|By Marketwired .||
|May 27, 2014 01:52 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/14 -- International Northair Mines Ltd. (TSX VENTURE: INM) (the "Company" or "Northair") is pleased to announce that it has received approval from the TSX Venture Exchange and satisfied all conditions precedent for the Net Smelter Return ("NSR") royalty agreement ("Royalty Agreement") with Coeur Capital Inc. ("Coeur") as previously announced on May 21, 2014 (see INM PR#14-05).
Northair has received US$2,250,000 for a 1.25% NSR; and a further US$1,750,000 will be paid on September 2, 2014 for an additional 1.25% NSR payable on future production from the La Cigarra silver project (the "Project"), located in north central Mexico.
Proceeds from the Royalty Agreement will be used for working capital and will allow Northair to earn a 100% interest in certain key mineral rights comprising the Project, as well as carry out continued exploration including at least 5,000 metres of core drilling.
Northair will pay a finder's fee totalling US$80,000 to Raymond James Ltd. for their assistance in arranging this transaction with Coeur.
About International Northair Mines Ltd.
International Northair Mines Ltd is a mineral exploration company engaged in the acquisition and development of gold and silver properties in Mexico. Northair 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 as referenced in the San Gregorio/Las Carolinas Resources Technical Report La Cigarra Project, Chihuahua Mexico dated effective February 26, 2013.
ON BEHALF OF THE BOARD,
INTERNATIONAL NORTHAIR MINES LTD.
Fred G. Hewett, P.Eng., President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as resource estimates, anticipated results and costs, and 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, resources estimates, future anticipated resources 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.
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