International Enexco Commences $6 Million, Three Rig Drill Program,
on the Mann Lake Uranium Project, Athabasca SK
- 21,000 Metre Diamond Drill Program Underway
- 3 Drill Rigs
- Partnered with Cameco and AREVA
- Denison Mines Strategic Investor
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/21/13 --
International Enexco Ltd. (TSX
VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or "Enexco")
is pleased to announce that the 21,000 metre (69,000 feet) diamond
drill program on the Mann Lake uranium project has commenced by the
project operator, Cameco Corporation ("Cameco"). Discovery Mining
Services Ltd. has now completed the initial set up of the Three Mile
Camp which will be the center base of the drilling operations for the
exploration program. The camp can accommodate the first 20 people (2
drills). Collaring of the first drill holes on Mann Lake has
commenced and full camp operations to accommodate a third drill is
anticipated by the end of January 2013.
The budget for the 2013 program is CDN$6,000,000 with Enexco's
portion being CDN$1,800,000. On November 29, 2012, Denison Mines
Corp. ("Denison") 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 allowing Denison to own 5,400,000 shares of Enexco,
which represents approximately 9% of the present issued and
outstanding shares. Denison's strategic investment was proportional
to Enexco's portion of the 2013 exploration program on the Mann Lake.
Furthermore, on December 19, the Company announced that Ron
Hochstien, the Chief Executive Officer of Denison Mines Corp. joined
Enexco as a member of its Board of Directors.
The primary objective of the 2013 exploration program will be to
drill test priority geological and geophysical targets along the C
conductor trend over the entire length of the property and the
possible expansion of the mineralization discovered during the 2006 -
2007 drill programs in the central part of the C conductor trend.
High-grade mineralization was intersected in hole MN-013 during a
2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25m
and 5.53% U3O8 over 0.4m in the basement, 12m beneath the Athabasca
unconformity surface. The 2013 drill program 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
The program in progress will consist of 28 drill holes with an
additional 10 contingency holes, using 3 separate drills totalling
approximately 21,000 m of drilling. Additional grid refurbishment and
geophysical surveying is scheduled to be completed by February 2013.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and
AREVA (17.5%) to explore the Mann Lake Uranium Project in the
Athabasca Basin in Saskatchewan.
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
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for
the purposes of National Instrument 43-101 and has prepared or
supervised the preparation of the disclosure of any scientific and
technical information contained in this news release.
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
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 and the Mann Lake Uranium Project located
in Saskatchewan's prolific Athabasca basin. The Mann Lake project is
a joint venture with Cameco (52.5%) as operator, Enexco (30%) 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. 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.
We seek safe harbour.
International Enexco Ltd.
+1 604 669 8368
+1 604 662 3691 (FAX)
Press spacebar to pause and continue. Press esc to stop.