VANCOUVER, BRITISH COLUMBIA (AMEX: XRA)(FRANKFURT: EXB)
("Exeter" or the "Company") is pleased to report that diamond drill
hole CSD-016, at its Caspiche gold/copper porphyry project in
Chile, has returned an intersection of 718.75 metres (2,358 feet)
at a grade of 1.0 gram per tonne (0.029 ounces per ton) gold and
0.38% copper, from a depth of 73 metres (240 feet).
Results for drill hole CSD-016 include the following:
- 626.75 metres ("m") (2,054 feet ("ft") at a grade of 1.08
grams per tonne ("g/t") (0.032 ounces per ton ("oz/ton")) gold and
0.43% copper, from a depth of 165m (541 ft), in the
sulphide-bearing porphyry zone, including:
- 384m (1,260 ft) at a grade of 1.34 g/t (0.039 oz/ton) gold and
0.50% copper from a depth of 213m.
The porphyry zone is overlain by a potentially heap leachable
zone of 92m (302 ft) at a grade of 0.41 g/t (0.012 oz/ton) gold and
0.01% copper, beneath 73m (240 ft) of surface gravels.
Drill hole CSD-016 was drilled 200 metres (656 ft) northeast of
CSD-014 and 200 metres southwest of CSD-15 (see drill hole diagram
below). CSD-016 intercepted quartz-sulphide stockwork
mineralization and potassic alteration to a final depth of 791.75m
(2,598 ft), the depth capacity of the rig. The final 2.75m (9 ft)
of drill core recovered from the hole assayed 0.74 g/t (0.021
oz/ton) gold and 0.35% copper.
Results have also been received for the previously unreported
bottom 369.3m (1,212 ft) of drill core from hole CSD-015. With the
new assays included, the entire 887.35m (2,911 ft) interval
returned a grade of 0.62 g/t (0.018 oz/ton) gold and 0.27% copper,
from a depth of 114m (374 ft) in the sulphide-bearing porphyry
zone. This interval includes 152m (499 ft) at a grade of 0.93 g/t
(0.027 oz/ton) gold and 0.30% copper from a depth of 456m (1,496
ft) (previously reported).
Summary of Caspiche Mineralized Intercepts to Date
--------------------------------------------------------------------------
NEAR SURFACE GOLD ZONE GOLD-COPPER ZONE (SULPHIDES)
------------------------------- ---------------------------------
Cop- Cop-
From To Width Gold per From To Width Gold per
HOLE (m) (m) (m) (g/t) (%) (m) (m) (m) (g/t) (%)
--------------------------------------------------------------------------
CSR-013 40.00 214.00 174.00 0.88 0.01 214.00 344.00 130.00 0.87 0.22
--------------------------------------------------------------------------
CSD-014 0.00 148.00 148.00 0.57 0.02 148.00 740.67 592.67 0.44 0.25
--------------------------------------------------------------------------
CSD-015 57.95 114.00 56.05 0.35 0.02 114.00 1001.35 887.35 0.62 0.27
--------------------------------------------------------------------------
CSD-016 73.00 165.00 92.00 0.41 0.01 165.00 791.75 626.75 1.08 0.43
--------------------------------------------------------------------------
Exeter's Chairman Yale Simpson, stated: "The broad mineralized
intercepts in drill holes CSD-015 and CSD-016, sited 200 metres
(656 ft) apart, attest to the very significant potential of the
Caspiche porphyry system. The grade of mineralization in the two
drill holes compares very favourably with the published mining
reserve(i) for the Cerro Casale deposit, located 10 kilometres (6.2
miles) south of Caspiche.
"It is early days in the discovery process, but we see Caspiche
potentially emerging as a world class gold-copper porphyry.
Importantly, the discovery is in Chile, a country ranked by the
industry as one of the top rated destinations for mining investment
internationally.
"We are currently drilling two holes, CSD-024 and 025, in the
opposite direction to drill hole CSD-015, and on sections 100
metres (328 ft) to the north and south of CSD-015 respectively.
With drill holes CSD-014, 015 and 016 showing good grades to
vertical depths of 700 metres (2,297 ft) in the north east sector,
drilling the two "scissored holes" will test for potentially ore
grade mineralization at similar depths in the south west sector
(where the earlier holes were collared).
"One of the new drill holes, CSD-024, has intersected potassic
alteration characteristic of potentially ore grade mineralization
from a down hole depth of 320 metres (1,050 ft). The drill is
currently nearing the depth capacity of the rig at 750 metres
(2,461 ft), still within visual mineralization.
