Presentation

May 29, 2012
May 2012
A North American Near Term Copper Developer
Cautionary Notes
Forward-Looking Statements
Statements in this presentation other than purely historical information, including statements relating to the Company’s
future plans, objectives or expected results, constitute forward-looking statements. Forward-looking statements are based
on numerous assumptions and are subject to the risks and uncertainties inherent in the Company’s business, including
risks inherent in exploration and development, and uncertainties in connection with anticipated commodity prices, growth
of worldwide market demand, exploration capital requirements, length of asset life and availability of qualified personnel,
among others. As a result, actual results may vary materially from those described in the forward-looking statements.
Resources and Reserves
The resource estimates described in this presentation have been prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects and uses the terms “mineral reserves” and “mineral resources”. Investors are
cautioned of the difference between the terms “mineral resources” and “mineral reserves” as “mineral resources” do not
have demonstrated economic viability like that of “mineral reserves”.
Bill Willoughby, PhD, PE, Enexco’s Chief Operating Officer and Director, an NI 43-101 Qualified Person, supervised the
preparation of and verified all technical information contained in this presentation.
2
Enexco Overview
Contact Copper Project

Focused on advancing the 100%
owned Contact Copper Project in
northeast Nevada towards
production

Intrusive-related deposit, oxidized

PFS completed in Oct. 2010, BFS
planned for 2012

Major land acquisition completed
with Allied Nevada; step-out drilling
underway to test expansion potential

Good resource upside; deposit open
along strike and at depth
Au-Ag and U Exploration Assets
3
Management
Arnold Armstrong - President & CEO, Chairman

Extensive legal career. Owner of Armada Investments Ltd. and Founding Director of Silvercorp Metals
Inc. (NYSE – SVM). Chairman & Director of Doxa Energy Ltd., Elissa Resources Ltd., and Director of
Paget Minerals Corp.

Recognized leader in founding and managing successful public companies in natural resource sector
Bill Willoughby - Chief Operating Officer, Director

Mining engineer with 32 years experience. PhD in Mining Engineering from the University of Idaho.
Registered Professional Engineer in Idaho. Director of Enexco since 2008

18 years with Teck Cominco: Chief Mine Engineer, Pend Oreille Mine; Mine Superintendent, Polaris
Mine; Senior Engineer, Projects and Evaluations, responsible for feasibility studies, mine design
Dan Frederiksen - Chief Financial Officer, Director

4
20 years senior accounting experience. CA, CPA, CFA, Bachelor of Business Administration. Director
and CFO of Elissa, Enexco, and Doxa Energy and Controller of Armada Investments Ltd.
Directors
5
Arnold Armstrong
Chairman of the Board
Bill Willoughby
Director
Dan Frederiksen
Director
Jim Gibbons
Director, Senior Advisor
Geologist, lawyer, former Governor of Nevada
Terry Hodson
Director
Geologist, General Manager of Geology for Baja Mining
Brad Armstrong
Director
Environmental Law, Partner Lawson Lundell LLP
Paul McKenzie
Director
20+ years experience in the resources sector
Share Structure
Shares Outstanding
32,348,883
Major Shareholders
Shares Fully Diluted
38,248,883
Officers and
Directors
Treasury
C$ 1.9 Million
Market Cap
C$19.4 Million
Allied Nevada Gold
1 Year Stock Chart – TSX.V: IEC
6
Note: Post-financing and following completion of land acquisition from Allied Nevada
23.5%
10%
Contact Copper Project



7
A feasibility stage, oxide copper project
•
100% owned, located in Elko County, Nevada
•
Intrusive-related deposit, oxidized down >2,000 ft.
•
Amenable to heap-leaching to produce copper
cathode
•
Excellent infrastructure in roads, power lines, water
2010 Pre-feasibility study update:
•
Reserves of 317 Mlbs Cu
•
Measured & Indicated Resources of 711 Mlbs Cu,
plus Inferred Resource of 291 Mlbs Cu
Recent land acquisition from Allied Nevada; likely
to have significant impact on mine optimization
•
Acquired 8,000 acres of additional land
•
BFS scheduled for 2012 to incorporate additional
drilling on acquired land
Geology

Intrusive-related copper deposit,
oxidized down ~2,000 feet

Copper mineralization in quartz veins,
and as fracture coatings and
disseminations within granodiorite host

Oxide mineralization open along strike to
the east and west, also open at depth
2010 Reserve Outline

Additional copper oxide potential in
satellite areas

Deeper sulfide porphyry and vein targets
identified to the north and south of main
resource area
East End
West End
Copper Ridge
North Porphyry Target
N
EN-88
Looking west
EN-156
Rhyolite
K-alteration
Granodiorite
Quartzite
Carbonate
2010
Reserve
Outline
Vein Target
8
A
A’
2010 Reserves and Resources


Resources from Oct. 2010 NI 43-101
PFS update
Category
Resources and Reserves reported at
0.10% Cu cut-off
Tons
Cu (%)
Pounds Cu
Proven
27,011,000
0.305%
164,701,000
Probable
27,138,000
0.280%
152,199,000
Total P&P
54,149,000
0.293%
316,899,000
Measured
52,976,000
0.282%
298,397,000
Indicated
82,233,000
0.251%
413,413,000
Total M&I
135,209,000
0.263%
711,810,000
Inferred
53,490,000
0.272%
291,368,000
Reserves
Resources
9
2010 PFS (Pre-Allied Nevada Transaction)

NI 43-101 Pre-feasibility Study Update completed by
Gustavson Associates in October, 2010
Value

