Exeter Resource Corporation (TSX VENTURE: XRC)(AMEX:
XRA)(FRANKFURT: EXB) ("Exeter" or the "Company") reports that
metallurgical recoveries averaging 99% for gold and 92% for silver
have been obtained from recent testwork. The testwork was conducted
on representative composite samples taken from four of the most
important high grade mineralized zones at its Cerro Moro project in
Santa Cruz Province, Argentina.
In September 2007, Exeter reported good gold recoveries and
acceptable, but variable, silver recoveries from selected assay
reject samples in preliminary metallurgical testwork. The recent
metallurgical program, which targeted in particular improved silver
recoveries, was carried out on representative diamond drill core
intersections and included simulated gravity concentration and
flash flotation stages within a milling circuit followed by
conventional leaching.
Detailed Test Results:
Metallurgical flowsheet development is being carried out on
eight composites comprised of drill core intersections from
separate mineralized zones at Cerro Moro. The first phase of the
current testwork program was designed to be carried out on the four
zones where most holes have been drilled to date, thereby providing
a larger amount of material for initial metallurgical
investigation. The four zones tested were Escondida Central -
Oxide, Escondida Central - Fresh, Escondida East and Gabriela.
Test results are summarized in the following table and
figures:
--------------------------------------------------------------------------
Gold Silver
------------------- -------------------
Head Head Silver:
Grade Recovery Tail Grade Recovery Tail Gold
Zone g/t % g/t g/t % g/t Ratio
--------------------------------------------------------------------------
Gabriela 0.83 97.7 0.02 129 93.3 9 155
--------------------------------------------------------------------------
Escondida East 9.49 99.6 0.04 129 91.2 12 14
--------------------------------------------------------------------------
Escondida Central - Oxide 19.7 99.5 0.11 686 90.1 73 35
--------------------------------------------------------------------------
Escondida Central - Fresh 19.4 99.7 0.06 558 92.3 46 29
--------------------------------------------------------------------------
To view figures, please click on the following link:
http://media3.marketwire.com/docs/XRC0813_Graphs.jpg
With overall precious metal recoveries high, it is significant
to note the role of each of the three recovery processes is
contributing differently, but effectively, to the total recovery in
each composite tested. The results also demonstrate the value of
conventional leaching as a scavenger process in achieving high
recoveries of both metals.
Jerry Perkins, metallurgist and Exeter's VP of Development,
commented: "High silver recoveries will be extremely important at
Cerro Moro, as drilling results to date suggest that silver may
contribute some 40% of revenue from potential production from the
gold-rich Escondida vein where silver/gold ratios appear to
increase with depth, a trend that may be similar at other gold-rich
veins.
"The ability to recover +90% of both the gold and silver will
have a very positive impact on the economics of the project
particularly with silver potentially comprising 80% of the future
metal value in some veins, such as Gabriela.
"These new results suggest that the selected flowsheet will be
effective in dealing with the different high grade zones and the
variable styles of mineralization found at Cerro Moro. It is a
simple flowsheet that has so far demonstrated the potential to
provide high recoveries irrespective of grade or location.
"The second phase of the current testwork program, now well
advanced, is testing the flowsheet on composites from Esperanza
(Central and East), Loma Escondida and the Escondida West zones. As
discoveries such as the Escondida South zone (announced recently)
are made, we will add new composites to the testwork series.
"We expect to complete resource estimates in the second quarter
of 2009, which will be followed by a scoping study using the
metallurgical and other infrastructure studies that we currently
have underway. We plan to expedite the various development studies
to allow for a development decision later in 2009."
Quality Control and Assurance
Jerry Perkins, 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 report.
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 currently has $30 million
in its treasury.
The Company has secured rigs for a planned +40,000 m (+125,000
ft) drilling program on its Caspiche Gold-Copper Project in Chile
(option over 100%), expected to commence in the first week of
October, 2008 (weather permitting). The project is located between
the Refugio mine (Kinross Gold Corp.) and the giant Cerro Casale
gold-copper project (Barrick Gold Corp. and Kinross Gold Corp.).
Details of the planned program will be reported in September.
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. Exeter is currently working through a back-log of some
8,000 samples being assayed and expects it to clear over the next
two months. Important results will be released as they are
received. Drilling is continuing utilizing three drill rigs with
our focus being to establish a high grade gold-silver resource
amenable to open pit mining by the second quarter of 2009.
As a result of anti-mining legislation passed in 2007 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 the new
legislation, which has the effect of banning conventional gold
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.
The Company has a broad foothold in the Patagonia 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
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 extent and timing of its drilling programs, exploration
results, metallurgical recoveries, establishment of resources and
potential production from its properties. 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 Information Report for the
financial year ended December 31, 2007, dated March 28, 2008 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.
Contacts: Exeter Resource Corporation B. Roxburgh President
(604) 688-9592 or Toll Free: 1-888-688-9592 Exeter Resource
Corporation Rob Grey VP Corporate Communications (604) 688-9592 or
Toll Free: 1-888-688-9592 (604) 688-9532 (FAX) Email:
exeter@exeterresource.com Website: www.exeterresource.com
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