Vancouver, B. C., February 5, 2008 – Exeter Resource Corporation
(AMEX:XRA, TSX-V:XRC, Frankfurt: EXB – “Exeter” or the “Company”) reports that new results from follow-up drilling on
the Loma Escondida vein, located immediately north of the Escondida Zone at
Cerro Moro have extended the strike length of the high grade gold-silver
mineralization.
Significant new results include:
- 0.74 metres (“m”) (2.4
feet) from a down hole depth
of 40.54 m (133.0 feet) at a
gold equivalent grade* of 144.6 grams per tonne (“g/t”) (4.19 ounces/ton
(“oz/ton”)), comprising 57.5 g/t gold (1.67 oz/ton) and 5,226 g/t silver
(151.55 oz/ton), including
from a down hole depth of 40.54 m (133.0 feet), 0.36 m (1.2 feet) at 117.0 g/t gold (3.39
oz/ton) and 10,480 g/t silver (303.92 oz/ton), a gold equivalent grade
of 291.7 g/t (8.46 oz/ton), in hole MD195;
- 0.5 m (1.6 feet) from a down hole depth of 54.0 m (177.2 feet) at a gold equivalent grade* of 97.5 g/t
(2.83 oz/ton), comprising
48.5 g/t gold (1.41 oz/ton) and 2,940 g/t silver (85.26 oz/ton)
in hole MD189;
- 0.3 m (1.0 feet) from a down hole depth of 54.4 m (178.5 feet) at a gold equivalent grade* of 57.4 g/t
(1.67 oz/ton), comprising 36.2 g/t gold (1.05 oz/ton) and 1,270 g/t
silver (36.83 oz/ton), in hole MD191; and
- 1.0 m (3.3 feet) from a down hole depth of 21.0 m (68.9 feet) at a gold equivalent grade* of 26.8 g/t
(0.78 oz/ton), comprising 11.7 g/t gold (0.34 oz/ton) and 911 g/t silver
(26.42 oz/ton), including
from a down hole depth of 21.7 m (71.2 feet), 0.3 m (1.0 feet) at 35.5 g/t gold (1.03
oz/ton) and 2,170 g/t silver (62.93 oz/ton), a gold equivalent grade of
71.6 g/t (2.08 oz/ton), in hole MD197.
* 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 calculated at grams per metric
tonne multiplied by 0.029 and rounded to 2 decimal places. All intervals
calculated at a 0.5 g/t gold cut-off.
Exeter’s Exploration Manager, Matthew Williams, commented: “These
results extend the strike length of high grade mineralization in the Loma
Escondida vein to 400 metres. Even with a mining dilution to a nominal 1.5
metre width the grades would be considered high grade. We will now
systematically drill a 400 metre long “gap” between drill hole MD189 and the
main Escondida vein structure.
“An additional three step-back diamond drill holes have recently been
completed (MD239, MD243 and MD245), to test the vein below drill holes MD189,
MD191 and MD195 (refer to the accompanying plan). All three holes
successfully intersected veining comparable to the mineralization reported in
this news release. Assay results will be released upon receipt, validation,
and compilation.
“Our experience on the Escondida vein is that high grade
mineralization can occur below low grade near-surface mineralization,
assuming appropriate host rocks in a suitable structural setting. We have
some very shallow low grade mineralization at Loma Escondida that represents
a compelling target for further drilling.
“Our view is that the Loma Escondida vein has the potential to
significantly add to the resource at Cerro Moro. It represents just one of
the 20 targets we have prioritised for drilling.”
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.
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.
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 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
|
Suite 1260, 999 West Hastings St.
Vancouver, BC Canada V6C2W2
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, 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.
THE TSX VENTURE
EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
OR ACCURACY OF THIS NEWS RELEASE