🕐03.02.10 - 15:32 Uhr
Exeter Continues to Intersect Bonanza Grades at Cerro Moro
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Exeter Continues to Intersect Bonanza Grades at Cerro Moro
Vancouver, B.
C., February 3, 2010 – Exeter Resource Corporation
(NYSE-Amex:XRA, TSX:XRC, Frankfurt: EXB – "Exeter" or the
"Company") is pleased to report further high grade to bonanza
grade results from in-fill drilling at Cerro Moro, Santa Cruz
Province, Argentina.
Of 48 diamond drill holes assayed, 28 holes
returned significant results, including 12 with very high grades
.
Most notable was MD644 with 5.38 metres (17.7 feet) at 149.9
grams per tonne (4.35 oz/ton) gold equivalent*.
Cerro Moro is the prime asset for a proposed spin-out announced
January 19, 2010 pursuant to which each Exeter shareholder would
receive one new share for each Exeter share held.
Selected high grade results at a 1 g/t gold equivalent* cut-off
grade (abbreviations used are metres ("m") and grams per tonne (
"g/t")):
View the tables in the online version
http://exeterresource.cmail2.com/t/y/e/obwi/yukhjujui/
*Gold equivalent grade is calculated by dividing the silver assay
result by 60, adding it to the gold value and assuming 100%
metallurgical recovery.
Exeters Exploration Manager Matt Williams stated, "The new
results demonstrate the continuity of high grade mineralization
in the Far West sector of the Escondida Vein.
A further 85
diamond drill holes have been drilled with assay results not yet
available.
"Within two weeks the Company will have completed the infill
drilling considered sufficient to bring a substantial component
of the Escondida mineralization into the Indicated Resource
category.
We have engaged Cube Consulting (Cube) from Perth,
Australia to complete the new NI43-101 compliant resource
estimate, with a scheduled completion date in April 2010.
That
estimate is expected to be followed by a planned Q3-2010
preliminary assessment study.
"When the in-fill drilling is finished we will focus exploration
on new targets, particularly those situated close to known ore
grade mineralisation.
Initially we will test the transition area
between the Far West zone and the Fomicruz joint venture lands
to the west.
We will retain 3 drill rigs to test such new
targets."
The location of the 28 drill holes reported in the table above is
shown on the following plan and longitudinal section.
Of the 20
diamond drill holes that returned less significant results, 16
holes returned narrow and/or low grade intersections and 4 holes
were poorly mineralized.
Click Here for the sections and plans
.
Quality Control and Assurance
Drill widths presented above are drill intersection widths and
may not represent the true widths of mineralization.
Gold assay results presented above are preliminary and have been
calculated using a 1.0 g/t gold equivalent cut-off grade, with
no cutting of high grades.
All diamond drill core samples are
split on regular metre intervals or on geological contacts and
represent sawn half HQ-size core.
Samples were prepared at the
Acme Analytical Laboratories ("AcmeLabs") preparation facility
in Mendoza, Argentina and assayed by fire assay (50 gram charge)
at the AcmeLabs laboratory in Chile, both ISO-9001:2000
certified laboratories.
Check assaying of all samples assaying greater than 1.0 g/t gold
is completed by Acme Labs.
Samples returning greater than 10 g/t
gold and/or greater than 100 g/t silver are assayed using
gravimetric analyses.
Standard and blank samples are used
throughout the sample sequence as checks for the diamond
drilling reported in this release.
Standard, blank and duplicate
samples are used throughout the sample sequence as checks for
the RC percussion drilling.
Assaying by the screen fire assay method has been implemented in
conjunction with standard 50 gram fire assaying, for diamond
drill cores that contain visible gold.
The procedure for screen
fire assaying involves crushing and sieving of a nominal 1,000
gram sample to a particle size of 100 microns.
All material
which does not pass through the 100 micron sieve is then assayed
.
Two fire assays are undertaken on the undersize material as a
check on homogeneity.
The total gold content is then calculated.
