VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/10/13 -- Exeter Resource Corporation (NYSE MKT: XRA)(TSX: XRC)(FRANKFURT: EXB) ("Exeter" or the "Company")is pleased to announce that its application for surface rights, referred to in Chile as a surface land use easement, has been granted by the Chilean Government. Exeter already has a lease agreement with the Chilean Government for the surface rights that correspond to its initial mineral rights in the area, and the new easement extends this area to cover most of its additional tenements as well as all surfaces that may be required for Caspiche development.
President & CEO Wendell Zerb states, "We are very pleased to receive government approval of the easement and consider this to be a significant milestone for the Caspiche project. This easement secures surface access and land use for potential development, construction and mining operations at Caspiche."
Following the completion of the January 2012 Pre-feasibility Study (PFS), Exeter applied for the surface rights over state owned land, to include an area large enough to cover all the development options under consideration for a mine at Caspiche. The easement excludes specific surface rights in areas owned by the indigenous community, the Comunidad Colla Rio Jorquera y sus afluentes (CCRJ). Exeter has an access agreement with CCRJ and expects to maintain a good relationship, including open communications with the CCRJ and other indigenous communities in the Maricunga area.
For a map outlining the approximate location of the easement please click here: http://www.exeterresource.com/pdf/release/release_130610.pdf.
The easement gives Exeter the right to carry out work and install all of the infrastructure and surface modifications required for the potential development of a mining operation, including roads, excavations, stockpiles, buildings, pipelines, power lines, tailings storage facilities and the like. In consideration for securing the easement rights, Exeter will make annual payments through to 2022, with an initial payment of US$1.5 million.
Co-Chairman Yale Simpson states, "With this easement in hand, the construction of a Caspiche mine is a step closer. This agreement, in concert with our progress in securing our own water sources, is a credit to our technical team, a team committed to de-risking this very significant asset."
Exeter is a Canadian mineral exploration and development company. Its principal focus is the advancement of its 100% owned Caspiche gold-copper project in Chile. The deposit hosts one of the largest undeveloped gold-copper reserves in the Americas, and is strategically situated between the Maricunga mine (Kinross Gold Corp.) and the Cerro Casale gold-copper deposit (Barrick Gold Corp. and Kinross Gold Corp.). The Company has completed pre-feasibility studies that demonstrate the potential for commercializing the discovery.
Exeter recently announced drill results from the Angeles gold property, the first of two Joint venture agreements in Mexico. The Company continues to review exploration and potential mine development opportunities in the Americas.
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