Vancouver, B. C.,
February 12, 2008 – Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC,
Frankfurt: EXB – “Exeter” or the “Company”) reports that
diamond drilling, within and along strike of the high grade gold-silver
Escondida Vein structure at Cerro Moro, continues to intersect high grades
below shallow low grade mineralization.
Significant results from four new drill
holes, which continue to expand mineralization within the 1,600 metre (5, 250
feet) long vein structure, include the following:
- 6.8 metres (“m”) (22.3 feet) from a down hole depth of 74.0 m
(242.8 feet) at a gold equivalent grade* of 48.1 grams per tonne (“g/t”)
(1.39 oz/ton), comprising 22.2 g/t gold (0.64 oz/ton) and 1,555 g/t silver
(45.09 oz/ton), including
2.0 m (6.6 feet) from a down
hole depth of 77.0 m (252.6 feet) at gold equivalent grade* of 140.9 g/t
(4.09 oz/ton) comprising 64.7 g/t gold (1.88 oz/ton) and
4,570 g/t silver (132.53 oz/ton),in hole MD221;
- 1.5 m (4.9 feet) from a down hole depth of 196.5m (644.7
feet) at a gold equivalent grade* of 33.2 g/t (0.96 oz/ton), comprising 15.6 g/t gold
(0.45 oz/ton) and 1,057 g/t silver (30.65 oz/ton), in hole MD226;
- 4.1 m (13.5 feet) from a down hole depth of 78.0 m (255.9
feet) at a gold equivalent grade* of 30.5 g/t (0.88 oz/ton), comprising 16.1 g/t gold
(0.47 oz/ton) and 865 g/t silver (25.08 oz/ton), including
0.6 m (2.0 feet)
from a down hole depth of 80.8 m (265.1 feet), at gold equivalent grade* of 168.6 g/t
(4.89 oz/ton), comprising 93.0 g/t gold (2.70 oz/ton)
and 4,535 g/t silver (131.51 oz/ton), in hole MD228; andd
- 1.0 m (3.3 feet) from a down hole depth of 152.1 m (499.0
feet) at a gold equivalent grade* of 40.6 g/t (1.18 oz/ton), comprising 18.2 g/t gold
(0.53 oz/ton) and 1,349 g/t silver (39.12 oz/ton), in hole MD229.
* Note: Gold equivalent grade is
calculated by dividing the silver assay result by 60, adding it to the gold
value and assuming 100% metallurgical recovery. Troy ounces/short ton is
calculated by multiplying grams per metric tonne by 0.029 and rounded to 2
decimal places. All intervals calculated at a 0.5 g/t gold cut-off.
Exeter’s President, Bryce Roxburgh,
commented: “Drilling on the Escondida vein structure is increasing our
confidence in the continuity of the high grade mineralization. In the
latest drilling (drill hole MD228), we have again discovered high grade
mineralization below shallow low grade mineralization. This not only enhances
the potential high grade resource in the Escondida Vein system but also
provides significant upside to Cerro Moro as a whole.
“Many of the veins on the Cerro Moro
property are low grade near surface, and were assigned a low priority. As we
now have no hesitation in drilling below low grade mineralization on the
Escondida Vein, we are starting to re-prioritise targets elsewhere on this
large property.
“We have caught up on the backlog of
assaying from some 60 drill holes completed, but not assayed through the
months of August to October. The turnaround time from drilling to
receipt of assays is now approximately 4 weeks.”
Drilling Detail
Drill holes MD221 and MD229 intersected new areas of high grade
mineralization within the main section of the Escondida vein.
Drill hole MD226, a further step-back
(deeper) hole on the drill section reported in the news release 08-01 dated
January 15, 2008, has extended mineralization to a depth greater than 150
metres from surface.
Drill hole MD233, which successfully
intersected higher grades over a greater width, was drilled 60 m (196.8
feet) behind an earlier low grade drill hole (MD224), to investigate the
potential for ‘blind’ high grade mineralization at depth.
Drill hole MD228 was drilled 45 m (147.6
feet) behind MD123, a low grade hole that intersected 4.26 m (14.0 feet) at a
gold equivalent grade* of 5.3 g/t (0.15 oz/ton) from a down hole depth of
32.7 m (107.3 feet). The high grade result from MD228 increases the
continuity of known mineralization, and provides another example of a high
grade drill intersection beneath low grade near-surface mineralization.
