Exeter Resource Corporation
FRANKFURT : EXB
TSX VENTURE : XRC
AMEX : XRA

Exeter Resource Corporation

November 28, 2006 09:02 ET

Exeter Intersects High-Grade Gold to Extend Central Vein Zone at La Cabeza

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Exeter Resource Corporation (TSX VENTURE:XRC)(AMEX:XRA)(FWB:EXB) (the "Company") reports results from new diamond drilling at its La Cabeza gold project, in Argentina.

Preliminary assay results from drill hole LCD-163, sited to test the Labio East Vein at a depth of 100 metres, include 1.3 metres (4.3 ft.) grading 67.5 grams per tonne ("g/t") gold (2.0 oz. gold/ton), including 0.5 metres (1.65 ft.) at a grade of 173.5 g/t gold (5.0 oz. gold/ton) and 1945 g/t silver (56.4 oz. silver/ton). A second drill hole, LCD-165, intersected the vein at the same depth, 55 metres along strike, and is interpreted to define the edge of the ore grade zone.

The Labio East Vein is one of a number of veins that constitute the Central Vein Zone. On July 13, 2006, the Company reported near-surface, high-grade gold intersections in drilling on the vein. The new holes were sited to test the extent of the vein at depth. Hole LCD-163 confirms the continuation of high gold-silver grades to depth, within an interpreted south-plunging structure.

This geological interpretation is supported by recent surface channel sampling of the Labio East Vein, which also returned high gold grades, including 1.2 metres (4.0 ft.) at a grade of 28.7 g/t gold (0.83 oz. gold/ton), 2.5 metres (8.2 ft.) at a grade of 20.2 g/t gold (0.65 oz. gold/ton), 11.4 metres (37 ft.) at a grade of 39.2 g/t gold (1.13 oz. gold/ton), and 8.0 metres (26 ft.) at a grade of 12.0 g/t gold (0.35 oz. gold/ton).

With the results of the two new drill holes, the Labio East vein system has now been tested to a vertical depth of approximately 100 metres (300 ft.) below surface. Further drilling at depth is a high priority.

Detailed Drilling Results

Significant assay results from the new drilling are as follows:



------------------------------------------------------
Gold Silver
From To Width grade grade
Hole (metres) (metres) (metres) (g/t) (g/t)
------------------------------------------------------
LCD-163 118.1 119.0 0.9 3.4 40
------------------------------------------------------
125.8 127.1 1.3 67.5 765
------------------------------------------------------
including 125.8 126.3 0.5 173.5 1945
------------------------------------------------------
LCD-165 127.7 128.2 0.5 3.3 9
------------------------------------------------------

Notes: All results are based on a cut-off grade of 0.5 g/t gold. Drill
holes were directed across the dip of the veins but down-hole
intervals may not represent true widths.


For longitudinal section showing drill intercepts, and plans locating drillholes and channels please click here: http://exeterresource.com/images/gallery/plans/plans21.pdf

Detailed Channel Sampling Results

Significant assay results from new surface channel samples, collected by diamond sawing across vein outcrops, from both the Labio East and Labio West Veins are given below. Sample intervals are 25 to 50 metres apart along the strike of the vein.



------------------------------------------------------
Gold
From To Width grade
Vein Channel (metres) (metres) (metres) (g/t)
------------------------------------------------------
Labio East Channel 1 8.0 9.6 1.6 1.0
------------------------------------------------------
Channel 2 7.0 8.3 1.3 0.9
------------------------------------------------------
Channel 4 8.7 9.9 1.2 28.7
------------------------------------------------------
Channel 7 9.1 11.6 2.5 20.2
------------------------------------------------------
Including 9.1 10.2 1.1 46.9
------------------------------------------------------
Channel 8 8.0 19.4 11.4 39.2
------------------------------------------------------
Including 14.0 16.0 2.0 161.3
------------------------------------------------------
Channel 9 10.0 10.8 0.8 8.0
------------------------------------------------------
19.2 20.0 0.8 1.7
------------------------------------------------------
Channel 10 6.0 6.7 0.7 21.7
------------------------------------------------------
Channel 11 7.9 10.9 3.0 4.4
------------------------------------------------------

