International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

June 02, 2009 09:00 ET

International Enexco Enters Into Option Agreement on Fronteer Development Group's Loomis Gold Property, Nevada

Commences Drilling on Hannah Gold Property, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 2, 2009) - International Enexco Ltd. (TSX VENTURE:IEC) announced today that it has entered into an option agreement with Fronteer Development Group Inc. (TSX:FRG)(NYSE Amex:FRG) to earn a 51% interest in Fronteer's 100% owned Loomis Mountain gold property located in eastern Nevada.

Under the terms of the Option, International Enexco may earn a 51% interest in the Property by drilling a minimum of 11,000 metres and carrying out a minimum of US$300,000 in related field programs, including geological, geochemical and geophysical surveys over 36 months.

The Loomis Mountain gold property is located approximately 32 kilometres north of Wells, Nevada, and covers approximately 6,300 hectares (15,570 acres) of mostly private mineral rights on which there are no underlying royalties. The geology of the area is analogous to the Carlin Trend, displaying the same structural characteristics, host rocks and intrusive history. Widespread anomalous gold mineralization at Loomis occurs in a northeast-trending zone that outcrops over a distance of 1.7 kilometres. Rock-chip sampling has yielded up to 4.6 grams per tonne gold. Four target areas have been defined to date but have seen negligible drilling. The property lies along the eastern edge of the Roberts Mountain Thrust, a key structural feature associated with Carlin-type gold deposits. International Enexco plans to place initial efforts on structural mapping to further define drilling targets in the upper-plate and lower-plate rocks of the Roberts Mountain Thrust, both being either exposed or present at depth on the property.

Arnold Armstrong, President and CEO of International Enexco, stated today that:

"By entering into an option agreement on Fronteer's Loomis gold property, Enexco shareholders continue to be offered significant reward potential through ongoing commodity and project diversification."

In other news, International Enexco has mobilized one of its drill rigs to the Hannah Gold Property, in Churchill County, Nevada, where drilling has commenced. The Company has the option of earning a 60% interest in a joint venture on Hannah with Lincoln Gold Corp. (OTCBB:LGCPF) (See Enexco April 2, 2009 press release).

International Enexco will also soon be publishing results of a pre-feasibility study, including updated NI 43-101 resource calculation results, on its 100% owned Contact Copper project located in north eastern Nevada.

The Company is also awaiting assay results from Cameco Corp. on a recently completed, 6 hole drill program totaling 4,150 metres on Enexco's Mann Lake uranium property located in the Athabasca Basin, Saskatchewan (30% Enexco, 52.5% Cameco Corp., 17.5% Areva). Upon receipt by the Company, all drill results of the Cameco program will be issued in a forthcoming press release.

For the purposes of information pertaining to this press release, Dr. William Willoughby, who is a Director of International Enexco, is the Qualified Person as defined in National Instrument 43-101. Dr. Willoughby is also the Manager of Engineering and Mine Development for International Enexco Limited at the Company's Contact Project.

ABOUT INTERNATIONAL ENEXCO

International Enexco is a results driven, copper and gold and uranium exploration and development company managed by industry professionals. International Enexco owns and operates its own drill rigs and has partnerships with several companies including Cameco Corp (NYSE), Areva (Paris Stock Exchange) and Fronteer Development Group (NYSE). Enexco also continues to advance its 100% owned Contact Copper resource project, Nevada.

For further information on all of Enexco's projects, visit our website at: www.enexco.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Enexco Limited
    Paul McKenzie
    Director
    (604) 669-8368
    (604) 642-2629 (FAX)
    www.enexco.ca