International Northair Mines Ltd. (TSX VENTURE:INM) (the "Company" or
"Northair") is pleased to announce that, in compliance with National Instrument
("NI") 43-101, it has filed on SEDAR the Technical Report for the maiden
resource estimate, as released on February 26, 2013, for its La Cigarra silver
project located in north central Mexico. The Technical Report titled "San
Gregorio / Las Carolinas Resource Technical Report, La Cigarra, Chihauhua,
Mexico" was completed by JDS Energy and Mining Inc. with the resource estimate
by Arseneau Consulting Services ("ACS") and is available on the Company's
website by clicking the following link:
www.internationalnorthair.com/i/pdf/2013-04-10_JDS_La_Cigarra_Resource_Report.pdf
Resource Estimate
The resource estimate contained in the Technical Report was calculated based on
results from 143 of 154 holes totaling 25,576 metres drilled along the open
ended La Cigarra mineralized system which has a drilled strike length of at
least three (3) kilometres. The 143 holes included in this initial resource
estimate were positioned within a potentially surface minable mineralized area
comprised of the San Gregorio and Las Carolinas mineralized zones, which
combined form a total strike length of 2.1 kilometres within the known three (3)
kilometres. The mineral resource estimate was constrained by a Whittle(TM) pit
shell at an economic cutoff grade of 30 g/t of silver and metallurgical
recoveries of 84% silver. Highlights of the mineral resource estimate are as
follows:
-- Measured and Indicated mineral resources of 50,494,000 ounces of silver
within 20,755,700 tonnes at an average grade of 76 g/t silver;
-- Inferred mineral resource of 3,515,900 ounces silver within 1,780,000
tonnes at an average grade of 61 g/t silver;
-- Higher than average grade zones outcrop, which could improve the assumed
project economics in the early years;
-- Significant by-products include 40,100 ounces of gold in the measured
and indicated categories as well as appreciable lead and zinc values, as
provided in mineral resource estimate tables noted below.
A summary of the mineral resource estimate contained in the resource shell as
calculated by ACS at a 30 g/t silver cut-off grade and metallurgical recoveries
of 84% silver is listed below:
---------------------------------------------------------------------------
Categ- Tonnes Ag Au Pb Zn
ory (i)(g/t) (g/t) (%) (%) Ag Oz Au Oz Pb Lbs Zn lbs
---------------------------------------------------------------------------
Meas-
ured
6,235,000 65 0.06 0.10 0.16 13,090,800 12,100 13,161,500 21,706,600
---------------------------------------------------------------------------
Indic-
ated
14,520,700 80 0.06 0.10 0.14 37,402,800 28,100 32,924,700 45,983,100
---------------------------------------------------------------------------
M + I
20,755,700 76 0.06 0.10 0.15 50,494,000 40,100 46,086,200 67,689,700
---------------------------------------------------------------------------
Infe-
rred
1,780,150 61 0.05 0.10 0.12 3,515,900 3,000 3,959,300 4,865,700
---------------------------------------------------------------------------
Note:(i) Mineral resources are reported in relation to a conceptual pit
shell at a 30 g/t silver cut-off. Mineral resources are not mineral reserves
and do not have demonstrated economic viability. All figures are rounded to
reflect the relative accuracy of the estimate. All composites have been
capped where appropriate.
The mineral resources of the La Cigarra Project are sensitive to cut-off grade.
To illustrate this, the block model quantities and grade estimates within the
conceptual pit are presented in the following table at different cut-off grades.
