SOURCE: Exeter Resource Corporation

February 14, 2011 09:06 ET

Exeter Exercises Option and Acquires Caspiche Gold-Copper Project in Chile From Anglo American

VANCOUVER, BC--(Marketwire - February 14, 2011) - Exeter Resource Corporation (AMEX: XRA) (TSX: XRC) (FRANKFURT: EXB) ("Exeter" or the "Company") is pleased to announce that it has exercised its option to acquire the mineral properties comprising the Caspiche gold-copper project in the Maricunga district, Chile from Anglo American ("Anglo"). Anglo will now transfer title to the mineral properties to Exeter and retain a 3% net smelter royalty on production from the project*. Exeter has made the first annual advance royalty payment of $250,000, payable for the next 10 years, or until commercial production, whichever is the sooner.

Recently, Exeter announced that it had secured an option over a 300 litre per second water source which should provide adequate water for the potential development of the oxide only part of the Caspiche project. Currently, Aker Solutions (now Jacobs) is conducting two pre-feasibility studies for Caspiche. The first study will consider a stand-alone "oxide gold" project to mine the upper part of the deposit and is scheduled to be available in Q2-2011. The second study, which is being conducted concurrently with the oxide study, will consider mining both the oxide and sulphide deposits. That study is scheduled to be available in Q3-2011.

Exeter's Chairman, Yale Simpson said "We are fortunate that the geometry of the project includes a +100 metre thick gold only oxide "blanket" at surface, which immediately overlies the huge sulphide gold copper deposit. The gold only oxide provides us with excellent potential for an early start-up, modest cost operation that may produce in excess of 150,000 ounces of gold per annum"

About Exeter

Exeter Resource Corporation, with a treasury of $87m, is a Canadian mineral exploration company focused on the exploration and development of the Caspiche project in Chile. The project is situated in the Maricunga gold district, between the Refugio mine (Kinross Gold Corp.) and the giant Cerro Casale gold deposit (Barrick Gold Corp. and Kinross Gold Corp.). The discovery represents one of the largest mineral discoveries made in Chile in recent years. Exeter has initiated pre-feasibility studies with the aim of demonstrating the commercial viability of this world class discovery.

*Anglo also retains the right to repurchase the mineral properties for the amount that the Company has incurred on the property in the event that commercial production has not commenced prior to March 31, 2021.

You are invited to visit the Exeter web site at


Bryce Roxburgh

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, the Company's belief as to the extent and timing of its PFS, drilling programs, various studies including 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, permitting submission, adequacy of water resources and timing 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 legal proceedings and negotiations and misjudgements 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 the ability to obtain any necessary approvals, waivers, consents and other requirements necessary or desirable to permit or facilitate the proposed Arrangement, the risk that any applicable conditions of the proposed transaction may not be satisfied, risks associated with project development; 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, 2009, dated March 30, 2010 filed with the Canadian Securities Administrators and available at 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., 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.


This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Exeter Resource Corporation via Thomson Reuters ONE


Contact Information

  • For further information, please contact:
    B. Roxburgh, President or
    Rob Grey, VP Corporate Communications
    Tel: 604.688.9592
    Fax: 604.688.9532
    Toll-free: 1.888.688.9592

    Suite 1660, 999 West Hastings St.
    Vancouver, BC Canada V6C 2W2
    Email Contact