International Enexco's JV Partner Cameco Adds Third Drill Rig On the Mann Lake Uranium Project, Athabasca SK
19.02.2013 | Marketwire
- Third Drill Rig Added- $6 Million Diamond Drill Program Ongoing
- Joint Ventured with Cameco and AREVA
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/19/13 -- International Enexco Ltd. (TSX VENTURE: IEC) (OTCQX: IEXCF) (FRANKFURT: I6E) (the "Company" or "Enexco") is pleased to announce the addition of a third diamond drill rig on the Mann Lake uranium project. Cameco Corporation ("Cameco") is the project operator.
The budget for the 2013 program is CDN$6,000,000 with Enexco's portion being CDN$1,800,000. The primary objectives of the 2013 exploration program will be to test priority geological and geophysical targets along the C conductor trend over the entire length of the property and the possible expansion of the mineralization discovered during the 2006 - 2007 drill programs in the central part of the C conductor trend. High-grade mineralization was intersected in hole MN-013 during a 2006 drill program. This drill hole intersected 7.12% U3O8 over 0.25m and 5.53% U3O8 over 0.4m in the basement, 12m beneath the Athabasca unconformity surface.
The program is in progress and will consist of 28 drill holes with an additional 10 contingency holes, totalling approximately 21,000 m of drilling. Additional grid refurbishment and geophysical surveying is scheduled to be completed by February 2013.
Results from the proposed drill program will be published in subsequent press releases as they become available.
Qualified Person
William Willoughby, Ph.D., P.E. is the Company's Qualified Person for the purposes of National Instrument 43-101 and has prepared or supervised the preparation of the disclosure of any scientific and technical information contained in this news release.
About Mann Lake Uranium Project
The Mann Lake Uranium Project is located in the heart of what is indisputably the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. The project is a joint venture with Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%). The Project lies 25 km southwest from Cameco's McArthur River Mine and is 20 km northeast from Cameco's Millennium deposit. High-grade basement-hosted uranium mineralization was discovered at Mann Lake during a 2006 drill program.
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 Uranium Project located in Saskatchewan's prolific Athabasca basin.
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 Ltd.
G. Arnold Armstrong, President & CEO
+1 604 669 8368
+1 604 662 3691 (FAX)
info@enexco.ca
www.enexco.ca