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International Enexco Limited

Publié le 17 août 2009

Positive Copper Pre-Feasibility Study Received

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Mots clés associés :   Copper | K Street | Uranium |
  Dear Subscriber, August 21, 2009  

INTERNATIONAL ENEXCO LIMITED

2080 - 777 Hornby Street Vancouver, B.C.  V6Z 1S4 

August 17, 2009                                                            Ticker Symbol:  IEC (TSX-V) 

Positive Pre-Feasibility Study Received and 136% Increase to Measured & Indicated Copper Resource at International Enexco's Contact Copper Project, Nevada 


Vancouver, B.C. - August 17, 2009. Arnold Armstrong, President and CEO of International Enexco Ltd. (TSXV - IEC) (the "Company") announced today that the Company has received a Positive Pre-Feasibility Study (PFS), in accordance with Canadian National instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), for its 100%-owned Contact Copper Project in northeast Elko County, Nevada.

The NI 43-101 compliant study was prepared on Enexco's behalf by Gustavson Associates, LLC of Lakewood, Colorado, an independent engineering consulting group.  The PFS includes an update to the Independent Mineral Resource Estimate by Caracle Creek International Consulting, Inc. that was filed on Sedar on July 18, 2006.   The PFS details the project producing 21.9 million pounds per year of high purity cathode copper from heap leaching and solvent extraction-electrowinning (SX/EW) over a 7 year period at a cash cost of $0.97/lb.  The initial capital cost is estimated at $83 million, including a contingency of 20%.  If developed, the project will have an after-tax net present value (NPV) at 10% discount rate of $9.7 million, an internal rate of return (IRR) of 13.2%, and a payback period of 4.6 years at a copper price of $2.25/lb.

While the PFS concludes the project is economically feasible, the recommendations include an additional drilling program to improve the economics and advance the project to the feasibility level.  Analysis shows that a 50% increase in the reserves, or 16 million additional measured and indicated tons, would add 4 years to the project's life and increase the IRR to 20.6%. Enexco is planning to drill an additional 36,000 feet at Contact that will focus on the 50 million ton inferred resource as well as several other identified target areas. 

The updated Mineral Resource was estimated using a three dimensional block model and ordinary kriging and contains 481 million pounds (213,214,000 Measured and 267,787,000 Indicated) of copper (89.6 million tons at 0.27% Cu) and 305 million pounds of copper in the Inferred category (50.0 million tons at 0.31% Cu), based on a 0.10% Cu cut-off grade.  The updated estimate follows 2 years of drilling by Enexco, in which 106,000 feet of core in 115 holes were added to the project's data base.  The updated figures represent an increase in copper, up by 136% within the Measured and Indicated categories from the 2006 report. 

Mineral Resource Estimate reported at 0.10% Cu cut-off.

Category

Tons

Copper

Cu (%)

Pounds Cu

Measured

37,650,000

0.283

213,059,000

Indicated

51,901,000

0.258

267,638,000

Measured+Indicated

89,551,000

0.268

480,697,000

Inferred

50,520,000

0.302

304,842,000

The mineable portion of copper reserves is designated as 17.7 million tons at 0.31% Cu proven and 15.9 million tons at 0.27% Cu probable, totaling 33.6 million tons of 0.29% Cu or 197 million pounds of Cu proven and probable reserves.   No inferred resources were used in either the production schedule or economic analysis in the PFS.  

Mineral Reserve Estimate reported at 0.10% Cu cut-off.

Category

Tons

Copper

Cu (%)

Pounds Cu

Proven

17,705,000

0.312

110,312,000

Probable

15,872,000

0.272

86,419,000

Proven+Probable

33,578,000

0.293

196,731,000

For the PFS, Gustavson developed a 7 year mine plan and production schedule based on an open pit mine producing 4.6 million tons of ore per year at an overall 2.4:1 stripping ratio.  Column tests confirmed the copper, which is dominantly in oxide form, is amenable to leaching with sulfuric acid, with a net overall recovery of 76% at a minus-1" crush size.  Gustavson examined alternatives for mining and crushing, and concluded in-pit crushing and conveying provided the best advantages in capital and operating costs in handling ore to the leach pad. The SX/EW plant is designed on capacity of 60 tons per day of cathodes, which are expected to meet specifications for marketing as high purity copper.  Net production from the operation is estimated at 150 million pounds of copper over the 7 year life of mine. 

Arnold Armstrong, President  & CEO, commented today that: 

 "The completion of the PFS represents a significant milestone for the Contact Copper Project and Enexco.  Although there have been drastic changes in the economy and copper prices, we believe the PFS gives us the foundation for a viable project and room to improve with further work.  We plan to begin the recommended drilling program this fall and continue with the permitting and engineering studies that will lead us to production.

A copy of the full PFS Technical Report will be filed on the SEDAR website within 45 days.  

The technical content of this news was reviewed and approved by William Crowl and Terre Lane of Gustavson who are Qualified Persons (QP) as defined by Canadian National Instrument 43-101. 

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."

