Exeter Begins Water Exploration Drilling for Its Caspiche Gold-Copper Project, Chile
January 09 2013 - 6:30AM
Marketwired
Exeter Resource Corporation (NYSE MKT:XRA)(NYSE
Amex:XRA)(TSX:XRC)(FRANKFURT:EXB) - ("Exeter" or the "Company") is
pleased to announce the commencement of water drilling for its
Caspiche gold-copper project located in northern Chile. The
drilling campaign is taking place at Cuenca One, one of two water
exploration tenements owned by the Company. The estimated cost of
the drilling program is CAD$1.3 million.
The objective of the drilling program is to identify and
evaluate water sources capable of meeting the needs of both the
heap leach stage and the follow-on sulphide stage of a potential
mine development at Caspiche. Two water exploration holes were
drilled in 2012 at Cuenca One. The first hole was abandoned due to
poor drilling conditions and the second was prematurely terminated
at a depth of 250m within "damp gravels", well above the targeted
depth of the hole. The termination of the drilling program last
year was due to the onset of winter weather conditions.
Given that major alpine reservoirs in the region are typically
located at depths of some 500m and the fact that "damp gravels"
were encountered at shallower depths in earlier drilling, the
Company is optimistic that water will be encountered in the current
program.
Exeter is also conducting a preliminary evaluation of a second
water exploration tenement which was recently granted to the
Company. In addition, as previously reported, Exeter continues to
investigate the Rio Penas Blancas and Rio Aguas Dulces areas, where
the Company has an option over granted surface water rights that
total 300 litres a second from river flows into Laguna Verde.
About Exeter
Exeter 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-copper deposit (Barrick Gold Corp. and Kinross Gold Corp.).
The Company is also evaluating new opportunities with the objective
of securing properties which offer near term discovery
potential.
The Caspiche gold-copper 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
currently has cash reserves of CAD$55 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 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, potential to
acquire new projects 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, 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,
2011 dated March 30, 2012 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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