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International Enexco Limited

Publié le 10 décembre 2013

International Enexco Gives a Base Metal (and Uranium) Balance to a Junior Resource Portfolio

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Mots clés associés :   Canada | Copper | Fukushima | Report | Uranium |

 

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International Enexco Gives a Base Metal (and Uranium) Balance to a Junior Resource Portfolio

In the world of junior resource/mining stocks, investors tend to gravitate toward gold/silver plays as those get the most press and let's face it, gold sells. Rational and successful mining investors have long known that base metal inclusion for diversity and balance has a place in the mix, just as with any asset class.

Enter Vancouver-based International Enexco Ltd., (TSX Venture: IEC) a quality junior copper and uranium concern. Well funded (approximately $1.7 million in cash) with no debt, great metrics, coupled with world-class partners and right in the midst of the prolific and uranium-rich Athabasca Basin and you have an investment with compelling potential. Not to mention the Company's 100 percent owned Contact Copper Project in Nevada.

Copper

On October 1st, the Company issued a PFS updating the resource and production projections of the Contact Copper property. The report used a copper price of US$3.20 a pound and the results are impressive.

In the mining friendly area of Elko County, Nevada, the property is 100% owned by IEC. It includes 2600 acres of patented land as well as 6800 acres of unpatented claims. Resource and reserve estimates from the PFS:

Mineral Resource Estimate at 0.07% Cu Cut-off
Category
Cu %
Tons
(000)
Pounds Cu
(000)
Measured
0.21
75,473
313,968
Indicated
0.19
137,640
517,526
Total Measured + Indicated
0.20
213,113
831,494
Inferred
0.20
12,982
52,18

(Note: Inferred should be viewed as speculative)

Mineral Reserve Estimate at 0.07% Cu Cut-off
Category
Cu %
Tons
(000)
Pounds Cu
(000)
Proven
0.23
57,678
263,249
Probable
0.21
83,416
348,499
Total Proven + Probable
0.22
141,094
611,748

Mineralization has been established by drilling 7500 feet in length and 3000 feet in width. The PFS delivered exceptional potential including a 95% increase in proven and probable as well as forecasting average annual copper production of almost 50 million pounds a year over 9.5 years. With an extremely competitive per-pound cash cost of US$1.73 (including costs and royalties) IEC gains excellent price stability. Payback period is 3.4 years after tax. The Company has decided that the results obtained from the PFS warrant the commissioning of a full feasibility study.

For context, IEC's low cash cost reduces price risk amidst an industry that boasts some very high cost producers. Should the price of copper reduce to $2.80 for example, it could defer expansion plans or shutter unprofitable production. And since the world needs copper-replacing about 1.1 billion pounds annually-low cost producers such as IEC have the edge.

Before tax NPV at 8% discount and IRR are forecast at $136 million and 30.4% while after tax numbers are NPV-8% of $107 million and IRR of 25.9%.

Uranium Properties

  Past News Releases
  Thu, Dec 5, 2013

International Enexco Closes Flow-Through Private Placement with Proceeds of $750,000
 

  Mon, Dec 2, 2013

International Enexco Announces Non-Brokered Flow-Through Private Placement
 

  Wed, Nov 13, 2013

International Enexco Announces $2.9 Million Drill Program, on the Mann Lake Uranium Project, Athabasca Basin, SK

Mann Lake

IEC's two uranium exploration sites are equally as compelling. Bachmann Lake (early stage) and Mann Lake (advanced stage) are both located in the Athabasca region of Saskatchewan and have significant JV partners. The area is undoubtedly the one of the most prolific and highest-grade uranium regions in the world.

At Mann Lake, with operator Cameco (52.5%), Enexco (30%) and AREVA (17.5%), IEC is in the company of two of the largest uranium concerns in the world. The recently announced 2014 drill program set to commence in January, will drill 13k metres through 18 holes. Of the $2.9 million program, IEC will fund just under $900,000. The purpose is to:

'�evaluate three types of targets; a preliminary evaluation of the area footwall to the western axis of the C trend, the completion of the systematic evaluation of the remaining targets along the main C trend and the preliminary evaluation of the conductive features near the western margin of the Wollaston sedimentary corridor'.