 

 
   
  Enexco.ca | Info@Enexco.ca | | r, August 21, 2009  

INTERNATIONAL ENEXCO LIMITED

2080 - 777 Hornby Street Vancouver, B.C.  V6Z 1S4 

August 17, 2009                                                            Ticker Symbol:  IEC (TSX-V) 

Positive Pre-Feasibility Study Received and 136% Increase to Measured & Indicated Copper Resource at International Enexco's Contact Copper Project, Nevada 


Vancouver, B.C. - August 17, 2009. Arnold Armstrong, President and CEO of International Enexco Ltd. (TSXV - IEC) (the "Company") announced today that the Company has received a Positive Pre-Feasibility Study (PFS), in accordance with Canadian National instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), for its 100%-owned Contact Copper Project in northeast Elko County, Nevada.

The NI 43-101 compliant study was prepared on Enexco's behalf by Gustavson Associates, LLC of Lakewood, Colorado, an independent engineering consulting group.  The PFS includes an update to the Independent Mineral Resource Estimate by Caracle Creek International Consulting, Inc. that was filed on Sedar on July 18, 2006.   The PFS details the project producing 21.9 million pounds per year of high purity cathode copper from heap leaching and solvent extraction-electrowinning (SX/EW) over a 7 year period at a cash cost of $0.97/lb.  The initial capital cost is estimated at $83 million, including a contingency of 20%.  If developed, the project will have an after-tax net present value (NPV) at 10% discount rate of $9.7 million, an internal rate of return (IRR) of 13.2%, and a payback period of 4.6 years at a copper price of $2.25/lb.

While the PFS concludes the project is economically feasible, the recommendations include an additional drilling program to improve the economics and advance the project to the feasibility level.  Analysis shows that a 50% increase in the reserves, or 16 million additional measured and indicated tons, would add 4 years to the project's life and increase the IRR to 20.6%. Enexco is planning to drill an additional 36,000 feet at Contact that will focus on the 50 million ton inferred resource as well as several other identified target areas. 

The updated Mineral Resource was estimated using a three dimensional block model and ordinary kriging and contains 481 million pounds (213,214,000 Measured and 267,787,000 Indicated) of copper (89.6 million tons at 0.27% Cu) and 305 million pounds of copper in the Inferred category (50.0 million tons at 0.31% Cu), based on a 0.10% Cu cut-off grade.  The updated estimate follows 2 years of drilling by Enexco, in which 106,000 feet of core in 115 holes were added to the project's data base.  The updated figures represent an increase in copper, up by 136% within the Measured and Indicated categories from the 2006 report. 

Mineral Resource Estimate reported at 0.10% Cu cut-off.

Category

Tons

Copper

Cu (%)

Pounds Cu

Measured

37,650,000

0.283

213,059,000

Indicated

51,901,000

0.258

267,638,000

Measured+Indicated

89,551,000

0.268

480,697,000

Inferred

50,520,000

0.302

304,842,000

The mineable portion of copper reserves is designated as 17.7 million tons at 0.31% Cu proven and 15.9 million tons at 0.27% Cu probable, totaling 33.6 million tons of 0.29% Cu or 197 million pounds of Cu proven and probable reserves.   No inferred resources were used in either the production schedule or economic analysis in the PFS.  

Mineral Reserve Estimate reported at 0.10% Cu cut-off.

Category

Tons

Copper

Cu (%)

Pounds Cu

Proven

17,705,000

0.312

110,312,000

Probable

15,872,000

0.272

86,419,000

Proven+Probable

33,578,000

0.293

196,731,000

For the PFS, Gustavson developed a 7 year mine plan and production schedule based on an open pit mine producing 4.6 million tons of ore per year at an overall 2.4:1 stripping ratio.  Column tests confirmed the copper, which is dominantly in oxide form, is amenable to leaching with sulfuric acid, with a net overall recovery of 76% at a minus-1" crush size.  Gustavson examined alternatives for mining and crushing, and concluded in-pit crushing and conveying provided the best advantages in capital and operating costs in handling ore to the leach pad. The SX/EW plant is designed on capacity of 60 tons per day of cathodes, which are expected to meet specifications for marketing as high purity copper.  Net production from the operation is estimated at 150 million pounds of copper over the 7 year life of mine. 

Arnold Armstrong, President  & CEO, commented today that: 

 "The completion of the PFS represents a significant milestone for the Contact Copper Project and Enexco.  Although there have been drastic changes in the economy and copper prices, we believe the PFS gives us the foundation for a viable project and room to improve with further work.  We plan to begin the recommended drilling program this fall and continue with the permitting and engineering studies that will lead us to production.

A copy of the full PFS Technical Report will be filed on the SEDAR website within 45 days.  

The technical content of this news was reviewed and approved by William Crowl and Terre Lane of Gustavson who are Qualified Persons (QP) as defined by Canadian National Instrument 43-101. 

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."

 

 
   
  Enexco.ca | Info@Enexco.ca | | | Forward to a Friend | Update Profile
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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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14/02/2014Announces Non-Brokered Private Placement
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13/07/2011Appoints Spiros Cacos
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10/10/2013(Contact Copper)Files Pre-Feasibility Study for Contact Copper Project, Neva...
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27/03/2013(Mann Lake)Reports On the Mann Lake Uranium Project, Athabasca SK
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18/09/2012International Enexco Announces Positive Metallurgical Result...
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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...
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04/11/2013Announces Drill Results From the Bachman Lake Uranium Projec...
10/10/2013Mid=2DDay Breaking News From Zenyatta and International Enex...
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26/08/2013and Denison Mines Commence Drill Program on the Bachman Lake...
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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...
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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
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