Drilling Recommences at Exeter's Caspiche Project
November 08 2011 - 6:30AM
Marketwired
Exeter Resource Corporation (TSX:XRC) (NYSE Amex:XRA)
(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to report
that drilling has recommenced at its 100% owned Caspiche project in
northern Chile.
Initial drilling will collect more detailed geotechnical data
and core material for advanced metallurgical evaluation programs
for a potential extension to the current engineering program. As
part of the Oxide Project development program, Schlumberger Water
Services has been selected to undertake hydrological studies and
Knight Piesold to perform geotechnical investigations. In addition,
Knight Piesold's scope of work will include geotechnical
investigations for siting major construction components of the
Sulphide Project. Separately, Arcadis Chile is completing
environmental and community impact studies for the Oxide Project as
part of the Environmental Impact Assessment permitting process.
Arcadis will also advance environmental baseline studies for the
full project.
Following initial drilling for engineering study purposes,
drilling will focus on testing new porphyry targets in close
proximity to Caspiche. This program will allow the Company to
follow up on encouraging hydrothermal alteration associated with
porphyry mineralization intersected late last season on the
adjacent Sideral project held under option from Xstrata. Target
definition will be assisted by deep penetrating geophysical surveys
using equipment which was unavailable last season.
Drilling at Exeter's recently granted water exploration licenses
(see news release dated September 13, 2011) is scheduled to begin
in December. A new field camp is currently being installed to
facilitate the program.
The Company's landmark Pre-feasibility study on the combined
Caspiche Oxide-Sulfide Deposit is entering its final stage. Three
mining scenarios are under consideration: a Super Pit Option, a
Hybrid Open Pit - Underground Option and a Full Underground Option
(see news release dated November 22, 2010).
The Super Pit and Hybrid Options incorporate In-Pit and Ex-Pit
Crushing and Conveying of waste rock (IPCC and EPCC) respectively
(see news release dated July 26, 2011). The recently completed IPCC
Pre-feasibility level study was undertaken in conjunction with
Sandvik Mining and Construction. The study confirmed significant
benefits that include a reduction in the cost of waste handling, a
smaller truck fleet and fewer personnel.
With the Pre-feasibility study nearing completion, the Company
has engaged select international consultants to review and comment
on the study inputs, assumptions and preliminary results. This
initiative will ensure the optimal outcome for this development
milestone for Exeter.
The study team advises that with the incorporation of the IPCC
and EPCC studies, the release date for the definitive PFS is now
scheduled for public release in mid-January 2012.
About Exeter
Exeter Resource Corporation, with a treasury of CDN $74 million
and no debt, 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, including in relation to the
Company's belief as to the extent and timing of its drilling
programs, various studies including pre-feasibility studies,
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, water
requirements 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 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 project development; including risks associated
with the failure to satisfy the requirements of the Company's
agreement with Anglo American on its Caspiche project which could
result in loss of title; 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 EXCHANGE 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 Exeter Resource
Corporation Rob Grey VP Corporate Communications 604.688.9592 or
Toll-free: 1.888.688.9592 604.688.9532 (FAX) Exeter Resource
Corporation Suite 1660, 999 West Hastings St. Vancouver, BC Canada
V6C 2W2exeter@exeterresource.comwww.exeterresource.com
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