Vancouver, B. C., March 26, 2008 – Exeter Resource Corporation
(AMEX:XRA, TSX-V:XRC, Frankfurt: EXB – “Exeter” or the “Company”) announces that it has closed the private placement
of 7,780,000 special warrants at a price of C$4.50 per special warrant
announced on March 6, 2008. The offering was conducted by a syndicate of
underwriters led by Canaccord Capital Corporation and BMO Capital Markets and
including National Bank Financial, Dundee Securities and Haywood Securities. The Company raised
gross proceeds of C$35,010,000.
Each special warrant is exercisable to
acquire, for no additional consideration, one common share of the Company.
The Company has agreed to use its best efforts to file and obtain a receipt
for a short form prospectus in certain provinces of Canada qualifying the
common shares. If a receipt for a short form prospectus is not obtained by
May 6, 2008, each special warrant will be convertible into 1.1 common shares
of the Company. Unless the Company obtains a receipt for a short form
prospectus, the securities will be subject to a four-month hold period
expiring on July 27, 2008.
In connection with the offering, the
Company paid to the underwriters a 6.5% cash commission and issued 505,700
non-transferable warrants entitling the holder to purchase one common share
at a price of C$4.50 for a period of 12 months. The warrants are subject to a
four-month hold period expiring on July 27, 2008.
The securities have not been and will not
be registered under the U.S. Securities Act of 1933 (the "1933
Act") and may not be offered or sold in the United States or to, or for
the account or benefit of, U.S. persons (as defined in Regulation S under the
1933 Act) absent registration or an applicable exemption from registration
requirements.
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 three 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. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the actual
results to vary from any future results 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 the timing of the financing, pricing; fluctuations in metal
prices; currency fluctuations; 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.
THE TSX VENTURE
EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE