International Enexco Closes Oversubscribed Flow-Through Private
Placement with Proceeds of $1.6 Million
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/14/12 --
International Enexco Ltd. (TSX
VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or "Enexco")
is pleased to announce that further to its November 16, 2012 news
releases, announcing a non-brokered private placement of 1,600,000
flow-through shares (each a "Share") at $0.60 per Share for proceeds
of CDN$960,000 on a non-brokered private placement basis, the Company
has closed and oversubscribed to 2,666,667 Shares for aggregate
proceeds of CDN$1,600,000.
The net proceeds from the private placement will be used to fund
Enexco's portion of a CDN$6 million exploration program at the Mann
Lake uranium project in Saskatchewan.
The Company will pay $61,900.10 in finder's fees in connection with
the closing of the placement. All of the securities issuable in the
placement are subject to a hold period ending on April 14, 2013.
About Mann Lake Uranium Project
The Mann Lake Uranium Project is located in the heart of what is
undisputedly the most prolific and highest grade uranium region in
the world, the Athabasca Basin in Saskatchewan. The Project lies 25
km southwest from Cameco's McArthur River Mine and is 20 km northeast
from Cameco's Millennium deposit. High-grade basement-hosted uranium
mineralization was discovered at Mann Lake during a 2006 drill
program. The two highest grade intervals averaged 7.12% U3O8 over
0.25 m and 5.53% U3O8 over 0.4 m at depths of just over 500 m.
On November 15, 2012, Enexco announced that an aggressive exploration
drill program will begin starting January 2013, directed by the
project operator, Cameco Corporation. The proposed budget for the
2013 program will be CDN$6,000,000 with Enexco's portion being
CDN$1,800,000. The primary objective of the proposed exploration
program will be to drill test priority geological and geophysical
targets along the C conductor trend over the entire length of the
property. This will allow for the evaluation for the presence of in
situ mineralization, alteration and / or geochemical halos indicative
of an economic deposit on the Mann Lake project.
The 2013 drill program may consist of 28 drill holes with an
additional 10 contingency holes, using 3 separate drills totaling
approximately 21,000 m (69,000 ft.) of drilling.
By the end of the proposed 2013 drill program, all geological and
stacked resistivity and EM targets coincident with the C conductor
trend will have been drill evaluated and characterized with potential
detailed follow-up of positive results either undertaken or deferred
to a future program. Additional grid refurbishment and geophysical
surveying is planned for the northernmost portion of the property.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and
AREVA (17.5%) - two of the world's largest uranium companies to
explore the Mann Lake Uranium Project in the Athabasca Basin in
Results from the proposed drill program will be published in
subsequent press releases as they become available. In addition,
Enexco anticipates receiving monthly progress reports and intends to
release pertinent information on an as received basis. In the
meantime investors are encouraged to discover the potentials of the
Mann Lake property by visiting www.enexco.ca or by contacting the
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.
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
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 release.
International Enexco Ltd.
+1 604 669 8368
+1 604 662 3691 (FAX)
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