|Northair Leases El Tesoro Concessions
International Northair Mines Ltd. (TSXV:INM) is pleased to announce that it’s wholly owned subsidiary, Grupo Northair de Mexico, S.A. de C.V., (Northair) has entered into a letter of intent with Compania Minera San Valentin, S.A. de C.V. (San Valentin), which allows San Valentin to lease Northair’s El Tesoro concessions located in the state of Durango, Mexico. San Valentin is a privately held company with corporate offices located in Durango, Mexico; and offices in Houston, Texas, USA.
Under the proposed agreement, after an initial due diligence period, San Valentin will pay Northair $2,000 per month for the rights to explore and mine the G Zone and $3,000 per month for the rights for the remainder of the concessions; for a total of $5,000 per month. The lease will run for a period of 15 years, during which time San Valentin has the option to purchase the G Zone for $200,000 and the remainder of the concessions for $300,000; for a total of $500,000. All amounts are in US dollars. Northair retains a back in right for 49% of the G Zone if San Valentin exercises its purchase option.
During the term of the lease, San Valentin will be responsible for all taxes, permitting and environmental aspects of the concessions. The agreement is subject to the noted due diligence and approval by the Northair Board of Directors and appropriate regulatory authorities.
Northair’s El Tesoro concessions comprise nearly 3000 hectares covering portions of a mineralized belt including the G Zone and other mineralized zones. Surface trenching by Northair of the G Zone has returned values of 18.86 g/t gold and 13.20 g/t silver over 12 metres.
San Valentin has notified Northair that it plans to mine several zones of mineralization identified by Northair, and to continue exploration of the extensive land position. Some material will be processed at San Valentin’s nearby milling facility at Calaveras, Durango, for recovery of gold and silver, while other material will be heap-leached on site in the El Tesoro area.
On Corporate matters, the Company is pleased to announce the appointment of David M. Douglas, CA as Corporate Secretary. Mr. Douglas has been involved in the investment industry for over twenty years and has served as Director of several private and public companies as well as a Senior Corporate Finance Analyst with a regional brokerage firm. Mr. Douglas is a Chartered Accountant and a graduate of the University of British Columbia.
The Company has, subject to TSX Venture Exchange approval, issued options for the purchase of 120,000 shares to employees and officers. These options are for a period of five years at $0.23 per share.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
“Fred G. Hewett”
Fred G. Hewett, P.Eng.
FOR MORE INFORMATION CONTACT THE COMPANY AT 1-604-687-7545 or Toll Free 1-888-338-2200
Website: www.internationalnorthair.com Email: [email protected]
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. 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 the Company’s AIF Report and filings for a more detailed discussion of factors that may impact expected results.