Exeter Resource Corporation

Exeter Resource Corporation

March 18, 2005 17:19 ET

Exeter Announces Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EXETER RESOURCE CORPORATION

TSX VENTURE SYMBOL: XRC
FRANKFURT SYMBOL: EXB

MARCH 18, 2005 - 17:19 ET

Exeter Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 18, 2005) - Exeter
Resource Corporation (TSX VENTURE:XRC)(FWB:EXB)

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Exeter Resource Corporation (the "Company") announces its intention to
undertake, subject to regulatory approval, a non-brokered private
placement of up to 2,200,000 units at a price of $1.20 per unit for
gross proceeds of up to $2,640,000. Each unit will comprise one common
share and one half of a warrant to purchase one additional share at a
price of $1.35 per share, for a period of twelve months.

A portion of this private placement will be funded by the proceeds of an
arranged sale of 800,000 shares of the Company at a price of $1.20 per
share through the facilities of the TSX Venture Exchange, by sellers
that include certain directors of the Company. A finder's fee will be
paid on portions of this financing.

The proceeds of this financing will be used to further the exploration
and development of Company properties in Argentina and for working
capital.

About Exeter

Exeter is a Canadian company exploring epithermal gold-silver and
porphyry copper-gold projects in Argentina. Exploration at Exeter's most
advanced project, La Cabeza, in Mendoza Province, has delineated an
inferred resource of 720,000 ounces of gold, comprising 12.0 million
tonnes grading 1.8 g/t gold, at a cut-off grade of 0.5 g/t gold.
Completion of the field program for the pre-feasibility study has
enabled reconnaissance drilling on new targets to commence.

On February 24, 2005 Exeter announced a significant gold discovery at
Cerro Puntudo in Patagonia. Follow up diamond drilling is scheduled. Two
additional gold projects under option from CVSA (an AngloGold Ashanti
subsidiary) are advancing to the drilling stage.

You are invited to visit the Exeter web site at www.exeterresource.com.

EXETER RESOURCE CORPORATION

Bryce Roxburgh, President and CEO

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Exeter Resource Corporation
    Yale Simpson
    Chairman
    (604) 688-9592 or Toll Free: 1-888-688-9592
    or
    Exeter Resource Corporation
    Rob Grey
    Investor Relations
    (604) 688-9592 or Toll Free: 1-888-688-9592
    (604) 688-9532 (FAX)
    www.exeterresource.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.