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International Enexco Prepares to Drill
Newly Optioned Boston Claim Group.
Completes Phase 2 Drilling at Contact
Copper Project, Nevada
International Enexco
announced today that drilling has commenced on the recently
optioned Boston Claims where a phase one, 5,000 metre (m) drill program
will test multiple targets for copper (Cu) / gold (Au) / silver (Ag)
skarn mineralization.
The property now
forms part of the Middlestack-TJN claim block, one of 7 blocks of claims
the Company has located or acquired in northeast Elko County, Nevada. Central
to Enexco's exploration effort is the Company's Contact Project where a
Pre-Feasibility Study has been commissioned (see August 21, 2008 Press
Release).
The recently optioned Boston Claims are located approximately 14
kilometers east of the Contact Copper Project on the east flank of
Middlestack Mountain. The property consists of 1 patented claim, 10
unpatented claims optioned from the property owners, and a block of unpatented
claims staked by Enexco earlier this year. Earlier this year an
exclusive option was granted to Enexco for a period of up to three years
to acquire a 100% interest in the Property by making cash payments to the
Optionor and incurring expenditures upon the Property. The Optionor
retains a net smelter returns royalty of 2% on the Property.
The Boston Lode claim is one of the earliest mining claims in the
Contact District, so named because ore from the property was shipped to
Boston, Massachusetts and onward to Swansea, Wales around 1880. As
with other early prospects in the District, mineralization was found
along the contact of Jurrassic aged granodiorite with Paleozoic sediments
in the form of (Cu-Au) contact and replacement skarn bodies. The
original mine operated from 1880 until the 1920s. More recently the
property was managed and explored by Great Lakes Exploration (1984),
Tenneco (1987) and Minnova U.S. (Falconbridge) (1990). Past exploration
work included soil and rock chip samples over a 30 line-mile grid, a 360
line-mile airborne Dighem EM-magnetic survey, and a ground induced
polarization (IP)-resistivity survey. An estimated 5,500 feet in 10
RC holes were drilled by Minnova partially testing Cu-Au in soil
anomalies. Encouraging intersections were reported in holes CON-3
(7.6m. of 1.51 g/t Au, 30 g/t Ag, 0.96% Cu), CON-5 (4.6m of 9.15 g/t Au,
70 g/t Ag, 0.84% Cu), and MS-6 (4.6m of 1.3 g/t Au,19.5 g/t
Ag, 0.78% Cu). These exploration results were summarized in a 2005
report by Great Lakes Exploration. The historical values are not NI
43-101 compliant and, therefore, must not be relied upon.
Phase 2 Completed
In other news, the Phase 2 drilling program at the Contact Project has
been completed. The Phase 2 program totaled 20,012 meters in 82 drill
holes, located in an area 850m west and along strike west of the Phase 1
area drilled in 2007. The Phase 2 drilling program was accomplished
over the last year by Enexco's crews and two Company owned EF-50 core
drills. In addition to the Phase 2 drilling, Enexco crews completed
an additional 6,459 meters of drilling in the Phase 1 area to obtain
material for metallurgical tests, and 4,405 meters of deep drilling in
the Phase 3 area to the south. Results of the drilling are pending
compilation into an updated resource estimate and Pre-Feasibility Study
for the Contact Copper Project, which was commissioned last month (see
August 21, 2008 Press Release) and is focused on the oxide copper
potential towards supporting an open pit, heap leach operation using
solvent extraction, electrowinning (SX-EW). Further drilling is
being planned for Contact later this year.
International Enexco Director and Manager of Engineering, Dr. William
Willoughby, PE who is a Qualified Person as defined in Canadian National
Instrument 43-101 stated today that:
"Enexco's drill crews and all of Enexco's staff here in Nevada
and Idaho have performed exceptionally well. The professionalism
and hard work of our people has ensured our ability to advance the
Contact Copper Project to the Pre-Feasibility stage in a timely manner,
and now allows us to begin the exploration of our other regional
projects."
Enexco is well financed with approximately $13M in the treasury, to
carry out the current work that is leading to a technical/feasibility
study of the Contact project scheduled for completion in 2009. The
Company has 21,086,441 shares issued and on a fully diluted basis would
have 22,621,441 shares outstanding. The Company currently employs 36
full-time and part-time employees at its US locations in Nevada and
Idaho.
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 strategic alliance with Cameco Corporation (35%), International
Enexco (30%) and UEM Inc. (35%) 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
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release."
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