International Enexco Acquires Properties of Allied Nevada Gold Corp. at Contact, Nevada
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/26/11 -- International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX: IEXCF)(FRANKFURT: IE6) (the 'Company' or 'Enexco') is pleased to announce that it has completed the acquisition of properties held by Allied Nevada Gold Corp. ('Allied Nevada') (TSX: ANV)(NYSE Amex: ANV) in the Contact Mining District, Nevada, as previously announced on July 27, 2011.
The properties, representing a total of about 8,400 acres that adjoin Enexco's Contact Copper Project, were acquired from Allied Nevada in consideration of the issuance of 3,225,806 common shares of the Company which shares are subject to a four month hold period expiring on January 23, 2011 and represent approximately 12.4% of the issued and outstanding shares of Enexco. With the acquisition, Enexco now holds approximately 13,000 acres in the district within 155 patented claims and 609 unpatented lode claims.
Enexco's President and CEO, Arnold Armstrong, stated the Company is assessing what changes the acquisition will have on its feasibility study which is currently underway. 'A key element of this acquisition is removing the limitations of property boundaries on the minable reserves in our copper oxide project,' said Mr. Armstrong. 'Beyond that, this acquisition opens up longer-term exploration targets for us in the district, targets that previously had divided ownership or were under Allied Nevada control. This acquisition is a major step forward for Enexco and the Contact Copper Project, and we appreciate Allied Nevada's support.'
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. The Company also pursues gold and silver exploration in Idaho and Nevada, and is advancing the Mann Lake Uranium Project located in Saskatchewan's prolific Athabasca basin. This project is a joint venture with Cameco as operator and Areva-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. We seek safe harbour.
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.
Contacts:
International Enexco Limited
Spiros Cacos
Corporate Development
(604) 669-8368
www.enexco.ca