Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(NYSE
Amex:XRA)(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to
announce that it has entered into two option and joint venture
agreements with Canadian company, San Marco Resources Inc. (TSX
VENTURE:SMN), for the exploration of the Angeles and La Buena
gold-silver properties located in Mexico (the "Angeles Property
Agreement" and "La Buena Property Agreement", respectively).
Co-Chairman Mr. Yale Simpson states, "We believe a discovery on
either of the two Mexican properties would provide Exeter
shareholders very significant upside at modest cost and that our
initial exploration commitment of CAD$2.4 million, less than 5% of
our current cash position of CAD$52 million, is a prudent use of
funds. Our principal focus will remain the advancement of our
world-class Caspiche gold-copper deposit in Chile."
Co-Chairman Mr. Bryce Roxburgh states, "Exeter has an
exceptional exploration track record, having discovered three
mineral deposits since 2003, namely the Caspiche, Cerro Moro and
Don Sixto deposits. Our team has spent 10 months reviewing mineral
opportunities in jurisdictions where both the investment climate
and the geological prospectivity are favourable. We are very
excited to work with San Marco to test these exploration properties
and look forward to the exploration news flow over the next 12
months."
The Angeles Property (option to earn up to 70%)
The Angeles property comprises a 12,410 hectare land package
located in Sonora State, Mexico. The property hosts multiple
structurally controlled zones of gold/silver/copper mineralization
that have been identified over approximately 2.5 kilometres ("km").
Numerous historic workings on the property date back to the
beginning of the 20th century, including a 400 metre ("m")
underground access drift, used previously for mine production at
the La Bonanza zone.
Despite the presence of surface mineralization and historically
significant underground workings on site, the Angeles property has
never been drill tested. Project infrastructure is considered
excellent including road access, nearby electrical power and
readily available skilled labour. Drill permits have been approved
at the Angeles property and drilling is scheduled to begin in
March, 2013.
The Angeles Agreement
Exeter can earn an initial 51% in the Angeles property by staged
expenditures totalling CAD$10 million over the first 4 years and an
additional 19%, over the next 3 years, for a total of 70%, by
spending an additional CAD$10 million in exploration expenditures.
Exeter will also make cash payments totalling CAD$950,000 staged
over 7 years. All cash payments are to be made by way of a private
placement purchase by Exeter of San Marco's common shares at a
price equal to a premium of 25% to the 20 day volume weighted
average price of San Marco's shares on the TSX Venture Exchange
("VWAP").
Exeter has committed to an expenditure of CAD$1.0 million at
Angeles, which is largely related to 2,500 m of drilling at the La
Bonanza and La Verde target areas.
The La Buena Property (option to earn 60%)
The La Buena property consists of an 8,500 hectare land package
located in an active mining region within northern Zacatecas State,
Mexico. The property is 5 km north of Goldcorp's La Negra/Noche
Buena deposit and 9 km north of its Penasquito mine (Goldcorp has
forecast 2013 production at 360,000 ounces of gold and 20 million
ounces of silver).
The Julia target at La Buena has similar geological, geochemical
and geophysical characteristics to other mineral deposits in the
area, including Penasquito and Camino Rojo. By midsummer the joint
venture plans to have expanded the IP geophysical coverage of the
property to facilitate a 2,500 m drilling program, principally to
test the Julia target.
The La Buena Agreement
Exeter has the right to earn 60% in the La Buena property by
spending CAD$15 million in exploration expenditures and by making
cash payments of CAD$650,000 staged over 5 years. All cash payments
are to be made by way of a private placement purchase by Exeter of
San Marco's common shares at a price equal to a premium of 25% to
the 20 day VWAP.
Exeter has committed to first year expenditures of CAD$1.4
million, which includes a property scale IP program and 2,500 m of
drilling.
Pursuant to the Angeles and La Buena Agreements, San Marco will
be the project operator prior to Exeter's initial earn-in
obligations. Detailed exploration programs will be determined by a
management committee consisting of Exeter and San Marco
representatives. San Marco has an established exploration team in
Mexico.
Upon Exeter earning an interest in the Angeles and La Buena
properties, a joint venture will be formed between Exeter and San
Marco and each party will fund on-going expenditures in proportion
to its respective interest in the properties.
About Exeter
Exeter is a Canadian mineral exploration and development
company. Its principal focus is the advancement of its 100% owned
Caspiche gold-copper project in Chile. Caspiche is one of the
largest undeveloped gold-copper deposits in the America's and 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 continues
to evaluate new opportunities related to the advancement of
Caspiche, and new industry wide opportunities with the objective of
securing properties, which offer near term discovery potential.
Exeter has completed pre-feasibility studies that demonstrate
the potential for commercializing Caspiche. The Company currently
has cash reserves of CAD$52 million and no debt.
You are invited to visit the Exeter web site at
www.exeterresource.com.
EXETER RESOURCE CORPORATION
Wendell Zerb, P. Geol, 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 Wendell Zerb President and
CEO 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
www.exeterresource.com
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