International Enexco Announces Joint Venture with Denison Mines on Bachman Lake
Uranium Project, Athabasca SK
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/13 --
International Enexco Ltd. (TSX
VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:I6E) (the "Company" or "Enexco")
is pleased to announce it has entered into a joint venture agreement
with Denison Mines Corp. ("Denison") on the Bachman Lake uranium
project situated in Saskatchewan's Athabasca Basin. The project is
located 4 kilometres southwest of Cameco Corporation's Millennium
deposit, and 20 kilometres southwest of the Mann Lake uranium
project, which is a joint venture between Enexco (30%), Cameco
Corporation (52.5%) and AREVA (17.5%). Enexco can earn a 20% interest
in the Bachman Lake project by funding $500,000 of exploration work
by December 31st, 2013.
The 2013 exploration program will test the ML-1 and CR-2 conductors
with a 1,900 metre drill program. The program will be helicopter
supported from Denison's Wheeler River project camp and is
anticipated to begin in August. Denison will be the operator.
Arnold Armstrong, President & CEO of Enexco, commented: "This joint
venture provides additional opportunities to further enhance the
Company's uranium portfolio in the Athabasca Basin. We look forward
to commencing the drill program this summer."
About Bachman Lake Project
The Bachman Lake project is located in the southeastern Athabasca
Basin and consists of five contiguous claims totalling 11,419
hectares. The Bachman Lake project contains several ground
electromagnetic conductors. Historic drill holes targeting the
conductors intersected significant alteration and elevated pathfinder
element geochemistry. The property is underlain by 450 to 600 metres
of Athabasca sandstone which rest unconformably on Wollaston
Supergroup metasedimentary rocks of the eastern Mudjatik Domain.
Three conductors identified by geophysics and historical drilling are
the main target areas.
To view Figure 1 - Bachman Lake Property Map, please visit the
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and
development company focused on the 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.