🕐08.11.11 - 12:54 Uhr
DRILLING RECOMMENCES AT EXETER’S CASPICHE PROJECT – PRE-FEASIBILITY STUDY UPDATE
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Drilling Recommences At Exeters Caspiche Project
Pre-Feasibility Study Update
Vancouver, B.C., November 8, 2011 – Exeter Resource Corporation
(NYSE-AMEX:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the
"Company") is pleased to report that drilling has recommenced at
its 100% owned Caspiche project in northern Chile.
Initial drilling will collect more detailed geotechnical data and
core material for advanced metallurgical evaluation programs for
a potential extension to the current engineering program.
As
part of the Oxide Project development program, Schlumberger
Water Services has been selected to undertake hydrological
studies and Knight Piésold to perform geotechnical
investigations.
In addition, Knight Piésolds scope of work will
include geotechnical investigations for siting major
construction components of the Sulphide Project.
Separately,
Arcadis Chile is completing environmental and community impact
studies for the Oxide Project as part of the Environmental
Impact Assessment permitting process.
Arcadis will also advance
environmental baseline studies for the full project.
Following initial drilling for engineering study purposes,
drilling will focus on testing new porphyry targets in close
proximity to Caspiche.
This program will allow the Company to
follow up on encouraging hydrothermal alteration associated with
porphyry mineralization intersected late last season on the
adjacent Sideral project held under option from Xstrata.
Target
definition will be assisted by deep penetrating geophysical
surveys using equipment which was unavailable last season.
Drilling at Exeters recently granted water exploration licenses
( see news release dated September 13, 2011
is scheduled to begin in December.
A new field camp is currently
being installed to facilitate the program.
The Companys landmark Pre-feasibility study on the combined
Caspiche Oxide-Sulfide Deposit is entering its final stage.
Three mining scenarios are under consideration: a Super Pit
Option, a Hybrid Open Pit – Underground Option and a Full
Underground Option ( see news release dated November 22, 2010
.
The Super Pit and Hybrid Options incorporate In-Pit and Ex-Pit
Crushing and Conveying of waste rock (IPCC and EPCC)
respectively ( see news release dated July 26, 2011
.
The recently completed IPCC Pre-feasibility level study was
undertaken in conjunction with Sandvik Mining and Construction.
The study confirmed significant benefits that include a
reduction in the cost of waste handling, a smaller truck fleet
and fewer personnel.
With the Pre-feasibility study nearing completion, the Company
has engaged select international consultants to review and
comment on the study inputs, assumptions and preliminary results
.
This initiative will ensure the optimal outcome for this
development milestone for Exeter.
The study team advises that with the incorporation of the IPCC
and EPCC studies, the release date for the definitive PFS is now
scheduled for public release in mid-January 2012.
About Exeter
Exeter Resource Corporation, with a treasury of CDN $74m and no
debt, 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 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
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, including in relation
to the Companys belief as to the extent and timing of its
drilling programs, various studies including pre-feasibility
studies, 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 and
timing, water requirements 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 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 project development; including
risks associated with the failure to satisfy the requirements of
the Companys agreement with Anglo American on its Caspiche
project which could result in loss of title; 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, 2010
dated March 25, 2011 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 EXCHANGE 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 Sep 13, 2011
Exeter Acquires Water Exploration Concession for the Caspiche
Project, Chile
Read More
Jul 26, 2011
Exeter Reports Progress on Development Studies at the Caspiche
Gold-Copper Project, Chile
Read More
Jun 06, 2011
Exeter Completes Positive Prefeasibility Study For Its Caspiche
Oxide Gold Deposit
Read More
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