Vancouver, B.C., February 14, 2011 - Exeter Resource
Corporation (AMEX:XRA, TSX:XRC, Frankfurt: EXB - "Exeter" or the
"Company") is
pleased to announce that it has exercised its option to acquire the mineral
properties comprising the Caspiche gold-copper project
in the Maricunga district, Chile from Anglo
American ("Anglo"). Anglo will now transfer title to the mineral
properties to Exeter and retain a 3% net smelter royalty on production from
the project*. Exeter has made the first annual advance royalty payment of
$250,000, payable for the next 10 years, or until commercial production,
whichever is the sooner.
Recently, Exeter announced that it had secured an
option over a 300 litre per second water source
which should provide adequate water for the potential development of the
oxide only part of the Caspiche project. Currently,
Aker Solutions (now Jacobs) is conducting two pre-feasibility studies for Caspiche. The first study will consider a stand-alone
"oxide gold" project to mine the upper part of the deposit and is
scheduled to be available in Q2-2011. The second study, which is being
conducted concurrently with the oxide study, will consider mining both the
oxide and sulphide deposits. That study is
scheduled to be available in Q3-2011.
Exeter's Chairman, Yale Simpson said "We are
fortunate that the geometry of the project includes a +100 metre thick gold only oxide "blanket" at
surface, which immediately overlies the huge sulphide
gold copper deposit. The gold only oxide provides us with excellent potential
for an early start-up, modest cost operation that may produce in excess of
150,000 ounces of gold per annum"
About Exeter
Exeter Resource Corporation, with a treasury of $87m, is a Canadian mineral
exploration company focused on the exploration and development of the Caspiche project in Chile. The project is situated in the
Maricunga gold district, between the Refugio mine
(Kinross Gold Corp.) and the giant Cerro Casale
gold deposit (Barrick Gold Corp. and Kinross Gold
Corp.). The discovery represents one of the largest mineral discoveries made
in Chile in recent years. Exeter has initiated pre-feasibility studies with
the aim of demonstrating the commercial viability of this world class
discovery..
*Anglo also retains the right to repurchase the
mineral properties for the amount that the Company has incurred on the
property in the event that commercial production has not commenced prior to
March 31, 2021.
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 1660, 999 West
Hastings St.
Vancouver, BC Canada V6C 2W2
exeter@exeterresource.com
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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, the Company's
belief as to the extent and timing of its PFS, drilling programs, various
studies including engineering, environmental, infrastructure and other
studies, and exploration results, budgets for its exploration programs, the
potential tonnage, grades and content of deposits, timing, establishment and
extent of resources estimates, potential for financing its activities,
potential production from and viability of its properties, permitting
submission, adequacy of water resources and timing and expected cash
reserves. These forward-looking statements are made as of the date of this
news release. Readers are cautioned not to place undue reliance on
forward-looking statements, as there can be no assurance that the future
circumstances, outcomes or results anticipated in or implied by such
forward-looking statements will occur or that plans, intentions or
expectations upon which the forward-looking statements are based will occur.
While the Company has based these forward-looking statements on its
expectations about future events as at the date that such statements were
prepared, the statements are not a guarantee that such future events will
occur and are subject to risks, uncertainties, assumptions and other factors
which could cause events or outcomes to differ materially from those
expressed or implied by such forward-looking statements. Such factors and
assumptions include, among others, the effects of general economic
conditions, the price of gold, silver and copper, changing foreign exchange
rates and actions by government authorities, uncertainties associated with
legal proceedings and negotiations and misjudgements
in the course of preparing forward-looking information. In addition, there
are known and unknown risk factors which could cause the Company's actual
results, performance or achievements to differ materially from any future
results, performance or achievements expressed or implied by the
forward-looking statements. Known risk factors include risks associated with
the ability to obtain any necessary approvals, waivers, consents and other
requirements necessary or desirable to permit or facilitate the proposed
Arrangement, the risk that any applicable conditions of the proposed
transaction may not be satisfied, 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; tax consequences to U.S.
investors; and other risks and uncertainties, including those described in
the Company's Annual Information Form for the financial year ended December
31, 2009, dated March 30, 2010 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. The Company is under no obligation to
update or alter any forward-looking statements except as required under
applicable securities laws.
Cautionary Note to United States Investors - The information contained herein
and incorporated by reference herein has been prepared in accordance with the
requirements of Canadian securities laws, which differ from the requirements
of United States securities laws. In particular, the term
"resource" does not equate to the term "reserve". The
Securities Exchange Commission's (the "SEC") disclosure standards
normally do not permit the inclusion of information concerning "measured
mineral resources", "indicated mineral resources" or
"inferred mineral resources" or other descriptions of the amount of
mineralization in mineral deposits that do not constitute
"reserves" by U.S., unless such information is required to be
disclosed by the law of the Company's jurisdiction of incorporation or of a
jurisdiction in which its securities are traded. U.S. investors should also
understand that "inferred mineral resources" have a great amount of
uncertainty as to their existence and great uncertainty as to their economic
and legal feasibility. Disclosure of "contained ounces" is
permitted disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not constitute
"reserves" by SEC standards as in place tonnage and grade without
reference to unit measures.
NEITHER THE TSX NOR ITS REGULATION
SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE