INTERNATIONAL
ENEXCO ENTERS INTO OPTION AGREEMENT ON FRONTEER DEVELOPMENT GROUP'S
LOOMIS GOLD PROPERTY, NEVADA
COMMENCES
DRILLING ON HANNAH GOLD PROPERTY, NEVADA
Vancouver B.C., June 2, 2009: International Enexco
Ltd. (IEC - TSX-V) announced today that it has entered into an option
agreement with Fronteer Development Group Inc. (FRG
- TSX/NYSE Amex) to earn a 51% interest in Fronteer's
100% owned Loomis Mountain gold property located in eastern
Nevada.
Under the terms of the Option, International Enexco
may earn a 51% interest in the Property by drilling a minimum of 11,000 metres
and carrying out a minimum of US$300,000 in related field programs,
including geological, geochemical and geophysical surveys over 36
months.
The Loomis Mountain gold property is located approximately
32 kilometres
north of Wells, Nevada,
and covers approximately 6,300 hectares (15,570 acres) of
mostly private mineral rights on which there are no underlying
royalties. The geology of the area is analogous to the Carlin
Trend, displaying the same structural characteristics, host rocks and
intrusive history. Widespread anomalous gold mineralization at Loomis
occurs in a northeast-trending zone that outcrops over a distance of 1.7 kilometres.
Rock-chip sampling has yielded up to 4.6 grams per tonne
gold. Four target areas have been defined to date but have seen
negligible drilling. The property lies along the eastern edge of
the Roberts Mountain Thrust, a key structural feature associated with
Carlin-type gold deposits. International Enexco
plans to place initial efforts on structural mapping to further define
drilling targets in the upper-plate and lower-plate rocks of the Roberts
Mountain Thrust, both being either exposed or present at depth on the
property.
Arnold Armstrong, President and CEO of International Enexco, stated today that:
"By entering into an option agreement on Fronteer's
Loomis gold property, Enexco shareholders
continue to be offered significant reward potential through ongoing
commodity and project diversification"
In other news, International Enexco has
mobilized one of its drill rigs to the Hannah Gold Property, in Churchill County, Nevada, where drilling has
commenced. The Company has the option of earning a 60% interest in
a joint venture on Hannah with Lincoln Gold Corp (LGCPF - OTC/UCF). (See Enexco April 2, 2009 press release).
International Enexco will also soon be
publishing results of a pre-feasibility study, including updated NI
43-101 resource calculation results, on its 100% owned Contact Copper
project located in north eastern Nevada.
The Company is also awaiting assay results from Cameco Corp. on a recently completed, 6 hole drill
program totaling 4,150 metres on Enexco's Mann Lake uranium property located in the
Athabasca Basin, Saskatchewan. (30% Enexco,
52.5% Cameco Corp., 17.5% Areva).
Upon receipt by the Company, all drill results of the Cameco
program will be issued in a forthcoming press release.
For the purposes of information pertaining to this press release,
Dr. William Willoughby, who is a Director of International Enexco, is the Qualified Person as defined in
National Instrument 43-101. Dr. Willoughby is also the Manager of
Engineering and Mine Development for International Enexco
Limited at the Company's Contact Project.
ABOUT INTERNATIONAL ENEXCO
International Enexco is a results
driven, copper, gold, uranium exploration and
development company managed by industry professionals. International Enexco owns and operates its own drill rigs and has
partnerships with several companies including Cameco
Corp (NYSE), Areva
(Paris Stock Exchange) and Fronteer Development
Group (NYSE). Enexco also continues to advance
its 100% owned Contact Copper resource project, Nevada.
For further information on all of Enexco's
projects, visit our website at: www.enexco.ca
Paul McKenzie, Director, International Enexco
Limited
Tel: (604) 669-8368 Fax: (604) 642-2629
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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