International Enexco Announces Joint Venture with Denison Mines on Bachman Lake Uranium Project, Athabasca SK
25.06.2013 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/25/13 -- International Enexco Ltd. (TSX VENTURE: IEC) (OTCQX: IEXCF) (FRANKFURT: I6E) (the "Company" or "Enexco") is pleased to announce it has entered into a joint venture agreement with Denison Mines Corp. ("Denison") on the Bachman Lake uranium project situated in Saskatchewan's Athabasca Basin. The project is located 4 kilometres southwest of Cameco Corporation's Millennium deposit, and 20 kilometres southwest of the Mann Lake uranium project, which is a joint venture between Enexco (30%), Cameco Corporation (52.5%) and AREVA (17.5%). Enexco can earn a 20% interest in the Bachman Lake project by funding $500,000 of exploration work by December 31st, 2013.The 2013 exploration program will test the ML-1 and CR-2 conductors with a 1,900 metre drill program. The program will be helicopter supported from Denison's Wheeler River project camp and is anticipated to begin in August. Denison will be the operator.
Arnold Armstrong, President & CEO of Enexco, commented: "This joint venture provides additional opportunities to further enhance the Company's uranium portfolio in the Athabasca Basin. We look forward to commencing the drill program this summer."
About Bachman Lake Project
The Bachman Lake project is located in the southeastern Athabasca Basin and consists of five contiguous claims totalling 11,419 hectares. The Bachman Lake project contains several ground electromagnetic conductors. Historic drill holes targeting the conductors intersected significant alteration and elevated pathfinder element geochemistry. The property is underlain by 450 to 600 metres of Athabasca sandstone which rest unconformably on Wollaston Supergroup metasedimentary rocks of the eastern Mudjatik Domain. Three conductors identified by geophysics and historical drilling are the main target areas.
To view Figure 1 - Bachman Lake Property Map, please visit the following link:
http://media3.marketwire.com/docs/IEC-0625-FIGURE1.pdf.
About International Enexco Ltd.
International Enexco Ltd is a North American exploration and development company focused on the Contact Copper Project in northern Nevada and the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. The Mann Lake project is a joint venture with Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%)-two of the world's largest uranium companies.
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong
President & CEO
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. The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbour.
Contacts:
International Enexco Ltd.
Spiros Cacos
+1 604 669 8368
+1 604 662 3691 (FAX)
info@enexco.ca
www.enexco.ca