Exeter Resource Corporation

Published : July 29th, 2009

Reports On 14 New Drill Holes at Cerro Moro

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Exeter Reports On 14 New Drill Holes at Cerro Moro

Vancouver, B. C., July 29, 2009 - Exeter Resource Corporation (AMEX:XRA, TSX-V:XRC, Frankfurt: EXB - "Exeter" or the "Company") is pleased to report on progress from its in-fill drilling program on the high grade Escondida vein at Cerro Moro in Santa Cruz Province, Argentina.

Assays from a batch of 14 diamond drill holes on the Escondida vein include bonanza grades in drill holes MD475 and MD479, two holes that represent extensions to reported high grade mineralization in the Escondida Far West sector. This portion of the Escondida vein accounts for approximately 40% of the currently defined Escondida Zone resource.

Detailed drilling results using a 1 g/t gold equivalent* cut-off grade:

Drill Hole

From
(m)

To
(m)

Width
(m)

Gold
(g/t)

Silver
(g/t)

Gold Equivalents*
(g/t)

Gold Equivalents*
(oz/ton)

Escondida West Sector

MD467

165.60

166.94

1.34

11.1

384

16.5

0.48

including

166.06

166.59

0.53

26.0

880

38.6

1.12

Escondida Far West Sector

MD468

62.00

64.60

2.60

13.6

675

23.2

0.67

including

62.80

64.00

1.20

26.1

1,221

43.6

1.26

MD469

122.60

129.12

6.52

6.6

310

11.1

0.32

including

125.86

128.36

2.50

14.9

694

24.9

0.72

MD471

203.87

204.23

0.36

6.2

18

6.5

0.19

and

205.91

206.58

0.67

8.5

1,303

27.1

0.79

MD474

131.00

133.10

2.10

5.1

562

13.1

0.38

including

131.00

131.65

0.65

14.0

1,653

37.6

1.09

MD475

138.75

140.25

1.50

63.3

5,111

136.3

3.95

including

139.36

139.80

0.44

138.0

8,085

253.5

7.35

MD476

149.65

151.80

2.15

4.1

324

8.7

0.25

including

149.65

150.20

0.55

8.6

532

16.2

0.47

MD479

114.00

115.35

1.35

5.8

562

13.8

0.40

and

117.95

119.15

1.20

138.9

4,978

210.0

6.09

including

117.95

118.60

0.65

203.9

8,432

324.4

9.41

MD480

194.85

195.15

0.30

4.0

405

9.7

0.28

MD481

176.40

180.00

3.60

5.5

581

13.8

0.40

including

177.63

178.25

0.62

26.3

2,840

66.9

1.94

including

177.93

178.25

0.32

47.1

5,382

124.0

3.60

MD483

232.00

233.00

1.00

6.8

83

8.0

0.23

and

238.20

239.08

0.88

5.9

21

6.2

0.18

MD484

159.34

160.54

1.20

3.2

88

4.5

0.13

MD487

21.00

22.30

1.30

2.1

68

3.0

0.09

MD489

10.45

11.80

1.35

5.6

8

5.7

0.17

* Gold equivalent grade is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery.

Exeter recently announced an initial inferred mineral resource estimate of 646,000 ounces gold equivalent** at a grade of 18 grams per tonne ("g/t") (0.52 ounces per ton ("oz/ton") gold equivalent**. The current focus is to advance drilling on the Escondida vein zone, which contains 519,000 ounces gold equivalent** at a grade of 34 g/t (1.0 oz/ton) gold equivalent**. In particular, the Company expects that the program will generate the data necessary to upgrade the recently announced "inferred resource" to an "indicated resource" by Q1, 2010. This is an essential step towards completing a scoping study for developing a high grade mining operation on the property.

In the Far West sector of the Escondida vein, the Company has drilled a total of 24 diamond core holes to confirm the exceptional grades previously announced in that sector. Of the 14 drill holes announced in this news release, 13 are from that sector and are represented on the following longitudinal drill section.

Click here for a diagram showing the Long Section for Escondida Far West

Drill hole MD467, on the West sector, successfully intersected high grade mineralization 140 metres ("m") (459 ft) vertically below surface, thereby demonstrating the potential for deeper high grades in that area.

Results are awaited from infill drilling on the West, Central and East sectors of the Escondida vein, where an additional 95 diamond drill holes for approximately 4,800 m (15,744 ft) are being logged and assayed. The majority of these holes are shallow and represent an approximate 20 x 20 m (65 x 65 ft) "staggered" pattern to assist with preliminary mine scoping models. Significant results will be released during August and September as the assays are collated and verified.

