VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- Exeter Resource Corporation (NYSE MKT: XRA)(NYSE Amex: XRA)(TSX: XRC)(FRANKFURT: EXB) - ("Exeter" or the "Company") is pleased to announce the commencement of water drilling for its Caspiche gold-copper project located in northern Chile. The drilling campaign is taking place at Cuenca One, one of two water exploration tenements owned by the Company. The estimated cost of the drilling program is CAD$1.3 million.
The objective of the drilling program is to identify and evaluate water sources capable of meeting the needs of both the heap leach stage and the follow-on sulphide stage of a potential mine development at Caspiche. Two water exploration holes were drilled in 2012 at Cuenca One. The first hole was abandoned due to poor drilling conditions and the second was prematurely terminated at a depth of 250m within "damp gravels", well above the targeted depth of the hole. The termination of the drilling program last year was due to the onset of winter weather conditions.
Given that major alpine reservoirs in the region are typically located at depths of some 500m and the fact that "damp gravels" were encountered at shallower depths in earlier drilling, the Company is optimistic that water will be encountered in the current program.
Exeter is also conducting a preliminary evaluation of a second water exploration tenement which was recently granted to the Company. In addition, as previously reported, Exeter continues to investigate the Rio Penas Blancas and Rio Aguas Dulces areas, where the Company has an option over granted surface water rights that total 300 litres a second from river flows into Laguna Verde.
Exeter 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 Maricunga mine (Kinross Gold Corp.) and the Cerro Casale gold-copper deposit (Barrick Gold Corp. and Kinross Gold Corp.). The Company is also evaluating new opportunities with the objective of securing properties which offer near term discovery potential.
The Caspiche gold-copper discovery represents one of the largest mineral discoveries made in Chile in recent years. Exeter has completed pre-feasibility studies that demonstrate the potential for commercializing this world class discovery. The Company currently has cash reserves of CAD$55 million and no debt.
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 in relation to the Company's 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, availability of water, power, surface rights and other resources, permitting submission and timing, potential to acquire new projects 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.
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