Exeter Resource Corporation (TSX: XRC)(NYSE Amex: XRA) (FRANKFURT:
EXB) - ("Exeter" or the "Company") is pleased to announce results
from the infill drilling program on its Caspiche porphyry project
in northern Chile. The purpose of the program was to lift higher
grade inferred category mineralization into the indicated category.
Highlights from the infill drilling program include:
-- Drill hole CSD074 intersected 908m (2,979 ft) at a grade of 0.60 g/t
gold (0.017 oz/t) and 0.22% copper from a down hole depth of 204m (670
ft).
-- Drill hole CSD075 intersected 572m (1,877 ft) at a grade of 0.78 g/t
gold (0.023 oz/t) and 0.31% copper from a down hole depth of 90m (295
ft).
-- Drill hole CSD076 intersected 1,146m (3,760 ft) at a grade of 0.38 g/t
gold (0.011 oz/t) and 0.31% copper from a down hole depth of 116m (380
ft), including, 378m (1,240 ft) at 0.55 g/t gold (0.016 oz/t) and 0.45%
copper from a down hole depth of 558m (1,831 ft).
-- Drill hole CSD078 intersected 376m (1,234 ft) at a grade of 1.25 g/t
gold (0.036 oz/t) and 0.40% copper from a down hole depth of 250m (820
ft).
All holes are within or marginal to the resource shells
documented in the NI43-101 compliant mineral resource estimate,
completed by AMEC International, announced on September 13,
2010.
Justin Tolman, Caspiche's project manager stated "The results
from this 6,600m drilling program demonstrate the continuous nature
of the Caspiche mineralization and support the integrity of our
geological model. AMEC International has now been retained to begin
work on an updated resource estimate. The inclusion of the results
from this additional drilling in the upcoming resource estimate
update should allow us to consider economic extraction of higher
grade portions of the deposit currently classified as inferred
within our pre-feasibility study ("PFS") currently in
progress."
Two drill rigs are now exploring for additional porphyry
mineralization in the immediate vicinity of the Caspiche resource.
A third rig is recovering mineralized material from within the
Caspiche deposit as part of our metallurgical optimisation and flow
sheet development programs.
The oxide gold deposit stand-alone PFS remains on schedule for
release in Q2-2011. The Company recently commissioned a scoping
study to consider the potential for ex-pit or in-pit crushing of
waste rock for the combined oxide plus sulfide PFS. Completion of
the scoping study is expected in Q2-2011, and if favourable, we
could consider including the concept in the PFS and revising the
release date for the combined PFS to Q4-2011.
Details of significant new drill holes are tabulated below:
----------------------------------------------------------------------------
Hole No. From To Width Gold Copper Zone
---------------------------------------
(m) (m) (m) (g/t) (%)
----------------------------------------------------------------------------
CSD074 120 134 14 0.54 0.02 Transitional Gold Only Zone
----------------------------------------------------------------------------
CSD074 204 1,112 908 0.60 0.22 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
CSD075 47 90 43 0.40 0.01 Oxide Gold Only Zone
----------------------------------------------------------------------------
CSD075 90 662 572 0.78 0.31 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
CSD076 34 116 82 0.31 0.01 Oxide Gold Only Zone
----------------------------------------------------------------------------
CSD076 116 1,262 1,146 0.38 0.31 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
Including 558 936 378 0.55 0.45 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
CSD077 72 84 12 1.19 0.01 Oxide Gold Only Zone
----------------------------------------------------------------------------
CSD077 528 1,078.8 550.8 0.36 0.23 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
CSD078 250 626 376 1.25 0.40 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
CSD079 584 1,171 587 0.43 0.29 Sulfide Gold Copper Zone
----------------------------------------------------------------------------
Intercepts not calculated using a gold cut-off.
Justin Tolman, Exeter's Caspiche Project Manager and a
"qualified person" within the definition of that term in NI 43-101,
has supervised the preparation of the technical information
contained in this news release.
Anglo American Agreement: Exeter recently exercised the option
to purchase the Caspiche project and has entered into an agreement
("Agreement") for the transfer of the project properties from Anglo
American Norte S.A. ("Anglo") to its local subsidiary, Minera Eton
Chile S.A. The Agreement also provides for an extension of the
required time line to production from the previous ten years to 15
years, adds additional tenure to the Caspiche property package,
details the 3% net smelter royalty due to Anglo from production,
and provides for advance royalty payments until production
commences comprising US$250,000 per year to March 2021, thence US$1
million per year through March 2026. These payments terminate upon
the commencement of commercial production at Caspiche.
About Exeter
Exeter Resource Corporation, with a treasury of $82m, 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 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.
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, 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 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,
availability of water, changing foreign exchange rates and actions
by government authorities, uncertainties associated with
negotiations and misjudgments 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 for
potential project development; 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, 2010, dated March 25,
2011 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
Contacts: Exeter Resource Corporation B. Roxburgh President
604.688.9592 or Toll-free: 1.888.688.9592 604.688.9532 (FAX) Exeter
Resource Corporation Rob Grey VP Corporate Communications
604.688.9592 or Toll-free: 1.888.688.9592 604.688.9532 (FAX)
exeter@exeterresource.com www.exeterresource.com
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