Exeter Resource Corporation (NYSE Amex:XRA) (TSX:XRC)
(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to announce
that the Prefeasibility Study for its Caspiche Project in northern
Chile has returned a pre-tax Net Present Value (5% discount),
calculated from the time of commencement of the project, of US$
2,800 million and average operating costs of US$ 606 per ounce gold
equivalent1. The gold production cost drops to US$ 18 per ounce
when copper and silver by-product credits are considered. The study
predicts an average annual production over the nineteen year mine
life of 696,000 ounces gold, 244 million pounds of copper and
844,000 ounces silver. Overall copper recovery is 85.6% and gold
recovery 67.6%. A National Instrument 43-101 compliant technical
report covering the Prefeasibility Study has been filed and can be
viewed at www.SEDAR.com and on the Company website.
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Prefeasibility Study Highlights
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Net Present Value using a 5% discount ("NPV5") US$ 2.8 Billion
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Internal Rate of Return ("IRR") 11.5%
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Proven + Probable Gold Reserves 19.3 Million Ounces
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Proven + Probable Copper Reserves 4.6 Billion Pounds
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Average Annual Gold Production 696,000 Ounces
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Average Annual Copper Production 244 Million Pounds
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Mine Life 19 Years
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Exeter Chairman Yale Simpson stated: "We are very pleased to
have completed such a high quality study within a relatively short
timeframe. The study benefited markedly by us having an excellent
engineering team capable of recognizing early in the study process
that the inclusion of in-pit crushing and conveying ("IPCC")
systems could provide significant reductions in both capital and
operating costs.
"In implementing IPCC in the Prefeasibility Study ("PFS"),
Exeter is following the lead of several copper operations in Chile
and Peru which are utilizing or developing high tonnage IPCC
systems for the movement of waste rock. These include the
Collahuasi, Escondida and Chuquicamata mines. Exeter has relied on
the experience of Sandvik Mining and Construction, one of the
leaders in IPCC technology to design a suitable system for
Caspiche. Sandvik recently installed two 8,000 tonnes per hour
systems in Boliden's Atik mine and two 10,000 tonnes per hour units
in Vale's Carajas mine in Brazil.
"With the PFS to hand we will now proceed with a stand-alone
heap leach project feasibility study, hydrological mapping and
geotechnical evaluations, an Environmental Impact Study submission,
and metallurgical and process optimization studies. The Company
treasury is more than adequate for the continued advancement of the
project."
The PFS, completed by Aker Solutions (now Jacobs Engineering),
evaluated three mining and processing options for the Caspiche
deposit. All options included an open pit to mine the near surface
heap leachable ore. The preferred development option is an open pit
operation processing 150,000 tonnes per day of sulphide ore and a
heap leach operation at an initial design production rate of 72,000
tonnes per day. The PFS envisages that the heap leach operation
will start before the main concentrator with the leachable ore
being removed as part of the pre-stripping operation. Total proven
and probable ore reserves, generated from an updated resource
estimate for the Super Pit are 1.091 billion tonnes containing 19.3
million ounces gold, 4.62 billion pounds copper, 41.5 million
ounces silver. A key component of the PFS is the inclusion of high
tonnage IPCC systems for the movement of waste rock. This achieves
greater efficiencies in the movement of the pit overburden, not
only to address rising operating costs for mining waste, but also
the capital and operating costs involved in the construction of
tailings dam walls using conventional methods.
Highlights of the PFS:
The early implementation of IPCC allowed the open pit
development to be tailored to the needs of the system and has
resulted in significant reduction in projected mining costs. NCL,
Exeter's mining consultants, estimated that the cost saving per
tonne of total material moved by using the IPCC system instead of a
large truck fleet is in the order of $US 0.25 /tonne or
approximately $US 0.80 /tonne ore mined. In addition to the
operational savings, Exeter estimates an initial and sustainable
capital saving of approximately $US 1 billion by building the
tailings dam wall largely from a conveyor-stacker system rather
than using conventional truck haulage for material movement. The
waste dump would form the backbone of an engineered tailings dam
face and provide a significant margin of safety in the event of an
earthquake or other event.