Additional drilling is currently in progress around this drill hole.
Preliminary step out reverse circulation
drilling has now been completed in the 250 m long untested area between the
new Escondida Western mineralization and the main section of the Escondida
vein. Results are awaited.
Drill
Hole
|
From
(m)
|
To
(m)
|
Width
(m)
|
Gold
(g/t)
|
Silver
(g/t)
|
Gold
Equivalent
|
g/t*
|
oz/ton
|
MD221§
|
62.0
|
64.0
|
2.0
|
7.6
|
165
|
10.4
|
0.30
|
including
|
63.0
|
64.0
|
1.0
|
14.7
|
316
|
19.9
|
0.58
|
and
|
74.0
|
80.8
|
6.8
|
22.2
|
1,555
|
48.1
|
1.39
|
including
|
77.0
|
79.0
|
2.0
|
64.7
|
4,570
|
140.9
|
4.09
|
MD226
|
196.5
|
202.0
|
5.5
|
4.3
|
252
|
8.5
|
0.25
|
including
|
196.5
|
198.0
|
1.5
|
15.6
|
1,057
|
33.2
|
0.96
|
including
|
197.7
|
198.0
|
0.3
|
35.8
|
2,470
|
76.9
|
2.23
|
MD228
|
78.0
|
82.1
|
4.1
|
16.1
|
865
|
30.5
|
0.88
|
including
|
80.8
|
81.4
|
0.6
|
93.0
|
4,535
|
168.6
|
4.89
|
MD229
|
149.3
|
154.6
|
5.3
|
4.5
|
368
|
10.7
|
0.31
|
including
|
152.1
|
153.1
|
1.0
|
18.2
|
1,349
|
40.6
|
1.18
|
MD233
|
173.7
|
175.4
|
1.7
|
4.4
|
326
|
9.8
|
0.28
|
including
|
173.7
|
174.0
|
0.3
|
9.9
|
658
|
20.9
|
0.61
|
and
|
174.8
|
175.1
|
0.3
|
7.6
|
786
|
20.7
|
0.60
|
MRC159
|
11.0
|
14.0
|
3.0
|
1.1
|
5
|
1.2
|
0.03
|
MRC161
|
45.0
|
46.0
|
1.0
|
1.1
|
20
|
1.5
|
0.04
|
and
|
61.0
|
62.0
|
1.0
|
1.3
|
84
|
2.7
|
0.08
|
MRC162
|
76.0
|
77.0
|
1.0
|
1.3
|
74
|
2.5
|
0.07
|
§ Although MD221 is designated as a
diamond drill hole, the first 80 m of this hole (and thus the majority of the
intersection quoted) represents a reverse circulation percussion pre-collar.
NOTE: All intervals calculated at a 0.5
g/t gold cut-off.
To enlarge the above map, please click on it
Quality Control
and Assurance
Drill widths presented above are drill intersection widths and may not
represent the true widths of mineralization.
Gold assay results presented above are
preliminary and have been calculated using a 0.5 g/t gold cut-off grade, with
no cutting of high grades. Reverse circulation drill samples are collected
using a cyclone in one metre intervals; most samples are then composited into
three metre samples. All diamond drill core samples are split on regular
metre intervals or on geological contacts and represent sawn half HQ-size
core. Samples were prepared at the ALS Chemex preparation facility in Mendoza
and assayed by fire assay (50 gram charge) at the ALS Chemex laboratory in
Chile, both ISO-9001:2000 certified laboratories.
Check assaying of all samples assaying
greater than 1.0 g/t gold is completed by ALS Chemex. Samples returning
greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses. Standard and blank samples are used throughout the
sample sequence as checks for the diamond drilling reported in this release.
Standard, blank and duplicate samples are used throughout the sample sequence
as checks for the reverse circulation drilling.
Assaying by the screen fire assay method
has been implemented in conjunction with standard 50 gram fire assaying, for
diamond drill cores that contain visible gold. The procedure for screen fire
assaying involves crushing and sieving of a nominal 1,000 gram sample to a
particle size of 100 microns. All material which does not pass through the
100 micron sieve is then assayed. Two fire assays are undertaken on the
undersize material as a check on homogeneity. The total gold content is then
calculated.
