International Enexco Acquires Properties of Allied Nevada Gold Corp. at Contact, Nevada
26 Settembre 2011 - 2:02PM
Marketwired
International Enexco Ltd. (TSX VENTURE: IEC)(OTCQX:
IEXCF)(FRANKFURT: IE6) (the "Company" or "Enexco") is pleased to
announce that it has completed the acquisition of properties held
by Allied Nevada Gold Corp. ("Allied Nevada") (TSX: ANV)(NYSE Amex:
ANV) in the Contact Mining District, Nevada, as previously
announced on July 27, 2011.
The properties, representing a total of about 8,400 acres that
adjoin Enexco's Contact Copper Project, were acquired from Allied
Nevada in consideration of the issuance of 3,225,806 common shares
of the Company which shares are subject to a four month hold period
expiring on January 23, 2011 and represent approximately 12.4% of
the issued and outstanding shares of Enexco. With the acquisition,
Enexco now holds approximately 13,000 acres in the district within
155 patented claims and 609 unpatented lode claims.
Enexco's President and CEO, Arnold Armstrong, stated the Company
is assessing what changes the acquisition will have on its
feasibility study which is currently underway. "A key element of
this acquisition is removing the limitations of property boundaries
on the minable reserves in our copper oxide project," said Mr.
Armstrong. "Beyond that, this acquisition opens up longer-term
exploration targets for us in the district, targets that previously
had divided ownership or were under Allied Nevada control. This
acquisition is a major step forward for Enexco and the Contact
Copper Project, and we appreciate Allied Nevada's support."
About International Enexco Ltd.
International Enexco Ltd. is a North American exploration and
development company focused on the feasibility stage Contact Copper
Project in northern Nevada. The Company also pursues gold and
silver exploration in Idaho and Nevada, and is advancing the Mann
Lake Uranium Project located in Saskatchewan's prolific Athabasca
basin. This project is a joint venture with Cameco as operator and
Areva-two of the world's largest uranium companies.
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. We seek safe harbour.
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.
Contacts: International Enexco Limited Spiros Cacos Corporate
Development (604) 669-8368 www.enexco.ca
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