"This drilling season we expect to complete, to +700 metres, an
additional "scissor" drill hole CSD-026, to be located 100 metres
(328 ft) north west of CSD-014 and 100 metres (328 ft) south east
of CSD-016. Given that all holes drilled to date have bottomed in
potentially ore grade mineralization, we plan to deepen most holes
next season.
"We have secured two diamond rigs and a reverse circulation
percussion rig for the 2008/9 drilling season, and intend to
recommence drilling as soon as weather permits, likely in
October."
All holes have been drilled at a declination of -60 degrees on
azimuth 060 degrees. The scissor holes CSD-024 and 025 are being
drilled at a declination of -65 degrees on azimuth 250 degrees and
240 degrees respectively.
An additional five drill holes, drilled with a reverse
circulation percussion ("RC") rig (CSR-019, CSR-020, CSR-021,
CSR-022 and CSR-023), have tested the near surface oxide zone. The
rig was only available for a short period and has now left the
site.
Assaying of holes will continue through the southern winter.
Results from the RC drilling are expected through May and June,
while assays from the ongoing diamond drilling will be received
through to July.
To view map and CSD-016 summary log, please click on the
following link: http://media3.marketwire.com/docs/XRC0430.pdf
(i) The comparison is important, as the Cerro Casale deposit has
a grade of 0.69 g/t (0.020 oz/ton) gold and 0.25% copper (based on
a mineral reserve of 22.9 million oz gold and 5.8 billion pounds of
copper (Kinross Gold NI 43-101 Report, March 21, 2007) -
1,031,000,000 metric tons).
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 not been
calculated using a gold cut-off grade, or with any cutting of high
grades.
All diamond drill core samples are split on regular two metre
intervals and represent either sawn half HQ-size or NQ-size core.
Gold samples were prepared and assayed by fire assay (50 gram
charge) whilst copper was assayed with a four acid digestion and
atomic absorption spectroscopy (AAS). The primary laboratory is ALS
Chemex in Chile, an ISO-9001:2000 certified laboratory. Standard,
blank and duplicate samples are used throughout the sample sequence
as checks for the exploratory reverse circulation and diamond
drilling.
Glen Van Kerkvoort, Exeter's Chief Geologist 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 Resource Corporation is a Canadian mineral exploration
company focused on the discovery and development of gold and silver
properties in South America.
The Cerro Moro Gold-Silver Project (100% owned by Exeter) in
Santa Cruz Province, Argentina, is generating high grade to
'bonanza grade' drilling results within an extensive epithermal
vein system, located 130 kilometres (80 miles) east of the Cerro
Vanguardia gold mine. Drilling will continue through 2008 using as
a minimum three drill rigs. Our focus is to establish a high grade
gold-silver resource amenable to open pit mining. In March, 2008,
Exeter signed a "Heads of Agreement" with Fomicruz, the Santa Cruz
Mining Company; the definitive agreement will provide that Fomicruz
may attain a 5% equity interest in Cerro Moro on permitting, and
Exeter may earn an 80% equity interest in favourable tenure
surrounding Cerro Moro currently controlled by Fomicruz.
The Company currently has two diamond rigs on its Caspiche
gold-copper porphyry project in Chile, located between the Refugio
mine (Kinross Mining Corp) and the giant Cerro Casale gold project
(Barrick Gold Corp and Kinross Mining Corp).
As a result of recent political developments in Mendoza
Province, Argentina, the further development of the advanced Don
Sixto Gold Project has been put on hold. The Company has filed suit
in the Mendoza Courts to challenge the constitutionality of new
legislation, which has the effect of banning conventional mining in
the province. The Company will continue to work with authorities in
Mendoza, and with representatives of other mining companies, to
effect legislative amendment.
You are invited to visit the Exeter web site at
www.exeterresource.com.
EXETER RESOURCE CORPORATION
Bryce Roxburgh, President and CEO
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 timing of its drilling programs, exploration potential and
results and metallurgical recoveries. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to vary from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Factors that could cause actual results to differ
materially from the forward-looking statements include, among
others, 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
Company's common share price and volume; and tax consequences to
U.S. investors; and other risks and uncertainties, including those
described in the Company's Annual Information Report for the
financial year ended December 31, 2007, dated March 28, 2008 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. All statements are made as of the date
of this news release and the Company is under no obligation to
update or alter any forward-looking statements except as required
under applicable securities laws.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this news release.
Contacts: Exeter Resource Corporation B. Roxburgh President
(604) 688-9592 or Toll Free: 1-888-688-9592 Exeter Resource
Corporation Rob Grey VP Corporate Communications (604) 688-9592 or
Toll Free: 1-888-688-9592 (604) 688-9532 (FAX) Email:
exeter@exeterresource.com Website: www.exeterresource.com
Exeter Resource (Tier1) (TSXV:XRC)
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