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Dear Shareholder,
International Enexco made great strides in 2010 bringing it substantially closer to being a mid tier copper producer.
In 2010 we increased our recoverable copper reserves by 166%*and brought the Internal Rate of Return at our Contact Copper Project in Nevada up from 13.2% to 20.2%. We have made substantial inroads into the permitting process at Contact including continuing baseline studies and preparation of data to initiate a full Feasibility Study.
In addition to these positive achievements, there is still room to grow at Contact and in 2011 we intend to continue exploration on the project while we simultaneously continue with the Feasibility Study and permitting process.
We remain diligent in our pursuit of other opportunities for growth. 2010 also saw International Enexco upgraded to Tier 1 status on the TSXV; we feel this to be reflective of not only the merits of our projects but of our operating methods as well.
 
Despite a lack of drilling success in 2010 at our Mann Lake Uranium Project, Saskatchewan neither ourselves nor our JV partners Cameco Corp and AREVA are deterred. The project remains a property of significant interest to all.
The steady surge in the price of both copper (recently through US $4.00 per pound) and uranium (U3O8) to over US $58.00 per pound is something that we feel is not only sustainable but that I hope will lead potentially to even greater highs and if so to increased interest in companies like ours. Very recently trading in our shares has seen renewed interest as measured by increased trading volumes and a higher share price. I'm optimistic about 2011 and beyond for our company and our entire Board of Directors and all our personnel intend to work hard on your behalf.
I sincerely appreciate you being a shareholder in our company. My commitment to you in 2011 and beyond is to deliver growth for our company that I hope will be noticeable not only in project advancement but will also be reflected in an increased market cap and returns to yourself and your family.
On Behalf of International Enexco's Board of Directors,
Arnold Armstrong
President and CEO, International Enexco
* 711.8 million pounds of copper (298.3 million pounds Measured and 413.4 million pounds Indicated) (135.2 million tons at 0.263% Cu), with an Inferred Resource of 291 million pounds of copper (53.4 million tons at 0.272% Cu), based on a 0.10% Cu cut-off grade. The project remains open at depth and along strike.
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