VANCOUVER, BRITISH COLUMBIA (AMEX: XRA)(FRANKFURT: EXB)
("Exeter" or the "Company") is pleased to report that results from
recent drilling at Caspiche, Chile, indicate that the target
deposit has a minimum footprint of some 600 metres (1,968 feet) by
500 metres (1,640 feet), and remains open for extension to the
east, west, south and to depth.
The onset of winter conditions forced the suspension of two key
"scissor" diamond drill holes, CSDH-025 and CSD-H026. CSDH-025,
located 100 metres ("m") (328 feet ("ft")) north of hole CSD-016
and 100m (328 ft) south of hole CSD-015, returned excellent grades
down to 336.05m (1,102 ft), the depth at which the hole was
suspended. CSDH-025 will be completed to a minimum depth of 750m
(2,460 ft) in October when drilling resumes on the project. Drill
hole CSD-026 was suspended in the lithocap at 208.95m (685 ft) and
will also be extended.
Results for drill hole CSDH-025 are as follows:
- 292.05m (958 ft) at a grade of 0.86 grams per tonne ("g/t")
(0.025 ounces per ton ("oz/ton")) gold and 0.16% copper from a
depth of 44m (144 ft), including
- 124.05m (407 ft) of porphyry mineralization at a grade of 1.17
g/t (0.034 oz/ton) gold and 0.36% copper from a depth of 212m (695
ft).
Exeter's Chairman, Yale Simpson, stated: "The onset of winter
curtailed our drilling prematurely but we managed to show that the
target zone has a minimum footprint of some 600 metres (1,968 ft)
in a WNW-ESE direction and 500 metres (1,640 ft) in a NNE-SSW
direction. Based on drill logs and assay data, supplemented by
geophysics, the zone remains untested west of the collar positions
of drill holes CSD-015 and CSR-020. It is also open east of the
collars of CSR-019 and CSD-026 and to the south of CSR-023 and
CSD-014. On the basis of these observations and the +800 metre
(2,624 ft) vertical extent of mineralization in drill hole CSD-015,
the potential volume of gold-copper mineralization is very
large.
"One of two uncompleted "scissor" diamond holes CSD-025 returned
excellent grades in the top 336 metres (1,102 ft) of the hole. This
confirmed our grade interpretation from earlier drill holes CSD-015
and CSD-016. The second scissor hole, CSD-026, was still within the
argillic lithocap rock above the target zone when it was suspended
at 209 metres (685 ft). Both scissor holes will be completed in
October to a depth of at least 750 metres (2,460 ft).
"We are very encouraged by the oxide grades in holes CSR-013,
-020, -022 and -023. We believe that the oxide blanket is extensive
and has excellent potential for a heap leach gold operation similar
to the nearby Refugio gold mine.
"We have planned and budgeted for 46,000 metres (151,000 ft) of
drilling to establish a NI 43-101 resource estimate for both the
oxide gold blanket and the underlying gold-copper porphyry. We
continue to be very encouraged by Caspiche, as the grade of
mineralization and the size of the target zone compares very
favourably with the published mining reserve(ii) for the Cerro
Casale deposit, located 10 kilometres south of the Caspiche
discovery."
(ii) 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.)
Summary of Caspiche Mineralized Intercepts to the End of the
Summer 2008 Drill Season
--------------------------------------------------------------------------
NEAR SURFACE LEACHABLE GOLD GOLD-COPPER MINERALIZATION
------------------------------ ----------------------------------
Cop- Cop-
Diamond From To Width Gold per From To Width Gold per
hole no. (m) (m) (m) (g/t) (%) (m) (m) (m) (g/t) (%)
--------------------------------------------------------------------------
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 1,001.35 887.35 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
--------------------------------------------------------------------------
CSD-024 0.00 209.00 209.00 0.29 0.02 209.00 766.25 557.25 0.36 0.15
--------------------------------------------------------------------------
CSD-025 44.00 212.00 168.00 0.64 0.01 212.00 336.05(i) 124.05 1.17 0.36
--------------------------------------------------------------------------
CSD-026 68.00 135.00 67.00 0.19 0.01 135.00 208.95(i) 73.95 0.32 0.13
--------------------------------------------------------------------------
RC hole no.
--------------------------------------------------------------------------
CSR-013 40.00 214.00 174.00 0.88 0.01 214.00 344.00 130.00 0.87 0.22
--------------------------------------------------------------------------
CSR-019 32.00 154.00 116.00 0.30 0.00 154.00 240.00 86.00 0.20 0.08
--------------------------------------------------------------------------
CSR-020 6.00 126.00 120.00 1.16 0.01 126.00 250.00 124.00 0.45 0.08
--------------------------------------------------------------------------
CSR-021 10.00 152.00 142.00 0.31 0.01 Not tested
--------------------------------------------------------------------------
CSR-022 22.00 150.00 128.00 0.86 0.01 150.00 231.00 81.00 0.57 0.16
--------------------------------------------------------------------------
CSR-023 4.00 104.00 100.00 0.66 0.10 104.00 264.00 160.00 0.64 0.27
--------------------------------------------------------------------------
Results of all drill holes are tabulated above (new holes have numbers
above 016). The reverse circulation percussion drill holes (prefixed CSR)
tested the broader zone of oxide mineralization above and peripheral to the
porphyry gold-copper target.
(i) Suspended due to onset of winter conditions with drilling due to
recommence in October.
The Caspiche porphyry stock consists principally of an early
diorite porphyry and an inter-mineral quartz diorite porphyry, that
intrude a pre-mineral microdiorite in the north of the area
drilled. Remnants of the andesitic volcanic host rocks overlie the
intrusive stock. Hydrothermal alteration is zoned from potassic in
the center and at depth, to advanced argillic in the upper parts of
the system.
All diamond holes have been drilled at a declination of 60
degrees on azimuth 060 degrees except for hole CSD-024, which was
drilled at a declination of 65 degrees on azimuth 250 degrees, and
holes CSD-025 and -026 which were drilled at declinations of 65
degrees on azimuth 240 degrees. Drill hole CSD-018 was sited 500m
(1,640 ft) to the northwest of the main Caspiche target to test a
separate geophysical target. No significant mineralization was
encountered.
Five drill holes (CSR-019, CSR-020, CSR-021, CSR-022 and
CSR-023) were drilled with a reverse circulation percussion rig, to
test the near surface oxide zone. All were drilled at a declination
of 60 degrees to the northeast (see plans below).
To view the attached maps, please click on the following link:
http://media3.marketwire.com/docs/xrc623.pdf
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.
Reverse circulation drill samples are collected using a cyclone in
one metre intervals; all samples are then composited into two metre
samples. 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 Company plans to commence a 46,000m (151,000 ft) drilling
program on its Caspiche gold-copper discovery (option over 100% of
the project) in October, 2008 following the southern winter. The
project is located between the Refugio mine (Kinross Gold Corp.)
and the giant Cerro Casale gold project (Barrick Gold Corp. and
Kinross Gold Corp.).
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 Santa Cruz government
owned Fomicruz, whereby Fomicruz may acquire a 5% equity interest
in Cerro Moro upon mine permitting. Exeter may earn an 80% equity
interest in prospective lands surrounding Cerro Moro that are
currently controlled by Fomicruz.
As a result of anti-mining legislation passed in 2007 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 the 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.
In 2008, Exeter plans to explore other gold-silver targets in
prospective regions of Patagonian Argentina and Chile. The Company
gained a broad foothold in the region through separate strategic
alliances with Cerro Vanguardia S.A. (an AngloGold Ashanti
subsidiary), and Rio Tinto Mining and Exploration Chile.
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 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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