Exeter Resource Corporation

Exeter Resource Corporation

March 31, 2005 07:00 ET

Exeter Drilling New Targets at La Cabeza


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EXETER RESOURCE CORPORATION

TSX VENTURE SYMBOL: XRC
FRANKFURT SYMBOL: EXB

MARCH 31, 2005 - 07:00 ET

Exeter Drilling New Targets at La Cabeza

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 31, 2005) - Exeter
Resource Corporation (TSX VENTURE:XRC)(FRANKFURT:EXB) has commenced a
1000 metre reverse circulation exploration drilling program at La
Cabeza. The program will test for new gold zones and faulted extensions
to known gold zones.

In late 2004 a new geological model was developed by Exeter's La Cabeza
geologists to assist in the discovery of additional zones of ore-grade
mineralization. A key element of the model is the identification of a
favourable structural contact position (visit Exeter website to view the
model).

Detailed rock chip sampling using the new model has provided early
support for the interpretation. A previously unsampled structural
contact position, now named the Gusano target, has returned a highly
encouraging chip sample traverse. A 14 metre wide traverse averages 47.5
g/t gold, including a 6 metre section with a grade of 95.8 g/t gold.
This is an entirely new target located 180 metres south of the Mandibula
zone. Further sampling along strike is underway, to be followed by
drilling with a portable diamond drill capable of accessing the location.

The current reverse circulation drilling program will be followed by a
4000 metre rotary air blast (RAB) drilling program (utilising a reverse
circulation hammer bit). The RAB drill will drill shallow, vertical
holes through areas of thin but extensive wind blown sand and caliche
(hardpan) to recover bedrock samples. The drilling will focus initially
on the two kilometre square area that encompasses the known
mineralization.

An Australian built drill rig is due to arrive in Argentina in mid April
to perform the RAB program. A more detailed second stage RAB program
will follow to better delineate drill targets, prior to conventional
reverse circulation and/or diamond drill testing.

Qualified Person

Mr. Bryce Roxburgh, a "qualified person" within the definition of that
term in National Instrument 43-101, Standards of Disclosure for Mineral
Projects, has supervised the preparation of the technical information
contained in this news release.

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. The
field program for a prefeasibility study at La Cabeza is complete. The
easing of activity has enabled the start up of reconnaissance
exploration for new zones of ore grade mineralizationtargets to commence
at La Cabeza.

Exeter recently announced the discovery of significant gold-silver
mineralization at Cerro Puntudo, Patagonia. Follow up diamond drilling
is now scheduled. Elsewhere exploration by Exeter is developing
additional exploration targets on properties under option from Cerro
Vanguardia S.A., a subsidiary of AngloGold Ashanti.

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)
    exeter@exeterresource.com
    www.exeterresource.com
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.