About Exeter
Exeter Resource Corporation is a Canadian mineral exploration
company focused on the discovery and development of gold and
silver properties in South America.
The Company has C$76 million
in its treasury.
On January 19, 2010, the Board approved a proposal to undertake a
spin-out transaction pursuant to which the assets of Exeter
would be separated into two highly focused companies.
Under the
terms of the proposed transaction, Exeter will retain all assets
relating to the Caspiche gold-copper discovery in Chile and will
transfer to a new corporation the Cerro Moro and other
exploration properties in Argentina.
The proposal will be voted
on by shareholders at a shareholders meeting expected to be held
on March 4th.
On the Caspiche Project in Chile, an inferred mineral resource
estimate of 1,117 Mt (million metric tons) at a grade of 0.55
grams per metric ton gold and 1.12 grams per metric ton silver
including 1,017 Mt at a grade of 0.22% copper was announced in
September 2009.
This equates to in-situ inferred resources of 19
.6 million ounces of gold, 40 million ounces of silver and 4.84
billion pounds of copper (a total of 32.4 million gold
equivalent ounces**.
Drilling with six rigs is underway to
expand and upgrade the resource.
On the Cerro Moro Project in Argentina, an inferred mineral
resource estimate of 646,000 ounces gold equivalent*** at a
grade of 18 g/t gold equivalent*** was announced mid-2009.
Exeter continues to drill with 3 rigs to upgrade inferred
resources to indicated resources on the Escondida vein.
A new Cerro Moro resource estimate is scheduled for April 2010,
to be followed by a preliminary assessment study in Q3-2010.
These studies will form the basis of a mine development decision
and the submission of the project to Provincial authorities for
permitting.
Exploration drilling will continue through 2010.
No site work is planned on the Don Sixto gold-silver project in
Argentina over the next quarter.
Matthew Williams, Exeters Exploration Manager and Justin Tolman,
Exeters Caspiche Project Manager both considered 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 relating to the Cerro Moro and
Caspiche projects respectively.
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 1260, 999 West Hastings St.
Vancouver, BC Canada V6C 2W2
[]
**Gold ("Au") equivalence for copper ("Cu") and silver ("Ag") was
calculated by Exeter using assumed metal prices of US$800/ounce
("oz") for Au, US$12/oz for Ag and US$2/pound ("lb") for Cu.
The
formula to calculate Au equivalence for Cu was pounds of Cu
multiplied by 2 and divided by 800; Au equivalence for Ag was
calculated using the formula oz of Ag multiplied by 12 and
divided by 800, and in both cases assumes 100% recovery.
Reported grades and metric tons have been rounded (see news
release NR 9-22 dated October 20, 2009).
Readers are referred to
the Companys NI 43-101 Technical Report on the Cerro Moro
Project dated October 30, 2009 (the "Report") and filed on SEDAR
for further background technical information.
***Inferred mineral resource estimate of 1,098 Mt containing 371
,000 ounces gold at a grade of 10.5 g/t and 19.2 million ounces
silver at a grade of 545 g/t for 646,000 ounces gold equivalent
at a grade of 18 g/t gold equivalent.
Gold equivalent is
calculated by dividing the silver assay result by 70, adding it
to the gold value and assuming 100% metallurgical recovery (see
news release NR 9-14 dated July 8, 2009).
Readers are referred
to the Report filed on SEDAR for further background technical
information.
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 the Company
s belief as to the extent and timing of its 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,
expected cash reserves and the expected benefits of the proposed
spin-out transaction.
These forward-looking statements are made
as of the date of this news release.
Users of forward-looking
statements are cautioned that actual results may vary from the
forward-looking statements contained herein.
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 of the Companys
future performance and are subject to risks, uncertainties,
assumptions and other factors which could cause actual results
to differ materially from future results expressed or implied by
such forward-looking statements.
Such factors and assumptions
include, amongst 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 also 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; 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, 2008, dated March 27, 2009
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.
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
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