VANCOUVER – International Enexco (IEC) has entered into two separate letters of intent to divest its uranium holdings and consolidate its copper assets.
Enexco has signed a tri-partite LOI with Full Metal Minerals and Choice Gold Corp. (both of Vancouver) to consolidate the copper assets of all three companies. The new, combined company is expected to be called CopperBank Resources Corp., and will control two copper projects – Contact in Nevada and Pyramid in Alaska.
The LOI signed with Denison Mines of Toronto is for acquisition of the common shares of IEC exclusive of its copper assets. Denison is offering 0.26 of a common share of the company plus a share in a spin-off company for each share of IEC tendered to the deal. The new company will control Enexco's prospective Mann Lake uranium project and a 20% interest in the Bachman Lake uranium project, both located in the Athabasca Basin of Saskatchewan. The balance of Bachman Lake is already held by Denison.
Due diligence has not yet been completed, and the deals are subject to regulatory approvals.
Information about the various projects are available at Enexco.ca (Mann Lake and Contact) and FullMetalMinerals.com (Pyramid).