Exeter Resource Corporation
FRANKFURT : EXB
TSX VENTURE : XRC

Exeter Resource Corporation

August 24, 2005 05:00 ET

Exeter Outlines Significant Gold in Surface Channels on New Zones at La Cabeza

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 24, 2005) - Exeter Resource Corporation (TSX VENTURE:XRC)(FWB:EXB) announces that it has received and compiled results from sawn surface channel sampling at Cuello East zone, and continuous rock chip sampling over the Mercedes and Labio South zones at its La Cabeza gold project, in Mendoza Province, Argentina.

Results are significant as they will allow possible "lay back" of the planned Cuello open pit to include the East Cuello zone, and also provide excellent new drill targets for the current drilling program on these new extensions and sub-parallel veins from the known Labio deposits. It is noted that mineralization in these new zones is not included in the existing La Cabeza gold resources.

The channel and rock chip sampling provide an accurate and representative grade assessment for outcropping mineralisation. Significant results are shown in the table below:



Significant Channel/Continuous Rock Chip Results
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Sample
Channel (C) Length Gold
Zone Rock Chip (R/C) From To (m) (g/t)
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Cuello East C 3 2 8 6 1.7
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and 22 24 2 1.2
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Cuello East C 4 34 36 2 2.8
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and 50 64 14 2.4
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Cuello East C 5 6 8 2 1.4
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and 22 24 2 1.7
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and 26 32 6 2.2
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Cuello East C 6 12 18 6 30.3
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Cuello East C 7 4 8 4 1.9
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14 18 4 6.4
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Mercedes R/C 0 0 6 6 9.4
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Mercedes R/C 1 12 22 10 2.4
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Mercedes R/C 2 24 29 5 5.9
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Mercedes R/C 3 0 4 4 1.5
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and 6 22 16 1.7
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Mercedes R/C 4 2 10 8 3.2
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and 12 18 6 1.1
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and 20 22 2 1.2
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and 23 25 2 3.2
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Mercedes R/C 5 14 24 10 1.6
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Mercedes R/C 6 4 8 4 1.4
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Mercedes R/C 7 0 8 8 1.2
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and 10 18 8 2.3
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Mercedes R/C 8 2 8 6 1.9
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and 10 14 4 1.9
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Labio South R/C 12 4 9 5 3.0
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and 17 19 2 1.5
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Labio South R/C 13 8 18 10 9.1
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and 26 30 4 1.1
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Labio South R/C 14 2 8 6 22.0
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and 22 28 6 2.2
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Labio South R/C 15 4 6 2 1.7
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and 26.4 28.4 2 1.0
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and 30.7 34.7 4 1.0
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Labio South R/C 16 0 4 4 1.8
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Note: Sample length is actual length of sample collected,
irrespective of topography or orientation of mineralisation.


The channels at Cuello East are sawn on 25 metre spacings and commence at drill hole LCP 143 (located at the northern end of the deposit) which intersected 9 metres of 5.5 g/t gold between 8 and 17 metres, and 3 metres of 2.3 g/t gold between 29 and 32 metres (see news release dated May 9, 2005).

Continuous rock chip sampling over the Mercedes and Labio South zones were located typically on sections 25 metres apart. Mercedes is a new discovery, and the Labio South zone represents extensions and sub-parallel veins to those previously known and sampled.

All three zones will be drill tested in the current three rig exploration drilling program recently commenced at La Cabeza.

Qualified Person

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 supervised the preparation of the technical information contained in this news release.

About Exeter

Exeter is a technically-advanced Canadian exploration company, focused on the discovery of epithermal gold/silver and porphyry copper/gold projects in Argentina and Chile. Exploration for new gold zones under extensive soil cover, and drill testing of new exploration targets, has recently commenced at La Cabeza. This exploration is expected to expand the existing resources. Engineering, metallurgical, hydrological, environmental and economic evaluation work is continuing.

In the prospective Patagonia region of Argentina, Exeter has a strategic partnership with Cerro Vanguardia S.A, an AngloGold Ashanti subsidiary. The agreement provides Exeter with an option over 25 epithermal gold-silver properties.

In Patagonian Chile, Exeter has a strategic agreement with Rio Tinto Mining and Exploration Limited over epithermal gold prospects in an 800 square kilometer area. Prospecting of epithermal gold targets is currently underway.

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

EXETER RESOURCE CORPORATION

Bryce Roxburgh, President

Exeter Resource Corporation

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission ("SEC") permits mining companies in their filings with the SEC to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this news release, such as "inferred resource", that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure contained in our Form 20-F Registration Statement, File No. 000-51016. You can review and obtain copies of our filings from the SEC's website at http://www.sec.gov/edgar.shtml.

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. 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)
    exeter@exeterresource.com
    www.exeterresource.com