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INTERNATIONAL
ENEXCO LIMITED
June 8, 2009 Ticker
Symbol: IEC (TSX-V)
INTERNATIONAL
ENEXCO SIGNS JOINT VENTURE AGREEMENT WITH NEVADA EXPLORATION INC. TO EARN
UP TO A 70% INTEREST IN HOT POT GOLD PROPERTY, HUMBOLT COUNTY, NEVADA.
Vancouver, BC -
June 8, 2009, Arnold Armstrong, President and CEO of International Enexco Ltd. (TSXV - IEC) (the "Company" or "Enexco"
) reported today that the Company has entered into an option
agreement with Nevada
Exploration Inc. (TSXV - NGE) ("NGE) on its 100% owned Hot Pot gold
property, in Humbolt County, Nevada. The 2,225 acre (900 hectare)
private lease land property is located between Winnemucca and Battle Mountain, Nevada.
The Hot Pot
property is located near two major gold deposits, 6.5km (4 mi) east of Newmont's
Lone Tree mine and 13km (8mi) north of Goldcorp's Marigold mine, each
containing multi-million ounce deposits (9,000,000 ounces
combined). The Hot Pot
property was identified by anomalous groundwater chemistry in 2004. Regional gravity data indicated
the area was underlain by a bedrock high covered
by a thin layer of sand and gravel.
The concept was confirmed by nine shallow reverse circulation
holes in 2005 which revealed hydrothermally altered bedrock with
anomalous gold and trace elements geochemistry similar to Lone Tree. Further geophysics in 2007-2008
identified north-trending structures, and detailed the depth to bedrock
which varies up to 115 m
(370 feet). Another ten shallow reverse
circulation holes were drilled in 2008 and intersected altered bedrock,
but the program ended before deeper, angle holes could be drilled to test
the steeply-dipping structural targets.
The Hot Pot
property is the third Nevada
gold prospect that Enexco has announced this
year (see Enexco April 2, June 2, 2009
news)
International Enexco President and CEO, Arnold Armstrong stated
today that:
"Enexco is now well diversified into gold exploration
while simultaneously focusing on the continued advancement towards
production of our 100% owned Contact Copper Project and on our ongoing
partnership with Cameco Corp for
uranium."
The joint venture
between Enexco and Nevada
Exploration calls for Enexco to
complete a work program that includes 6,000m of core drilling over three
years to earn a 51% interest in the Property, with the option of earning
an additional 19%, for 70% total, by drilling an additional 3,000m within
the following 12 months . The Hot Pot property is subject to underlying
Net Smelter Return royalties totaling
4.25%.
Enexco plans to mobilize
one of its company-owned core drills to the property to begin drilling in
the near future.
For the purposes of information pertaining to
this press release, Dr. William Willoughby, who is a Director of
International Enexco, is the Qualified Person
as defined in National Instrument 43-101. Dr. Willoughby is also the
Manager of Engineering and Mine Development for International Enexco Limited at the Company's 100% owned Contact
Project in Nevada.
ABOUT
INTERNATIONAL ENEXCO
International Enexco is a results driven, copper, gold and uranium
exploration and development company managed by industry professionals. International
Enexco owns and operates its own drill rigs and
has partnerships with several companies including Cameco
Corp (NYSE),
AREVA (Paris
Stock Exchange) and Fronteer Development Group
(NYSE). Enexco also continues to advance its
100% owned Contact Copper resource project, Nevada.
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.
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