International Enexco Announces $2.9 Million Drill Program on the Mann Lake Uranium Project, Athabasca Basin, SK
November 13, 2013 (Source: Marketwired) — International Enexco Ltd. (TSX VENTURE:IEC)(OTCQX:IEXCF)(FRANKFURT:IE6) (the “Company” or “Enexco”) is pleased to announce that the 2014 Mann Lake exploration drill program will begin January 2014. Cameco Corporation (TSX:CCO) is the project operator. The proposed budget for the 2014 program will be CDN$2,900,000 with Enexco’s portion being CDN$870,000.
The 2014 drill program will consist of up to 18 diamond drill holes and will evaluate three types of targets; a preliminary evaluation of the area footwall to the western axis of the C trend, the completion of the systematic evaluation of the remaining targets along the main C trend and the preliminary evaluation of the conductive features near the western margin of the Wollaston sedimentary corridor. The 2014 drill program will be carried out in coordination with Cameco’s drill programs planned on adjacent projects.
The Mann Lake Uranium project is located in the heart of what is undisputedly the most prolific and highest grade uranium region in the world, the Athabasca Basin in Saskatchewan. Mann Lake is 25 km southwest of Cameco’s McArthur River Mine and is 20 km northeast of Cameco’s Millennium deposit. High-grade basement-hosted uranium mineralization was discovered at Mann Lake during a 2006 drill program. The two highest grade intervals are 7.12% U308 over 0.25 m and 5.53% U308 over 0.4 m at depths of just over 500 m.
“We are very pleased with the continued enthusiasm our joint venture partners have shown on Mann Lake and are approaching the 2014 program with great expectations,” commented Arnold Armstrong, President & CEO.
Enexco is a 30% partner in a joint-venture with Cameco (52.5%) and AREVA (17.5%) to explore the Mann Lake Uranium project in the Athabasca Basin in Saskatchewan.
About International Enexco Ltd.
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International Enexco Ltd is a North American exploration and development company focused on the feasibility stage, 100% owned, Contact Copper project in northern Nevada and the Mann Lake and Bachman Lake Uranium projects located in Saskatchewan’s prolific Athabasca Basin. The Mann Lake project is a joint venture with Cameco (52.5%) as operator, Enexco (30%) and AREVA (17.5%)-two of the world’s largest uranium companies. The Bachman Lake project is a joint venture with Denison (80%) as operator and Enexco (20%).
On behalf of the Board of Directors, I look forward to keeping you updated with our corporate developments.
G. Arnold Armstrong, President & CEO
Certain information regarding the Company including management’s assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental and permitting risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable. The TSX Venture Exchange or its Regulation Services Provider have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbour.
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