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International Enexco Limited

Publié le 23 février 2012

MINESITE.COM: International Enexco's Shares Power Ahead, As The Contact Copper Project In Nevada Loo

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MINESITE.COM: International Enexco's Shares Power Ahead, As The Contact Copper Project
In Nevada Looks Set To Grow


By Alastair Ford

Shares in International Enexco were on the move again last week, after the company issued its latest set of drill results from the Contact Copper Project in north-eastern Nevada. Among the highlights were 45 feet at 0.92% copper, 55 feet at 0.43% copper, and 130 feet at 0.24% copper, all from an area of the project made accessible through land acquired last year as the result of a C$1 million all-share deal with Allied Nevada. That deal was finalised back on September 26, and it's no co-incidence that that was precisely the moment that the company's shares began to power strongly away from a 12-month low of C$0.26. By the beginning of this year the shares had almost doubled to C$.050, and in the wake of the recent results they are now riding high at C$0.71, not too far off a threefold increase in less than nine months.

None of which is any surprise to Bill Willoughby, the company's Chief Operating Officer. With more than 30 years of industry experience behind him, he's a cautious man by nature, and knows how easy it can be for projects to get derailed. Contact has a reserve of 54 million tons at 0.29% copper (49 million tonnes) reserve in place, dating back to 2010, and that, he says, makes for a good foundation for the project. "When you have a reserve", he says, "you have advanced a project through the prefeasibility level, so you have a good idea how things could happen". To put it another way, the market already has some meaningful numbers, so any potential upside seems to offer additional value, rather than just speculative pie-in-the-sky.

And the upside presented by this latest drilling could be substantial. The significance, says Bill, is in the location of the new drill holes. Back in the days before the Allied Nevada deal was done, Enexco drilled one hole right on the eastern edge of what was then the boundary between its ground and Allied Nevada's. It was called EN149, and it returned 185 feet at 0.25% copper. All told, the company was delighted to be hitting that sort of mineralisation 2,000 feet east of its already established 54 million ton reserve. But the hole lay at the eastern end of a narrow strip of land that was surrounded by Allied Nevada ground.

There was only one option: acquire the ground from Allied Nevada and drill it up. With the acquisition duly completed in September of 2011, the drilling campaign got underway in the fall, and the results are now coming out. The company focussed initially on an area east of EN149. All of the first twelve holes assayed have hit intervals of greater than 0.1% copper, and the results now allow the company to assert with confidence that the mineralisation at Contact continues more than 3,000 feet east of the existing reserve. An infill drilling programme will provide more certainty on that score shortly.

It already seems fairly clear though, that Enexco's project at Contact could be of greater extent than the one outlined in the pre-feasibility study in 2010. That study envisaged a project supported by the existing 300 million pound reserve producing at a rate of around 25 million pounds a year and offering an internal rate of return (IRR) of 20 per cent, using US$2.25 copper.

Plenty has changed in the short interval between then and now. "The drilling we have shows mineralization extending well east our 2010 reserve limits", says Bill. "With the addition of the Allied Nevada ground we will be able to design the pit deeper and larger. It's possible we'll be able to run it out a few thousand extra feet."

Which would transform the economics and potential returns in a very attractive way. The company has now expanded its drill programme, even as it works towards the completion of a bankable feasibility study later in the year. And, it'll be interesting to see exactly what sort of numbers that study comes out with. After all, as Bill points out, it isn't all one-way traffic to the upside. Fuel prices are up. Acid prices are up too. There might be cost pressures elsewhere too.

On the other hand, the copper price is well up on the US$2.25 the company used last time round, at a current US$3.72 per pound, and few commentators are positing any significant weakening in the price in the months and years ahead as the Chinese and the Indians continue to suck in supply. What's more, this is a project with minimal geopolitical risk, which is well located in terms of power and infrastructure. It'll also be one of the few new copper projects in the world where copper will be plated on site. So all in all, plenty to keep investors' appetites whetted. No wonder they've been piling in in such numbers.

 


 

 

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. Neither 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. We seek safe harbour.

LATEST NEWS


  14 Feb. International Enexco Drill Results from Contact Copper Project, Nevada
 
  16 Jan. International Enexco Drill Program Update for Contact Copper Project, Nevada
 
  28 Nov. International Enexco Commences Drilling at Contact Copper Project, Nevada
 
  16 Nov. International Enexco Updates Progress at Contact Copper Project, NV
 
  1 Nov. International Enexco Closes CDN$2.5 Million Non-Brokered Private Placement
 
  11 Oct. International Enexco Announces $2.5 Million Private Placement
 
  26 Sep. International Enexco Acquires Properties of Allied Nevada Gold Corp at Contact, Nevada
 

 

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International Enexco Limited

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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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