International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

April 02, 2007 09:00 ET

International Enexco Limited: Cameco Reports Phase Two Drilling Commences in Athabasca Basin, Mann Lake

Nevada Copper/Silver Development Drilling Passes 2,000 Metre Mark, Mining Engineer Hired

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - International Enexco Ltd. (TSX VENTURE:IEC) ("Enexco" or the "Company") is pleased to report that Cameco Corp. (Cameco is the operator of the Mann Lake project) has commenced the 2007 drilling program on the Company's high-grade uranium prospect located directly between Cameco's McArthur River and Key Lake mines in the Athabasca Basin, Saskatchewan. The Mann Lake property is 20 km to the northeast of Cameco's Millenium Deposit and occurs at the northern extent of the B1 conductor that is spatially associated with the Millenium Deposit. Seven to eight diamond drill holes are proposed for this years drill program with an estimated total meterage of 4,500 to 5,200m. The holes will be focused in the area around line 29+00N, targeting the 2004-2005 IP resistivity low and the 2006 TEM conductor axes and following up the mineralization intersection in MN-013. Drill hole MN-013 successfully encountered high grade uranium of 7.12% U3O8 over 0.25m and 5.53% U308 over 0.4m in the basement and within 12m beneath the unconformity.

The 2007 exploration budget for the company's Mann Lake uranium joint venture project (Cameco Corp. 35%, International Enexco Ltd. 30%, UEM Inc. 35%) was increased by approximately 300% over the 2006 budget.

Contact Nevada, Drilling Program Update

In other news the Company's 100% owned Contact Project; a copper/silver development property located 80 kilometres north of Wells, Elk County Nevada continues to be advanced to production. Phase one (of three phases) of advancement and exploratory drilling continues. Over 2,000 meters have been drilled in phase one, with average hole depth of 237 meters.

The purpose of Phase One and Phase Two of the planned three-phase drilling program is to upgrade the Estimated Mineral Resources on the Contact Project from the Indicated and Inferred resource categories to Measured and Indicated. This drilling will allow an updated Resource Estimate and enable Enexco to initiate a Pre-Feasibility Study and commence with the permitting and environmental processes required prior to production. Unexplored areas offsetting 3.66m @ 20.75% Cu plus 207 g/t Ag and 14.0m @ 9.17% Cu (including 2.8m @ 29.0% Cu) plus 144 g/t Ag will be tested during the third phase of the current drill program. The high grade zone was encountered at 656 meters depth by Phelps Dodge in the 1970's and has not been followed up on since. The project remains open both at depth and along strike.

Assay results will be released at the earliest possible time following the completion of each of the three phases of drilling.

Previous estimates were reported in an independent NI 43-101 and JORC compliant mineral resource document in July, 2006. At a copper cut-off grade of 0.5%, the Indicated Resource was estimated to be 4.44 million tonnes with 1.35% copper and 12.20 g/t silver, plus an Inferred Resource of 6.00 million tonnes with 1.80% copper and 8.71 g/t silver, together containing an estimated 371 million pounds of copper and 3.4 million ounces of silver.

The Contact Property is very well located next to state and inter-state highway access, high voltage power and adequate water.

Mining Engineer Hired for Contact Property, Nevada

The company is also pleased to announce that it has hired William W. Willoughby, PhD, PE, to join the International Enexco team at Contact, Nevada. Dr. Willoughby brings 25 years of experience to the Contact property and will be instrumental in assisting the Company in advancing the project to production in a timely, economic and environmentally responsible manner. Dr. Willoughby's career includes extensive experience in a variety of mines and mineral projects including 18 years as a senior mining engineer with Teck Cominco. Upon joining International Enexco, Dr. Willoughby stated that:

"I'm excited to be working with the Enexco team, and on a project that holds promise for becoming a producing mine. Contact is an intriguing property. The resources so far identified appear sufficient to support copper production in the near term, and the opportunity to expand upon higher grades at depth provides the project with good upside potential."

International Enexco is also pleased to announce that it has accepted an invitation to present at the upcoming Casey Uranium Summit April 10th and 11th at the Four Seasons Hotel, Las Vegas. This is an invitation only event for presenting companies and is being hosted by Doug Casey and associates of Casey Research LLC. The Summit will give International Enexco an opportunity to present to many internationally recognized institutional investment companies as well as high net worth individuals who are not yet familiar with the merits and growth prospects of our company. International Enexco's President and CEO Mr. Arnold Armstrong was recently inducted into the Explorer's League, an esteemed list of mining company founders as selected by Casey Research whose individual work has led to the discovery and development of three or more significant ore bodies and whose successful management of the companies under their control has led to significant returns to their shareholders.

ABOUT INTERNATIONAL ENEXCO

Enexco is a Canadian based advanced exploration company headquartered in Vancouver, B.C. In addition to its 100% owned Contact Copper-Silver Resource Property, the Company also has a strategic alliance with Cameco Corporation (35%), UEM Inc. (35%) and Enexco (30%) to jointly develop the Mann Lake Uranium Project located in the prolific Athabasca Basin in Saskatchewan. Cameco is the operator of the Mann Lake Uranium Project.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Enexco Limited
    G. Arnold Armstrong
    President
    (604) 683-7361
    (604) 662-3231 (FAX)
    Website: www.enexco.ca