Exeter Resource Corporation

Exeter Resource Corporation

April 04, 2007 09:00 ET

Exeter Resource Corporation: Don Sixto (La Cabeza) Drilling Extends Luna Zone to the Northeast and Southwest

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 4, 2007) - Exeter Resource Corporation (TSX VENTURE:XRC)(AMEX:XRA)(FRANKFURT:EXB) ("Exeter") reports that results from twenty-three new drill holes have further defined extensions to the Luna Zone at its Don Sixto (La Cabeza) gold project, in Argentina. The Luna Zone is one of five mineralized zones at Don Sixto.

A series of nine drill holes have further defined an "en echelon set" of northwest striking veins, dipping shallowly to the southwest, that extend under sand cover from the Luna Zone. These veins appear to be a north-eastern extension of the set of mineralized structures that constitute the known Luna deposit. The new area of mineralization has a minimum strike length of 200 metres ("m") and remains open. Significant preliminary assay results include:

- 4.4 metres ("m") at a grade of 3.4 grams per tonne ("g/t") gold in hole LCD-197,

- 17.2 m at a grade of 2.5 g/t gold in hole LCD-200,

- 3.0 m at a grade of 6.6 g/t gold in hole LCP-264,

- 5.0 m at a grade of 3.0 g/t gold in hole LCP-274, and

- 8.0 m at a grade of 5.5 g/t gold and 9.0 m at a grade of 5.2 g/t gold in hole LCP-313.

An additional fourteen drill holes have continued to expand, both laterally and at depth, the "Luna Extensions" reported in Exeter's news release dated December 11, 2006, which are located under an area of sand cover and are situated southwest of the main Luna Zone. Significant preliminary assay results include:

- 12.5 m at a grade of 2.2 g/t gold in hole LCD-186,

- 6.0 m at a grade of 3.2 g/t gold in hole LCP-254,

- 4.0 m at a grade of 3.1 g/t gold in hole LCP-318,

- 2.5 m at a grade of 3.2 g/t gold in hole LCD-206,

- 13.3 m at a grade of 3.0 g/t gold in hole LCD-185,

- 1.3 m at a grade of 3.0 g/t gold in hole LCD-180,

- 1.0 m at a grade of 3.7 g/t gold and 1.0 m at a grade of 6.0 g/t gold in hole LCD-208, and

- 3.0 m at a grade of 4.2 g/t gold in hole LCP-322.

The entire Luna Extensions Zone now extends along strike for at least 750 metres and remains open to the northwest and to depth.

A significant new assay result of 1.0 m at a grade of 8.8 g/t gold is reported from hole LCP-239. The result represents a one metre interval re-sampling of the hole, originally reported in the press release dated December 11, 2006, as 3.0 m grading 3.2 g/t gold. The new one metre intervals, composited into a three metre composite, assayed 3.0 m grading 3.0 g/t gold.

Exeter's Chairman, Yale Simpson, commented: "The Luna Zone at Don Sixto is developing into a significant gold mineralized corridor. Our technical team has demonstrated it to be at least 500 metres wide and 750 metres long. Additional drilling will be required to determine the ultimate limits to the mineralization.

Currently, a new resource estimate, in compliance with National Instrument 43-101 is underway for Don Sixto. We expect that the results of that new resource estimate will be released in May or June."

For a detailed map showing locations please click on the following link: http://www.ccnmatthews.com/docs/LunaZone.pdf.

For a complete list of significant drill results, at a cut-off grade of 0.5 g/t gold, and a discussion of those results please click on the following link: http://www.ccnmatthews.com/docs/DrillingResults.pdf.

Quality Control and Assurance

The gold assay results presented above are preliminary and have been calculated using a 0.5 g/t gold cut-off grade, with no cutting of high grades. All reverse circulation drill samples are collected using a cyclone in one metre intervals; the majority are then composited into three metre samples. The results reported above are a combination of one metre re-sampled intervals or the original three metre composites. All diamond drill core samples are spilt on regular metre intervals or on geological contacts and represent sawn half HQ-size core. 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 and blank samples are used throughout the sample sequence as checks for the diamond drilling results reported in this release. Standard, blank and duplicate samples are used throughout the sample sequence as a check for the resource definition reverse circulation drilling. Blank and duplicate samples are used throughout the sample sequence as checks for the exploratory reverse circulation drilling. Note that the drill widths presented above are drill intersection widths and may not represent true widths.

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 Canadian mineral exploration company focused on the discovery and development of epithermal gold-silver properties in South America.

The Don Sixto Project in Argentina is rapidly advancing towards a decision on mine development options. A multi-rig drilling program was completed in December 2006, and core logging, sampling and assaying are nearly complete. A new, independently determined, resource calculation is scheduled for release in late May or early June, ahead of a Development Options Study, to establish the parameters necessary for feasibility and environmental studies. Further news releases over the coming weeks will update developments as they become available.

On December 20, 2006, Exeter reported that the Governor of Mendoza had vetoed legislation, which would have suspended the granting of new exploration and mining licences in Mendoza, until a new environmental plan was approved. A Senate committee was reportedly established to consider environmental legislation proposed by the Governor. Exeter understands that the committee was to commence meetings in early 2007. To date, as far as the Company is aware, the committee has not convened to consider these matters.

In the prospective Patagonia region, of Argentina, Exeter is currently drilling the Cerro Moro epithermal gold property, one of 12 gold and silver properties that constitute a strategic agreement with Cerro Vanguardia S.A., an AngloGold Ashanti subsidiary. High grade gold-silver drill intersections reported from the last two drilling phases, warrant extending a drilling program through the remainder of 2007.

In the Maricunga district of Chile, the Caspiche project is the principal property of a strategic agreement with Minera Anglo American Chile Limitada and Empresa Minera Mantos Blancos S.A. Exeter recently completed a six drill hole program and has mobilized a rig to conduct further drilling ahead of the onset of winter.

In southern 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.


Bryce Roxburgh, President and CEO

Safe Harbour Statement - This news release contains "forward-looking statements", within the meaning of the United States Private Securities Litigation Reform Act of 1995, including, but not limited to, those referring to the timing of a new resources estimate, planned activities at Don Sixto and at the Company's other projects. 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
    (604) 688-9592 or Toll Free: 1-888-688-9592
    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