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As of 3:59 PM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

intl northair mines ltd (INM) Snapshot

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Market Cap
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Shares Outstanding
150.1M
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intl northair mines ltd (INM) Details

Northair Silver Corp., an exploration stage company, engages in the acquisition, exploration, and development of mineral properties in North America. The company primarily explores for gold and silver, as well as zinc, lead, and copper. It holds interests in the La Cigarra project consisting of a package of concessions covering an area of approximately 36,000 hectares located in the state of Chihuahua; the El Reventon project comprising an area of approximately 6,000 hectares situated in the state of Durango; and the Sierra Rosario project located in the state of Sinaloa, Mexico. The company, formerly known as International Northair Mines Ltd., was founded in 1966 and is headquartered in Vancouver, Canada.

Founded in 1966

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intl northair mines ltd (INM) Key Developments

Northair Silver Corp. and Grupo Northair de Mexico, S.A. de C.V. Acquires Los Cuates Gold Project, Mexico

Northair Silver Corp. and its wholly owned subsidiary Grupo Northair de Mexico, S.A. de C.V. announced that it has signed two binding agreements; one with Serengeti Resources Inc. to acquire 100% the Los Cuates gold project adjacent to its Cigarra silver deposit, located in the state of Chihuahua, Mexico. The Los Cuates gold project consists of 3 concessions covering 365 hectares and is situated immediately west of the Company's La Cigarra silver project, totaling approximately 32,000 hectares. Los Cuates is road accessible using a series of gravel roads from the nearby historic mining city of Parral, which is located approximately 26 kilometres to the southeast. Since 2010, work carried out by Serengeti on Los Cuates included geologic mapping, surface sampling, trenching, ground geophysics and diamond drilling. Results of the exploration programs defined an epithermal gold-silver target area measuring 2,000 metres in length by 500 metres in width in the western portion of the project area, which appears to be associated with a number of prominent east-west trending structures and pervasively altered and oxidized sedimentary host rock formations. The drilling completed in the program covered a relatively small portion of the property and only focused on shallow depths, but confirmed that the mineralized zones continued at depth. Northair will evaluate the exploration results of the Los Cuates concessions in conjunction with the other property wide targets that exist on its La Cigarra silver project. The Los Cuates Agreement with Serengeti, subject to an Assignment Agreement, Serengeti has agreed to assign and transfer to Northair its 100% interests in the Los Cuates mineral concessions. In consideration of the Los Cuates Assignment, Northair will pay $1,533 (plus value added tax) and grant to Serengeti a 1% net smelter royalty from any future production on Los Cuates. Northair shall be entitled at any time to buy-back the full net smelter royalty by paying $1,000,000.

Northair Silver Corp. Releases Results of 2014 Drilling Program at the La Cigarra Silver Project, Mexico

Northair Silver Corp. announced that the 2014 drilling program at its La Cigarra silver project (the property) located in Chihuahua, Mexico has been completed and all results are compiled and under review. The Program consisted of seventeen core holes totaling 4,860 metres. Drilling was distributed over several property wide targets with most work directed at in-filling and expanding the known San Gregorio and Las Carolinas resource area. Subsequent to the Program, Northair currently has a cash balance position of just under CAD 5.0 million. The Las Carolinas Zone represents the southerly portion of the La Cigarra deposit spanning a length of approximately 1.3 kilometres and average width of 260 metres. Six (6) holes were completed in the 2014 drilling program with the primary objective of expanding the resource down-dip and to in-fill areas of previous wide-spaced drilling. To date, a total of 78 holes and 12,637 metres have been drilled at Las Carolinas. The hole CC-14-145 reporting 15.15 metres grading 60.4 g/t silver and hole CC-14-146, which intersected 7.5 metres grading 81.0 g/t silver. In addition, hole CC-14-155 returned several mineralized silver intercepts including 23.45 metres grading 138.3 g/t, 6.00 metres grading 50.7 g/t, and 1.00 metre of 169.0 g/t. This hole filled in an embayment in the drilling pattern and extended silver mineralization 90 metres down dip from CC-12-071. Mineralization in this area was traced at least 270 metres down-dip from the surface. On section LC 3+50N, hole CC-14-156 intercepted 1.65 metres grading 122.1 g/t silver, 2.31% lead and 5.80% zinc. A separate interval reported 14.4 metres of 53.5 g/t silver, including an intercept of 4.60 metres of 137.4 g/t silver and 0.61% zinc. This hole extended the silver mineralization 90 metres down dip from CC-12-101. The silver zone is this area can now be traced at least 400 metres down dip from the surface. The San Gregorio Zone represents the northerly portion of the La Cigarra resource with a strike length of approximately 1.1 kilometres and average width of 260 metres. Seven (7) holes were completed here in 2014 with the objective of expanding the resource down-dip and to in-fill areas of potential situated adjacent to previous drilling. To date a total of 80 holes and 15,136 metres have been drilled at San Gregorio. Highlights from the 2014 program include holes CC-14-142 which reported 7.40 metres grading 119.8 g/t silver, CC-14-143 which contained 3.75 metres grading 290.6 g/t silver and CC-14-152 which intersected 2.30 metres grading 98.64 g/t silver. The San Gregorio Zone represents the northerly portion of the La Cigarra resource with a strike length of approximately 1.1 kilometres and average width of 260 metres. Seven holes were completed here in 2014 with the objective of expanding the resource down-dip and to in-fill areas of potential situated adjacent to previous drilling. To date a total of 80 holes and 15,136 metres have been drilled at San Gregorio. Highlights from the 2014 program include holes CC-14-142 which reported 7.40 metres grading 119.8 g/t silver, CC-14-143 which contained 3.75 metres grading 290.6 g/t silver and CC-14-152 which intersected 2.30 metres grading 98.64 g/t silver.

Northair Silver Corp. Announces Executive Changes, Effective December 8, 2014

Northair Silver Corp. announced the appointment of Mr. Robert J. Scott CA, CFA as Chief Financial Officer (CFO) to replace outgoing CFO Mr. Wayne Johnstone who has decided to pursue other business interests and the appointment of Ms. Annette Cusworth to the company's board of directors, effective December 8, 2014. Mr. Robert Scott, CA, CFA is a Chartered Accountant and has over 20 years of professional experience in corporate finance, accounting, merchant and commercial banking. He has served in the management and boards of a number of Canadian companies and also currently serves as the CFO of Riverside Resources, where he has been instrumental in developing the programs and processes that have allowed Riverside to progress several early stage projects and create multiple strategic alliances with major mining companies. In addition, Mr. Scott is a co-founder and director of privately held, Pan American Hydro Corporation, and also currently serves on the board of Entourage Metals.

 

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