Vancouver, BC,
January 23, 2008 – Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC,
Frankfurt: EXB – “Exeter” or the “Company”) is pleased to announce the appointment of Mr. Michael McPhie as Executive Vice President, Corporate Development
and Environment and Mr. Louis Montpellier as a Director.
Mr. McPhie has over 15 years of professional experience
working at executive levels within the mining industry and the public sector.
Most recently Michael served as the President and CEO of the Mining
Association of British Columbia representing senior companies involved in
BC’s $10 billion mining and smelting industry. Previously, Michael held
various positions including that of Senior Advisor on domestic and
international mineral policy with the Government of Canada, Project Manager
with Knight Piésold Consulting and Project Director
with Royal Oak Mines Inc. in Ontario.
During his career he has worked in Canada,
Central and South America, China and Southern Asia,
primarily in the development of major mining related projects.
Michael has a
Bachelor of Science (Honours) in Physical Geography from Simon Fraser
University, a Masters of Science in
Management and Environment from Royal
Roads University
and is mid-way through completing a Ph..D.
at the University
of British Columbia in
mineral economics and sustainability.
Exeter is also pleased to have Louis Montpellier join its
Board of Directors. Mr. Montpellier is a legal advisor to the mining industry
with over 25 years experience in structuring mineral exploration and
development companies. Mr. Montpellier is identified in the Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, the Lexpert Guide to
the Leading 100 Industry Specialists in Canada,
Who’s Who Legal, the International Who’s Who of Mining Lawyers,
and The Best Lawyers in Canada,
as one of Canada's
leading mining lawyers.. Through his directorships,
Mr. Montpellier also has direct experience in the mineral exploration and
development business and in its related M&A transactions.
Exeter’s Chairman, Yale
Simpson commented: “We are delighted to have Messrs. McPhie
and Montpellier join Exeter’s senior management team and Board
of Directors respectively.
“Mr. McPhie’s background combines senior level mining industry
experience with specific expertise in sustainable development – an unusual
and valuable combination. His appointment as Executive Vice President, Corporate Development and Environment
is a new position in Exeter.
“Mr. Montpellier
is very well respected in the legal profession and brings to the Exeter Board
a considerable breadth of experience in our industry. The two appointments
are key elements in our growth strategy.”
Concurrent with
these appointments, the Company has awarded, subject to shareholder and TSX
Venture Exchange approval, 300,000 incentive stock options exercisable for a
period of five years at an exercise price of $4.31.
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 from 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.
In Chile, the
Company has started a major drilling program on its Caspiche gold porphyry project, 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 drill
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
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Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C2W2
exeter@exeterresource.com
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