March 18, 2009 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2009) - Arnold Armstrong, President and CEO of International Enexco Ltd. (TSX VENTURE:IEC) (the "Company" or "Enexco"), reported today that that the ownership structure of the Mann Lake Strategic Alliance (30% Enexco, 35% Cameco Corp. and 35% UEM) has been changed. The Strategic Alliance structure is now 30% Enexco, 52.5% Cameco Corp. and 17.5% Areva. UEM is owned 50% by Cameco and 50% by Areva, therefore the change in structure does not change the beneficial ownership of the Mann Lake Project. Areva trades on the Paris Stock Exchange and reported revenues of 13.2 billion euros in 2008.
The Mann Lake uranium project is located approximately 20 km from Cameco's McArthur River Mine (332 million lbs U308), 65 km from the historic Key Lake Mine (166 million lbs U308) and 15 km from Cameco's Millennium deposit (46.8 million lbs U308) in the prolific Athabasca Basin, Saskatchewan.
A diamond drill program, which commenced in January 2009, is in progress. The program will consist of an estimated 6 to 8 holes totaling 6,000 metres, with results to be released by Enexco on an as received basis from the project's operator, Cameco Corp.; the world's largest uranium producer (TSX:CCO)(NYSE:CCJ).
Enexco's extensive 2007 & 2008 drill programs at its 100% owned Contact Copper Project in northeastern Nevada focused primarily on infill drilling to update the NI 43-101 resource reported in Enexco's July 19, 2006 news release. Results are being incorporated in the Pre-Feasibility Study currently underway. Enexco expects to issue a news release on the conclusions of the Pre-Feasibility Study along with the updated NI 43-101 resource calculation in the second quarter of 2009.
The Contact Copper Project, which consists almost entirely of patented mineral claims, is proximate to Nevada State Highway 93, high voltage power lines and sufficient water to support mining operations. Enexco continues to advance the project to production in a timely manner.
The Company also reports that due to poor drill results it has opted to discontinue exploration efforts on the Boston Claims Property (see Enexco news Sept. 29, 2008).
Enexco owns and operates two diamond drill rigs and has approximately $9 million in working capital. Future drill programs at the Contact Project will focus on potentially expanding the project's known resource which remains open both along strike and at depth. The Company is also currently reviewing a number of precious & base metals opportunities as well as some uranium opportunities for potential acquisition and/or partnerships. Enexco currently has 21,503,077 shares outstanding (24,928,077 fully diluted).
ABOUT INTERNATIONAL ENEXCO
Enexco is a Canadian based advanced exploration company headquartered in Vancouver, B.C. In addition to its strategic alliance (Enexco 30%, Cameco Corporation 52.5%, and Areva 17.5%) to develop the high-grade Mann Lake Uranium Project located in the Athabasca Basin, Saskatchewan, the Company also operates its 100% owned Contact Copper Property, located in N/E Nevada.
For further information on all of Enexco's projects, visit our website at: www.enexco.ca.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
International Enexco LimitedPaul McKenzieDirector(604) 669-8368(604) 642-2629 (FAX)Website: www.enexco.ca
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