--------------------------------------------------------------------------
Tonnes Ag Ag Au Pb Zn
CLASS Cut-off (000) (g/t) (oz) (g/t) (%) (%)
--------------------------------------------------------------------------
greater than 803 137 3,548,500 0.08 0.14 0.17
100 Ag g/t
----------------------------------------------------------------
greater than 3,571 85 9,741,200 0.07 0.11 0.18
50 Ag g/t
----------------------------------------------------------------
greater than 4,753 75 11,434,300 0.06 0.11 0.17
40 Ag g/t
Measured ----------------------------------------------------------------
greater than 6,235 65 13,090,800 0.06 0.1 0.16
30 Ag g/t
----------------------------------------------------------------
greater than 8,220 56 14,676,900 0.06 0.08 0.14
20 Ag g/t
----------------------------------------------------------------
greater than 11,689 43 16,301,200 0.05 0.07 0.12
10 Ag g/t
--------------------------------------------------------------------------
greater than 3,578 156 17,968,000 0.08 0.15 0.19
100 Ag g/t
----------------------------------------------------------------
greater than 9,235 104 30,834,800 0.07 0.12 0.17
50 Ag g/t
----------------------------------------------------------------
greater than 11,273 93 33,763,100 0.06 0.11 0.16
40 Ag g/t
Indicated ----------------------------------------------------------------
greater than 14,521 80 37,402,800 0.06 0.1 0.14
30 Ag g/t
----------------------------------------------------------------
greater than 19,539 66 41,381,600 0.06 0.09 0.13
20 Ag g/t
----------------------------------------------------------------
greater than 27,714 51 41,381,600 0.05 0.07 0.11
10 Ag g/t
--------------------------------------------------------------------------
greater than 160 139 717,400 0.06 0.15 0.18
100 Ag g/t
----------------------------------------------------------------
greater than 936 82 2,467,000 0.06 0.12 0.15
50 Ag g/t
----------------------------------------------------------------
greater than 1,252 73 2,920,200 0.06 0.11 0.14
40 Ag g/t
Inferred ----------------------------------------------------------------
greater than 1,780 61 3,515,900 0.05 0.1 0.12
30 Ag g/t
----------------------------------------------------------------
greater than 2,497 51 4,091,200 0.05 0.09 0.11
20 Ag g/t
----------------------------------------------------------------
greater than 3,386 41 4,689,300 0.05 0.08 0.09
10 Ag g/t
--------------------------------------------------------------------------
Note: Figures presented in this table for cut-off values below 30 g/t silver
should not be misconstrued with a Mineral Resource Statement. The figures
are only presented to show the sensitivity of the block model estimates to
the selection of cut-off grade.
The development of the comparative tables has relied on the work of experts as
described in this release. The following factors should also be noted:
-- Mineral resources were estimated in conformance with the CIM Mineral
Resources definitions referred to in National Instrument 43-101,
Standard of Disclosure for Mineral Properties;
-- The resource estimate considered the results of 154 drill holes totaling
(25,576 metres) and was calculated by using 143 of these holes;
-- Mineral resources were estimated by ordinary kriging in 10x10x10 metre
blocks. Grades were capped to 500 g/t silver in the high grade portion
of the mineralization:
-- Mineral resources were classified as Measured if at least three (3)
drill holes were found within a 75 x 50 x 25 metre search radius. Blocks
were classified as Indicated if two (2) drill holes were found within a
75x50x25 metre search radius and blocks were classified as Inferred if
at least three (3) drill holes were found within a 100x75x30 metre
search radius;
-- The "reasonable prospects for economic extraction" requirement generally
implies that the quantity and grade estimates meet certain economic
thresholds and that the mineral resources are reported at an appropriate
cut-off grade taking into account extraction scenarios and processing
recoveries. In order to meet this requirement, ACS considers that major
portions of La Cigarra mineralization are amenable for open pit
extraction;
-- In order to determine the quantities of material offering "reasonable
prospects for economic extraction" by an open pit, ACS, with the
assistance of JDS, used Whittle(TM) pit optimization software and
reasonable mining assumptions to evaluate the proportions of the block
model (Measured, Indicated and Inferred blocks) that could be
"reasonably expected" to be mined from an open pit;
-- The optimization parameters, found in the table below, were selected
based on experience and benchmarking against similar projects. The
reader is cautioned that the results from the pit optimization are used
solely for the purpose of testing the "reasonable prospects for economic
extraction" by an open pit and do not represent an attempt to estimate
mineral reserves. There are no mineral reserves on the La Cigarra
Project. The results are used as a guide to assist in the preparation of
a mineral resource statement and to select an appropriate resource
reporting cut-off grade.
