Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(NYSE
Amex:XRA)(FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to
provide an update on the on-going water drilling program 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 granted to the Company with two others under
application.
Exeter has completed its first water exploration drill hole
(CWH-02) testing a potential aquifer located within the Cuenca One
tenement. Water has been encountered in drilling and preliminary
air lift tests have been conducted to establish initial
determinations on the characteristics and significance of the water
encountered. Exeter is encouraged by the preliminary results and is
proceeding with a second exploration drill hole (CHW-01), located
approximately 1,000 metres northwest of CWH-02.
The objective of Exeter's water exploration program is to
identify, evaluate, and secure water sources to support the initial
heap leach gold stage and the follow-on gold - copper sulphide
stage of a potential mine development at Caspiche.
The progress of the drilling program at Cuenca One has been
significantly slower than anticipated due to a number of contractor
related challenges, seasonal weather limitations and high altitude
conditions. Exeter anticipates the current program at Cuenca One to
continue through to the completion of the second exploration drill
hole, or up until mid to late April 2013.
Exeter will assess the overall results following completion of
the current program to determine a strategy for further potential
drilling in the 2013/14 season, with the ultimate goal of applying
for and securing water production rights in the area.
The Company has also conducted an initial review of its Cuenca
Three water exploration tenement which covers 34,000 hectares and
is located 70 kilometres north of Cuenca One, and plans to complete
40 to 50 line-kilometres of TEM geophysics. The planned geophysical
program is designed to determine possible drill locations for the
2013/14 season.
The Cuenca One drilling program and planned geophysical program
at Cuenca Three are part of the Company's overall water exploration
strategy which includes, as previously reported, investigating 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. In addition to
evaluating the water potential at Cuenca One, Cuenca Three and
Laguna Verde, the Company has applied for additional water
exploration tenements in the Maricunga and is reviewing other
options to secure water in the area.
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 known 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.
Exeter has completed pre-feasibility studies that demonstrate
the potential for commercializing Caspiche.
Recently the Company announced that it had entered into two
Option and Joint venture agreements covering the Angeles and La
Buena properties in Mexico. Exeter continues to review new industry
wide opportunities with the objective of securing properties which
offer near term discovery potential.
The Company currently has cash reserves of CAD$52 million and no
debt.
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
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