International Enexco Ltd. (CVE:IEC) reported the completion of acquisition of properties held by Allied Nevada Gold Corp. (TSE:ANV,AMEX:ANV) in the Contact Mining District, Nevada.
International Enexco Ltd. (TSXV:IEC) reported the completion of acquisition of properties held by Allied Nevada Gold Corp. (TSX:ANV,AMEX:ANV) in the Contact Mining District, Nevada.
The press release is quoted as saying:
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.
International 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.”