaling 11,205 metres. Drilling has focused on two of three known mineralized zones along a three kilometre trend. Results from drilling confirm:
— A strong and potentially surface minable mineralized system comprised of
the central (San Gregorio) and south (Las Carolinas) zones with a
combined length of over 2.0 kilometres. The mineralization encountered
within these zones remains open in both strike directions and down dip.
— Strike length of the San Gregorio Zone presently totals approximately
1,000 metres. Drilling has confirmed the mineralized structure to be
upwards of 125 metres wide and traced to a depth of approximately 250
metres. The structure remains open in all directions and at depth;
— Strike length of the Las Carolinas Zone totals approximately 650 metres
with a width of approximately 100 metres. Drilling has traced the
structure to a depth of approximately 200 metres.
— The existence of a mineralization system at the La Borracha Zone,
located 450 metres north and on strike from the northern end of the San
Gregorio Zone.
At La Cigarra significant exploration potential remains within the intervening 350 metres between the San Gregorio and Las Carolinas zones; and in the La Borracha Zone, where a further 1.5 kilometres of structure and a coincident silver soil geochemical anomaly has been identified.
The Company will provide the results of seven additional core holes drilled in 2011 (all completed within San Gregorio) once the assays are received and interpreted. Following the Christmas break, drilling recommenced on the Property with infill drilling within the San Gregorio Zone and additional drilling to better explore prospective areas between the San Gregorio and Las Carolinas mineralized zones.
Click the link below to view the significant mineralized intervals for each reported drill hole:
http://www.internationalnorthair.com/i/pdf/2012-01-27_La_Cigarra_Drill_Results_Update.pdf .
About the La Cigarra Silver Project
The La Cigarra Project is located in State of Chihuahua along the eastern fringes of the Sierra Madre Occidental in Mexico. Local topography is gentle with good road access to the major city of Parral, located 26 kilometres to the south east. The La Cigarra Project hosts a silver-rich, epithermal vein system with three identified zones forming a three kilometre trend. The Company has the right to earn a 100% interest in the optioned concessions by paying US$450,000 over a five year period.
Click the link below to view a drill plan of the La Cigarra Property: http://media3.marketwire.com/docs/inm15_F3.pdf .
Sierra Rosario 2012 Program
The Company is pleased to report that it has mobilized a crew comprising two geologists, a prospector and associated field assistants to commence an initial exploration program at the Sierra Rosario Project. The 2012 exploration program planned by Northair and its 50% partner American Consolidated Minerals Ltd. at Sierra Rosario will include:
— Geological mapping, sampling and trenching;
— IP geophysics with the objective of establishing multiple new drill
targets; and
— Drilling to commence by May 2012.
Northair will provide further updates of this program once exploration develops on the Property.
About the Sierra Rosario Project
The Sierra Rosario Project is located in the state of Sinaloa, Mexico and covers a number of attractive targets including a bulk tonnage silver / gold target known as the San Rafael Zone. Previous sampling by Northair at the San Rafael Zone indentified two continuous mineralized areas measuring 34.8 meters and 27 meters in length with average silver grades of 192 g/t and 91.8 g/t, respectively. The property was staked in 2003 by Northair as a result of its regional exploration program.
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
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
604-689-5041 (FAX)International Northair Mines Ltd.
Chris Curran
Manager, Investor Relations
604-687-7545 or 1-888-338-2200
604-689-5041 (FAX)
[email protected]www.northair.com/international/
SOURCE: International Northair Mines Ltd.
mailto:[email protected]http://www.northair.com/international/