Project NPV sensitive to the price of copper
Production Start
2014

PFS analysis does not include potential impact of
Allied Nevada land acquisition deal
Mine Life
10 years
Production
25 Mlbs/yr cathode copper
Capex
$86M
Recovery
76%
Acid Consumption
11 lb/ton
Production Cost
$0.93/lb Cu
NPV10% @ $2.25/lb Cu
$44M
IRR
20.2%
NPV-10%
$ x1000
Base Case NPV at $2.25/lb
Copper Price $/lb
10
Metric
Allied Nevada Transaction

Allied Nevada land
acquisition deal closed
Sept. 26, 2011
• IEC issued 3.2M shares to
Allied Nevada

Enexco now controls
majority of the Contact
mining district

Increased land holdings
from 5,400 acres to
~13,000 acres

Pit outline no longer
constrained by Allied
Nevada land
2010 Pit Outline
Enexco
Allied Nevada Gold
11
Post-Acquisition Exploration

Following Allied
Nevada land
acquisition:
• Defined drill targets
• Began 2011-2012
drill program
• On-going
metallurgical tests
and environmental
work
• Refining geologic
model and
incorporating drill
results
• Preparing to revise
reserves and mine
plans for feasibility
study
12
2010 Pit Outline
East
Extension
Target
2011-2012 Drill Program

40,000 ft (12,192 m) Drill Program Near Completion

Initial drilling east of the 2010 reserve outline
Intercepts Reported To-Date
ENR-3
45 feet (13.7 m)
0.92% Cu
ENR-6
55 feet (16.7 m)
0.43% Cu
ENR-8
130 feet (39.6 m) 0.24% Cu
ENR-15
95 feet (29.0 m)
0.40% Cu
ENR-26
70 feet (21.3 m)
0.48% Cu
ENR-27
170 feet (51.8 m) 0.24% Cu
ENR-30
110 feet (39.6 m) 0.31% Cu
13
Project Timeline
H2/2011
Allied Nevada
Land Acquisition
Infill & Step-Out
Drilling
Metallurgical
Testing
Bankable
Feasibility Study
Permitting
Construction
Production
14
H1/2012
H2/2012
H1/2013
H2/2013
H1/2014
H2/2014
H1/2015
SX-EW Peers
SX-EW Copper
Project
El Pilar (Mercator)
Franke (Quadra)
Piedras Verdes (Priv.)
Source: Company and Technical Reports
Note: (1) 2011 Guidance
(2) FY 2010
(3) NPV(8%) at $2.60/lb Cu LT
(4) RBC Research at $2.25/lb Cu LT
(5) NPV(12.5%) at $2.00/lb Cu LT
15
Annual
Production
Recovery
Cash Cost
(US$/lb Cu)
Capex
(US$)
NPV (US$)
73 Mlbs Cu
56%
$1.37
$245M
$335M(3)
35-45 Mlbs Cu(1)
86%
$2.45(2)
$239M
$234M(4)
70 Mlbs Cu
62%
$1.41
$135M
$148M(5)
M&A in the Copper Sector



Numbers of peers in the
development and intermediate
production space have
dramatically fallen off since
2009
Growth pipelines still required
for remaining junior producers
Target
2011 Transactions
2010 Transactions
New junior producers needed to
fill market gaps left by
acquisitions
2009 Transactions
Acquirer
Norsemont Mining Inc.
HudBay Minerals Inc.
Explorator Resources Inc.
Sociedad Punta Del Cobre S.A.
Creston Moly Corp.
Mercator Minerals Ltd.
Far West Mining Ltd.
Capstone Mining Corp.
Equinox Minerals Ltd.
Barrick Gold Corp.
Anvil Mining Ltd.
Minmetals Resources Ltd.
Chariot Resources Ltd.
CST Holdings Ltd.
Terrane Metals Corp.
Thompson Creek Metals Company Inc.
FNX Mining Company Inc.
Quadra Mining Ltd.
Continental Minerals Corp
Jinchuan Group Ltd.
Globestar Mining Corp.
Perilya Ltd.
Antares Minerals Inc.
First Quantum Minerals Ltd.
Citadel Resource Group Ltd.
Equinox Minerals Ltd.
Centario Copper Corp.
Quadra Mining Ltd.
Sanu Resources Ltd.
Canadian Gold Hunter Corp/
Stingray Copper Inc.
Mercator Minerals Ltd.
Kiwara Plc
First Quantum Minerals Ltd.
Corriente Resources Inc.
CRCC-Tongguan Investment Co. Ltd.
Source: Bloomberg
16
Junior Producers

Hypothetical impact of an additional 35 Mlbs Cu/yr to junior base metal producer profiles
Source: Company Reports
17
Additional Assets
Uranium

Holding a 30% interest in the Mann Lake
Uranium Project in the Athabasca Basin,
Saskatchewan; Cameco is operator

3,407 ha, between the McArthur River and
Millennium deposits

Joint Venture
•
•
•
Enexco
Cameco (Operator)
Areva
30.0%
52.5%
17.5%
Gold - Silver

Exploring grass-roots level gold & silver
properties in Idaho and Nevada
•
18
•
Properties with promising surface
mineralization, structural features
Low holding costs and royalties
•
Drill ready targets
Bluebird project
Surface samples up to 107 opt Ag, 0.04 opt Au
19
Contact Us
Spiros Cacos
Corporate Development
[email protected]
2060-777 Hornby Street
Vancouver, BC V6Z 1T7
[email protected]
www.enexco.ca
Phone 1.604.669.8368
Fax
1.604.662.3691