PFS Reserves and Mine Schedule:
NI 43-101 compliant Proven and Probable Mineral Reserves(2) and
key mining and metals content parameters for the selected option
are as follows:
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Proven and Probable Gold Silver Copper
Reserves(2) (Mt)(2) g/t g/t %
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less
Oxide Ore than
124 0.38 1.62 0.01
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Leachable Sulphide Ore (MacNeill) 78 0.51 1.05 0.07
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Sulphide Ore 889 0.58 1.13 0.24
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Contained Metal
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Copper Gold Silver Gold Equivalent
Million tonnes Million ounces Million ounces Million ounces(3)
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2.1 19.3 41.5 30.1
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Mine Schedule
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Mine Life 19 Years
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Heap Leach Process (Y1 - 5) 72,000 tonnes per day
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Heap Leach Process (Y6 - 10) 33,000 tonnes per day
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Concentrator Feed 150,000 tonnes per day
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Average Open Pit Movement 655,000 tonnes per day
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Maximum Open Pit Movement 909,000 tonnes per day
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The mine reserves were generated from a new resource statement
which was prepared by Amec (August 2011) and which incorporated the
2010 drill campaign. The drill campaign was designed to upgrade the
ore body classification and place the maximum amount of the
resource into Measured and Indicated categories. The resource
detailed on the Company website and supporting NI 43-101 technical
report is inclusive of the above reserves.
PFS Financial Analysis:
The pre-tax net present value ("NPV"), project revenue, IRR and
Capex for the Super Pit option including royalties payable to third
parties are as follows:
--------------------------------
Item Value
--------------------------------
CAPEX US$ 4.8 Billion
--------------------------------
Revenue US$ 27.4 Billion
--------------------------------
NPV5% US$ 2.8 Billion
--------------------------------
IRR 11.5 %
--------------------------------
The following metals prices were used to calculate the economic
evaluation:
Gold: 1,430 US$/ounce Years 1 - 4 (heap leach operation and
first 2 years of concentrator only)
1,200 US$/ounce remaining mine life
Copper: 2.75 US$/pound mine life
Silver: 31.20 US$/ounce Years 1 - 4
22.50 US$/ounce remaining mine life
Metals prices were derived as follows:
Gold and Silver: London Metal Exchange: 12 month rolling average
price Sept 2010 to Aug 2011 for first 4 years operation, thereafter
analyst consensus
Copper: Recommended long term price generated as part of market
study commissioned
Super Pit:
The sulphide ore body would be processed through a conventional
concentrator plant. The copper concentrate produced would be
treated in an offsite roaster to ensure that its arsenic content is
below 0.2%. Roaster technology was selected after Aker Solutions
completed a technical / economic evaluation between roaster and
pressure oxidation (POX) options for arsenic treatment. Additional
gold recovery would be achieved by leaching the flotation scavenger
tailings.
Ore Treatment Methods used for the PFS:
The ore processing routes selected were based on extensive
metallurgical testing of samples considered to be representative of
the main Caspiche ore types.
The oxide ore and some low-copper sulphide ore(A) are treated in
a conventional valley-fill heap leach operation, involving two
stage crushing of as-mined ore, leaching of crushed ore (after
placing it on impermeable plastic liners), the collection of the
leach solution in lined ponds and lastly, the recovery of the gold
and some silver in an activated carbon recovery circuit (ADR
Circuit)(B). Following the recovery of the gold the solutions are
recirculated.
Sulphide ore follows conventional porphyry copper flotation
practice. Sulphide ore is crushed and milled to a relatively coarse
size to then pass through a flotation circuit© where the first
gold-rich copper "rougher concentrate" is separated. This
concentrate is milled to a much finer size to then pass through
three further flotation stages(D) to raise the copper grade to
commercial copper concentrate levels.
