VANCOUVER, BRITISH COLUMBIA–(Marketwire – March 1, 2012) – International Enexco Ltd. (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:IE6) (the “Company” or “Enexco”) is pleased to announce that preparations for a geophysical survey over the Mann Lake Uranium Project, situated in Saskatchewan’s prolific Athabasca basin are underway.
A Stepwise Moving Loop Time Domain EM survey at a cost of $155,400 will be directed by our joint venture partner and project operator, Cameco Corporation (“Cameco”) to better establish and define conductor traces and provide future drill targets. The Survey will be conducted by Quantec Geosciences and is scheduled to begin by the end of February.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and AREVA (17.5%) to explore the Mann Lake Uranium Project in the Athabasca Basin in Saskatchewan.
The Mann Lake Uranium Project lies 20 km from Cameco’s McArthur River Mine and is 15 km from Cameco’s Millennium deposit. High-grade uranium was discovered at Mann Lake during a 2007 drill program. The two highest grade intervals averaged 7.12% U308 over 0.25 m and 5.53% U308 over 0.4 m at depths of just over 500 m.
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.