Exeter Resource Corporation
FRANKFURT : EXB
NYSE Amex : XRA
TSX : XRC

Exeter Resource Corporation

March 01, 2011 09:01 ET

Exeter Options Project Adjacent to Caspiche Gold-Copper Porphyry, Chile

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) - Exeter Resource Corporation (TSX:XRC) (NYSE Amex:XRA) (FRANKFURT:EXB) ("Exeter" or the "Company") is pleased to announce that it has entered into an option agreement with Xstrata Copper to acquire 100% of the Sideral project adjacent to its Caspiche gold-copper porphyry property in the Maricunga gold district of Chile.

The Sideral property covers 1,190 hectares (2,941 acres) and is located immediately east of Exeter's Caspiche tenure of 1,260 hectares (3,114 acres). Previous exploration has highlighted anomalous gold-copper surface geochemistry coincident with geophysical (electrical) anomalies comparable to those that define the Caspiche Porphyry. Additional electrical geophysical work and sampling has already begun on the property to further expand and define these anomalies. Preliminary drill testing is expected to commence in early March, 2011.

Justin Tolman, Exeter's Caspiche Project Manager stated "Global exploration has repeatedly demonstrated that one of the best places to find a new porphyry system is near an existing one. This has been evidenced by recent discoveries close to a number of known porphyry deposits elsewhere in Chile.

"Exeter's exploration team is very positive on the discovery potential of such a key under-explored block of Maricunga lands. We are particularly keen to apply our porphyry experience to a project located in such close proximity to Caspiche. If there is a discovery to be made I am confident our team has the experience to make it.

"Drilling on existing geophysical targets at Sideral will commence in early March, immediately following completion of the Caspiche infill drilling program where we have two rigs employed. The aim of that program has been to lift higher grade "inferred" mineralization into the "measured and indicated" categories. We plan to contract additional rigs for the discovery drilling program at both Sideral and Caspiche Regional, with a minimum of 3,000 metres ("m") (9,843 feet ("ft")) planned for each project before the season closes for winter in May."

Click Here for New Project Location Map: http://www.exeterresource.com/pdf/release/diagram_07.pdf

The agreement with Xstrata provides for Exeter to acquire 100% of the Sideral property by meeting escalating annual drilling requirements, to a total of 15,000 m (49,213 ft), within four years. After the 15,000 m (49,213 ft) of drilling is completed, Xstrata has a once only back in right to acquire a 60% interest in the property, provided the discovery of a deposit of greater than 100 million tons at +0.5% copper has been made. Should Xstrata elect to back in, it will be required to repay Exeter three times its expenditure on the property. In the event that Xstrata does not exercise its back in right, its interest will revert to a 2% NSR. Exeter has the right to purchase 50% of the NSR for $10 million, leaving Xstrata with a 1% NSR.

Justin Tolman, Exeter's Capsiche project manager and 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 Resource Corporation, with a treasury of $86 million, 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.

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 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 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., 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 EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Contact Information

  • Exeter Resource Corporation
    B. Roxburgh
    President
    604.688.9592 or Toll-free: 1.888.688.9592
    604.688.9532 (FAX)
    or
    Exeter Resource Corporation
    Rob Grey
    VP Corporate Communications
    604.688.9592 or Toll-free: 1.888.688.9592
    604.688.9532 (FAX)
    or
    Exeter Resource Corporation
    Suite 1660, 999 West Hastings St.
    Vancouver, BC Canada V6C 2W2
    exeter@exeterresource.com
    www.exeterresource.com