The concentrate is treated via reductive roasting to reduce the
arsenic content to levels acceptable to copper smelters. The
arsenic is collected and treated to form a stable, safe, arsenic
compound called scorodite which will be permanently stored in a
lined impoundment.
During the treatment steps used to upgrade the copper
concentrate, part of the first rougher concentrate which has been
separated contains a significant amount of gold and a small
quantity of copper. A separate flotation circuit(E) recovers most
of these values in a "scavenger concentrate" which is then treated
in a carbon-in-leach (CIL) plant. Gold and silver are recovered
from the activated carbon in a second ADR circuit. Cyanide and a
small quantity of copper are recovered from solution by a
combination of precipitation and pH adjustment in a SART(F)
circuit.
Tailings from the main flotation circuit are thickened and
placed in a tailings storage facility formed by the waste rock
placed by the IPCC system. Tailings from the CIL circuit are placed
in a separate and smaller, plastic-lined tailings storage facility
close to the concentrator.
A: Most low-copper sulphide ore to be heap leached originates
from a separate zone called the MacNeill Zone.
B: Activated carbon loaded with precious metals liberates the
metals in an Adsorption-Desorption-Recovery circuit (ADR).
C: "Rougher" circuit is the term conventionally applied to the
first flotation separation from milled ore.
D: "Cleaner" circuits or stages are those stages used to upgrade
a "rougher" concentrate.
E: "Scavenger" is conventionally used to describe flotation
circuits that recover residual values from the main "rougher" or
"cleaner" flotation circuits. In this case, the circuit is a
"cleaner-scavenger".
F: SART is the commonly used technical description and stands
for sulphidization, acidification recycling and thickening.
Life of Mine Production Statistics:
--------------------------------------------------
Ore Production (000's of tonnes) 1,091,000
--------------------------------------------------
Total Material Moved (000's of tonnes) 4,486,000
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Strip Ratio 3.11
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Gold Production (M oz.) 13.23
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Copper Production (M lbs.) 4,149
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Capital Cost Estimate (rounded to nearest US$ million)
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DESCRIPTION TOTAL (US$ M)
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Mine Area 945
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Heap leach Process Area 104
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Concentrator Process Area (includes arsenic roasting of
US$217 M) 1,322
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Infrastructure including Power & Water supply 420
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General & Indirect Cost 1,181
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Contingency 827
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Total 4,800
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Aker Solutions completed a series of benchmarking studies on
project Capex as a relation to installed plant throughput which
confirmed that the selected option was in the upper quartile of
Capex costs for similar recent projects.
Mine and Process Costs:
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AREA UNIT COST
----------
Super Pit
----------------------------------------------------------------------------
TOTAL SULPHIDES COST US$/t ore 10.40
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Mine US$/t ore 4.90
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Concentrator Process Cost US$/t ore 4.40
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Concentrator
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Crushing US$/t ore 0.10
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Grinding US$/t ore 2.40
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Flotation US$/t ore 0.50
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Concentrate handling US$/t ore 0.10
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Tailings handling US$/t ore 0.20
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Cleaner-scavenger tailings treatment US$/t ore 0.20
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Roasting plant US$/t ore 0.20
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Arsenic treatment and disposal US$/t ore 0.40
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Water supply (assumes fresh water supply) US$/t ore 0.30
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G & A US$/t ore 0.60
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Contingency US$/t ore 0.50
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TOTAL HEAP LEACH COST US$/t ore 0.68
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Process Cost US$/t ore 0.58
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Heap Leach G&A US$/t ore 0.06
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Contingencies US$/t ore 0.04
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The tables below outline key sensitivities for the pre-tax NPV
and IRR for the Super Pit.
