🕐14.02.11 - 15:27 Uhr
Exeter Exercises Option and to Acquires Caspiche Gold Copper Project in Chile from Anglo American
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Exeter Exercises Option and to Acquires Caspiche Gold Copper
Project
in Chile from Anglo American
Vancouver, B.C., 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.
Exeters 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 www
.exeterresource.com
EXETER RESOURCE CORPORATION
Bryce Roxburgh
President and CEO
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
[]
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 Companys 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 Companys
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 Companys common
share price and volume; tax consequences to U.S.
investors; and
other risks and uncertainties, including those described in the
Companys 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
Commissions (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 Companys 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
LATEST NEWS Feb 08, 2010
Exeter Secures Option to Purchase Water Rights for the Caspiche
Gold-Copper Project in Chile
Read More
Dec 15, 2010
Exeter Reports on Development Studies at the Caspiche Gold-Copper
Project, Chile
Read More
Dec 08, 2010
Exeter Resource Corporation Announces Granting of Stock Options
Read More
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