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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/13/13 -- International Northair Mines Ltd. (TSX VENTURE: INM) (the "Company" or "Northair") is pleased to provide a review summarizing the project and corporate highlights completed by the Company on its La Cigarra silver project ("the Property"), located in north central Mexico. Also included is a timeline outlining key objectives of the Company's Strategic Plan for the current 2013 calendar year.
Project and Corporate Highlights:
-- Discovered the La Cigarra mineralized system, which has been defined by soil geochemistry over six (6) kilometres in a northwest to southeast direction. The Company controls a substantial land package containing the mineralized system, which hosts multiple historic surface workings along strike;-- Defined, through resource definition drilling, a continuous potentially surface minable mineralized area comprised of the central (San Gregorio) and south (Las Carolinas) zones with a combined strike length of 2.4 kilometres. This mineral area has been defined by 11 reverse circulation and 132 core holes with all but 2 holes having returned significant silver values. The mineralized area remains open at depth and along strike with a high potential for continued expansion. Drilling has defined strong mineralization up to a depth of 280 metres, with an average width of 50 metres and a length weighted silver grade averaging approximately 50 g/t. Several higher grade zones have emerged from recent drilling, which may increase the overall grade of the potential resource. In addition to silver, the mineralized system hosts associated gold and base metals;-- Completed a systematic program of 25,473 meters of core drilling and reverse-circulation drilling. In addition to the resource definition drilling, the most northern zone (La Boracha) was explored by a reconnaissance drill program consisting of four (4) reverse circulation and seven (7) core holes; all of which intercepted significant silver mineralization. These holes will be followed up by subsequent exploration programs;-- In addition to the La Borracha exploration target the Company has identified several other significant targets within the newly acquired La Cigarra ground. These targets are being prioritized by the Company for upcoming reconnaissance drilling;-- Completed a phase II metallurgical work program that indicates potential silver recoveries of 80% to 90% by floatation and leaching. The study reports that a concentrate containing 48% lead and 22,600 g/t silver would be marketable to smelters;-- Closed a non-brokered private placement for gross proceeds of over $6 million. The financing included participation from Coeur d'Alene Mines Corporation, purchasing 10,750,000 units for gross proceeds of $3,010,000 and International Minerals Corporation purchasing 1,786,000 units for gross proceeds of $500,080;-- Expanded the La Cigarra's mineral holdings through a binding agreement on third-party concessions contiguous to the original La Cigarra land block (for details of the agreement please see INM press release dated October 3, 2012). The agreement significantly increases the size of the La Cigarra project and potentially doubles the strike length of the mineralized system from three (3) to six (6) kilometres;-- Acquired key surface rights. The Company entered into a purchase agreement for the surface rights to approximately 1,098 hectares contiguous to and adjoining the La Cigarra Project;-- Retained JDS Energy & Mining Inc. to determine an initial NI 43-101 resource estimate within Q1 2013 and complete a Preliminary Economic Assessment with delivery expected in Q2 2013.
