Two important developments for International Enexco
shareholders pertaining to our 100% owned Contact Copper Project in
Nevada (including exciting new drill results) are outlined below:
Firstly, as reported by Bloomberg: "Copper prices are
up 21 percent this year reaching a record $8,973.50 per ton."
Bloomberg also noted "The usual course of action when prices rise is
for producers to simply increase their output. This however appears not
to be the case with inventories low and supplies projected to lag demand
for at least the next two years" To read the Bloomberg article in
its entirety, please access it by following this link: http://www.bloomberg.com/news/2010-12-07/copper-faces-2-year-shortage-peak-over-10-000-trafigura-says.html
All of this going forward gives Cooper companies like Enexco who have advanced projects a very positive
outlook.
Secondly, and more importantly, Internnational
Enexco's most recent news release (outlining
our recent drilling succeses
and updating planned future steps at our 100% owned Contact Copper
project in Nevada) can be viewed below. Additional information on the
Contact Copper Project can also be found at www.enexco.ca
Vancouver, B.C. -
December 9, 2010. International Enexco Ltd.
(TSXV - IEC) 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.
EN-154
|
From (m)
|
To (m)
|
Interval
(m)
|
Copper (%)
|
Silver
(g/t)
|
|
131.4
|
132.6
|
1.2
|
1.50
|
40.6
|
|
174.0
|
176.6
|
2.6
|
0.75
|
27.4
|
|
260.3
|
303.3
|
43.0
|
0.49
|
4.3
|
includes
|
272.2
|
289.6
|
17.4
|
0.89
|
8.2
|
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 most recent Annual Information Form 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
Tel: (604) 669-8368 Fax: (604) 642-2629
"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."
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