International Enexco and Denison Mines Commence Drill Program on the Bachman Lake Uranium Project, Athabasca SK
26.08.2013 | Marketwire
- 1,900 Metre Diamond Drill Program Underway- Partnered with Denison Mines Corp.
- 4 km West of Cameco's Millennium Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Aug 26, 2013) - International Enexco Ltd. (TSX VENTURE:IEC) (OTCQX:IEXCF) (FRANKFURT:I6E) (the "Company" or "Enexco") is pleased to announce that a 1,900 metre diamond drill program on the Bachman lake uranium project has been started by the project operator, Denison Mines Corp. ("Denison"). The three hole drill program will be helicopter supported from the Wheeler River camp. The budget for the 2013 program is CDN$570,000. Enexco's share is CDN$514,000.
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On June 25, 2013, Enexco entered into a joint venture agreement with Denison whereby Enexco can earn a 20% interest in the Bachman Lake project by funding CDN$500,000 of exploration work by December 31st, 2013.
The Bachman Lake project contains several structural zones with anomalous geochemistry, which are favourable targets for uranium mineralization. The 2013 drill program will test three conductors: CR-2, ML-2, and ML-1. The three conductors trend east-west to southwest-northeast and are 2.5 to 5 km apart within the 11,419 hectare property.
In November, 2012 Denison acquired through a private placement 5.4 million shares of Enexco, which represents a 7.4% interest of the present issued and outstanding shares. Denison's strategic investment was proportional to Enexco's portion of the 2013 exploration program on the Mann Lake project. Furthermore, on December 19, the Company announced that Ron Hochstein, the President and Chief Executive Officer of Denison joined Enexco as a member of its Board of Directors.
About International Enexco Ltd.
International Enexco Ltd. is a North American exploration and development company focused on the feasibility stage Contact Copper Project in northern Nevada and the Mann Lake and Bachman Lake Uranium Projects 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,
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.
Contact
International Enexco Ltd.
Spiros Cacos
+1 604 669 8368
+1 604 662 3691
info@enexco.ca
www.enexco.ca