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Gold Price (Copper and Silver Price fixed) US$ / oz $1,100 $1,300 $1,500
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IRR 8.7% 12.0% 15.2%
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NPV @ 0% (US$ millions) 5,731 8,247 10,764
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NPV @ 5% (US$ millions) 1,617 3,196 4,775
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NPV @ 7.5% (US$ millions) 429 1,715 3,002
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Payback - from start-up of operations 11.1 9.7 8.4
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Copper Price (Gold and Silver Price Fixed) US$ / lb. $ 2.25 $ 2.75 $ 3.25
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IRR 9.1% 11.5% 13.7%
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NPV @ 0% (US$ millions) 5,507 7,447 9,387
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NPV @ 5% (US$ millions) 1,658 2,800 3,943
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NPV @ 7.5% (US$ millions) 536 1,438 2,340
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Payback - from start-up of operations 10.8 9.9 9.0
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Gold Overall Recovery - Percent of Baseline(i)
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90% 100% 110%
----------------------------------------------------------------------------
IRR 9.3% 11.5% 13.6%
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NPV @ 5% (US$ millions) 1,813 2,800 3,786
----------------------------------------------------------------------------
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Copper Overall Recovery - Percent of Baseline(i)
----------------------------------------------------------------------------
90% 100% 110%
----------------------------------------------------------------------------
IRR 10.2% 11.5% 12.7%
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NPV @ 5% (US$ millions) 2,171 2,800 3,428
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(i)metallurgical optimization is still in-process and if it is achieved
would positively affect the IRR as shown in the selected cases
----------------------------------------------------------------------------
Capital Cost - Percent of Baseline
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90% 100% 110%
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IRR 13.3% 11.5% 9.9%
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NPV @ 5% (US$ millions) 3,319 2,800 2,281
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Operations Cost - Percent of Baseline
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90% 100% 110%
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IRR 13.3% 11.5% 9.6%
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NPV @ 5% (US$ millions) 3,654 2,800 1,945
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Project Base-Case Assumptions and Parameters in the
Pre-feasibility Study
Selected Input Cost Values - US$
---------------------------------------------------
Electrical Power Per kW-hr $0.12
---------------------------------------------------
Diesel Per litre $0.70
---------------------------------------------------
Carlos Guzman, John Wells, Graham Holmes, Alex Duggan, Louis
Nguyen and David Coupland, all "qualified persons" within the
definition of that term in National Instrument ("NI") 43-101,
Standards of Disclosure for Mineral Projects, have supervised the
preparation of the technical information contained in this news
release.
Caspiche Project Development:
Heap Leach Project Feasibility Study
The Company is in discussions with selected engineering groups
to advance the heap leach component of the Caspiche project to
feasibility study level, to begin in Q2-2012. The heap leach
operation would be developed largely as described in the heap leach
prefeasibility study NI 43-101 compliant report dated June 8, 2011.
The new heap leach study will be considered as the first phase of
the overall development of Caspiche.
Process facilities and infrastructure for the heap leach
operation would be sited to take into consideration the total
oxide-sulphide project requirements. The heap leach feasibility
study is expected to be completed Q4-2012.
Schlumberger Water Services and Knight Piesold have been
retained to develop initial hydrological mapping and geotechnical
evaluations of the project for the heap leach feasibility study.
These studies are due to be completed in Q2-2012. In addition the
Company is working with environmental consultants, Arcadis, to
complete baseline studies to support an Environmental Impact Study
submission to the Chilean authorities in Q2-2012.
Metallurgical and Process Optimization Studies
In parallel with the heap leach studies, the Company continues
to perform metallurgical and physical characterization testwork on
the main ore sulphide body. The test programs are designed to
examine potential metals recovery improvements, reinforce test
results already received and to further develop understanding in
such issues as long term acid rock drainage characteristics of the
Caspiche waste. This work includes the following:
-- Optimization of flotation plant parameters and conditions.
-- Investigation of alternative processing of cleaner scavenger tails to
enhance metal recoveries and reduce costs.
-- Optimization of the crushing and grinding circuits.
The results from this work will be combined with data from the
heap leach feasibility study to generate an updated full project
PFS for a scheduled release in Q4-2012.