Matthew Williams, Exeter’s Exploration
Manager and a “qualified person” within the definition of that term in
National Instrument 43-101, Standards
of Disclosure for Mineral Projects, has supervised the
preparation of the technical information contained in this news release.
Caspiche Project
Update
Two rigs are drilling at Caspiche, Chile. Drill hole CSD14, was completed
yesterday at a depth of approximately 750 metres, terminating in “porphyry
type” mineralization when the rig exhausted its supply of drill rods. Drill
hole CSD15 is currently at a depth of 250 metres, having intersected porphyry
type mineralization from a depth of approximately 65 metres.
This week, a number of investors/analysts
will visit the Cerro Moro and Caspiche properties where they will have the
opportunity to view drill cores. As no assays are available from 2008
drilling at Caspiche, we consider it virtually impossible to predict
gold-copper grades at this time.
About Exeter
Exeter Resource Corporation is a Canadian mineral exploration company focused
on the discovery and development of gold and silver properties in South
America.
The Cerro
Moro Gold-Silver Project (100% owned by Exeter) in Santa Cruz
Province, Argentina is generating high grade to 'bonanza grade' drilling
results within an extensive epithermal vein system, located 130 kilometres
(80 miles) east of the Cerro Vanguardia gold mine.. Drilling will continue
through 2008 using as a minimum three drill rigs.. Our focus is to establish
a high grade gold-silver resource amenable to open pit mining.
The Company currently has two diamond rigs
drilling its Caspiche gold
porphyry project in Chile, located between the Refugio mine
(Kinross Mining Corp) and the giant Cerro Casale gold project (Barrick Gold
Corp and Kinross Mining Corp).
As a result of recent political
developments in Mendoza Province, Argentina, the further development of the
advanced Don Sixto Gold Project
has been put on hold. The Company has filed suit in the Mendoza Courts to
challenge the constitutionality of new legislation, which has the effect of
banning conventional mining in the province. The Company will continue to
work with authorities in Mendoza, and with representatives of other mining
companies, to effect legislative amendment.
In 2008, Exeter plans to explore other
gold-silver targets in prospective regions of Patagonian Argentina and Chile. The Company gained
a broad foothold in the region through separate strategic alliances with
Cerro Vanguardia S.A. (an AngloGold Ashanti subsidiary), and Rio Tinto Mining
and Exploration Chile.
You are invited to visit the Exeter web
site at www.exeterresource.com.
EXETER
RESOURCE CORPORATION
Bryce Roxburgh
President and CEO
For further information, please contact:
B. Roxburgh, President or
Rob Grey, VP Corporate Communications
Tel: 604.688.9592 Fax: 604.688.9532
Toll-free: 1.888.688.9592
|
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C2W2
exeter@exeterresource.com
|
Safe Harbour Statement – This news
release contains “forward-looking information” and “forward-looking
statements” (together, the “forward-looking statements”) within the meaning
of applicable securities laws and the United States Private Securities
Litigation Reform Act of 1995, including the Company’s belief as to the
timing of its drilling programs and exploration results. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the
Company to vary from any future results, performance or achievements
expressed or implied by the forward-looking statements. Factors that could
cause actual results to differ materially from the forward-looking statements
include, among others, risks associated with project development; the need
for additional financing; operational risks associated with mining and
mineral processing; fluctuations in metal prices; title matters;
uncertainties and risks related to carrying on business in foreign countries;
environmental liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers, directors or
promoters of the Company with certain other projects; the absence of
dividends; currency fluctuations; competition; dilution; the volatility of
the Company’s common share price and volume; and tax consequences to U.S.
investors; and other risks and uncertainties, including those described in
the Company’s Annual Report on Form 20-F for the financial year ended
December 31, 2006, dated April 2, 2007 filed with the Canadian Securities
Administrators and available at www.sedar.com .. Although the Company
has attempted to identify important factors that could cause actual actions,
events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. All statements are made
as of the date of this news release and the Company is under no obligation to
update or alter any forward-looking statements except as required under applicable
securities laws.
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