International Enexco Limited
TSX VENTURE : IEC

International Enexco Limited

November 14, 2006 12:48 ET

International Enexco Limited: Cameco Triples Budget for the 2007 Program on the Mann Lake Uranium Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 14, 2006) - International Enexco Limited (TSX VENTURE:IEC) (the "Company") announces that the 2007 exploration budget for the company's Mann Lake uranium joint venture project (Cameco Corp. 35%. International Enexco Ltd. 30%, UEM Inc. 35%) located directly between Cameco's McArthur River and Key Lake mines in the Athabasca Basin, Saskatchewan, has been increased by approximately 300% over the 2006 budget. Planned exploration costs for 2007 are $1,500,000. Cameco is the operator of the Mann Lake Uranium Project.

The 2006 program consisted of a stepwise moving loop TEM survey on Line 29+00N across the center of the 2004-05 IP-Resistivity low. Diamond drilling of two fenced holes (1,259 metres (m) in total) was also completed. The TEM survey revealed three conductor axes along the C conductive trend and near the IP-Resistivity low. The two holes (MN-013 and MN-014) tested the western and central conductor axes. Both holes intersected major structural disruptions, anomalous uranium and boron concentrations and favourable clay species distributions in sandstone column, as well as variably altered and graphitic basement stratigraphy. Hole MN-013, targeting at the central conductor axis and the resistivity low, also intersected multiple narrow mineralized sections in the basement within 12m beneath the unconformity. The best two intersections are 7.12% U308 over 0.25m and 5.53% U308 over 0.4m. Mineralization is structurally controlled uranium replacement around some 1 to 5 cm wide gouge zones in moderately bleached and clay altered pelite.

Seven to eight diamond drill holes are proposed for the 2007 exploration program. Estimated total meterage is 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. This part of the program will require 4 to 6 holes depending on the results returned, two of which will be drilled this winter and the remaining holes will be completed in the summer.

In addition, the remaining budgeted holes will be held in contingency to follow up the favourable structures and geochemical anomalies present between historical holes MN-06 and 12, as well as west of MN-05 in the southern and northern parts of the C conductor tend.

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.

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporation's periodic filings with Canadian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The companies do not assume the obligation to update any forward-looking statement.


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