To date the two highest grade intervals are 7.12% U308 over 25m and 5.53U308 over 0.4 m at depths of 500m.

Bachmann Lake

IEC earned a 20 interest in Bachmann Lake with Denison Mines by funding the 2013 program with $500,000. That program, which commenced in August 2013, drilled four holes in the 11,400 hectare property and produced results that warrant further drilling, including a step out in both directions along the strike, particularly with regard to the BH-13-05 which was the fourth hole to intersect the CR-2 conductor. The program tested two other conductors; ML-2 and ML-1, 2.5 to 5 km apart on the property.

The price of uranium (U308) at roughly US$36 a pound is far from its peak at just under US$140 a pound in 2007. Fukushima didn't help-- all but taking Japan, the world's third largest producer of nuclear power offline and dumping the spot price by 50%. That said, Japan continues to honour its uranium contracts and has established a stockpile of about 100 million pounds. That overhang is a risk for investors and that stockpile would supply Japan for 4-5 years. Given that Japan is using importing extremely expensive fossil fuels to augment, there is a belief amongst some analysts that Japan will eventually return to nuclear power. An indication of Japan rising will translate into more utilities initiating long-term contracts and the current price rising. Until then, and it could be a while, U308 prices will likely idle at these base-building levels.

That said, Cameco is the proxy for the global uranium market. For IEC to have a strong partner such as Cameco in the Athabasca Basin speaks to its potential as a quality junior uranium play.

Cameco is responsible for 14% of global uranium supply and has had decent numbers of late. The stock appears to be establishing a base trading between US$17-$20 for the last couple of years.

The Bottom Line

I have to agree with IEC COO Bill Willoughby who stated,

"For investors, IEC is about balance. The Company is anchored with a tangible copper asset and has partnered with the best uranium companies in the world in one of the best global areas. As we extend drilling into the Copper Ridge and New York prospects at Contact,  our copper resources have potential for growth. Also the fact that we intend to produce to copper cathode eliminates the need for smelting and off-site costs which bodes well for developing shareholder value."

IEC trades at approximately $0.42 a share. 52-week range has been $0.23-$0.70. Market cap just under $17 million with 40 million shares outstanding (Insiders holding 19.2%).

For any serious investor building a diversified junior resource portfolio, IEC appears a decent inclusion.

Bob Beaty for The Bottom Line Report

International Enexco Ltd.

2060 -- 777 Hornby Street
Vancouver, B.C.
Canada V6Z 1T7
Office: + 1 604 669 8368
Fax: + 1 604 662 3231

Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. The Bottom Line Report makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the Bottom Line Report only and are subject to change without notice. The Bottom Line Report assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report.

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Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

International Enexco Limited

EXPLORATEUR
CODE : IEC.V
ISIN : CA45945G1072
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International Enexco est une société développant des projet miniers de cuivre et d'uranium basée au Canada.

International Enexco détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont LOOMIS, HOT POT PROJECT, MANN LAKE, CONTACT COPPER et MANN LAKE (JV) au Canada.

