Exeter Resource Corporation (TSX:XRC)(NYSE MKT:XRA)(NYSE
Amex:XRA)(FRANKFURT:EXB) ("Exeter" or the "Company"), is pleased to
announce that its Chilean subsidiary, Minera Eton, has entered into
a joint venture agreement (JV) with the Chilean subsidiary of
Canadian company Atacama Pacific Gold Corporation (TSX
VENTURE:ATM). The JV covers the potential exploration for
subsurface water associated with tenement applications, Cuenca Two
and Laguna Verde, located in northern Chile. Each company will own
a 50% interest in each water tenement that is granted and will
incur 50% of the costs associated with exploration.
President and CEO Wendell Zerb states, "This agreement between
Exeter and Atacama Pacific allows our two companies to combine and
share two water tenements currently under application. The JV
brings two significant benefits: firstly it reduces financial risk
through the 50/50 cost sharing arrangement, and secondly it brings
together our respective water exploration skills."
To view a location map of Exeter's water exploration tenements
and applications, please visit the following link:
http://exeterresource.com/pdf/release/release_130603.pdf.
Exeter Standalone (100%) Water Projects
Cuenca One
In March 2013 Exeter announced that it had completed its first
water exploration drill hole to test a potential aquifer located
within the Cuenca One tenement. Water was encountered in drilling
and preliminary air lift tests were conducted to establish the
initial characteristics and significance of the water
encountered.
A second exploration drill hole sited approximately 1,200 metres
northwest of the first drill hole, encountered both similar
lithologies and water. Air lift tests completed on this hole
provided similar water flows as the first drill hole. The water
levels in each of the holes returned to original levels within
minutes of the termination of the air lift tests, suggesting the
potential for positive recharge within the aquifer.
With the onset of winter weather conditions Exeter terminated
drilling for the season and passed the data to our consultants for
their evaluation. The objective is to be advised on the size,
continuity and transmissivity of the aquifer ahead of a decision to
conduct further drilling.
Cuenca Three
Exeter completed approximately 25 line-kilometres of TEM
geophysics at its Cuenca Three tenement, a 34,000 hectare water
exploration concession located 70 kilometres north of Cuenca One.
The geophysical program successfully identified potential aquifers
that extend from near surface to significant depths. Exeter's
consultants are reviewing the work to determine the highest
priority zones for drill testing.
Intention to relinquish Laguna Verde Option for Surface Water
Rights
Based on new opportunities related to securing subsurface water
rights in the Laguna Verde area, Exeter intends to relinquish its
option over surface water rights at this site. The Laguna Verde
surface water forms part of the Rio Penas Blancas and Rio Aguas
Dulces catchments. The Company believes that sustainable harvesting
of subsurface water that has little or no impact on surface water
availability has significantly better prospects for approval and
exploitation than surface flows at Laguna Verde. Consequently the
Company will focus on subterranean aquifers.
Program for 2013/2014 Season
The 2013/2014 water exploration season is expected to begin late
November 2013. Detailed exploration plans are expected to be
finalized upon receipt of, and assessment of all available water
tenement data.
The objective of Exeter's water program is to identify,
evaluate, and secure water sources to support a potential initial
heap leach gold stage and a follow-on gold-copper sulphide stage of
mining at Caspiche. Preliminary, internal studies relating to
developing Caspiche as a smaller scale, staged mine indicate
potential for a significantly lower water requirement.
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. The Company has completed
pre-feasibility studies that demonstrate the potential for
commercializing the deposit.
Caspiche is one of the largest undeveloped gold-copper deposits
in the Americas. It 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 currently drilling the first of two gold
properties (Angeles and La Buena respectively) in Mexico. Exeter
continues to review industry wide exploration/development
opportunities.
The Company currently has cash reserves of CAD$47 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,
2012 dated April 1, 2013 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 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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