------------------------------------------------------
Labio West Channel 1 4.0 16.0 12.0 1.7
------------------------------------------------------
Including 10.0 12.0 2.0 6.5
------------------------------------------------------
20.0 22.0 2.0 1.1
------------------------------------------------------
26.0 28.0 2.0 1.6
------------------------------------------------------
Channel 2 16.0 24.0 8.0 12.0
------------------------------------------------------
Including 18.0 22.0 4.0 22.7
------------------------------------------------------
Channel 3 25.5 28.6 3.1 3.4
------------------------------------------------------
Channel 4 10.0 14.5 4.5 0.9
------------------------------------------------------
22.5 26.5 4.0 1.3
------------------------------------------------------
36.5 50.5 14.0 1.7
------------------------------------------------------
Including 36.5 38.5 2.0 4.0
------------------------------------------------------
Channel 5 2.0 13.1 11.1 3.2
------------------------------------------------------
Including 2.0 7.3 5.3 5.4
------------------------------------------------------

Notes: All results are based on a cut-off grade of 0.5 g/t gold. Sample
length is the actual length of the sample collected, irrespective of
topography or the orientation of mineralization.


Other Drilling at La Cabeza

Four drill rigs are currently focusing on potential extensions to the Cuello, Luna, Central Vein Zones and Mandibula. A fifth drill rig is drilling overlapping lines of drill holes (drill fences), over gold targets under sand cover. Results will be released upon verification and compilation of assays.

Quality Control and Quality Assurance

The gold assay results presented above are preliminary and have been calculated using a 0.5 g/t gold cut-off grade (unless otherwise noted), with no cutting of high grades. These assay results allow the projection of gold mineralization intersected in drill holes at depth to surface for the purpose of resource estimation.

All diamond drill core samples are split on regular one metre intervals or on geological contacts, and represent sawn half HQ-size cores. Sawn channel sampling is conducted on all mineralized surface outcrops and attempts to replicate half HQ-size (approximately 6.3 cm or 2.5 inch diameter) drill core. All channel samples are collected on regular two metre intervals or on geological contacts.

Samples were prepared at the ALS Chemex preparation facility in Mendoza and assayed by fire assay (50 gram charge) at the ALS Chemex laboratory in Chile, both ISO-9001:2000 certified laboratories. Check assaying of all samples assaying greater than 1.0 g/t gold will be completed by ALS Chemex. Standard, blank and duplicate samples are used throughout the sample sequence as checks.

Matthew Williams, Exeter's Exploration Manager and a "qualified person" within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has overall responsibility for the Company's exploration programs and has supervised the preparation of the technical information contained in this news release.

About Exeter Resource Corporation

Exeter is a Canadian mineral exploration company focused on the discovery and development of epithermal gold-silver properties in South America. On November 9, 2006, its common shares were listed for trading on the American Stock Exchange (Amex), under the symbol "XRA". It continues to trade on the TSX Venture Exchange (TSX-V), under the symbol "XRC".

Please click here for the Exeter stock quote on Amex: XRA: http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=us%3Axra&
sid=0&o_symb=us%3Axra&x=0&y=0 (Due to the length of this URL, it may be necessary to copy and paste this hyperlink into your Internet browser's URL address field.).

The Company's flagship project, the La Cabeza deposit in Argentina, is rapidly advancing towards a development decision, following two years of intensive exploration and definition drilling. Five drills are currently operating on the site to complete the exploration program. Concurrent project development activities include engineering, metallurgical, hydrological, and environmental studies. In 2007, the project is scheduled to enter the mine feasibility stage.

In the prospective, Patagonia region of Argentina, Exeter has a strategic agreement with Cerro Vanguardia S.A., an AngloGold Ashanti subsidiary, over 12 epithermal gold and silver properties. Current exploration, including drilling, is focusing on advancing the Cerro Moro, Cerro Puntudo and Verde discoveries.

In the Maricunga district of Chile, Exeter has a strategic agreement with Minera Anglo American Chile Limitada and Empresa Minera Mantos Blancos S.A. on the Caspiche epithermal gold property. Drilling is scheduled for January 2007.

In Chile, Exeter is prospecting 48 gold, silver and copper targets under a strategic agreement with Rio Tinto Mining and Exploration Limited.

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

EXETER RESOURCE CORPORATION

Bryce Roxburgh, President and CEO

Safe Harbour Statement - This news release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 referring to Exeter's exploration plans and expectations for advancing its exploration properties. These statements reflect our current belief and are based upon currently available information. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside of the control of Exeter.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Exeter Resource Corporation
    Bryce Roxburgh
    President
    (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)
    Email: exeter@exeterresource.com
    Website: www.exeterresource.com