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Financements de International Enexco Limited
14/02/2014Announces Non-Brokered Private Placement
Nominations de International Enexco Limited
13/07/2011Appoints Spiros Cacos
24/06/2008Appoints Two New Directors
Projets de International Enexco Limited
27/01/2014Commences $2.9 Million Drill Program on the Man Lake Uranium...
10/12/2013International Enexco Gives a Base Metal (and Uranium) Balanc...
13/11/2013(Mann Lake)Announces $2.9 Million Drill Program, on the Mann Lake Urani...
10/10/2013(Contact Copper)Files Pre-Feasibility Study for Contact Copper Project, Neva...
01/10/2013(Contact Copper)Announces Positive Pre-Feasibility Study for Contact Copper ...
25/06/2013Announces Joint Venture with Denison Mines on Bachman Lake U...
27/03/2013(Mann Lake)Reports On the Mann Lake Uranium Project, Athabasca SK
19/02/2013(Mann Lake)JV Partner Cameco Adds Third Drill Rig On the Mann Lake Uran...
08/02/2013(Mann Lake)Minesite.com Article: International Enexco Sets The Drills T...
24/01/2013INTERNATIONAL ENEXCO (TSX-V: IEC) COMMENCES $6 MILLION, THRE...
21/01/2013International Enexco Commences $6 Million, Three Rig Drill P...
21/01/2013(Mann Lake)Commences $6 Million, Three Rig Drill Program, On the Mann L...
18/09/2012International Enexco Announces Positive Metallurgical Result...
18/09/2012(Contact Copper)Announces Positive Metallurgical Results from Contact Copper...
10/09/2012(Contact Copper)Completes Drill Program at Contact Copper Project and Report...
19/03/2012International Enexco Announces Additional Drill Results from...
24/02/2012International Enexco's Shares Power Ahead, As The Contact Co...
23/02/2012(Contact Copper)MINESITE.COM: International Enexco's Shares Power Ahead, As ...
16/01/2012(Contact Copper)Drill Program Update for Contact Copper Project, Nevada
28/11/2011(Contact Copper)Commences Drilling Contact Copper Project, Nevada
27/07/2011(Contact Copper)to Acquire Properties of Allied Nevada at Contact, Nevada
09/02/2011(Contact Copper)Rising Copper Prices Favor International Enexco
17/08/2009Positive Copper Pre-Feasibility Study Received
09/02/2009(Mann Lake)Drilling at Mann Lake Underway with Cameco as Operator
07/01/2009(Mann Lake)Cameco to Commence 3rd Enexco Drill Program at Mann Lake
29/09/2008(Contact Copper)Prepares to Drill Newly Optioned Boston Claim Group
21/08/2008(Contact Copper)Pre-Feas Study to Commence at Contact - New Resource Calcula...
Communiqués de Presse de International Enexco Limited
04/11/2013Announces Drill Results From the Bachman Lake Uranium Projec...
10/10/2013Mid=2DDay Breaking News From Zenyatta and International Enex...
09/09/2013Mid=2DDay Breaking News From International Enexco=2C Miracul...
26/08/2013Mid=2DDay Breaking News From Rango Energy and International ...
26/08/2013and Denison Mines Commence Drill Program on the Bachman Lake...
10/10/2012Mid-Day Breaking News From International Enexco, Gold Reach,...
10/10/2012(Contact Copper)Announces an Increase of 49% to 1.06 Billion Pounds of Coppe...
10/10/2012Announces an Increase of 49% to 1.06 Billion Pounds of Coppe...
27/08/2012Mid-Day Breaking News From Pelangio, International Enexco, S...
27/08/2012(Contact Copper)Confirms New Copper Target at Contact Copper Project (Nevada...
20/06/2012Todd Hilditch Joins International Enexco as Director
08/06/2012RESOURCE WORLD: INTERNATIONAL ENEXCO EXPANDING PROPERTY AND ...
23/05/2012Mid-Day Breaking News From International Enexco, CardioComm,...
23/05/2012(Contact Copper)Additional Drill Results from Contact Copper Project, Nevada
10/05/2012JOIN INTERNATIONAL ENEXCO LTD. AT THE 2012 NEW YORK HARD ASS...
26/04/2012Mid-Day Breaking News From International Enexco and Canada R...
19/03/2012(Contact Copper)Announces Additional Drill Results From Contact Copper Proje...
01/03/2012Mid-Day Breaking News From Mirasol, Novadx, Zimtu, Internati...
01/03/2012(Mann Lake)Announces Winter Geophysical Survey Planned at Mann Lake, Sa...
16/01/2012Mid-Day Breaking News From El Ni=F1o Ventures and Internatio...
28/11/2011Mid-Day Breaking News From El Nino, Millrock, Golden Touch, ...
11/07/2011Former Nevada Governor Jim Gibbons Joins International Enex...
01/12/2010President's Letter International Enexco
02/06/2010REPORTS 161% INCREASE IN MINEABLE COPPER AND 20.2% IRR, IN U...
11/08/2009S SHAREHOLDERS ON MULTIPLE DRILL PROGRAMS
09/06/2009signs JV with Nevada Exploration Inc.
02/06/2009has entered into an option agreement with Fronteer Developme...
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