International Enexco Closes CDN$2.35 Million Non-Brokered

International Enexco Closes CDN$2.35 Million Non-Brokered Private
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/29/12 --
International Enexco Ltd. (TSX
VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or "Enexco")
is pleased to announce that further to its October 12, and November
16, 2012 news releases announcing a non-brokered private placement of
Units at $0.50 per Unit for gross proceeds of $2,000,000, the private
placement has been oversubscribed for aggregate proceeds of
$2,350,000. All other information from the news release dated
November 16, 2012 remains the same.  
Denison Mines Corp. subscribed for 3,600,000 units of the Company
(each a "Unit") at a price of $0.50 per Unit for aggregate gross
proceeds of $1,800,000. If all of Denison's warrants included in the
Units were exercised, Denison would own 5,400,000 shares of Enexco,
which represents approximately 13.90% of the issued and outstanding
shares of Enexco. 
The proceeds from the private placement will be used for the
exploration and development of the Contact Copper project in Nevada,
to partially fund the Company's exploration activities on the Mann
Lake uranium project (operated by Cameco Corp.) in Saskatchewan's
Athabasca Basin in 2013 and for general working capital.  
Concurrently with Denison's purchase of Units, Denison and Enexco
also entered into an ancillary rights agreement (the "ARA"). The ARA
provides Denison with certain rights, for so long as Denison holds a
minimum 5% interest in the issued and outstanding shares of Enexco.
First, the Company shall cause one Denison nominee to be appointed to
Enexco's Board effective upon the closing of the private placement,
and will nominate one Denison nominee for election to the Board at
any meeting of shareholders where directors are to be elected.
Second, Denison has a pre-emptive right to maintain its shareholding
percentage up to a maximum of 9.9% (on a partially exercised basis),
subject to regulatory approval, if Enexco issues or proposes to
issues any equity securities. Denison also has the right to subscribe
for such number of shares sufficient to enable Enexco to meet its
funding obligations under the Mann Lake Joint Venture Agreement in
the event of a shortfall. The ARA also provides that Denison has the
right to appoint one individual to Enexco's Technical Committee,
responsible for providing technical input on the exploration and
development plans for the Mann Lake Uranium Project in the Athabasca
Basin in Saskatchewan.  
In exchange, Denison has agreed in the ARA to vote its shareholding
in favour of Enexco Management's proposals on matters of routine
business and not to tender its shareholding to any take-over bid if
Enexco's Board has not issued a recommendation in favour of the same. 
Denison Mines Corp. is a uranium exploration and development company
with interests in exploration and development projects in
Saskatchewan, Zambia and Mongolia. As well, Denison has a 22.5%
ownership interest in the McClean Lake uranium mill, located in
northern Saskatchewan, which is one of the world's largest uranium
processing facilities. Denison's exploration project portfolio
includes the world class Phoenix deposit located on its 60% owned
Wheeler River project also in the Athabasca Basin region of
The Company will pay $24,387.50 in finder's fees in connection with
this closing, excluding Denison's subscription. All of the securities
issuable in the placement are subject to a hold period ending on
March 30, 2013. 
About International Enexco Ltd. 
International Enexco Ltd. is a North American exploration and
development company focused on the feasibility stage Contact Copper
Project in northern Nevada. The Company also pursues gold and silver
exploration in Idaho and Nevada, and is advancing the Mann Lake
Uranium Project located in Saskatchewan's prolific Athabasca basin.
This project is a joint venture with Cameco (52.5%) as operator and
AREVA (17.5%)-two of the world's largest uranium companies.  
On behalf of the Board of Directors, I look forward to keeping you
updated with our corporate developments.  
G. Arnold Armstrong, President & CEO 
Certain information regarding the Company including management's
assessment of future plans and operations, may constitute
forward-looking statements under applicable securities laws and
necessarily involve risks associated with mining exploration and
development, volatility of prices, currency fluctuations, imprecision
of resource estimates, environmental and permitting risks, access to
labour and services, competition from other companies and ability to
access sufficient capital. As a consequence, actual results may
differ materially from those anticipated in the forward-looking
statements. A feasibility study has not been completed and there is
no certainty the disclosed targets will be reached nor that the
proposed operations will be economically viable. We seek safe
The TSX Venture Exchange or its Regulation Services Provider have not
reviewed and do not accept responsibility for the adequacy or
accuracy of the contents of this news release, which has been
prepared by management. 
International Enexco Ltd.
Spiros Cacos
+1 604 669 8368
+1 604 662 3691 (FAX)
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