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International Enexco
Ltd. (TSX VENTURE:IEC
- News; "Enexco" or the "Company") is pleased to
announce results from the first drill hole in its Fall 2010 Drill Program at
the Company's 100%-owned Contact Copper Project, Nevada. Results include 43.0
meters of 0.49% Copper in hole EN-154.
Hole EN-154 is the first of a series of core
holes to be drilled in preparation for a Feasibility Study on the project.
The drilling follows the Update to the 2009 Prefeasibility Study (see IEC
June 2, 2010 Press Release). In the PFS Update, the Mineral Resource was
revised to 712 million pounds of copper (298 million pounds Measured and 413
million pounds Indicated within 135.2 million tons at 0.26% Cu), with an
Inferred Resource of 291 million pounds of copper (53.5 million tons at 0.27%
Cu) based on a 0.10% Cu cut-off.
Hole EN-154 was a vertical hole drilled for
the purpose of testing the northern extent of mineralization and the depth to
the main intrusive body which makes up 90% of the contained copper in the
resource base. The hole was collared in siltstone, and drilled to a depth of
346.6 meters, encountering the main intrusive at 303.3 meters. From 260.3
meters to 303.3 meters, the hole encountered skarn
mineralization consisting of pyroxene, garnet, chalcopyrite and bornite. The 43.0 meter interval graded 0.49% Cu,
including 17.4 meters grading 0.89% Cu and 8.2 g/t Ag. The intercept lies
outside of the current resource base. Two other intervals in the hole carried
silver values greater than 25 g/t.
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EN-154 From (m) To (m) Interval (m) Copper (%) Silver (g/t)
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131.4 132.6 1.2 1.50 40.6
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174.0 176.6 2.6 0.75 27.4
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260.3 303.3 43.0 0.49 4.3
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includes 272.2 289.6 17.4 0.89 8.2
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The Contact Copper Project is planned as
an SX-EW operation to produce 25 million pounds per year of copper by
leaching predominantly oxide ore. As such, it remains to be determined if the
mineralization encountered in EN-154 is amenable to leaching. Further
drilling is underway to determine the potential extent of the new zone. Hole EN-154 lies 137 meters northwest of an earlier drill
hole, CRC-04-01. Records show CRC-04-01 had similar mineralization, from
167.6 meters to 205.7 meters, with the 38.1 meter
interval carrying 1.30% Cu. Records show that CRC-04-01 was not analyzed for
silver.
The technical content of this news
release was reviewed and approved by William Willoughby of Enexco who is a Qualified Person (QP) as defined by
Canadian National Instrument 43-101. The analyses reported are final assays
conducted by ALS Chemex, an ISO 9000 certified
laboratory in Reno, Nevada.
Forward Looking Statements:
Certain statements in this news release,
including those regarding production, costs, production, economics and other statements
that express expectations or estimates of future performance constitute
"forward-looking statements". All statements, other than statements
of historical fact, are forward-looking statements. Information concerning
the interpretation of mineral resources and reserves may be deemed as
forward-looking statements as such information constitutes a prediction of
what might occur if and when a project is actually developed.
Forward-looking statements are
necessarily based upon estimates and assumptions that, while considered
reasonable by management, are inherently subject to significant
uncertainties, contingencies and risks. Enexco
cautions the reader that these statements involve factors that may cause
actual results to differ materially from those anticipated in such
forward-looking statements. Further discussion of the risks is included
within the PFS, and in the Company's annual filings filed on SEDAR. Enexco cautions investors and others that the list of
factors may not be exhaustive and should carefully consider the uncertainties
and risks in any decision that may be made from the Company's forward-looking
statements.
ABOUT INTERNATIONAL ENEXCO
Enexco is a Canadian based advanced
exploration company headquartered in Vancouver, B.C. In addition to its 100%
owned Contact Copper Resource Property, the Company is exploring other
prospective areas of Nevada, and has a joint venture with Cameco
Corporation (52.5%), International Enexco (30%) and
AREVA (17.5%) to jointly develop the High-Grade Mann Lake Uranium Project
located in the Athabasca Basin in Saskatchewan. Cameco
is operator of the Mann Lake Uranium Project.
For further information on all of Enexco's projects, visit our website at: www.enexco.ca
Paul McKenzie, Director, International Enexco Limited
"Neither The 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."
Contact:
Paul McKenzie
International Enexco Limited
Director
(604) 669-8368
(604) 642-2629 (FAX)
www.enexco.ca |