1 Gold Equivalent was calculated by simple mathematical
proportion. Gold, silver and copper revenues were calculated using
production multiplied by relevant metal price used in the study,
these values were totalled and the total revenue was divided by the
gold price used in the study. This was repeated for each year of
operation and then averaged over the life of project.
2 Caspiche Super Pit Case - Mineral Reserves (C. Guzman, Chilean
Mining Codes. October, 2011)
----------------------------------------------------------------------------
Option Super Pit
-------------------------------------------------
Oxide Ore MacNeill Ore
-------------------------------------------------
Mt Au g/t Ag g/t Mt Au g/t Cu % Ag g/t
----------------------------------------------------------------------------
Proven 62 0.42 1.71 4 0.46 0.08 0.70
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Probable 62 0.33 1.52 74 0.51 0.07 1.08
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Total 124 0.38 1.62 78 0.51 0.07 1.05
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Option Super Pit
-------------------------------------------------
Contained Metal
Sulphide Ore (millions)
-------------------------------------------------
Mt Au g/t Cu % Ag g/t Au oz Cu t Ag oz
----------------------------------------------------------------------------
Proven 321 0.62 0.26 1.10 7.3 0.8 14.8
----------------------------------------------------------------------------
Probable 568 0.55 0.23 1.15 11.9 1.3 26.6
----------------------------------------------------------------------------
Total 889 0.58 0.24 1.13 19.3 2.1 41.5
----------------------------------------------------------------------------
Mineral Reserves are defined within a mine plan with pit phase
designs guided by Lerchs-Grossman (LG) pit. The LG shell generation
was performed on Measured and Indicated resources only, using a
gold price of 1,150 US$/oz, a silver price of 20 US$/oz and a
copper price of 2.50 US$/lb, a base mining cost of 1.00 US$/t with
incremental of 0.025 US$/t per 15 m bench below the pit exit and
0.015 US$/t per 15 m bench above the pit exit. Processing and
treatment costs used were 3.40 US$/t of ore plus 6 US$/oz of gold
and 0.40 US$/oz of silver for oxides, 5.31 US$/t plus 6 US$/oz of
gold and 0.4 US$/oz of silver for MacNeill and 7.04 US$/t plus 6.00
US$/oz of gold and 0.40 US$/oz of silver for sulphides. Applicable
Net Smelter Royalties were applied. Metallurgical recoveries for
oxides were 78 % for gold and 34 % for silver. Metallurgical
recoveries for MacNeill were 55 % for gold in the upper layers and
30 % in the lower layers and 20 % for silver. Silver metallurgical
recovery for sulphides was 50 %. Copper and gold metallurgical
recovery for sulphides was a function of the head grade.
-- Sulphide and oxide ore reserves are reported at 0.00 US$/t profit.
-- Leachable MacNeill ore reserves are reported at 0.49 US$/t profit after
cost of rehandle.
-- Tonnages are rounded to the nearest 1,000 kt; grades are rounded to two
decimal places.
-- Rounding as required by reporting guidelines may result in apparent
summation differences between tonnes, grade and contained metal content.
-- Tonnage and grade measurements are in metric units; contained gold and
silver are in troy ounces.
-- The life of mine strip ratio is 3.11.
3 Eq Au (Moz) = Au (Moz) + Cu (Mt) (i) Copper Price (i) 2204.62
/ Gold Price + Ag (Moz) (i) Silver Price / Gold Price
About Exeter
Exeter Resource Corporation 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 Maricunga 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 completed
pre-feasibility studies that demonstrate the potential for
commercializing this world class discovery. The Company has cash
reserves of CDN$ 70 million and no debt.
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 mineral reserve and resources
estimates, potential for financing its activities, potential
production from and viability of its properties, availability of
water, power, surface rights and other resources, 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,
price and availability of capital equipment, price of various other
inputs such as fuel, electricity and other reagents, 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 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. standards, 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) 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
Resource Corporation Suite 1660, 999 West Hastings St. Vancouver,
BC Canada V6C 2W2exeter@exeterresource.com
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