---------------------------------------------------------------------------
Parameter Value Unit
---------------------------------------------------------------------------
Silver Price $ 29.20 US$ per ounce
---------------------------------------------------------------------------
Lead Price $ 1.00 US$ per pound
---------------------------------------------------------------------------
Zinc Price $ 0.95 US$ per pound
---------------------------------------------------------------------------
Mining Cost $ 2.00 US$ per tonne mined
---------------------------------------------------------------------------
Processing (Sulphide
material) $ 15.00 US$ per tonne of sulphide feed
---------------------------------------------------------------------------
Processing (Oxide Material) $ 12.00 US$ per tonne of oxide feed
---------------------------------------------------------------------------
General and Administrative $ 1.00 US$ per tonne of feed
---------------------------------------------------------------------------
Overall Pit Slope 45 degrees
---------------------------------------------------------------------------
Silver Flotation Recovery 84 Percent
---------------------------------------------------------------------------
Lead Flotation Recovery 75 Percent
---------------------------------------------------------------------------
Zinc Flotation Recovery 60 Percent
---------------------------------------------------------------------------
Silver Leach Recovery 90 Percent
---------------------------------------------------------------------------
Lead Payable 95 Percent
---------------------------------------------------------------------------
Silver Payable in Lead Conc. 95 Percent
---------------------------------------------------------------------------
Zinc Payable 85 Percent
---------------------------------------------------------------------------
Silver Payable in Zinc Conc. 70 Percent
---------------------------------------------------------------------------
Silver Dore Payable 100 Percent
---------------------------------------------------------------------------
Immediate Resource Expansion Potential
Immediate exploration potential at La Cigarra exists within and adjacent to the
current resource area (between sections 6+00S in Las Carolinas and 3+50N in San
Gregorio) at a 30 g/t silver cut-off as presented in the table below. The
potential silver quantity and grade is conceptual in nature as there has been
insufficient exploration to define a mineral resource and it is uncertain that
further exploration will result in the target being delineated as a mineral
resource. This exploration quantity and grade was determined based on a single
drill hole within the 100m search ellipse.
Immediate Exploration Potential adjacent and within the San Gregorio/Las
Carolinas Zones, La Cigarra Project
--------------------------------------------------------------------------
Potential
Contained
Potential In-Situ Grade Metal
-------------------------- ---------------------------------- ------------
Tonnes Ag Au Pb Zn Ag
Category (000) (g/t) (g/t) (%) (%) (oz)
--------------------------------------------------------------------------
Exploration 3,000 65 approx. 0.09 0.13 6,000,000
Potential to to 0.06 to to to
4,500 75 0.1 0.14 10,000,000
--------------------------------------------------------------------------
Click the link below to view a long section covering the San Gregorio and Las
Carolinas zones demonstrates the meaningful drill intersections that encountered
mineralization below and adjacent to the optimized pit, which were not included
in the calculation of the resource estimate.
www.internationalnorthair.com/i/maps/2013-04-10-La_Cigarra-Long_Section.jpg
Furthermore, considerable resource exploration potential exists along the open
continuous six (6) kilometre long La Cigarra mineralized system. This potential
is in part supported by soil sampling along trend of the system, comprising the
La Borracha Zone to the north (where nine (9) drill holes have intercepted
significant silver mineralization) and the Las Venadas Zone to the south (which
has returned surface silver values of up to 233 g/t silver over 2.5 metres). The
defined target zone at Las Venadas covers an area of approximately 230 metres by
90 metres.
In addition, numerous other target areas within the remaining 32,000 hectare
land package could host significant mineralization as evidenced by a cluster of
historic workings and mineralized grab samples obtained from preliminary
prospecting.
QA/QC
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.
The resource estimation work was completed by Dr. Gilles Arseneau, P.Geo. of
Arseneau Consulting Services and an independent Qualified Person as defined
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 is currently
focused on advancing its La Cigarra silver project located in the state of
Chihuahua, which hosts a robust NI 43-101 compliant silver resource estimate
that also contains appreciable lead, zinc and gold values. Excellent exploration
potential exists to the north of the deposit within the La Borracha Zone (where
nine (9) drill holes have intercepted significant silver mineralization) and to
the south where the extension of the La Cigarra structure has demonstrated a
strong mineralized system with numerous drill targets. The permissive geology
and attractive surface sampling results present a compelling opportunity to
expand the known resource. The Company is presently prioritizing target areas
for an expected 2013 drill program.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
International Northair Mines Ltd.
Fred Hewett
President & CEO
604-687-7545 or 1-888-338-2200
International Northair Mines Ltd.
Chris Curran
Manager, 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
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