Sep 12 2013
International Northair Mines Ltd. ("Northair" or the "Company") is pleased to report the execution of two important agreements that together provide the necessary surface rights to continue the exploration and facilitate the possible development of a mine at its La Cigarra Silver Project, located in Chihuahua State, Mexico.
The Company's wholly-owned subsidiary, Grupo Northair de Mexico S.A. de C.V. ("Grupo Northair"), has signed a twenty (20) year lease agreement (the "Agreement") with the Ejido La Estanzuela ("Ejido") that allows the Company full surface access to the Ejido land covering significant portions of the mineral resource and the surrounding exploration potential at its La Cigarra project. The Ejido La Estanzuela's land totals 5,064 hectares. The Agreement allows the Company to conduct exploration activities including sampling, drilling and road construction throughout and also reserves a 471 hectare portion of the land for future construction, mining, and processing.
Northair also announces that it has completed the purchase of surface rights totaling approximately 1,098 hectares adjoining the Ejido land. This purchase agreement was previously announced in a Company press release dated June 27, 2012.
"We are extremely pleased with these agreements, which establish a mutually beneficial relationship between Northair and the surface rights holders at La Cigarra," said Fred Hewett, President and CEO of Northair. "We are fortunate that the local topography is gentle and well-suited to mining and processing infrastructure with good road access to the major city of Parral, located just 26 km from the anticipated site of the mine and processing facility. These agreements assure the Company's ability to continue exploration and provide the land necessary to construct and operate a possible future mining and milling operation on the property. We believe these agreements significantly de-risk the project and will be extremely helpful as the Company continues moving the development of La Cigarra forward."
About International Northair Mines Ltd.
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.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Source: http://www.internationalnorthair.com/