Exeter Resource Corporation (NYSE MKT:XRA)(TSX:XRC)(FRANKFURT:EXB)
("Exeter" or the "Company")is pleased to announce that its
application for surface rights, referred to in Chile as a surface
land use easement, has been granted by the Chilean Government.
Exeter already has a lease agreement with the Chilean Government
for the surface rights that correspond to its initial mineral
rights in the area, and the new easement extends this area to cover
most of its additional tenements as well as all surfaces that may
be required for Caspiche development.
President & CEO Wendell Zerb states, "We are very pleased to
receive government approval of the easement and consider this to be
a significant milestone for the Caspiche project. This easement
secures surface access and land use for potential development,
construction and mining operations at Caspiche."
Following the completion of the January 2012 Pre-feasibility
Study (PFS), Exeter applied for the surface rights over state owned
land, to include an area large enough to cover all the development
options under consideration for a mine at Caspiche. The easement
excludes specific surface rights in areas owned by the indigenous
community, the Comunidad Colla Rio Jorquera y sus afluentes (CCRJ).
Exeter has an access agreement with CCRJ and expects to maintain a
good relationship, including open communications with the CCRJ and
other indigenous communities in the Maricunga area.
For a map outlining the approximate location of the easement
please click here:
http://www.exeterresource.com/pdf/release/release_130610.pdf.
The easement gives Exeter the right to carry out work and
install all of the infrastructure and surface modifications
required for the potential development of a mining operation,
including roads, excavations, stockpiles, buildings, pipelines,
power lines, tailings storage facilities and the like. In
consideration for securing the easement rights, Exeter will make
annual payments through to 2022, with an initial payment of US$1.5
million.
Co-Chairman Yale Simpson states, "With this easement in hand,
the construction of a Caspiche mine is a step closer. This
agreement, in concert with our progress in securing our own water
sources, is a credit to our technical team, a team committed to
de-risking this very significant asset."
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 deposit hosts one of the
largest undeveloped gold-copper reserves in the Americas, and is
strategically situated between the Maricunga mine (Kinross Gold
Corp.) and the Cerro Casale gold-copper deposit (Barrick Gold Corp.
and Kinross Gold Corp.). The Company has completed pre-feasibility
studies that demonstrate the potential for commercializing the
discovery.
Exeter recently announced drill results from the Angeles gold
property, the first of two Joint venture agreements in Mexico. The
Company continues to review exploration and potential mine
development opportunities in the Americas.
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,
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 Corp. Wendell Zerb CEO 604.688.9592 or
Toll-free: 1.888.688.9592 604.688.9532 (FAX) Exeter Resource Corp.
Rob Grey VP Corporate Communications 604.688.9592 or Toll-free:
1.888.688.9592 604.688.9532 (FAX)exeter@exeterresource.com
www.exeterresource.com
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