Click here for a diagram showing the Drill Hole Plan for Escondida

Progress on the Escondida Fomicruz Property
Due to a delay in the arrival of a reverse circulation percussion (RC) rig the Company used the available diamond rig to conduct a 300 m (984 ft) program to confirm that the prospective Escondida structure extends onto the Fomicruz joint venture property. The rig was sited well into the Fomicruz lands, some 320 m (1,050 ft) northwest of the last hole drilled by Exeter at Escondida Far West. The Escondida structure was successfully located under 40 m of gravel cover, confirming our geophysical interpretation that the Escondida structure has an untested strike length of some 2.3 kilometres (1.43 miles) on the Fomicruz property (a distance similar to that drill tested to date at Escondida).

The Company has contracted a RC drill rig to drill a minimum of 15 holes (2,000 m (6,560 ft) program) on the Fomicruz lands. This program is scheduled to commence early next month with initial results to follow in September.

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 1.0 g/t gold equivalent cut-off grade*, with no cutting of high grades. 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 Acme Analytical Laboratories ("AcmeLabs") preparation facility in Mendoza, Argentina and assayed by fire assay (50 gram charge) at the AcmeLabs 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 AcmeLabs. 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 RC percussion 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.

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 Company has C$30 million in its treasury.

The Caspiche gold-copper discovery*** is situated in the Maricunga gold district of Chile, between the Refugio mine (Kinross Gold Corp.) and the giant Cerro Casale gold deposit (Barrick Gold Corp.. and Kinross Gold Corp.). Over 16,500 m were drilled during the 2008/2009 drill season. The program focussed on delineating the external boundaries of Caspiche. A second National Instrument 43-101 compliant resource estimate, which incorporates the results from drilling completed subsequent to December 31, 2008, is expected to be available in September 2009.

On its Cerro Moro Project in Argentina, Exeter recently announced an initial inferred mineral resource estimate of 646,000 ounces gold equivalent** at a grade of 18 g/t gold equivalent**. To date, Exeter has drilled over 100 infill holes on the Escondida vein structure in order to upgrade the sectors of the inferred resource that might be scheduled for early mining. Drilling will continue through 2009. Plans include drilling of a possible extension of the Escondida zone on the adjacent Fomicruz joint venture property. Engineering, environmental and infrastructure studies are being advanced ahead of a scoping study in 2010.

No site work is planned on the Don Sixto gold-silver project in Argentina over the next quarter. The Company will continue to work with provincial authorities and with representatives of other mining companies, to effect amendment to the 2007 legislation that banned the use of cyanide in mining operations in Mendoza Province.

** Inferred mineral resource estimate of 1,098,000 metric tons containing 371,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces silver at a grade of 545 g/t for 646,000 ounces gold equivalent at a grade of 18 g/t gold equivalent. Gold equivalent is calculated by dividing the silver assay result by 70, adding it to the gold value and assuming 100% metallurgical recovery (see news release NR 09-14 dated July 8, 2009).
*** Inferred mineral resource estimate of 449.9 million tonnes from the oxide and gold-copper zone contains 8.7 million ounces gold at a grade of 0.6 g/t and 375.9 million tonnes from the gold-copper zone only contains 2 billion pounds of copper at a grade of 0.25% (see news release NR 09-09 dated March 24, 2009).

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

LATEST NEWS

Jul 17, 2009

Exeter grants stock options.

Download PDF

Jul 13, 2009

Exeter Reports Final Caspiche Drilling Results For The 2008/2009 Season.

Download PDF

Jul 08, 2009

Exeter Reports High Grade Resource Estimate For Cerro Moro.

Download PDF

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Exeter Resource Corporation

PRODUCER
CODE : XRC.TO
ISIN : CA3018351047
CUSIP : 301835104
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Exeter is a gold and copper producing company based in Canada.

Exeter holds various exploration projects in Argentina and in Chile.

Its main asset in production is MARICUNGA in Chile and its main exploration properties are VERDE, LA CALANDRIA, LA RUBIA, DOMO, LA CABEZA, DON SIXTO and ROSARITA in Argentina and CASPICHE, COCHRANE and MAGALLANES in Chile.

Exeter is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 171.1 millions as of today (US$ 135.1 millions, € 115.1 millions).

Its stock quote reached its lowest recent point on October 25, 2002 at CA$ 0.16, and its highest recent level on January 15, 2010 at CA$ 9.32.

Exeter has 88 660 000 shares outstanding.

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TORONTO (XRC.TO)AMEX (XRA)
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