International Enexco Limited

International Enexco Limited

January 31, 2011 09:03 ET

International Enexco Ltd. Appoints Bill Willoughby to COO and Prepares for Feasibility Study and Permitting at Contact, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2011) - International Enexco Ltd. (TSX VENTURE:IEC) (the "Company" or "Enexco") is pleased to provide an update on its production intentions for its 100%-owned Contact Copper Project, Nevada, including the appointment of Dr. William Willoughby, P.E., as Chief Operating Officer (COO) to International Enexco. In addition to advancing permitting and development at Contact, Dr. Willoughby's duties will include overseeing the review and development of additional advanced stage opportunities.

The Company anticipates announcing commencement of a Feasibility Study at Contact in the near future. Furthermore, Enexco will be continuing the project's permitting process. Mr. Arnold Armstrong, President and CEO of International Enexco, noted today that: "The Company's emphasis going forward is to advance the Contact Project to production in a timely manner and to further grow through strategic acquisition." He added, "Our Mann Lake Uranium Project also remains a priority."

Last year, International Enexco significantly increased the overall size and the economic potential of the Contact Project, where the copper resources stand at 298 million pounds Measured and 413 million pounds Indicated (135 million tons at 0.263% Cu), along with an Inferred Resource of 291 million pounds (53 million tons at 0.27% Cu). Within this overall resource, a minable Mineral Reserve of 54.1 million tons of 0.293% Cu was calculated as per an updated 2010 Prefeasibility Study. The project remains open in directions, making additional resource increases possible. For example, an intercept of 43.0 meters of 0.49% Cu was encountered in hole EN-154 late in 2010 as part of a drill program to test mineralization to the north (see Enexco news, Dec. 13, 2010). EN-154 has not been included in the aforementioned resource calculations and further drilling is being planned, along with metallurgical testing and other geotechnical work as part of the Feasibility Study.

"The Contact Project we believe is well positioned, both in location and economics, to take advantage of the recent strength in copper prices above $4/lb," said Mr. Armstrong. Based on the copper price of $2.25/lb, as used in the 2010 Prefeasibility Study, the project shows an IRR of 20.2% on an $86 million capital investment. For additional details on the project, please see Enexco news, June 2, 2010.

Pertaining to the COO appointment, Mr. Armstrong stated: "Bill's experience in mine building makes him an exceptional asset to Enexco; his appointment to Chief Operating Officer is representative of our future growth strategy. Going forward, he will be responsible for all the technical and daily operating activities of the Company."

Dr. Willoughby is a mining engineer who has been a Director of International Enexco since 2008. Prior to joining Enexco, he worked for the Teck Cominco group of companies after graduating from the University of Idaho with a Ph.D. in Mining Engineering in 1989. He is a registered Professional Engineer in Idaho, and has worked in the design, operation and management of a number of projects worldwide, including the U.S., Canada, Mexico, Turkey and South America.


International Enexco Ltd. is a Canadian based advanced exploration and development company headquartered in Vancouver, B.C. In addition to its 100% owned advanced Contact Copper Project, in Elko County, Nevada, the Company is a 30% partner in joint-venture with Cameco Corporation (operator and 52.5% partner) and AREVA (17.5%) to explore the High-Grade Mann Lake Uranium Project in the Athabasca Basin in Saskatchewan.

Arnold Armstrong - International Enexco Limited

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

Statements in this press release other than purely historical information, including statements relating to the Company's future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in the Company's business, including risks inherent in exploration and development, and uncertainties in connection with anticipated commodity prices, growth of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel, among others. As a result, actual results may vary materially from those described in the forward-looking statements.

"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."

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